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A renewal theoretic result in portfolio theory under transaction costs with multiple risky assets

Irle, Albrecht; Prelle, Claas - 2008

We consider a portfolio optimization problem in a Black-Scholes model with n stocks, in which an investor faces both fixed and proportional transaction costs. The performance of an investment strategy is measured by the average return of the corresponding portfolio over an infinite time horizon....

Persistent link: https://www.econbiz.de/10010263520

Einbettung von Merger und Akquisition in wirtschaftstheoretische Erklärungsansätze

Mittendorf, Thomas; Plöger, Andre - 2003

Die Verbindung von Unternehmen ist keine Erscheinung der letzten Jahre. Vielmehr beruht das Konzept der Merger & Akquisition (M&A) auf grundlegenden wirtschaftstheoretischen Theorien, die in der Diskussion allerdings oftmals von populistischen Motiven für die Fusion im vorliegenden Fall...

Persistent link: https://www.econbiz.de/10010317619

The firm as a pool of factor complementarities

Lindbeck, Assar; Snower, Dennis J. - 2003

This paper presents a new approach to the theory of the firm by identifying factor complementarities as central to the …

Persistent link: https://www.econbiz.de/10010320016

Disagreement and authority

Ellingsen, Tore; Miettinen, Topi - 2007

Can two negotiators fail to agree when both the size of the surplus and the rationality of the negotiators are common knowledge? We show that the answer is affirmative. When the negotiators can make irrevocable commitments at a low but positive cost, the unique symmetric equilibrium entails...

Persistent link: https://www.econbiz.de/10010263800

How global rules are established and stabilized

Siebert, Horst - 2007

This paper analyzes how international rules are established and stabilized, i.e. how an international institutional order develops. Rules emerge mainly through learning from negative experience and serve to reduce transaction costs. The paper looks at mechanisms that stabilize rule systems, at...

Persistent link: https://www.econbiz.de/10010273096

Intellectual property rights and ex-post transaction costs: the case of open and closed source software

von Engelhardt, Sebastian - 2008

The economic characteristics of software and transaction costs explain, why closed source and open source software co-exist. It is about the efficient use of a non- and anti-scarce resource. But because of ex-post transaction costs that lead to information asymmetries, some property rights...

Persistent link: https://www.econbiz.de/10010273765

Public and private insurance with costly transactions

Bertola, Giuseppe; Koeniger, Winfried - 2010

We characterize how public insurance schemes are constrained by hidden financial transactions. When non-exclusive private insurance entails increasing unit transaction costs, public transfers are only partly offset by hidden private transactions, and can influence consumption allocation. We show...

Persistent link: https://www.econbiz.de/10010274703

A note on arbitrage under transaction costs

Irle, Albrecht; Prelle, Claas - 2008

Guasoni (2006) introduced a simple condition for the absence of arbitrage opportunities. In this note we show that his results remain valid under a weaker notion of arbitrage which arises by excluding liquidation costs from the value process of a portfolio.

Persistent link: https://www.econbiz.de/10010274720

Intermediation in Foreign Trade: When do Exporters Rely on Intermediaries?

Schröder, Philipp J. H.; Trabold, Harald; … - 2003

The paper explores theoretically and empirically why trade intermediaries (TIs) are frequently used as agents for exports to some countries but not to others. We adapt a standard intra-industry trade model with variable export costs (e.g. transport) and fixed export costs (e.g. market access) to...

Persistent link: https://www.econbiz.de/10010276548

Competition intensity, potential competition and transaction cost economics

Busse, Matthias - 2002

Determinanten des Globalisierungsgrades einer Branche ist die Höhe der Transaktionskosten. Niedrige Transaktionskosten führen … tendenziell zu globalisierten Märkten, hohe Transaktionskosten entsprechend zu segmentierten Märkten. Hinzu kommt, dass … Transaktionskosten auch Auskunft über den Grad des potentiellen Wettbewerbs geben können. Damit erhalten Wettbewerbsbehörden einen …

Persistent link: https://www.econbiz.de/10010295506