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The division of labor and the market for organizations

Lindbeck, Assar; Snower, Dennis J. - 2000

The paper examines of the division of labor within firms. It provides an explanation of the pervasive observed changes in work organisation away from the traditional functional departments and towards multi-tasking and job rotation. Whereas the exsisting literature on the division of labour...

Persistent link: https://www.econbiz.de/10010316081

Tractable Hedging: An Implementation of Robust Hedging Strategies

Branger, Nicole; Mahayni, Antje - 2004

This paper provides a theoretical and numerical analysis of robust hedging strategies in diffusion?type models including stochastic volatility models. A robust hedging strategy avoids any losses as long as the realised volatility stays within a given interval. We focus on the effects of...

Persistent link: https://www.econbiz.de/10010316082

Is Jump Risk Priced? What We Can (and Cannot) Learn From Option Hedging Errors

Branger, Nicole; Schlag, Christian - 2004

When options are traded, one can use their prices and price changes to draw inference about the set of risk factors and their risk premia. We analyze tests for the existence and the sign of the market prices of jump risk that are based on option hedging errors. We derive a closed-form solution...

Persistent link: https://www.econbiz.de/10010316083

Multiple but Asymmetric Bank Financing: The Case of Relationship Lending

Elsas, Ralf; Heinemann, Frank; Tyrell, Marcel - 2004

. However, theory does not tell us a lot about the economic rationale for relationship lending in the context of multiple bank …

Persistent link: https://www.econbiz.de/10010316084

Heterogeneous Multiple Bank Financing Under Uncertainty: Does it Reduce Inefficient Credit Decisions?

Bannier, Christina E. - 2005

Small and medium-sized firms typically obtain capital via bank financing. They often rely on a mixture of relationship and arm's-length banking. This paper explores the reasons for the dominance of heterogeneous multiple banking systems. We show that the incidence of inefficient credit...

Persistent link: https://www.econbiz.de/10010316088

The ignored performance measure

Laux, Volker - 2003

This paper studies a setting in which a risk averse agent must be motivated to work on two tasks: he (1) evaluates a new project and, if adopted, (2) manages it. While a performance measure which is informative of an agent´s action is typically valuable because it can be used to improve the...

Persistent link: https://www.econbiz.de/10010316230

Structural positions and risk budgeting: Quantifying the impact of structural positions and deriving implications for active portfolio management

Herold, Ulf; Maurer, Raimond - 2001

Structural positions are very common in investment practice. A structural position is defined as a permanent overweighting of a riskier asset class relative to a prespecified benchmark portfolio. The most prominent example for a structural position is the equity bias in a balanced fund that...

Persistent link: https://www.econbiz.de/10010316231

The long term impact of microfinance on income, wages and the sectoral distribution of economic activity

Tschach, Ingo E. - 2003

This paper analyses the long-term effects of improved small-scale lending, often provided by microfinance institutions set up with the support of development aid. The analysis shows that some common assumptions about microfinance are not true at all: First, it shows that the impact on income...

Persistent link: https://www.econbiz.de/10010316233

Finanzierungstheorie: Ein selektiver Überblick

Krahnen, Jan Pieter - 1998

selektive Überblick konzentriert sich auf zentrale Aspekte der Theorie und Empirie der Managementkontrolle bei asymmetrischer …

Persistent link: https://www.econbiz.de/10010316235

Internationale Rechnungslegungsnormen und Neue Institutionenökonomik

Wüstemann, Jens - 1999

eine komparative Rechnungslegungstheorie. Eine Besinnung auf die ökonomische Theorie ist – auch ausgelöst durch die … Prägung durch die ökonomische Theorie – und nicht vornehmlich durch die Anwender – erhielt.3 Es ist das Ziel des Aufsatzes …, einen Beitrag zu einer institutionenökonomischen Theorie der Rechnungslegung zum Zweck der Bestimmung von …

Persistent link: https://www.econbiz.de/10010316236