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Direct and Indirect Risk-Taking Incentives of Inside Debt
(2016-07-16)
We develop a model of managerial compensation structure and asset risk choice. The model provides predictions about the relation between credit spreads and different compensation components. First, we show that credit ...
Corporate Groups
(2014-09-22)
This paper contrasts the recent European initiatives on regulating corporate groups with alternative approaches to the phenomenon. In doing so it pays particular regard to the German codified law on corporate groups as the ...
Entrepreneurial Spawning: Experience, Education, and Exit
(2016-02-29)
We investigate the career dynamics of high-tech entrepreneurs by analyzing the exit choice of entrepreneurs: to act as a business angel, to found another firm, or to become dependently employed. Our detailed data from ...
The Political Economy of Bank Bailouts
(2016-04-14)
In this paper, we examine how the institutional design affects the outcome of bank bailout decisions. In the German savings bank sector, distress events can be resolved by local politicians or a state-level association. ...
Competition in Treasury Auctions
(2016-02-01)
We investigate the role of competition on the outcome of Austrian Treasury auctions. Austria's EU accession led to an increase in the number of banks participating in treasury auctions. We use structural estimates of ...
Reputation, Honesty, and Cheating in Informal Milk Markets in India
(2016-01-01)
Sellers display astounding differences in their cheating behavior, even in developing countries with weak enforcement of rules. Using the context of informal milk markets in India, we examine the role of reputation and ...
Effects of Government Spending on Employment: Evidence from Winners and Runners-up in Procurement Auctions
(2018-05-01)
To estimate demand for labor, we use a combination of detailed employment data and the outcomes of procurement auctions, and compare the employment of the winner of an auction with the employment of the second ranked firm ...
Local Peer Effects and Corporate Investment
(2018-07-07)
We examine how a firms' investment behavior affects the investment of a neighboring firm. Economic theory yields ambiguous predictions regarding the direction of firm peer effects and consistent with earlier work, we find ...
Financial Constraints and Corporate EnvironmentalResponsibility
(2018-09-13)
This paper analyzes the effect of financial constraints on firms' corporate social responsibility. Exploiting heterogeneity in firms' exposure to a monetary policy shock in the U.S., which reduced financial constraints for ...
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