Residual income valuation is based on the assumption that the clean surplus relation holds. As pointed out by Ohlson (2000), among others, the standard clean surplus relation is frequently violated. …

This paper examines empirically the relationship between innovation and market structure within a simultaneous framework at the industry level of ag-gregation. We use a model in which R&D affects both, demand…

This paper analyses the reallocation of labour during the transition period, which is argued not only to ease the transition from a planned to market orientated economy, but also to be fundamental to the…

This paper considers the effect of different firm leaderships on the innovative performance of firms from seven EU countries. We investigate whether owner-led or manager-led firms achieve a larger share of their…

This paper analyzes the relationship between investment in information and communication technology (ICT),non –ICT –investment,labor productivity and workplace reorganization. Firms are assumed to reorganize…

Any serious empirical study of factor substitutability has to allow the data to display complementarity as well as substitutability. The standard approach reflecting this idea is a translog specification –…

This documentation analyses the structure of educational attainment in France and Germany. While France and Germany share in many respects similar socio-economic structures, they sharply differ with respect to…

This paper examined the employment effects of a revenue neutral cut in the social security contribution rate in Germany by running policy simulations in four different types of macroeconomic models. Two models…