infonet-economy

Das Verständnis von Führung in Unternehmen ist im Wandel begriffen. Führungskräfte stehen jeden Tag vor neuen Herausforderungen und müssen in kürzester Zeit Veränderungen bewältigen und Chancen ergreifen können. Dabei
wird erwartet, dass sie Höchstleistungen erbringen, Innovationen vorantreiben,
Kunden begeistern und die Potenziale von Mitarbeiterengagement und
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This paper assesses the performance of common estimators adjusting for differences in covariates, like matching and regression, when faced with so-called common support problems. It also shows how different procedures suggested in the literature to tackle common support problems affect the properties of such estimators. Based on an Empirical Monte Carlo simulation design, a lack of...

What are the rationales for policymakers to rely on putatively disinterested actors such as credit rating agencies (CRAs) for financial regulatory input? This paper draws on perspectives from International Political Economy and Comparative Legal Studies to analyze the reasons behind the use and retention of external ratings as an indirect instrument of financial regulation.

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To answer the question what causes an asset to be illiquid, we analyze the impact that transparency of corporate accounting information has on the liquidity of its traded bonds. In particular, we focus on how this relationship depends on aggregate liquidity and the financial state of the firm. We use an extensive panel data set comprising more than 40,000 quarterly bond observations...

This paper discusses the nonparametric identification of causal direct and indirect effects of a binary treatment based on instrumental variables. We identify the indirect effect, which operates through a mediator (i.e. intermediate variable) that is situated on the causal path between the treatment and the outcome, as well as the unmediated direct effect of the treatment using...

In many empirical problems, the evaluation of treatment effects is complicated by sample selection so that the outcome is only observed for a non-random subpopulation. In the absence of instruments and/or tight parametric assumptions, treatment effects are not point identified, but can be bounded under mild restrictions. Previous work on partial identification has primarily focused...

This paper investigates to what extent risk management and corporate governance mitigate the involvement of banks in credit boom and bust cycles. Using a unique, hand-collected dataset on 156 banks from Central and Eastern Europe during 2005-2012, we assess whether banks with stronger risk management and corporate governance display more moderate credit growth in the pre-crisis...

Glode (2011) shows, both theoretically and empirically, that U.S. equity mutual funds have a systematically better performance during periods of economic downturn and that investors are willing to pay higher fund fees for this recession insurance. In this paper, we test these hypotheses out-of-sample using international mutual fund data from 16 different countries. Surprisingly, we...