We consider a two-stage principal-agent model with limited liability in which a CEO is employed as agent to gather information about suitable merger targets and to manage the merged corporation in case of an acquisition. Our results show that the CEO systematically recommends targets with low...

We consider a two-stage principal-agent model with limited liability in which a CEO is employed as agent to gather information about suitable merger targets and to manage the merged corporation in case of an acquisition. Our results show that the CEO systematically recommends targets with low...

We consider a two-stage principal-agent model with limited liability in which a CEO is employed as agent to gather information about suitable merger targets and to manage the merged corporation in case of an acquisition. Our results show that the CEO systematically recommends targets with low...

This paper analyzes the relationship between factor substitutability and the energy intensity of manufacturing firms. Specifically, we compare the degree of substitutability between the input factors capital, labor, energy, and material for firms with low, medium, and high energy cost shares...

Treelines represent a significant ecological boundary in mountainous regions. Changes in temperature and precipitation regimes due to climate change affect the location of treelines, contingent on fine-scale variations in orographic and climatic conditions. Using high-resolution satellite...

Extreme events, such as those caused by climate change, economic or geopolitical shocks, and pest or dis- ease epidemics, threaten global food security. The complexity of causation, as well as the myriad ways that an event, or a sequence of events, creates cascading and systemic impacts, poses...

Accurate and reliable precipitation data with high spatial and temporal resolution are essential in studying climate variability, water resources management, and hydrological forecasting. A range of global precipitation data are available to this end, but how well these capture actual...

Agricultural expansion into tropical and subtropical forests often leads to major social-ecological trade-offs. Yet, despite ever-more detailed information on where deforestation occurs, how agriculture expands into forests remains unclear, which is hampered by a lack of spatially and temporally...

Water withdrawals for irrigated crop production constitute the largest source of freshwater consumption on Earth. Monitoring the dynamics of irrigated crop cultivation is crucial for tracking crop water consumption, particularly in water-scarce areas. We analyzed changes in water-dependent crop...

Crop cultivation intensifies globally, which can jeopardize biodiversity and the resilience of cropping systems. We investigate changes in crop rotations as one intensification metric for half of the croplands in Germany with annual field-level land-use data from 2005 to 2018. We proxy crop...