The globalization of the brewing industry after the turn of the century through a large wave of mergers and acquisitions has changed the structure of the world beer markets. The paper tracks the development in industry concentrations from 2002 to 2012 and points to high transportation costs for...

This paper examines the remarkable learning-by-doing in the windmill industry since it emerged in the beginning of the 1980's. Green subsidies for producing electricity by wind power has been a precondition for the rapid growth in the production of windmills. Based on time series of prices of...

The paper considers the owners of the firms as normal investors who want to optimise the return from their investments in accordance with their wealth constraint and the risk of their investment in the firm. The paper tests this theory on a representative sample of Danish companies including...