This paper studies unshrouding decisions in a framework similar to Gabaix and Laibson (2006), but considers an alternative unshrouding mechanism where the impact of advertising add-on information depends on the number of unshrouding firms. We show that shrouding becomes less prevalent as the...

Das Internet ist stark durch Wettbewerb zwischen Plattformen geprägt, welche potenzielle Tauschpartner zusammenbringen. Die Konkurrenz zwischen solchen mehrseitigen Plattformen und die Marktkonzentration wird maßgeblich bestimmt durch (1) die Stärke der indirekten Netzeffekte, (2) das Ausmaß...

Television advertising levels in Europe are regulated according to the "Audiovisual Service Media Directive" where member states of the European Union usually impose stricter regulation on their Public Service Broadcasting (PSB) channels. The present model evaluates the effects of symmetric and...

This study contributes to the ongoing debate on the relevance of non-executive outside directors for corporate governance building on a large panel of European listed firms in the period 2003 to 2011. Focusing on executive turnover as an indicator for effective monitoring, the findings reveal...

We investigate the influence of non-executive outside directors on firms' innovative performance for a sample of 1,393 listed firms in the EU - 15 member states plus Norway and Switzerland in the period 2005 to 2010. Our results show that the fraction of non-executive outside directors on the...

We analyze competition between workers in a gift-exchange experiment where two workers are hired by the same employer. In the competition treatment the two employees simultaneously choose their effort whereas in the baseline treatment competition cannot occur since there is only one employee per...

The German reserve power market was subject to important regulatory changes in recent years. A new market design was created by synchronization and interconnection of the four control areas. In this paper, we analyze whether or not the reforms led to lower prices for minute reserve power (MRP)....