The effect of competition among self-regulatory organizations (SRO) on the efficiency of the corresponding goods and services markets is considered. It is shown that under certain conditions the competition among SRO worsens the quality of the goods and services and leads to decrease in...

The effect of taxpyers' competition at jurisdictions' local markets on the properties of the tax competition equilibrium is studied. The general equilibrium model is considered with mobile firms acting under monopolistic competition on local markets. It is shown that equilibrium tax rate tends...

A model of the economic system with the property rights distributed among several agents is considered. The effect of property rights allocation on the economic efficiency of the management strategies is studied.

The effect of property rights allocation on characteristics of the vertically integrated company and properties of the corresponding market equilibria are studied. It is shown that partial integration can induce inefficient super-monopolistic market equilibria and unbalance in the functioning of...

A game-theoretical model of the investment value formation of the instruments of corporate control (shares or stakes in equity) is formulated and analyzed. It is shown that this value depends significantly on the allocation of equity among the owners, and the on the possibilities of the...

In explaining economic phenomena, economic analysis concentrates on selected influences and fixes the host of other factors under a ceteris paribus clause. This view, which goes back to Alfred Marshall (1842-1924), is developed in the first part of the book. Aggregation is viewed as a particular...

Life annuities provide a guaranteed income for the remainder of the recipient’s lifetime, and therefore, annuitization presents an important option when choosing an adequate investment strategy for the retirement ages. While there are numerous research articles studying annuities from a...

Even 50 years after Modigliani/Miller’s irrelevance theorem, the basic question of how firms choose their capital structure remains unclear. This survey paper aims at summarizing and discussing corresponding recent developments in empirical capital structure research, which, in our view, are...

There has been a wide-spread misconception based on the imprecise wording of Art. 52 of the European Patent Convention (EPC) that the protection of business methods by patents is prohibited in Europe. This paper investigates the legal framework set by patent laws with respect to the...

Ein Großteil der Neugründungen in Deutschland ist auf staatliche Förderung von Existenzgründern zurückzuführen. Dieser Anteil hat sich nach Einführung des als „Ich-AG“ bekannten Existenzgründungszuschusses Anfang 2003 stark erhöht. Die Erfolgsfaktorenforschung hat diese Form von...