Inwieweit darf oder muss der Staat in die Wirtschaft eingreifen? Dies ist seit jeher die zentrale Frage in der Debatte um die richtige Industriepolitik. Dass die Industrie in Deutschland ein entscheidender Faktor für Wohlstand ist, bleibt unbestritten. Diverse Krisen der letzten Jahre wie die Finanz- und Schuldenkrise, der Klimawandel oder die Corona-Pandemie, aber auch der wirtschaftliche Strukturwandel ...
This paper contributes to the debate on the internationalization of the R&D activity of multinational enterprises (MNEs). Specifically, we examine the following research questions: (1) What are the determinants of the MNEs’ R&D internationalization level? (2) What types of internationalization strategies—home-base-augmenting (HBA), home-base-exploiting (HBE), technology-seeking (TS), and/or market-seeking ...
We investigate patterns in common ownership networks between firms that are active in the U.S. pharmaceutical industry for the period 2004–2014. Our main findings are that “brand firms”—that is, firms that have research and development capabilities and launch new drugs—exhibit relatively dense common ownership networks with each other that further increase significantly in density over time, whereas ...
We study the relationship between crowding and performance in the active mutual fund industry. We construct a fund-specific measure of crowding using the equity holdings overlap of 17,364 global funds. Funds in the top decile of crowding underperform passive benchmark funds by 1.4% per year. The impact of crowding on performance cannot be attributed to diseconomies of scale. We explore several mechanisms: ...
This paper analyzes two dimensions of factors of political trust in Russia. The first dimension is the target dimension (sociotropic vs. egocentric), the second dimension is the time dimension (retrospective vs. perspective). The study is based on the microdata of 2016 Life in Transition Survey (LiTS) of the European Bank for Reconstruction and Development. We find a robust evidence in favor of the ...