This paper examines the results of 93 discriminatory German Treasury auctions between 1998 and 2002. It documents the seller’s use of discretion and its influence on auction outcomes and bidding strategies. The evidence suggests that the seller uses its discretion frequently and substantially....

This paper investigates how the presence of a large institutional shareholder affects the complexity of corporate investments. Our analysis is based on the observation that the blockholder’s planning horizon does not necessarily coincide with the time it takes for the market to correctly...

In the first chapter of my dissertation I study the costs and benefits of resource allocation by firms and by markets. When a firm forms a market closes. Resources that were previously allocated via the price system are now allocated by managerial authority. We explore the choice of...