Initial investments and different strategic actions of universities lead to their different positions in the higher education sector. Pursuing similar strategies leads to similar positions that influence structure and performance within the system. Institutions cannot only choose to focus on...

This study examines empirically the syndication of equity by multiple venture capitalists in Germany. Following the literature, there are mainly two competing views as to why venture capitalists syndicate investments. First, syndication can be viewed as a means of risk-sharing. Second, venture...

We present a model consistent with the stylized fact that "rigid Europe" has witnessed higher unemployment and a more compressed wage structure than "flexible America". A distinguishing feature of the present paper is that it endogenises the labour market regulations that account for this...

This paper studies the social desirability of agglomeration and the efficiency arguments for policy intervention in a simple, analytically solvable ‘new economic geography’ model with two trade integrating regions. The location pattern emerging as market equilibrium is...

This paper shows that endogenous adjustments in the composition of labor supplies magnify the effects of changes in commodity prices on the measured skill premium under quite plausible conditions. These composition effects arise from decisions of individuals with heterogeneous inherent abilities...