Dass Arbeitsmarkt-Pooling einer der Vorteile von Ballungsräumen ist, ist zwar empirisch belegt, theoretisch jedoch nur gering fundiert. Der Beitrag stellt ein Modell der Humankapitalbildung in einem imperfekten kompetitiven gepoolten Arbeitsmarkt mit heterogenen Arbeitskräften und Unternehmen...

We present evidence of the impact of buy-side analysts on the behavior and performance of fund managers. Using data provided by a large global asset manager, we relate buy-side analysts' recommendations to fund transactions on a daily basis. Our results show that buy-side analysts have a...

The paper presents a microeconomic model of human capital formation in a local labour market, with heterogeneous workers and firms, when product markets are characterised by price uncertainty. We analyse a setting where firms are hit by demand shocks determining either a good or a bad state....

In this paper, we investigate a primary potential impact of leveraged buyout (LBOs) transactions: the effects of LBOs on the peers of the LBO target in the same industry. Using a data sample based on US LBO transactions between 1985 and 2016, we investigate the impact of the peer firms in the...

We investigate the differential effect of the COVID‐19 shock on the share prices of firms with different levels of ESG (environmental, social and governance) scores. Thereby, we analyse whether and to what extent higher ESG ratings provided insurance for investors in the stocks of those firms...

We investigate the decisions of listed firms to go private once again. We start by revealing that while a significant number of firms which go public is VC-backed, an overproportional share of these VC-backed firms go private later on (they stay on the exchange for an average of 8.5 years). We...

Die jüngste Finanzkrise und die darauf folgende Staatsschuldenkrise hat sowohl wirtschaftlich als auch gesellschaftlich tiefgreifende Spuren hinterlassen. Dabei wurden auch sehr deutliche Lücken in der Forschung offenbar. Ziel dieser Studie ist es, aufbauend auf dem aktuellen Forschungsstand...

We analyze the life-cycle patterns of a firm's financing decisions and their interaction with future growth and development decisions. The framework derives three different financing sequences (debt-debt, equity-debt, equity-equity financing) which we link to existing empirical research....

This paper aims to contribute to the ongoing discussion on horizontal vs. vertical integration as further development path in the financial security service industry, consisting of trading, clearing and settlement. Using a stylized model of the industry we investigate the incentives to...