Search Results - subject_exact:"Transaktionskosten"

Markets, contracts, and hierarchies : how bargaining frictions affect governance

Ellingsen, Tore; Miettinen, Topi - 2026 - First version, April 2025, Revised January 2026

We develop an organizational governance model with a single buyer and endogenous upstream entry. Investments and control rights over assets and actions are immediately contractable; production is contractable after uncertainty resolves. We show the following: Supplier competition eliminates...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015564187

The future is under the glass : digital design protection and appropriation strategy

Amoncio, Egbert; Cuntz, Alexander; Fink, Carsten - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015592333

Multiproduct transactions in international markets

Bond, Eric W.; Heo, Ji Hye; Iyoha, Ebehi; Rodrigue, Joel - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015597224

Information-neutral hedging of derivatives under market impact and manipulation risk

Alimoradian, Behzad; Barigou, Karim; Eyraud, Anne - 2026

The literature on derivative pricing in illiquid markets has mostly focused on computing optimal hedging controls, but empirical microstructure studies show that large order flow generates persistent and predictable price effects. Therefore, these controls can themselves induce endogenous market...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015591116

Dynamic regularized parametric portfolio policies

Os, Bram van; Lönn, Rasmus; Dijk, Dick van - 2026

We put forward a Dynamic Regularized Parametric (DRP) approach for active portfolio policies. We build upon the parametric policy framework of Brandt et al. (2009) that directly links the portfolio weights to a limited set of asset characteristics. This yields a parsimonious specification that...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015580333

Insights from lower-tier ICT suppliers : how network centrality in multi-tier supply chain relationships affects buyer financial performance

Liu, Kara Li; Özpolat, Koray; Shin, Seung Kyoon - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015605923

Pricing rules with market frictions : an axiomatic approach

Cornet, Bernard - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015619822

Trade costs, entry costs, and regional economic growth in China

Qian, Zeyi; Suzuki, Kensuke; Zhang, Junfu - 2026

This paper examines sectoral growth patterns across Chinese provinces during the country's economic takeoff in the early 2000s, following major policy reforms including trade liberalization, infrastructure expansion, business climate improvements, and relaxed rural-to-urban migration...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015625033

Copula Asymmetry Index (CAI++) : measuring asymmetric equity-volatility tail dependence for defensive allocation

Hatzopoulos, Peter; Statiou, Anastasios D. - 2026

This paper introduces the Copula Asymmetry Index (CAI), a rolling, rank-based measure of asymmetric tail dependence between equity returns and implied-volatility proxies. CAI is defined as the difference between the empirical frequency of joint "equity-down & volatility-up" tail events and that...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015640224

Deep reinforcement learning for cryptocurrency portfolio management : a free-energy framework with geometry-based transaction costs and efficiency bounds

Moroke, Ntebogang Dinah - 2026

This paper develops a deep reinforcement learning framework for cryptocurrency portfolio management in which transaction costs are derived from the Riemannian geometry of the underlying volatility model rather than assumed constant. A Proximal Policy Optimisation agent is trained on a reward...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015656154

Regulating platform bias : self-preferencing and transaction fees as strategic substitutes

Chi, Chang Koo; Choi, Jay Pil; Hahn, Jong-Hee; Kim, … - 2026

This paper studies self-preferencing incentives by vertically integrated platforms that operate both marketplaces and affiliated retail businesses. We show that self-preferencing and transaction fees are substitute instruments for profit extraction, implying that restrictions on...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015656794

Structural gravity and nonparametric trade costs

Duncan, Kevin D.; Reesman, Ward M. - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015650838

When crisis calls, does mobile money answer? : evidence from high‑frequency transactions data in Zambia

Chibuye, Benjamin; Phiri, Sydney Chauwa - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015636675

Nutrition demand, subsistence farming, and agricultural productivity

Gordeev, Stepan - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015560913

The asset specificity dilemma and emergence of general purpose technologies

Harada, Tsutomu - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015666229

The anatomy of stablecoin transactions

Schär, Fabian; Kosse, Anneke; Rice, Tara N.; … - 2026 - Working paper version: June 10, 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015668395

The diversification of multidimensional liquidity across stock markets

Trang Thi Thanh Chu; Nguyen Duc Trung - 2026

This study aims to analyze the diverse relationships between liquidity measures in markets and then construct a multidimensional liquidity index (LI) for the stock market by systematically integrating multiple aspects of liquidity to enhance the explanatory power of liquidity...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015669182

