Using a panel of 425 European firms over the period from 1990 to 2005, we revisit Welch's (2004) finding that stock returns are the primary determinant of capital structure changes and that corporate motives for net issuing activities are largely a mystery. We document that roughly half of the...

Based on the style analysis pioneered in [Sharpe, W.F. (1992). AssetAllocation: Management Style and Performance Measurement, Journalof Portfolio Management, 7-19.] I dene a procedure to examine theconsistency of hedge fund indexes across providers. The results of myinvestigation suggest that...

This paper examines the question, whether the growing use of new technologies anddecentralized forms of work organization affects the age structure of workforces withinfirms. The initial idea behind this relationship is that technological and organizationalchange may not only be skill-biased,...

This paper addresses the personal linkages between the public administration and the legislaturethat emerge because public servants pursue a political mandate. There are concernsthat the strong representation of bureaucrats in many Western parliaments compromises theconstitutionally proposed...

High rates of unemployment entail substantial costs to the working population interms of reduced subjective well-being. This paper studies the importance of individualeconomic security, in particular job security, in workers’ well-being by exploiting sectorspecificinstitutional differences in...

Extreme adverse selection arises when private information has unboundedsupport, and market breakdown occurs when no trade is the only equilibriumoutcome. We study extreme adverse selection via the limit behavior of afinancial market as the support of private information converges to an...