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Multinational Firms, Exclusivity, and the Degree of Backward Linkages

Lin, Ping; Saggi, Kamal - 2004

This paper develops a two-tier oligopoly model in which the entry of a multinational firm results in technology transfer to its local suppliers and also impacts the degree of backward linkages in the local industry. The model endogenizes the multinational's choice between anonymous market...

Persistent link: https://www.econbiz.de/10010260534

Underpricing and Index Excess Returns

Nippel, Peter; Pierdzioch, Christian; Schertler, Andrea - 2005

We study the link between underpricing of initial public offerings (IPOs) and index excess returns in secondary markets. We use a theoretical model to argue that underpricing of IPOs raises investors' attention and, thereby, triggers investments in secondary markets. Our theoretical model...

Persistent link: https://www.econbiz.de/10010260538

Consumer preferences and the reliability of Euler equation tests of capital mobility: some simulation-based evidence

Pierdzioch, Christian; Doepke, Joerg; Buch, Claudia M. - 2002

The globalization of international financial markets has renewed interest in the measurement of capital mobility. Consumption-based tests such as the Euler equation test are commonly used. These tests, however, are derived under restrictive assumptions on consumer behavior. In this paper, we ask...

Persistent link: https://www.econbiz.de/10010260543

Noise Trading and the Effects of Monetary Policy Shocks on Nominal and Real Exchange Rates

Pierdzioch, Christian - 2003

monetary policy shocks. This result is puzzling. Economic theory suggests that the overshooting should occur immediately after …

Persistent link: https://www.econbiz.de/10010260546

Home-Product Bias, Capital Mobility, and the Effects of Monetary Policy Shocks in Open Economies

Pierdzioch, Christian - 2003

This paper uses a dynamic general equilibrium two-country optimizing model to analyze the consequences of international capital mobility for the effects of monetary policy in open economies. The model shows that the difference between the short-run output effects of monetary policy shocks in a...

Persistent link: https://www.econbiz.de/10010260547

Do We Have to Consider International Capital Mobility in Trade Models?

Springer, Katrin - 2000

The traditional trade theory predicts that trade in goods perfectly substitutes for direct movement of factors. This …

Persistent link: https://www.econbiz.de/10010260557

Complementarities in Corporate Governance: Ownership Concentration, Capital Structure, Monitoring and Pecuniary Incentives

Heinrich, Ralph P. - 2000

The paper shows that, as owners accumulate larger stakes and hence become less risk-tolerant, their incentives to … monitor management are attenuated because monitoring shifts some of the firm's risk from management to owners. This … paper shows how the opportunity cost of concentrated ownership, which is the loss of risk-sharing benefits, creates scope to …

Persistent link: https://www.econbiz.de/10010260562

What kind of shock was it? Regional integration and structural change in Germany after unification

Burda, Michael C. - 2007

Eastern Germany's recovery from the ?unification shock? has been characterized by deep structural change – with apparent repercussions for the West as well – and an integration process involving both capital deepening (extensive and intensive investment) and labor thinning (net...

Persistent link: https://www.econbiz.de/10010260563

Institutional Effects in a Simple Model of Educational Production

Wößmann, Ludger; Bishop, John H. - 2001

The paper presents a model of educational production which tries to make sense of recent evidence on effects of institutional arrangements on student performance. In a simple principal-agent framework, students choose their learning effort to maximize their net benefits, while the government...

Persistent link: https://www.econbiz.de/10010260568

Labour Market Asymmetries in a Monetary Union

Andersen, Torben M.; Seneca, Martin - 2007

desirable for the monetary union as a whole, there is a risk of a ?reform deficit? in an asymmetric monetary union. …

Persistent link: https://www.econbiz.de/10010260574