infonet-economy

Die Autoren gehen der Frage nach, ob "Group Buying Schemes" wie beispielsweise von den Unternehmen Groupon und Dein Deal angeboten, ein nachhaltiges Geschäftsmodell sind. Anhand der Fallstudie Groupon wird mit einem System Dynamics Modell festgestellt, dass das Geschäftsmodell geändert werden muss, wenn die Unternehmung auf Dauer lebensfähig sein soll.

The authors...

Many countries provide hiring subsidies aimed at promoting the employment of people with disabilities. The effectiveness of these subsidy schemes remains unclear. The subsidy lowers wages and may thus increase employment, but may also signal lower quality of the applicant (who has to disclose a disability), which deter employers from hiring. This paper evaluates the effectiveness of...

This paper studies the effect of trade facilitation on vertical firm structure using plant-level data from Switzerland. Based on the Business Census and the Input-Output table, we first calculate a binary measure of vertical integration for all plants registered in Switzerland. We then estimate the effect of a Mutual Recognition Agreement with the European Union on the plants'...

We use individual U.S. commercial bank balance sheet information to develop stylized
facts about bank behavior in both the cross section and over time. We then build a quant-
itative model of bank behavior taking as exogenous inputs the aggregate and idiosyncratic
components of problem loans, interest rate spreads and deposit shocks, seeking to under-
stand...

We test the validity of the sibling sex ratio instrument in Angrist and Evans (1998) using the methods proposed by Kitagawa (2008) and Huber and Mellace (2011). The sex ratio of the first two siblings is arguably randomly assigned and influences the probability of having a third child, which makes it a candidate instrument for fertility when estimating the effect of fertility on...

This paper investigates whether the valuation effect of corporate governance depends on the degree of competition in the companies' product markets in a large international sample covering 14 countries from the European Union (EU). Besides providing external validity of previous U.S.-centered studies, this paper uses more comprehensive and reliable measures of both product...

Taking advantage of a trades-and-quotes database, the main stylized facts and dynamic properties of a time series related to spot precious metals, that is, gold, silver, palladium, and platinum, are documented. The behavior of spot prices, returns, volume, and selected liquidity measures is analyzed. A clear evidence of periodic patterns matching the trading hours of the most active...

The literature on shareholder voting has mostly focused on the influence of proxy advisors on shareholder votes. We exploit a unique empirical setting enabling us to provide a direct estimate of management's influence. Analyzing shareholder votes on the frequency of future say on pay votes, we find that a management recommendation for a particular frequency is associated with a...

We merge the literature on downside return risk with that on systematic liquidity risk and introduce the concept of extreme downside liquidity (EDL) risk. We show that the
cross-section of expected stock returns reflects a premium for EDL risk. Strong EDL risk stocks deliver a positive risk premium of more than 4% p.a. as compared to weak EDL risk stocks. The effect is more...