Affiliated common value auctions with costly entry

Murto, Pauli; Välimäki, Juuso - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015327122

Evolutionary pathway of sōgō shōsha's internationalization in the textile and apparel industries

Isozaki, Yoko - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015546195

Governing under high uncertainty : the strategic role of sōgō shōsha in early GVC formation

Isozaki, Yoko - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015546197

Optimal rebalancing strategies reduce market variability

Holden, Helge; Holden, Lars - 2025

The increasing fraction of passive funds influences stock market variability since passive investors behave differently than active investors. We demonstrate via simulations how portfolios that rebalance between different classes of assets influence the market variability. We prove that the...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015654751

Monitoring technologies in industrial systems

Shekari, Saeed; Ray, Sourav - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015374346

Transactions and legal institutionalism, part I, six leading thinkers

Hodgson, Geoffrey M. - 2025

Prominent scholars have complained of inadequate clarity and agreement on what transactions are, and how their costs are measured. This two-part article explores this topic and suggests an alternative approach. This part examines different meanings of transaction cost used by leading scholars in...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015376348

Transactions and legal institutionalism, part II, contracts, money, applications

Hodgson, Geoffrey M. - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015376355

Investment screening and venture capital

Eichenauer, Vera; Köppl, Stefan; Köppl-Turyna, Monika - 2025

In this paper we analyze the effects of investment screening on cross-border venture capital investments in Europe between 2007 and 2022. The data we work with is originally based on PRISM data which has been extended by Eichenauer and Wang and which we combine with deal data from Preqin to...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015330409

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Investment screening and venture capital

Eichenauer, Vera; Köppl, Stefan; Köppl-Turyna, Monika - 2024

Book / Working Paper

On asset pricing in a binomial model with fixed and proportional transaction costs, portfolio constraints and dividends

Babaei, Esmaeil - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015331075

A different risk-return relationship

Oksoy, Aydin Selim; Farrell, Matthew R.; Li, Shaomin - 2025

We challenge the widely accepted premise that the valuation of an early-stage firm is simply the capital invested (USD) divided by the equity received (%). Instead, we argue that this calculation determines the break-even point for the investor; for example, investing USD 1.0 in exchange for a...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015333697

A game-theoretic analysis of the coexistence and competition between hard and fiat money

Hausken, Kjell; Wang, Guizhou - 2025

This article presents a game-theoretic model analyzing the strategic competition between hard and fiat money, involving a representative player and a consolidated bank (including the central bank). The findings reveal counterintuitive interactions between inflation, interest rates, and monetary...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015338840

The blockchain and corporate innovation : evidence from China

Zhang, Ping; Huang, Suqin; Wang, Tewei - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015190076

The fundamental theorem of asset pricing with and without transaction costs

Kühn, Christoph - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015359132

Computing resources and trade credit financing : evidence from China

Li, Shuqi; Zhu, Yuxuan; Xu, Nuo - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015326700

On the performance of volatility-managed equity factors : international and further evidence

Schwarz, Patrick - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015329715

Asset specificity, inter-firm ecosystem, firm adaptability and supply chain integration

Nakayima, Farida; Namagembe, Sheila; Kabagambe, Levi … - 2025

Purpose - This study investigates the effect of asset specificity, inter-firm ecosystem and firm adaptability on supply chain integration. The study also investigates the mediation effect of firm adaptability on the relationship between asset specificity and supply chain integration and...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015395100

Conservation auctions for landscape-scale environmental management : does spatial configuration matter for economic and ecological outcomes?

Nguyen, Chi; Latacz-Lohmann, Uwe; Hanley, Nick; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015416449

Trade costs and inflation dynamics

Cuba-Borda, Pablo; Queralto, Albert; Reyes-Heroles, Ricardo - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015419382

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Trade costs and inflation dynamics

Cuba-Borda, Pablo; Queralto, Albert; Reyes-Heroles, Ricardo - 2025

Book / Working Paper

Revisiting EWMA in high-frequency portfolio optimization : a comparative assessment

Capera Romero, Laura; Opschoor, Anne - 2025

This paper compares the statistical and economic performance of state-of-the-art highfrequency based multivariate volatility models with a simpler, widely used alternative-the Exponentially Weighted Moving Average (EWMA) filter. Using over two decades of 100 U.S. stock returns (2002-2023), we...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015419907

