We begin with the hypothesis that shareholder-wealth effects of corporate transactions differdepending on (a) the specific industry, (b) whether they are horizontal or vertical, and (c) whetherthey are integrations (takeovers) or disintegrations (partial sell-offs). A standard event study...

Durch spektakuläre Einzelfälle rückte insbesondere in den letzten Monaten die Vergütung von deutschen Vorständen in den Fokus der öffentlichen Diskussion, an welcher sich nun auch in zunehmendem Maße die Parteien beteiligen. Dieser Bericht fasst die wesentlichen Ergebnisse einer vom...

Am weltweiten Aktienmarktschwanken die Kurse, die europäischeZentralbank stellt denBanken kurzfristige Liquidität vonmehr als einhundert Milliarden Eurozur Verfügung, die US-amerikanischeNotenbank senkt den Diskontsatz.Spätestens wenn dann nochBanken wie am Wochenende dieSachsenLB auf die...

In contrast to companies that are run by their owners, business decisions in companies run by management boards are made by groups of individuals with different qualifications and heterogeneous objectives that may differ from those of the owners. The members of the board will assess alternative...

Sometimes we believe that others receive harmful information. However, Marschak’s value of information framework always assigns non-negative value under expected utility: it starts from the decision maker’s beliefs – and one can never anticipate information’s...

The productivity of (human) information processing as an economic activity is a question that is raising some interest. Using Marschak's evaluation framework, Radner and Stiglitz have shown that, under certain conditions, the production function of this activity has increasing marginal returns...