Much has been written recently about the problems for emerging markets that might result from a mismatch between foreign-currency denominated liabilities and assets (or income flows) denominated in local currency. In particular, several models, developed in the aftermath of financial crises of...

In this paper, we present an evolutionary model of industry dynamics yielding endogenous business cycles with 'Keynesian' features. The model describes an economy composed of firms and consumers/workers. Firms belong to two industries. The first one performs R&D and produces heterogeneous...

Es werden im Folgenden für eine Abfolge von rentabel eingeschätzten Investments Komponenten und Lösungswege zur Maximierung des Endvermögens bei Ausschluss des Ruins aufgezeigt.

In June 2005, a questionnaire survey was sent to 9000 companies in the Kansai Area (Osaka, Kyoto and Hyogo), the second largest economic block in Japan, with 2041 companies responding. This article introduces the results of this questionnaire survey. The greatest feature of this study is that,...

We examined investment behavior in the Japanese manufacturing industry using investment revision data to analyze investment behavior from a fresh angle. We tested the martingale investment hypothesis and then the q-theory of investment by looking at the response of stock return and investment to...

This paper shows that it is profitable for a firm to hire an overoptimistic manager to commit to a certain investment strategy in an R&D tournament situation. In the unique symmetric equilibrium, all firms delegate to overoptimistic managers, where the optimal degree of overoptimism depends on...

Nach Daten des Europäischen Haushaltspanels (ECHP) und des Sozio-oekonomischen Panels (SOEP) benötigt im Durchschnitt etwa jeder fünfte Erwerbstätige in Europa eine Fremdsprache am Arbeitsplatz. Bei den ausländischen Erwerbstätigen mit der Nationalität eines der Mitgliedstaaten sind es...

We formulate and estimate a structural model of firm investment behavior that specifies the exact channel through which financial frictions bite. The model also allows for the existence of both convex and non-convex costs to adjusting capital. Essentially, we move beyond simply testing and...