We reassess the respective gains from R&D cooperation and competition in a Cournot duopoly where firms adopt a concave cost-reducing R&D technology. Cooperation, in the form of either a cartel or a joint venture, is always profitable for firms and, contrary to the previous literature on the same...

Vertical integration (VI) may show social superiority over vertical disintegration (VD) if there is an opportunity of internalizing most of the externalities affecting vertical arm's length relationships. When enterprises carry out process innovating R&D (PIRD), VI turns out to be quite often...

If an economy runs a current account (CA) deficit and finances it via a corresponding net inflow of equity capital the external debt (ED) does not change, i.e. the CA deficit does not add to ED. This is no paradox. It simply comes from the definition of CA deficit and ED, and points to different...

This paper examines the relationship between religion and home bias. A theoretical framework is proposed suggesting that countries may show a certain degree of religion-enhanced international altruism associated with a lower home bias. These predictions are investigated empirically using...