We examine whether legal institutions affect the balance of power between CEOs and shareholders. Particularly, we test to which extent legal rules matter for the extent to which CEOs receive generous pay packages. The study uses a world-widedata set covering 27 countries for the period 1995 to...

In this paper we test the deterrence effect of leniency programs on organized white-collar crime. We use data on the formation and break-up of international cartels prosecuted by the European Commission before and after the EuropeanCorporate Leniency Program (1996) was adopted. Our estimation...

Patent pools in the framework of Lerner and Tirole (2004) may enhance or reduce social welfare. The purpose of this paper is to devise a pool formation mechanism which prevents welfare decreasing pool equilibria to emerge,and which encourages welfare enhancing pool formation. In order to...

The paper studies the impact of social networks on the level of within industry competition. Specifically, we examine the effect of social relations between CEOs on the propensity to cooperate with the antitrust agency during a cartel investigation.We use cartel data based on decisions by the...

Mit Hilfe von Daten junger deutscher Franchisesysteme werden empirische Einsichten inZusammenhänge zwischen der Wahl von laufenden und einmaligen Gebühren sowie demUmsatz der Franchisenehmer gewonnen. Zusätzlich werden die Wirkungen der bei denFranchisenehmern verbleibenden unternehmerischen...