Seit zwanzig Jahren befaßt sich die Finanzmarktforschung einerseits mit Fragen der Bewertung und des Managements von Finanztiteln auf effizienten Kapitalmärkten und mit Fragen der Managementkontrolle auf unvollkommenen Märkten. Der folgende selektive Überblick konzentriert sich auf zentrale...

We examine the differential effects of financial status and exporting activity on the likelihood of survival for firms in the UK and France - two countries with different financial systems. We aim to answer two main questions: What is the direct impact of financial characteristics and different...

Seit zwanzig Jahren befaßt sich die Finanzmarktforschung einerseits mit Fragen der Bewertung und des Managements von Finanztiteln auf effizienten Kapitalmärkten und mit Fragen der Managementkontrolle auf unvollkommenen Märkten. Der folgende selektive Überblick konzentriert sich auf zentrale...

Dieses Diskussionspapier beleuchtet die PRME-Verpflichtung der Hochschule Pforzheim und die daraus resultierenden Probleme (Abschnitt 2) aus vier Perspektiven: der erkenntnistheoretischen (Abschnitt 3), der erfahrungswissenschaftlichen (Abschnitt 4), der juristischen (Abschnitt 5) und einer...

In this paper I develop a model that focuses attention on the financial side of business cycles. Investors in this model separate into bondholders and stockholders based on differences in risk aversion that creates a conflict of interest problem for the future management of the representative...

This paper describes a parsimonious macro-finance model where contracts are the mechanism by which differentially risk averse bondholders and stockholders resolve a conflict of interest problem and confront the risks associated with future investment and financing decisions of a representative...

This paper describes an equilibrium macro finance model where contracts are the mechanism by which differentially risk averse bondholders and stockholders resolve a conflict of interest problem and confront the risks associated with future operating decisions and financing decisions of a...

In this paper I develop a model of a debt and equity financed representative firm whose production/investment decisions and financing decisions characterize business cycles. The conflict of interest problem between the differentially risk averse debt and equity investors is resolved with an...

Economic models routinely assume firms maximize shareholder wealth; however common law legal systems only require that officers and directors pursue the interests of the corporation, leaving this ill-defined. Economic arguments for shareholder wealth maximization derived from shareholders'...

Economic models routinely assume firms maximize shareholder wealth; however common law legal systems only require that officers and directors pursue the interests of the corporation, leaving this ill-defined. Economic arguments for shareholder wealth maximization derived from shareholders'...