infonet-economy

The apprenticeship system is the most important source of formal post-secondary training in Germany. Using German register data - the IAB Employment Sample - we find that apprentices staying with their training firm after graduation have longer first-job durations but not higher wages than apprentices leaving the training firm. Retention rates, first job durations, and post-...

We examine cost-reducing investment in vertically-related oligopolies, where firms may be vertically integrated or separated. Analyzing a standard linear Cournot model, we show that: (i) Integrated firms invest more than separated competitors. (ii) Vertical integration increases own investment and decreases competitor investment. (iii) Firms may integrate strategically so as to...

Die im Mai 2003 abgelaufene Frist für den Abschluss der Verhandlungen über Verbesserungen und Klarstellungen zum WTO-Übereinkommen über dei Streitschlichtung (Dispute Settlement Understanding; DSU) unter dem Doha-Mandat wurde verfehlt. Die WTO-Mitglieder einigten sich jedoch im Juli 2003 auf eine Verlängerung des Verhandlungsmandates bis Ende Mai 2004. Der vorliegende Beitrag fasst...

In diesem Beitrag wird ein theoretischer Bezugsrahmen zum Financial Supply Chain Management erarbeitet. Es wird gezeigt, dass durch die Entwicklungen im Unternehmensumfeld die Notwendigkeit für ein Management der Financial Supply Chain gegeben ist. Dabei erfahren im Zuge der Weiterentwicklung des Supply Chain Managements die Institutionen aus der Finanzdienstleistungsbranche, die...

This article develops a theory of multiunit auctions where short squeezes can occur in the secondary market. Both uniform and discriminatory auctions are studied and bidders can submit multiple bids. We show that bidders with short and long preauction positions have different valuations in an otherwise common value setting. Discriminatory auctions lead to more short squeezing and...

This paper analyzes a sequential game where firms decide about outsourcing the production of a non-specific input good to an imperfectly competitive input market. We apply the taxonomy of business strategies introduced by Fudenberg and Tirole (1984) to characterize the different equilibria. We find that outsourcing generally softens competition in the final product market. If firms...

Corporate scandals are reflected in excessive top management compensation and fraudulent accounts. These scandals cause an enormous amount of damage, not only to the companies affected, but also to the market economy as a whole. As a solution, conventional wisdom suggests more monitoring and sanctioning of management. We argue that these efforts will create a governance structure for...

This paper analyzes how bond option prices are affected by different types of monetary policy. Analytical results from a general equilibrium model with sticky wages show that employment or output targeting typically give lower bond option prices than inflation targeting.