This paper analyses the control of Belgian listed companies.The analysis reveals that control of listed companies in Belgium is highly concentrated . Business groups, holding companies, and voting pacts, play an important role in bringing about this concentration.The main characteristics of the...

The Bavarian Alps region is strongly affected by various natural hazards, mainly hydrological events (floods, debris flows), geomorphic/geological events (landslides, rock falls), and avalanches. Extraordinary floods, like in 2002 or in the summer of 2005 in south Bavaria, have again posed the...

It is well known from time series analysis that shocks to aggregate output have very persistent effects. This paper argues that the relation between the expected growth rate of a firm and its size\ provides a microfoundation for such aggregate persistence. The empirical evidence indicates that...

We explore the business-cycle implications of agency problems between firms and financiers. We show how these problems create liquidity shortages that can lead to corporate bankruptcy, and may generate aggregate, endogenous cycles in an economy that otherwise would have had a unique, stationary...

We study the properties of mimicking portfolios in an intertemporal APT model, in which the conditional mean and covariance matrix of returns vary in an interdependent manner. We use a signal extraction approach, and relate the efficiency of (possibly) dynamic basis portfolios to mean square...

Poland's current challenge is to somplete its transition to a fully developed market economy, while advancing towards integration into the European Union. This paper is devoted to analyzing the Polish labor market's main institutions, circa 1995, in the areas of labor reallocation, wage setting,...