Scientific information is elementary for human development processes. The creation and control of information may be an important determinant of development, and besides creating a competitive advantage, also result in increasing disparities in economic and social development. Challenges in the...

A stock exchange and the presence of functioning equity markets are part and parcel of an advanced market-based financial system. Previous research has also established that equity markets function more efficiently in the presence of supporting institutions such as property rights and rule of...

Den Landesbanken fehlt ein sinnvolles und tragfähiges Geschäftsmodell. Die internationale Finanzkrise hat dies in aller Schärfe deutlich gemacht. Bereits vor der Abschaffung der umfassenden staatlichen Haftungsbedingungen im Jahr 2005 galten einzelne Kreditinstitute aus der Gruppe der...

The aim of this arti cle is to show that the New Insti tuti onal Economics is an interdisciplinary stream combining economics, law, organizati on theory, politi cal sciences, sociology, and anthropology. The main theories which are part of the New Insti tuti onal Economics are: Agency Theory,...

In recent years, institutions and institutional structure have become some of the most popular concepts analyzed by economics theory. New growth theories have especially focused on the effects of institutions and institutional structure on a macro level. Property rights are one of the most...

We investigate environmental aspects of agriculture from a welfare economic perspective and show that both positive and negative effects exhibit the character of undepletable externalities. To internalise these externalities while taking equity concerns into account, we propose compensation of...

We examine the relationships with firm performance of the internal pay gap among individual members of the top management team (TMT) and the compensation level of TMT members relative to their industry peers. We find that pay gap is positively related to firm performance and that this positive...

Fertility rates are declining in many countries. But are fertility rates inefficiently low? This paper addresses this question by exploring the efficiency properties of equilibria in an overlapping generations setting with endogenous fertility and dynastic parental altruism, using a particular...

For a partnership model with general type distributions and interdependent values, we derive the optimal dissolution mechanisms that, for arbitrary initial ownership, maximize any convex combination of revenue and social surplus. The solution involves ironing around typically interior worst-off...