To gain insights  about  the  quality  of board’s  firing  decisions,  we investigate  abnormal stock returns and operating performance around CEO-turnover announcements in a new hand- collected sample of 208 “clean” turnover events between January 1998 and June 2009. Unlike the ...

There are estimates that up to 30% of hospital costs are due to inefficiently coordinated hospital processes. As a result many hospitals have tried to model and to reengineer their business processes. These efforts have very often been abandoned, because the normally constructed total models of...

A multi-stage model on the course of war is presented: Individual battles are modeled as private value all-pay auctions with asymmetric combatants of two opposing teams. These auctions are placed within a multi-stage framework with a tug-of-war structure. Such framing provides a microfounded...

We evaluate a wage subsidy program that is targeted at long-term unemployed workers in Germany. We use an alternative identification procedure compared to empirical studies con­ducted so far. Exploiting the particular program regulations and large administrative data we estimate the impact of...

Im Rahmen einer Fragebogenuntersuchung werden die Determinanten derKapitalstrukturpolitik bzw. der Finanzierungsentscheidungen bei deutschen,österreichische n und schweizerischen börsennotierten Unternehmen untersucht.Die Ergebnisse decken sich weitgehend mit der Befragungsstudie vonGraham und...

The question of whether the CEO should also serve as chairman of the board is one of themost hotly debated issues in the recent corporate governance discussion. While agencytheoreticarguments advocate a separation of decision and control functions, the empiricalevidence focusing on U.S....

I use a survey methodology to obtain consensus ratings of 64 Swiss company names. The survey evidence suggests that simple cognitive company name characteristics do affect the buy and sell decision of respondents. Furthermore, I find that respondents attribute positive stock performance rather...

This paper provides empirical evidence in favor of the hypothesis thatthe secular price increase in the 16th century is mainly caused by money supplydevelopments as the discovery of new mines in Latin America. First we reviewprice developments for several European countries over the 16th century...

This is the first empirical paper investigating a comprehensive sample of listed(i.e. publicly traded) private equity companies, covering 287 companies in thetime period 1986 to 2003. After imposing liquidity constraints, and aftercorrecting for non-surviving vehicles, we get a sample of 114...

The past decades witnessed a broad trend towards flatter organizations with less hierarchical layers. A reduction of the number of management levels in a corpora- tion can have both positive and negative effects on firm performance with the net effect being theoretically unclear ex ante. The...