The paper develops a simple theoretical framework in which the impact of different governance structures on management incentives, the efficiency of restructuring, and the social costs of the adjustment process in the transition period in Eastern Europe can be analyzed. The model shows that...

We review the continuous{time literature on the so{called direct approach to bond option pricing. Going back to Ball and Torous (1983), this approach models bond price processes directly (i.e. without reference to interest rates or state variable processes) and applies methods that Black and...

The essay contains a highly speculative theory of social change together with an application to the theory of labour management. It draws on previous work done by the author (1972, 1978), partly in collaboration with C.C.v.weizsäcker (Weizsäcker/Schlicht 1979). In Part I the proposed theory of...

The paper discusses a new seasonality hypothesis which is one part of a weighted regression approach for the decomposition of a time series into a trend, a seasonal component and an irregular component. It is shown that there exists a regression formulation leading, as in the descriptive...