Studying a binary-choice trust game, we find that trustors who consider trustees to be obligated to reciprocate are ceteris paribus less willing to trust. We argue that norm-orientated trustors anticipate that they will experience negative emotions should trustees violate the obligation to...

This paper investigates whether managerial rhetoric in the Management Discussion & Analysis section of 10-K filings can help gauge the level of managerial opportunism in a firm. We find that the use of trust-related words is connected to inefficient investment decisions and poor operating...

This paper delivers empirical evidence of how the informal authority of owner families determines the extent to which these can extract private benefits and secure preferential resource access. We argue that owner families in high power distance cultures enjoy increased informal authority....

This study investigates the perceived and actual trustworthiness and truthfulness of female managers when using rhetoric to advertise their trustworthiness in public disclosure documents. We find that the stock market reacts more favorably to trust rhetoric if the document has been prepared...

Public authority interventions are a justified means to remedy market failures. We apply this idea in the context of urban development projects by analysing the three main market imperfections, namely external effects, imperfect competition and incomplete information. For (combinations of) the...

Finanzierungsformen und Kapitalbedarfsrechnungen -- Transformationsfunktion der Unternehmensfinanzierung -- Keine Transformationsfunktion bei vollkommenem Kapitalmarkt: Irrelevanztheorem -- Unternehmensfinanzierung und Kanalisierung von Zahlungsströmen -- Unternehmensfinanzierung und...

Real Estate and Real Estate Finance as a Research Field -- The NetAssetValue and Stock Prices of European Real Estate Companies -- The Liquidity Crisis of German Open-end Real Estate Funds and their Impact on Optimal Asset Allocation in Retirement -- Detecting and Explaining Systemic Risks of...