This paper develops an open economy portfolio balance model with endogenous asset supply. Domestic producers finance capital goods through credit and bonds in accordance with debt capital costs as well as through equity assets. Private households hold a portfolio of domestic and foreign assets,...

Markets for expert services are characterized by information asymmetries between experts and consumers. We analyze the effects of consumer information, where consumers suffer from either a minor or serious problem and only experts can infer the appropriate treatment. Consumer information is a...

Using survey data collected at Göttingen University, Germany, this paper evaluates the effect of attending the lecture and/or tutorial on the grade achieved in two basic courses in business administration and economics. The analysis shows that going to class has no significant impact on student...

This paper evaluates the effect of replacing traditional German five-year degrees with three-year bachelor programs on the duration until graduation and dropping out of university. Using an extensive dataset containing detailed administrative data on more than 9000 students, competing risks...