In an experiment on sequential rent-seeking, we find that the theoretically predicted first-mover advantage does not exist empirically. Rather, a second-mover advantage can be observed. Though the subgame…
The paper intends to contribute to a better understanding of the interactions between criminality, economic performance and social cohesion. We try to achieve this aim by evaluating the existing economic and…
Many empirical studies in applied production analysis are based on functional forms that have to satisfy some curvature conditions in order to be compatible with microeconomic theory. Curvature conditions means…
Discontinuities in the employment profile are supposed to cause wage cuts since they imply an interruption in the accumulation of human capital as well as a depreciation of the human capital stock built up in…
This paper discusses the different incentives of managers versus firm owners to invest in innovative activities. Economic theory proposes different incentives in owner-led firms and manager-controlled firms. In…
For a sample of almost 1000 German companies through the years 1987-1994 this study shows that there is a significant market for large share blocks. The vast majo-rity of block transfers leads to changes in…
According to the prospect theory financial investors tend to sell winners too early and ride losers too long. Hence, financial investors are changing their positions more frequently in a bull market than in a…