A situation in which a finite set of players can obtain certain payoffs by cooperation can be described by a cooperative game with transferable utility, or simply a TU-game. A solution for TU-games assigns a set of payoff distributions to every TU-game. In the literature various models of games...

Empirical evidence suggests that sectoral export growth decreases exporters' survival probability, whereas this is not true for non-exporters. Models with firm heterogeneity in total factor productivity (TFP) predict the opposite. To solve this puzzle, we develop a two{factor framework where...

Management scholars have sought to answer the question: is there a financial payoff for ad-dressing ecological and social issues? We move beyond this question and include a time com-ponent for corporate financial performance (CFP) and a firm’s innovativeness in order to ask: when does it pay?...

Large scale tracking policies, allowing academically apt pupils to enter a select group of secondary schools, can be found in many Sub-Saharan countries. However, evidence on the impact of these policies on school outcomes, especially school participation, is limited. This paper fills this gap...

The literature on car cruising is dominated by theory. This is the first article that

We determine the magnitude and nature of systematic default risk using 1971{2009) default data from Moody's. We disentangle systematic risk factors due to business cycle effects, common default dynamics (frailty), and industry-specific dynamics (including contagion). To quantify the contribution...

We study a politician's choice for state or private control of banks. The choice trades of lobbying contributions against social welfare, weighted by political accountability.

Strategic choices for efficient and accurate evaluation of marginal likelihoods by means of Monte Carlo simulation methods are studied for the case of highly non-elliptical posterior distributions. A comparative analysis is presented of possible advantages and limitations of different simulation...

It has been argued that urban planning policies, through minimum parking requirements, and income tax policies induce free employer parking. We show that tax policies induce welfare losses in the order of 12% of parking resource costs, implying an annual deadweight loss in the order of € 5...

We study the employees' demand for hospital parking. We estimate the effect of the employees' parking price on demand using a difference-in-differences methodology. The deadweight loss generated by non-optimal pricing of parking is at least 9% of the hospitals' parking resource costs.