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Referierte Aufsätze Web of Science
This paper studies the determinants of the unusually high and volatile price differential between common (voting) shares and preferred (nonvoting) shares in Russia's emerging stock market. It focuses on three potential explanations for the price spread between these two classes of stock: the control contest model of the voting premium, the inferior liquidity of preferred shares, and the risk of expropriation ...
In:
Emerging Markets, Finance & Trade
45 (2009), 2, S. 21-43
| Alexander Muravyev
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Referierte Aufsätze Web of Science
Governments willing to commit themselves to maintain carbon prices at or above a certain level face the challenge that their commitments need to be credible both for investors in low-carbon technology and for foreign governments. This article argues that governments can make such commitments by issuing long-term put option contracts on the price of CO2 allowances. This mechanism gives investors the ...
In:
Climate Policy
9 (2009), 1, S. 9-21
| Roland Ismer, Karsten Neuhoff
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Referierte Aufsätze Web of Science
Our paper provides a procedure to induce imperfect recall in the laboratory, even though in the past it has been claimed that this is difficult to achieve in a controlled environment. To accomplish this task we rely on a technique called divided attention to impair subject recollection of previous choices in a version of the absent-minded driver game of Piccione and Rubinstein [Piccione, M., Rubinstein, ...
In:
Journal of Economic Behavior & Organization
69 (2009), 1, S. 64-74
| Cary Deck, Sudipta Sarangi
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Referierte Aufsätze Web of Science
About a decade ago the German Science Council requested a strengthening of academic research at the German economic research institutes to improve the academic foundation of policy advice - the traditional task of the institutes. Based on publications in SSCI journals, research output has since then improved remarkably in scope and quality and has involved an ever rising number of scholars within the ...
In:
Scientometrics
80 (2009), 1, S. 233-254
| Rolf Ketzler, Klaus F. Zimmermann
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Referierte Aufsätze Web of Science
This paper documents life cycle (or age) profiles of (log) household income, durable and non-durable consumption for Dutch households after explicitly controlling for time (or business cycle) effects and birth cohort effects. We find that both measures of consumption as well as income is clearly hump shaped over the life cycle. Hence, real consumption per household seems to track income over the life ...
In:
De Economist
157 (2009), 1, S. 107-120
| Rob Alessie, Joppe de Ree
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Referierte Aufsätze Web of Science
This paper examines how electronic procurement influences firms' sourcing strategy. The relationship between the technology choice in a vertical structure is illustrated with respect to its impact on the coordination cost and the competition between suppliers. Hypotheses are tested using data from the e-Business W@tch survey. Assessing the relationship between the effect of electronic procurement on ...
In:
Transformations in Business & Economics
8 (2009), 1, S. 72-85
| Daniel Nepelski
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Referierte Aufsätze Web of Science
[An erratum to this article can be found at http://dx.doi.org/10.1007/s10734-009-9271-4 ]. - School education in Germany is under the responsibility of the federal states and as a consequence average grades differ widely across regions. Since school leavers apply nationwide for admission to university, regional provenance may thus matter a lot for the success probability in the admission process. Using ...
In:
Higher Education
58 (2009), 1, S. 71-80
| Sebastian Braun, Nadja Dwenger
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Referierte Aufsätze Web of Science
This paper investigates whether small businesses face financial constraints that affect their survival. A model of moral hazard is developed in which financial constraints arise endogenously. The model predicts that higher private assets relax financial constraints and have a positive effect on the firm's probability of survival. The empirical analysis confirms that the entrepreneur has a higher propensity ...
In:
Small Business Economics
32 (2009), 1, S. 95-109
| Dorothea Schäfer, Oleksandr Talavera
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Referierte Aufsätze Web of Science
Severance pay often results from a bargain between the firm and the employee to avoid or terminate a legal conflict. We theoretically investigate how income taxation affects these negotiations. Using panel data from West Germany and exploiting a change in tax law in 1999, we find that a higher income tax on severance pay reduces the probability of obtaining it and - in some specifications - also lowers ...
In:
Labour Economics
16 (2009), 1, S. 107-118
| Laszlo Goerke, Markus Pannenberg
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Referierte Aufsätze Web of Science
This paper explores insights about marginal airport costs that can be gained by analysing labour inputs and their variability. Based on hourly cost and traffic data for the airport of Helsinki, a multivariate time series approach is used incorporating correlated error terms to account for random shocks such as delays. We found for most airport services a linear relationship between labour input and ...
In:
Journal of Air Transport Management
15 (2009), 1, S. 41-46
| Heike Link, Wolfgang Götze, Veli Himanen