We examine empirically the role of lending relationships in determining the costs and collateral requirements for external funds. The data originate from a recently concluded survey of small and medium-sized…
We suggest a model of electoral competition between two parties which is extended by a third player: mass media. The classical one-dimensional competition model is changed by introducing an issue-specific…
Auch dreißig Jahre nach dem Artikel von Modigliani und Miller und zahllosen weiteren Veröffentlichungen ist die Frage zur Finanzierungsstruktur von Unternehmen weitgehend ungelöst. Dabei ist insbesondere in der…
In this paper, a practicable scheme of SO2-emission permits for European power producers is developed. Background is the second UN-ECE Sulphur Protocol from 1994 (Protocol of Oslo). After discussing some…
This paper deals with the innovation behavior and the R&D activities at the firm level in East Germany. The theoretical and empirical analyses lead to the conclusion that the relatively low level of the R&D…
The objective of this paper is to present different equity rules that can be applied to the initial allocation of greenhouse gas entitlements and to analyse the potential impacts of these rules EU-wide as well…
The contribution of New Technology-based Firms (NTBFs) to long term economic development is at the centre of a controversial debate. The paper deals with the question whether NTBFs grow faster than…
The specification of the world closure, i.e. the way of closing the domestic economy model by incorporating the external sector, is a crucial component for those models in which production and consumption is not…
This paper aims to describe the calculation of environmental and health externalities caused by air pollutants, accidents and noise from different transport modes (road, rail, air) on the route Frankfurt-Milan.…
Different stochastic simulation methods are used in order to check the robustness of the outcome of policy simulations with a macroeconometric model. A macroeconometric disequilibrium model of the West German…
The paper constructs an asymmetric information model to investigate the efficiency and equity cases for government mandated benefits. A mandate can improve workers' insurance, and may also redistribute in favor…
The labor supply of West German married and cohabiting couples is analyzed using a discrete choice model. Following van Soest (1995), the labor supply decision is based on a household utility function which is…
