Diversified firms often trade at a discount with respect to their focused counterparts. The literature has tried to explain the apparent misallocation of resources with lobbying activities or power struggles. We show that diversification can destroy value even when resources are efficiently...

Der Professor aus Mannheim und die Professorin aus Hamburg haben ihr Lehrbuch gegenüber der Vorauflage komplett überarbeitet. In sieben Kapiteln gehen sie auf die Historie, die Rechtsformen und die Managementbesonderheiten in Non-Profit-Organisationen ein: auf Führungsinstrumente und...

The unbundling of trade across regions offers unique opportunities for SMEs to integrate into global trade notably through their involvement into supply-chains. With supply-chains shifting and expanding into new regions of the world, the challenge for SMEs to accessing financing remains an...

We show that firm liability structure and associated cash flow matter for firm behavior, and that financial market participants price stocks accordingly. Looking at firm level stock price changes around monetary policy announcements, we find that firms that have more cash flow exposure see their...