A common practice of banks has been to pool assets of different qualities and then sell a fraction of the newly created portfolios to investors. We extend the signaling model for single sales of risky assets to portfolio sales. We identify conditions under which signaling at the portfolio level...

An investor's choice between safe and risky assets has long been seen as a behavior toward risk: more risk-averse investors buy more of the safe asset. Applying this intuition to incentive pay contracts, we develop a model and an experiment that show, in a very general setting, that the choice...

We study competition in markets with significant transport costs and capacity constraints. We compare the cases of price competition and coordination in a theoretical model and find that when firms compete, they more often serve more distant customers that are closer to plants of competitors. By...

The influential piracy paper by Professors Oberholzer-Gee and Strumpf, although mainly based on proprietary data, contained an “important complement” to the main results, consisting of four “quasi-experiments” using publicly available data. This replication examines all of these...

We use synthetic control group methods to analyse the causal impact of CSR certification on the economic performance of a small set of Italian manufacturing firms that underwent SA8000 certification in 2009 or 2010. We find no evidence of a positive or negative impact of SA8000 certification on...

We consider a downstream oligopoly model with one dominant and several fringe retailers, who purchase a manufacturing product from a monopoly supplier. We then examine how the supplier's outside option influences the relation between the dominant retailer's bargaining power and the equilibrium...

The influential piracy paper by Professors Oberholzer-Gee and Strumpf, although mainly based on proprietary data, contained an “important complement” to the main results, consisting of four "quasi-experiments" using publicly available data. This replication examines all of these...

Small and medium-sized enterprises (SMEs) are known to contribute significantly to aggregate economic growth. However, little is known about the role played by management practices in SME growth since recession. We contribute to the literature on SME growth by analysing longitudinal...

The use of well-designed improved cookstoves (ICS) in regions devoid of modern energy yields high private and social returns, mostly related to considerable woodfuel savings. Take-up rates are nonetheless often very low when people have to pay costcovering prices. This paper presents main...

Smallholder farmers have two basic decisions to make regarding selling their surplus produce: selling at farmgate at low prices or travelling to a market centre where higher prices are offered while incurring some transaction costs. Whichever decision is made has implications for poverty...

To provide a more exible workhorse model of temporary price reductions or "sales", this paper presents a substantially generalized "clearinghouse" sales framework. Our framework permits multiple dimensions of firm heterogeneity, and views firms as competing directly in utility rather than...

Using a model of horizontal differentiation where a variety dimension is added to Hotelling's (1929) "linear city" duopoly model, I show that even when costs and demand are symmetric, price discrimination may be an equilibrium phenomenon. In the model each customer have a preferred variety and a...

We study the economic effects of place-based policies in the housing market taking into account search frictions. Theory indicates that beneficial policies increase house prices, but temporarily reduce sales times of owner-occupied properties. We investigate both effects for a place-based...

This paper quantifies the relationship between private-network file sharing activity and music sales in the BitTorrent era. Using a panel dataset of 2,251 albums' U.S. sales and file sharing downloads on a private network during 2008, I estimate the effect of file sharing on album sales....

We analyze price transparency in a dynamic market with private information and interdependent values. Uninformed buyers compete inter- and intra-temporarily for a good sold by an informed seller suffering a liquidity shock. We contrast public versus private price offers. With two opportunities...

This paper investigates the relationship between growth rate and shareholder value creation, using a sample of 243 non-financial Standard and Poor’s 500 (S&P500) companies, which have 22 years of consecutive data available (1993–2014). Sustainable Growth Rate Model (SGR) is used to divide...

Automotive companies have successfully adopted mass customization. However, this production method has complicated the sales process as the customer has to go through a lot of steps to specify the product. Thus, it is important that the sales process is modified to make the producer–buyer...

Restrictions imposed on property assessment practices by state legislation such as Proposition 13 in California and Proposition 2 1/2 in Massachusetts can lead to significant divergences between the assessed and market values of property, particularly for households with long tenures. As...

In Switzerland, the annual circulation taxes on road vehicles are set by and paid to the cantons (not to the federal government). We exploit the 26 different circulation tax rules and their variation over time, which we interpret as a natural experiment, to see if linking them to a vehicle’s...

This contribution investigates whether working time accounts are beneficial for the performance of German establishments. Based on the representative German Establishment Panel of the Institute for Employment Research during the period 2008-2013, effects on productivity, wages, sales, firm size,...

This study investigates whether working time accounts affect the performance of German establishments based on the Establishment Panel from the Institute for Employment Research. The major results are: productivity and investments are positively correlated with working time accounts. No...

We test recent theories on sectoral determinants of foreign affiliate sales employing European foreign affiliate sales statistics (FATS). On the one hand, we test hypotheses by Oldenski (2012) that foreign affiliate sales are less likely in sectors with complex tasks and more likely in sectors...

The aims of the paper are twofold: first, to present selected approaches to the construction of an income statement based on variable costing, which evolved towards the preparation of a tool for multidimensional measurement and an analysis of profitability of sales; second, to discuss the...

Theoretical and empirical work on export dynamics has generally assumed constant marginal production cost and therefore ignored domestic product market conditions. However, recent studies have documented a negative correlation between firms' domestic and export sales growth, suggesting that...

Excessive alcohol consumption among young people is a major public health concern. On March 1, 2010, the German state of Baden-Württemberg banned the sale of alcoholic beverages between 10pm and 5am at off-premise outlets (e.g., gas stations, kiosks, supermarkets). We use rich monthly...