This paper analyzes whether the financial distress of a firm affects the investment decisions of non-distressed competitors. On average, firms in distress impose indirect costs to non-distressed competitors by increasing costs of credit in the industry and hence restricting credit access and...

The German energy transition massively alters the market structure of electricity supply and forces incumbent electric utilities to rethink their business strategies. We analyze three main developments that undermine the former market dominance of the “Big 4” incumbents in Germany. First,...

A numbers of studies focusing on the determinant of the insurance market efficiency haveincreased in the last decade. In fact, many factors, like the CEO's power, can influence the efficiency in the insurance firm. The purpose of this research is to analyze the relationship between efficiency,...