This research compares systemic risk in the banking sector, the insurance sector, the construction sector, and the food sector. To measure systemic risk, we use extreme negative returns in stock market data for a time-varying panel of the 20 largest U.S. firms in each sector. We find that...

This paper presents stylized facts on energy-intensity developments for 19 OECD countries and 51 sectors over the period 1980−2005. A principal aim of this paper is to introduce and discuss a new database that combines the recently launched ‘EU KLEMS Growth and Productivity Accounts’...

We examine vertical integration and exclusive vertical restraints in health-care markets where insurers and hospitals bilaterally bargain over contracts. We employ a bargaining model in a concentrated health-care market of two hospitals and two health insurers competing on premiums. Without...

Residential development at the urban fringe raises the cost of trips to open space. We derive a simple expression for the tax that internalizes this effect of sprawl in a monocentric city andapply it using survey data on recreational activity. Urban sprawl is inefficient if landowners ignore...

This research examines the impact of manager turnover on firm performance using information from the Dutch soccer league in the period 1986-2004. The main advantage of using sports data is that both manager characteristics and decisions and firm outcomes are directly observable. Both...

We explore the impact of central government grants on local house prices in England using a panel data set of local authorities (LAs) from 2001 to 2008. Electoral targeting of grants to LAs by the incumbent national government provides an exogenous source of variation in grants that we exploit...

We study the extent to which a country's strength of Intellectual Property Rights (IPR) protection mediates knowledge spillovers from Foreign Direct Investment (FDI). Following the opposing views in the IPR debate, we propose a negative effect of IPR strength on unintentional horizontal...

Is the gradual introduction of facilities-based competition, by fine-tuning access regulation, working as intended? What can one learn from the Dutch experience? More than a decade has passed since the liberalization of telecommunications in the Netherlands. Nevertheless, the regulator is still...

This paper models external benefits of the transformation of an inner city industrial site into a residential area in an urban general equilibrium framework Does brownfield redevelopment warrant government support? We model external benefits of the transformation of an inner city industrial...