This paper contributes to the debate on the efficacy of IMF's catalytic finance in preventing financial crises. Extending Morris and Shin (2006), we consider that the IMF's intervention policy usually exerts a signaling effect on private creditors and that several interventions in sequence may...

The literatures on bounded and ecological rationality are built on adaptationism—and its associated modular, cognitivist and computational paradigm—that does not address or explain the evolutionary origins of rationality. We argue that the adaptive mechanisms of evolution are not sufficient...

Fines imposed on firms for corporate infringements such as cartels reduce these infringement's profitability. When a manager knows when a violation is unprofitable he can prevent violations committed by an uninformed employee by investing in compliance programs (CPs). Investments can be...

A budget-constrained buyer wants to purchase items from a shortlisted set. Items are differentiated by observable quality and sellers have private reserve prices for their items. The buyer's problem is to select a subset of maximal quality. Money does not enter the buyer's objective function,...

A budget-constrained buyer wants to purchase items from a short-listed set. Items are differentiated by observable quality and sellers have private reserve prices for their items. The buyer's problem is to select a subset of maximal quality. Money does not enter the buyer's objective function,...

Even though small- and medium-sized firms (SMEs) were believed not to proceed beyond exporting in their internationalization routes, we can observe new types of co-operation intensive entrepreneurial firms – so-called “micromultinational enterprises” (mMNEs) – entering the global...

Voluntary agreements with industry offer many examples of overcompliance with respect to environmental standards. Such phenomena seem to be irrational but appear less surprising considering firms' strategies are aimed to internalise environmental quality. We model the choice of the environmental...

In der Literatur zur Abschlußprüfung ist ein negativer Effekt eines ökonomischen Vorteils aus der wiederholten Mandatsannahme, der aufgrund von Transaktionskosten entsteht, auf die Unabhängigkeit des Abschlußprüfers diskutiert worden. Anders als die bisher vorgestellten Ansätze wird im...