This paper uses panel data from the pan-European SHARE survey to study labor market behavior of older male self-employed vis-a-vis wage employed workers. We find the self-employed to work longer hours, to be more flexible in their hours allocation, and to retire later in all countries. We relate...

We examine the determinants of private equity returns using a newly constructed database of 7,500investments worldwide over forty years. The median investment IRR (PME) is 21% (1.3), gross offees. One in ten investments goes bankrupt, whereas one in four has an IRR above 50%. Only one ineight...

This paper presents a model of second-degree price discrimination and inter-group effects to describe the full-service pricing behaviour in the passenger aviation market. Consumer heterogeneity is assumed on both a horizontal and a vertical dimension, while various distinct market structures,...

Cross-border banking needs cross-border recapitalisation mechanisms. Each mechanism, however, suffers from the financial trilemma, which is that cross-border banking, national financial autonomy and financial stability are incompatible. In this paper, we study the efficiency of different burden...

The concentration of people with diverse socio-cultural backgrounds in particular geographic areas may boost the creation of new ideas, knowledge spillovers, entrepreneurship, and economic growth. In this paper we measure the impact of the size, skills, and diversity of immigration on the...

In the modern economy, cities are assumed to be in fierce competition over attracting foreign investments in leading sectors of the world economy. Despite the rich theoretical discourse on these 'wars', it remains unclear which territories are competing with each other over which types of...

In this paper, we examine new Internet ecosystem strategies through comprehensive OECD PATSTAT patent data analyses focusing on mobile operating system software firms. We also describe current patent disputes between mobile hardware firms and mobile operating system software firms in the US and...

This paper constructs a general equilibrium overlapping generation model to evaluate quantitatively how demographic transition (falling mortality and fertility rates) affects aggregate variables (wages, interest rate, output), and inter-generational welfare in closed and open economies. We...