This paper investigates contagion between bank risk and sovereign risk in Europe over the period 2006-2011. We define contagion as excess correlation, i.e. correlation between banks and sovereigns over and above what is explained by common factors, using CDS spreads at the bank and at the...

Previous literature indicates that systems implemented in an enabling way have a positive impact on managerial outcomes. This study explores whether and under which conditions the balanced scorecard is developed and used as an enabling technology. Drawing on the literature on enabling...

This paper outlines a new methodological framework for combining indicators of corruption. The methodology of the World Governance Indicators is extended to fully make use of the time-structure present in corruption data. The resulting state-space framework is estimated using a Bayesian Gibbs...

On 19 April 2012, the Members of the European Parliament (MEPs) voted on the European Commission’s proposal for a Common Consolidated Corporate Tax Base (CCCTB). We exploit a unique research setting which was created by an economic impact assessment of CCCTB that was made available to the...

This paper evaluates the effects of a parametric adjustment to an earnings-related PAYG pension system. We show that a simple but ‘intelligent’ reform, in which the calculation of the pension base is changed, may result not only in more employment and growth, but also in an increase in...

The customer acquisition process is generally a stressful undertaking for sales representatives. Luckily there are models that assist them in selecting the ‘right’ leads to pursue. Two factors play a role in this process: the probability of converting into a customer and the profitability...

We characterise optimal discretionary monetary policy responses to cost-push shocks and to financial distress in the presence of model uncertainty. Under robust control, the central bank reacts more aggressively to both types of shocks, and less to the lagged policy rate, than if the true model...

We propose an ensemble method for kernel machines. The training data is randomly split into a number of mutually exclusive partitions defined by a row and column parameter. Each partition forms an input space and is transformed by a kernel function into a kernel matrix K. Subsequently, each K is...

This paper focuses on corporate governance practices related to insider trading. In particular, we explore a unique and comprehensive dataset on the restrictions that companies impose on their insiders in addition to legal requirements, i.e. corporate insider trading policies. We are interested...

Adequate health, nutrition, and education during childhood are essential for human development. Deficits in these realms undermine the capacity to acquire the necessary skills to perform in life. Social policies addressing the causes of disadvantages in child development take up an important...