SMEs play an important role in the world economy and contribute substantially to income, output and employment. Reaching global markets is a dream for every. Opening new markets enables firms to increase their sales and hence enabling growth, through increased customer base. Risk is spread by...

This MBA dissertation examines the determinants of valuation of early-stage high-growth start-ups. This area of valuation is different from valuation of other types of companies, in that there is little to no historic financial data available and in most cases no plausible cash-flow projections...

Market exchanges are widely believed to rely on an overlap of interest, this paper argues that many market exchanges actually rely on a broader agreement between buyer and seller. The broader agreement includes the moral justification of the exchange and the associated norms of propriety. To...

Transaction costs foster the creation of (new) wealth through innovation and entrepreneurship, facilitated by "elementary contracts" – risky, non-traded agreements involving time-separated exchanges. However, the current price theory ignores these crucial realities. This research models the...

Suppose the value of a firm is endogenously determined by a manager's costly effort. We call this manager a distinguished player if he also can trade shares of the firm on a market. Arbitrage-free asset pricing theory suggests that the equilibrium market price reflects the value increasing...

A group of actors, individuals or firms, can engage in collectively providing projects which may be costly or generating revenues and which may benefit some and harm others. Based on requirements of procedural fairness (Güth and Kliemt, 2013), we derive a bidding mechanism determining...

Modern economic science has become a grand parable, the study of a virtual economic world where the interactive robots engage in mechanical relationships. Although the natural sciences that initially inspired many economists has undergone drastic changes since Newton's era, modern economic...

This paper applies the dichotomous theory of choice by Zou (2000a) tothe analysis of investmentstrategies and security markets. Issues concerning individualoptimality, (approximate) arbitrage,capital market equilibrium, and Pareto efficiency are studied undervarious market conditions. Among the...

Conventional hedonic analysis measures willingness to pay for attributes on the basis of marginal fixed costs. We argue that in many cases variable costs are also affected by these attributes and that this should be taken into account. We develop a simple model to show that the marginal...

We consider fundamental questions of arbitrage pricing arising when the uncertainty model incorporates volatility uncertainty. With a standard probabilistic model, essential equivalence between the absence of arbitrage and the existence of an equivalent martingale measure is a folk theorem, see...