The consumption effects of population concentration

Cai, Zhengyu; Yan, Yu - 2025

This paper empirically examines the causal effects of population concentration on household consumption in China and explores the underlying mechanisms. After addressing endogeneity concerns from various sources, our results show that a 1% increase in urban population density leads to a 0.43...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015425117

Determinants of stock market participation

Menkhoff, Lukas; Westermann, Jannis - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015463221

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Determinants of stock market participation

Menkhoff, Lukas; Westermann, Jannis - 2024

Book / Working Paper

Price discovery and efficiency in uniswap liquidity pools

Alexander, Carol; Chen, Xi; Deng, Jun; Fu, Qi - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015464875

Digital development models and transaction costs : empirical evidence from equity-focused versus scale-intensive approaches in emerging economies

Chan, Yiu Fai; Bheekee, Yuvraj V. - 2025

Research Problem: Despite growing recognition that digital transformation strategies affect economic coordination, no study has empirically tested whether different national digital development models create systematically different transaction cost environments, particularly in emerging...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015467185

Building credible commitments via board ties : evidence from the supply chain

Hann, Rebecca N.; Subasi, Musa; Zheng, Yue - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015467525

Efficiently imprecise contracts : the role of conventionality

Suzuki, Toru - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015470142

Transaction cost economics : lessons from past reforms and potential for the digital economy

Avdaševa, Svetlana B.; Geliskhanov, Islam Z. - 2025

Transaction cost economics (TCE) and the theory of governance structures developed by Oliver Williamson have demonstrated significant explanatory power across institutional economics, law and economics, public policy, and strategic management. This review evaluates the predictive potential of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015473110

Markowitz portfolios under transaction costs

Ledoit, Olivier; Wolf, Michael - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015405546

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Markowitz portfolios under transaction costs

Ledoit, Olivier; Wolf, Michael - 2024 - This version: September 2024

Edition: This version: September 2024

Book / Working Paper

Markowitz portfolios under transaction costs

Ledoit, Olivier; Wolf, Michael - 2024 - Revised version, January 2024

Edition: Revised version, January 2024

Book / Working Paper

Markowitz portfolios under transaction costs

Ledoit, Olivier; Wolf, Michael - 2022

Book / Working Paper

Platform disintermediation with repeated transactions

Enache, Andreea; Rhodes, Andrew - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015407452

Investors as a liquidity backstop in corporate bond markets

Comerton-Forde, Carole; Ford, Billy; Foucault, Thierry; … - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015409633

Impact of high trade costs and uncertain trade times on exports of final and intermediate goods in five Central Asian countries

Sharafeyeva, Alfinura - 2025

The failure of newly independent Central Asian countries to diversify exports after the Soviet Union's collapse is attributed to high trade costs, either because these countries are landlocked or due to border delays and regulatory obstacles. This paper estimates the impact of the high costs of...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015413362

Trade costs in services : firm survival, firm growth and implied changes in employment

Christen, Elisabeth; Pfaffermayr, Michael; Wolfmayr, Yvonne - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015432756

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Trade costs in services : firm survival, firm growth and implied changes in employment

Christen, Elisabeth; Pfaffermayr, Michael; Wolfmayr, Yvonne - 2019

Book / Working Paper

Trade costs in services : firm survival, firm growth and implied changes in employment

Christen, Elisabeth; Pfaffermayr, Michael; Wolfmayr, Yvonne - 2019

Book / Working Paper

Bioplastics value chain and blockchain : reducing transaction costs

Moreira, Eduarda Lara Mendonça; Cechin, Andrei - 2025

This paper aims to identify and explain the main transaction costs (TCs) in the second-generation bioplastics value chain and to propose the insertion of blockchain technology to reduce TCs.It is a holistic single case study of a firm that produces a bioplastic resin made from açaí seeds...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015432920

Ignorantics : the theory, research, and practice of ignorance in organizational survival and prosperity

De Villiers, Rouxelle - 2025

This study responds to the call by some scholars to establish a framework for ignorance. It challenges the myth that ignorance is all bad and an utterly undesirable state in organizations and proposes a new framework for the application of ignorance analytics in organizations. It includes a...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015436114