This paper analyses the law on shareholders' interaction in the period preceding the shareholder meeting. It asserts three contentions: First, it argues that the legal regimes in France and Germany provide for rights that facilitate shareholder monitoring without replacing the management, while...

This paper analyses the law on shareholders' interaction in the period preceding the shareholder meeting. It asserts three contentions: First, it argues that the legal regimes in France and Germany provide for rights that facilitate shareholder monitoring without replacing the management, while...

Is personal currency issued by participants sufficient to operate an economy efficiently, with no outside or government money? Sahi and Yao (1989) and Sorin (1996) constructed a strategic market game to prove that this is possible. We conduct an experimental game in which each agent issues her...

We extend a modular pricing framework proposed by Ericsson and Reneby (1998, 2000, 2001) to derive a valuation formula for calls on leveraged equity, similar to Toft and Prucyk (1997). In contrast to their derivation via partial differential equations, we choose a more elegant probabilistic...

We consider optimal consumption and (strategic) asset allocation of an investor with uncertain lifetime. The problem is solved using a multi-stage stochastic linear programming (SLP) model to be able to generalize the closed-form solution obtained by Richard (1975). We account for aspects of the...

The influence of energy-supply structure on emission-reduction costs for SO2 is outlined and evaluated. For this purpose, eight representative countries have been selected for analysing impacts due to different energy scenarios varying in final energy demand, fuel prices, assumed CO2-emission...

The problem of reducing SO2 emissions in Europe is considered. The costs of reduction are assumed to be uncertain and are modeled by a set of possible scenarios. A mean-variance model of the problem is formulated and a specialized computational procedure is developed. The approach is applied to...