We estimate the effects of a mandate allocating a third of corporate board seats to workers (shared governance). We study a reform in Germany that abruptly abolished this mandate for new firm cohorts but locked it in for incumbents. Rejecting the canonical hold-up prediction - that increasing...

We estimate the effects of a mandate allocating a third of corporate board seats to workers (shared governance). We study a reform in Germany that abruptly abolished this mandate for certain firms incorporated after August 1994 but locked it in for the older cohorts. In sharp contrast to the...

We estimate the effects of a mandate allocating a third of corporate board seats to workers (shared governance). We study a reform in Germany that abruptly abolished this mandate for certain firms incorporated after August 1994 but locked it in for the older cohorts. In sharp contrast to the...

This paper examines the impact of investment in knowledge-based capital on firm productivity. The analysis is based on a dynamic econometric model estimated with micro-data from Ireland over the period 2006-2012. We use broad measures of investment in knowledge-based capital which include...

A recent theoretical model by Epstein and Schneider (2008) predicts that a firm’s assets will be undervalued by the market if the information surrounding these assets is ambiguous. The model further predicts that this effect is amplified if the underlying fundamentals are volatile. This paper...

Following the political economics literature documenting how public resources are likely to be geographically distributed along equity and efficiency as well as political considerations, this article is aimed at exploring to what extent, and through which channels, politics play a role in...

Durch die Verwendung internationaler Regelungen soll das öffentliche Haushalts- und Rechnungswesen harmonisiert werden. Der vorliegende Beitrag untersucht die Eignung der International Public Sector Accounting Standards (IPSAS) im Hinblick auf die Bewertung kommunaler Sachanlagen. Hierfür...

Information on the capital stock employed in a firm is missing in data sets from official statistics in Germany. This paper presents a method to estimate the capital stock of manufacturing enterprises that are covered by the cost structure survey from German official statistics. It uses data...