This paper discusses different mechanisms of subsidy allocation invoked by operation of law. We compare the allocation of subsidies via committees to the allocation of subsidies through the reference principle, which binds public support to performance at the box offce. The analysis is embedded...

This paper investigates some economic effects of recent amendments to the German Copyright Law on the German film industry. The changes assume the existence of a prevailing “structural superiority” of media companies over their contractual partners in labor markets which supposedly results...

This paper pursues three objectives. First, it seeks to identify the determinants of performance of German motion pictures in terms of cinema admissions and producers’ rates of return. Second, against the background of heavy subsidization of the German film industry, it discusses two types of...

Current regulatory changes in the financial services industry aim at ensuring customer protection in the context of investment advisory services. This study demonstrates that customer orientation as proposed by MiFID could improve the service profit chain of financial service providers. We draw...

Many private investors trust in the investment recommendations of professional financial advisors. This study investigates the influence of financial advice on the suitability of asset allocation based on the risk preferences of individual investors. We draw on a unique dataset from a large...

This paper empirically investigates a novel approach for financial advisors to enhance customer satisfaction by segmenting customers based on their financial sophistication. We surveyed 761 customers of two German retail banks on their satisfaction with their latest purchase of an investment...

Using cross-sectional time series data on 710 US firms over the period from 1995 to 1998 this paper firstly employs a new approach to estimate the maturity of a firm's total debt based on debt level and flow data. We secondly provide new insights into the role of credit risk in the debt maturity...

Capital account liberalization and exchange rate regime choice, what scope for flexibility in Tunisia? The adoption by Tunisia of structural reforms of its economy in a context of gradual opening since 1986, had allowed the instauration in January 1993 of the convertibility of its current...

The recent debates over discriminatory versus uniform-price auctions in the UK and elsewhere have revealed an incomplete understanding of the limitations of some popular auction models when applied to real-world electricity markets. This has led certain regulatory authorities to prefer...