Die jüngere deutschsprachige Veröffentlichung des zum Kapitalismuskritiker mutierten Milliardärs (Gründer des Anlegerfonds "Quantum Group") versteht sich als Fortsetzung von "Die Krise des globalen Kapitalismus" (ID 12/99); berücksichtigt werden neuere Entwicklungen (Krise der russischen...

We develop a novel theory of mis-allocation within firms (rather than between firms) due to managers' empire building. We introduce an in- ternal capital market into a two-factor model of multi-segment firms. We show that more open markets impose discipline on competition for capital within...

This paper develops a novel theory of capital mis-allocation within firms that stems from managers’ empire building and informational frictions within the organization. Introducing an internal capital market into a two-factor model of multi-segment firms, we show that international competition...