Im internationalen Vergleich sind starke Unterschiede in der Finanzierung von Unternehmensinvestitionen festzustellen, die sich vor allem in der unterschiedlich starken Bedeutung von Bank- und Kapitalmarktfinanzierungen niederschlagen. Während in den angelsächsischen Ländern auf gut...

This paper performs a welfare analysis of economies with private information when public information is endogenously generated and agents can condition on noisy public statistics in the rational expectations tradition. We find that equilibrium is not (restricted) efficient even when feasible...

This paper performs a welfare analysis of economies with private information when public information is endogenously generated and agents can condition on noisy public statistics in the rational expectations tradition. We find that equilibrium is not (restricted) efficient even when feasible...