The paper investigates the influence of outside options on the predatory behavior of autocrats. An outside option is referred to as the opportunity of an incumbent ruler to continue his career outside his current territory of control. The paper uses data on the effectiveness of tax collection...

This working paper contains supplementary material to the paper Communism or Communists? Soviet Legacies and Corruption in Transition Economies. The supplementary material covers the description of calculation and sources of key variables, as well as reports summary statistics and provides...

Market risk management is one of the key factors to success in managing financial institutions. Underestimated risk can have desastrous consequences for individual companies and even whole economies, not least as could be seen during the recent crises. Overestimated risk, on the other side, may...

The Basel III framework represents the response to the regulation deficits of the financial cri-sis and the immense losses of many banks in years 2007/2008. The aim of the framework is to increase the level of capital in financial institutions and to improve the loss absorption and risk coverage...

As part of its effort to internationalize the Renminbi, China's government has promoted the establishment of a regulated offshore Renminbi capital market hub in Hong Kong, where, among other activities, it issues RMB-denominated government bonds providing foreign investors access to Chinese bond...

The paper proposes to ground the taxonomy of economic systems on the identification of strongly performative institutions as distinctive features. I analyse performativity on the basis of the Aoki model of institutions, enriched by current approaches to performativity, which I combine with...

We investigate default probabilities and default correlations of Merton-type credit portfolio models in stress scenarios where a common risk factor is truncated. The analysis is performed in the class of elliptical distributions, a family of light-tailed to heavy-tailed distributions...

China's national leaders have recently set ambitious goals to restructure and diversify the economy towards a more resource-efficient and sustainable growth path. To address the growing national environment and energy concerns, leaders introduced several binding environmental targets for...

This study investigates how in-house R&D as well as access to national and foreign knowledge sources influences the productivity of Chinese firms. For our main analysis we use data for 1,140 patenting firms listed at mainland China stock exchanges over the time-period 2001-2010. In-house R&D...

Services are characterised by the integration of customers while the service is produced. This integration leads to interruptions in the processing of a customer order until the customer provides the missing input. Since customer behaviour can be planned to a certain extent only challenges in...