Through a survey of CEOs of Russian industrial companies administered in the second half of 2011 we have tried to understand the forces that lead some firms to decide to engage in more innovative activities than others and examined the types of routines associated with this decision. We found...

Credit rating agencies (CRAs) very often have been criticized for announcing inaccurate credit ratings and are suspected of being exposed to conflicts of interest. Despite these objections CRAs remained largely unregulated. Based on Pagano & Immordino (2007), we study the optimal regulation of...

Upstream producers that possess market power, sell forwards with a lengthy duration to regional electricity companies (REC). As part of the liberalization of the electricity market, RECs have been privatized and exposed to a possible bankruptcy threat if spot prices have fallen below their...

We consider a monopolistic supplier’s optimal choice of wholesale tariffs when downstream firms are privately informed about their retail costs. Under discriminatory pricing, downstream firms that differ in their ex ante distribution of retail costs are offered different tariffs. Under uniform...

Antitrust scholars have argued that exclusive contracts have anticompetitive, or at best neutral effects, if no efficiencies are generated. In contrast, this paper shows that exclusive contracts can have procompetitive effects, provided buyers are imperfect downstream competitors and contract...

Az UNIDO nemzetközi fejlesztési szervezet szerint az eladó-vevõi kapcsolatok jellemzõen két okból bomlanak fel: 1) az eladó (termelõ) nem kellõen informált a vásárló igényeirõl, 2) az eladó (termelõ) nem képes teljesíteni ezeket az igényeket. Ennek az elvnek megfelelõen a...

Die Studie untersucht den aktuellen Wandel des deutschen Finanzsystems. Dabei wird der informationsökonomische Aspekt hervorgehoben. In der ökonomischen Analyse des Finanzmarktgeschehens hat sich die Informationsökonomik als zentrales Analysewerkzeug durchgesetzt. Dieser Zweig der...

This paper studies the impact of bank mergers on firm-bank lending relationships using information from individual loan contracts in Belgium. We analyse the effects of bank mergers on the probability of borrowers maintaining their lending relationships and on their ability to continue tapping...