Der Beitrag fokussiert auf das wertorienterte Management und die daran anknüpfenden Kompensationsprogramme für Manager. Unterstellt man dem Mangement ein den eigenen Nutzen maximierendes und möglicherweise opportunistisches Verhalten...

Das M&A-Geschehen ist derzeit durch neue Rekordvolumen geprägt. Ob Firmen übernommen, quasifusioniert oder echt verschmolzen, ob ganze Aktienpakete verkauft oder Asset Deals durchgeführt werden, stets spielt die Bewertung der Zielobjekte eine zentrale Rolle...

Wertmanagement und Shareholder value-Streben sind nicht nur betrieblicheFinanzzielausrichtungen. Sie haben auch eine gesamtwirtschaftlich optimaleRessourcenallokation herbeizuführen. Dies setzt eine effiziente Informationsverarbeitungan den Kapitalmärkten voraus. In der Realität stets zu...

I analyze 136 large minority block purchases made by a group of controversial investors in Europe during 1990-2001. Contrary to the hypothesis that wants these investors expropriate the target companies, there is a positive market reaction to the first public announcement of these purchases. In...

We analyse to what extent the accrual anomaly is related to the choice of the accounting system as well as firm-level heterogeneity in corporate governance mechanisms. Using a unique dataset of listed German firms over the period 1995 to 2005 we first corroborate former results indicating that...

This paper investigates how precisely short-term, job-search oriented training programs as opposed to long-term, human capital intensive training programs work. We evaluate and compare their effects on time until job entry, stability of employment, and earnings. Further, we examine the...

Two pension reforms in Austria increased the early retirement age from 60 to 62 for men and from 55 to 58.25 for women. The reforms reduced early retirement by 18.9 percentage points among affected men aged 60-62 and by 22.3 percentage points among affected women aged 55-58.25. The associated...

This paper calculates the impact of Active Labour Market Programmes through the use of three new indicators measuring the application performance of the unemployed. These indicators can be measured repeatedly and therefore allow the usage of Panel Regression methods, cancelling out any...

In many cases assignment to a treatment may affect concomitant variables. I show how a concomitant variable can be used to corroborate evidence from an observational study. In the observational study two types of training programs are compared. One program is part of regular Swedish labor market...

Theory suggests that relations between authorities affect implementation. This article studies the link between central and local government agencies in the Swedish labour market sector. The analysis is based on new quantitative data. The results indicate that central and local government...