We study oligopolistic competition in product markets where the firms' quantity decisions are delegated to managers. Some firms are commonly owned by shareholders such as index funds whereas the other firms are owned by independent shareholders. Under such an asymmetric ownership structure, the...

We study oligopolistic competition in product markets where the firms' quantity decisions are delegated to managers. Some firms are commonly owned by shareholders such as index funds, whereas the other firms are owned by independent shareholders. Under such an asymmetric ownership structure, the...

We study quantity and price competition in heterogeneous triopoly markets where two firms are commonly owned by institutional shareholders, whereas the third firm is owned by independent shareholders. With such a mixed ownership structure, the common owners have an incentive to coordinate their...

We study an asymmetric triopoly in a heterogeneous product market where quantity decisions are delegated to managers. The two biggest firms are commonly owned by shareholders such as index funds while the smallest firm is owned by independent shareholders. Under such a cross-holding owner...

We study an asymmetric triopoly in a heterogeneous product market where quantity decisions are delegated to managers. The two biggest firms are commonly owned by shareholders such as index funds while the smallest firm is owned by independent shareholders. Under such a common holding owner...

Investitionsvolumen und Risikoallokation: Einige Anmerkungen Entgegen der Aussage in Neus/ Nippel (1991) kommt es in einer Situation mit asymmetrischer Informationsverteilung vor Vertragsabschluß zwischen Unternehmer und Beteiligungsgeber nicht zu einer Beeinflussung der...

Das Underpricing bei Börseneinführungen läßt sich unter anderem zurückführen auf einen Informationsvorsprung eines Teils der Anleger, wobei schlechter – informierte Anleger einem Winner's Curse unterliegen. Dieses Underpricing kann verringert werden, wenn der Informationsstand der...

Investitionsvolumen und Risikoallokation Im Rahmen der Diskussion um die Eigenkapitallücke wird behauptet, ein zu geringer Umfang an Eigenkapital behindere riskante Investitionen in Unternehmungen. Hier wird demgegenüber weniger der Umfang des Eigenkapitals als die damit verbundene...

The Scale-Efficiency version of the Efficient-Structure Hypothesis and the Structure-Conduct-Performance Hypothesis find empirical support in German banking data from 1998 to 2002. Due to the acceptance of the two hypotheses and the existence of overall economies of scale, we conclude that...

We analyze the desinvestment decision of venture capitalists in the course of an IPO of their portfolio firms. The capital market learns of the project quality only in the period following the IPO. Venture capitalists with high-quality firms face a trade-off between immediately selling their...