Many questions about institutional trading can only be answered if one can track high-frequency changes in institutional ownership. In the U.S., however, institutions are only required to report their ownership quarterly in 13-F filings. We infer daily institutional trading behaviour from the...

In market microstructure theory the effect of time between consecutive transactions and trade volume on transaction price changes of exchange traded shares and options has been considered (e.g. Diamond and Verecchia (1987) and Easley and O'Hara (1987)). The goal of this paper is to investigate...

Ökonomische Experimente sind eine bislang selten verwendete Forschungsmethodeim Bereich der agrarpolitischen Analyse. Dieser Beitrag erörtert die Grundlagenvon Experimenten, vergleicht sie mit anderen Forschungsmethoden und zeigt ein möglichesAnwendungsgebiet für die Agrarpolitikanalyse auf...

This paper experimentally investigates the impact of different pay and relative performance information policies on employee effort. We explore three information policies: No feedback about relative performance, feedback given halfway through the production period, and continuously updated...

The paper presents a linear model of product quality in scientific competition.The only outputs of research are published papers; the onlyinputs are labor and papers by other researchers, which are cited whenused. Researchers compete for status, measured as their rank in a citationscount. If...

We present a model where compensation within a workteam is determinedendogenously by the use of a rank-order tournament. Team memberscompete in their efforts for the right to propose the distribution of a prizewithin the team. The implementation of a proposal requires the approvalof other team...

The common prior assumption asserts that the beliefs of agents in different states of theworld are their posteriors based on a common prior and possibly some private signal. Commonpriors are pervasive in most economic models of incomplete information, oligopoly models withasymmetrically informed...

A vast literature shows that individuals frequently fail to identify the normative solutionsin logical reasoning tasks. Much attention has been devoted to the study ofthese deviations at the individual level; less effort was exerted to investigate whetherinstitutional settings might facilitate...

The paper proves that in two-player logit form symmetric contestswith concave success function, commitment to a particular strategydoes not increase a player's payo, while in contests with more thantwo players it does. The paper also provides a contest-like game inwhich commitment does not...

This paper compares Bertrand and Cournot equilibria in a horizontallydifferentiated duopoly market with non-tournament R&D competition. We consider thatsuccess in R&D is uncertain. We show that whether firms invest more under Cournotcompetition or Bertrand competition is ambiguous and depends on...