In this paper we investigate the influence of coupon structure on the financial behavior of Individual Investors in the fixed-income market. Examining circa 26 million decisions on 204 standard putable bonds with different coupon offerings our major findings are: (i) Products with a flat coupon...

This paper is the first to analyze and value early exercises of Individual Investors in fixed-income investment products. Assuming decision and transaction costs we consider that a continuous decision-making on holding or exercising is not optimal anymore and propose a new approach to modeling...

Psychology has inspired economics to recognize intentions in addition to outcomes as being relevant for utility and behavior. Reciprocal behavior, in particular, has been related to the kindness of chosen actions and how kindness can be derived from the benefits obtained in unchosen...

Intention-based models of reciprocity argue that people assess kindness by measuring the intended consequences of actual behavior (deeds) against foregone payoffs resulting from unchosen alternatives (omissions). While the effects of omissions have been intensively studied in recent years, less...

This paper studies the empirical early exercise behavior of Individual Investors in non-tradable putable bonds. Analyzing circa 31 million holding and exercise decisions of more than 220,000 Individual Investors over 13 years, our major findings are: (i) Individual Investors use their early...

Dieser Aufsatz überprüft die Zentralität der Abschlussprüfungen in den unterschiedlichen Schulsystemen der deustchen Bundesländer. Wir wollen damit dazu beitragen, zukünftige ökonometrische Arbeiten zu zentralen Abschlussprüfungen detaillierter ausgestalten zu können.

Paying for performance (P4P) provides financial incentives for providers to increase the use and quality of care. P4P can affect health care by providing incentives for providers to put more effort into specific activities, and by increasing the amount of resources available to finance the...

Paying for performance provides financial rewards to medical care providers for improvements in performance measured by specific utilization and quality of care indicators. In 2006, Rwanda began a paying for performance scheme to improve health services delivery, including HIV/AIDS services....

Malnutrition remains a serious concern in Rwanda, particularly among children under-5 years. Performance-based financing (PBF), an innovative health systems financing strategy, has been implemented at the national level since 2008. This study aimed to assess the impact of PBF and other factors...

S’il est largement reconnu que l’accès à l’électricité joue un rôle important dans la performance des entreprises, les données empiriques sur la question sont mitigées. Qui plus est, peu d’informations sont disponibles concernant les petites et micro-entreprises opérant dans le...