Showing 1 - 10 of 154
I study the optimal choice of investment projects in a continuous time moral hazard model with multitasking. While in the first best, projects are invariably chosen by the net present value (NPV) criterion, moral hazard introduces a cutoff for project execution which depends on both a project's...
Persistent link: https://www.econbiz.de/10010286977
This paper reports on the ownership and control structures of publicly listed firms in Turkey using data from 2001. While holding companies and non-financial firms are the most frequent owners at the direct level, families ultimately own more than 80 percent of all publicly listed firms in...
Persistent link: https://www.econbiz.de/10010322099
In 2003, Swiss Re introduced a mortality-based security designed to hedge excessive mortality changes for its life book of business. The concern was apparently brevity risk, i.e., the risk of premature death. The brevity risk due to a pandemic is similar to the property risk associated with...
Persistent link: https://www.econbiz.de/10010427722
In early 2019, the stock prices of the German company Wirecard AG experienced market turmoil after several critical reports on activities claimed to be illegal. To analyze the market impact of news, we use stock price data for Wirecard AG and apply the reversed news model. We elaborate on...
Persistent link: https://www.econbiz.de/10012111603
Crowdfunding provides innovation in enabling entrepreneurs to contract with consumers before investment. Under aggregate demand uncertainty, this improves screening for valuable projects. Entrepreneurial moral hazard and private cost information threatens this benefit. Crowdfunding's...
Persistent link: https://www.econbiz.de/10011592122
This paper investigates the influence of a firm's financial status on the within-firm allocation of funds, reected in its plant-level investment and exit decisions.
Persistent link: https://www.econbiz.de/10005850501
Bei der Bewertung von Unternehmen ist es üblich, die erwarteten Überschussverteilungen mitKapitalkosten zu diskontieren, welche aus dem Capital Asset Pricing Model (CAPM) abgeleitetwerden. In diesem Zusammenhang hat Richter unter der Prämisse eines Binomialmodellsfür die Entwicklung der...
Persistent link: https://www.econbiz.de/10009418837
Bei der Bewertung von Unternehmen ist es üblich, die erwarteten Überschussverteilungen mit Kapitalkosten zu diskontieren, welche aus dem Capital Asset Pricing Model (CAPM) abgeleitet werden. In diesem Zusammenhang hat Richter unter der Prämisse eines Binomialmodells für die Entwicklung der...
Persistent link: https://www.econbiz.de/10010427719
In the Yes/No game, like in the ultimatum game, proposer and respondercan share a monetary reward. In both games the proposer suggests a rewarddistribution which the responder can accept or reject (yielding 0-payoffs). Thegames only differ in that the responder does (not) learn the suggested...
Persistent link: https://www.econbiz.de/10005866695
This paper examines simple parimutuel betting games under asymmetric information,with particular attention to differences between markets in which bets are submittedsimultaneously versus sequentially. In the simultaneous parimutuel betting market, all(symmetric and asymmetric) Bayesian-Nash...
Persistent link: https://www.econbiz.de/10005866719