infonet-economy

Shareholder agreements govern the relations among shareholders in privately held firms, such as joint ventures and venture capital-backed companies. We provide an economic explanation for key clauses in such agreements 14namely, put and call options, tag-along and drag-along rights, demand and piggy-back rights, and catch-up clauses. In a dynamic moral hazard setting, we show that...

When information is costly, a seller may wish to prevent prospective buyers from acquiring information, for the cost of information acquisition ultimately is borne by the seller. A seller can achieve the desired prevention through posted-priceselling, by offering prospective buyers a discount. No such prevention is possible in the case of an auction. We establish the result that the...

Die ZfKE ist die führende wissenschaftliche Zeitschrift zu den Themen KMU und Entrepreneurship in deutscher Sprache. Seit dem erstmaligen Erscheinen im Jahr 1952, damals noch unter dem Titel "Internationales Gewerbearchiv", hat sich die ZfKE konsequent weiterentwickelt: Die Zeitschrift arbeitet heute mit einem doppelblind-Gutachtersystem und einem international renommierten...

Vertraut man der medialen Berichterstattung sind die Aussichten für produzie-rende Unternehmen Westeuropas trüb! Grund genug, um sich mit den am Standort verbleibenden Unternehmen genauer auseinanderzusetzen. Was für Erfolgsfaktoren weisen erfolgreiche Industrieunternehmen in Westeuropa auf? In einer Benchmarking-Studie identifizierten wir 48 Unternehmen, die sich, verglichen mit...

This paper analyzes individual decision making under risk. It is assumed that an individualndoes not have a preference relation on the set of risky lotteries. Instead, an individual possesses a probability measure that captures the likelihood of one lottery being chosen over the other. Choice probabilities have a stochastic utility representation if they can benwritten as a non-...

This paper studies a centralized market with idiosyncratic uncertainty and money as a medium of exchange from a theoretical as well as an experimental perspective. In our model, prices are fixed and markets are cleared by rationing. We prove the existence of stationary monetary equilibria and of an optimum quantity of money. The rational solution of our model, which is based on the...

Implied risk aversion estimates reported in the literature are strongly U-shaped. This article explores different potential explanations for these “smile” patterns: (i) preference aggregation, both with and without stochastic volatility and jumps in returns, (ii) misestimation of investors’ beliefs caused by stochastic volatility, jumps, or a Peso problem, and (iii) heterogeneous...