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Institutions in Perspective
Rudolf Richter is one of the leading pioneers in the field of the New Institutional Economics in Germany. The articles in this Festschrift were written by renowned scholars from Germany and other countries. In addition to general perspectives on the New Institutional Economics, the Festschrift also contains articles on the theory of the firm, economic contract theory, on pricing and competition, macroeconomics and monetary economics and on various aspects of law and economics.
Pricing of Bond Options
A major theme of this book is the development of a consistent unified model framework for the evaluation of bond options. In general options on zero bonds (e.g. caps) and options on coupon bearing bonds (e.g. swaptions) are linked by no-arbitrage relations through the correlation structure of interest rates. Therefore, unspanned stochastic volatility (USV) as well as Random Field (RF) models are used to model the dynamics of entire yield curves. The USV models postulate a correlation between the bond price dynamics and the subordinated stochastic volatility process, whereas Random Field models allow for a deterministic correlation structure between bond prices of different terms. Then the pricing of bond options is done either by running a Fractional Fourier Transform or by applying the Integrated Edgeworth Expansion approach. The latter is a new extension of a generalized series expansion of the (log) characteristic function, especially adapted for the computation of exercise probabilities.
Firms, Markets, and Contracts
Modern institutional economics witnesses a merging of formal and informal strands of theorizing. This development has offered new and vigorous perspectives which avoid both arbitrariness and theoretical sterility. The essays on contract theory gathered here exemplify this development. They propone new results on central issues in contractual theorizing. The theory of the firm in its variegated aspects forms, naturally, the core of the present set of contributions. Issues of ownership, integration, delegation, and finan ce are analyzed. Some contributions use the theoretical approach of contract theory to explore other issues, like medical care, public good problems, the economics of crime, e...
Corporate Finance, Innovation, and Strategic Competition
This book analyzes how corporate finance decisions influence strategic competition and innovation of firms in the product market. We consider bank loan financing and venture capital financing. Due to assymetric information, firms must sign special contracts with banks or venture capitalists. The financial contracts, in turn, determine the competitive strategies of firms in the product market. Firms compete in prices for market shares. In addition to that, firms invest in R&D in order to induce product or process innovation. We show that better access to financial resources improves a firm's market position and leads to a higher rate of innovation. Cash-rich firms may even decide to prey upon financially restricted rivals in order to prevent new market entry or to induce market exit.
The Decision to Patent
This book provides a thorough analysis of the decision to apply for a patent. Unlike many other theoretical approaches, the negative effect a patent may have due to the disclosure requirement linked to every patent application is taken into account. Seen in this light, the effects driving the propensity to patent can be identified as the opposing forces of a protective and a disclosure effect.The theoretical investigation includes an analysis of patenting behavior in a setting with vertically and horizontally differentiated products. Due to imperfect patent protection competitors of the patentee may enter the market for the innovative product despite a patent. An empirical investigation of the theoretical results with data from the 2005 Mannheim Innovation Panel in combination with patent information from the European Patent Office provides strong evidence for the main conclusions.
Management Between Strategy and Finance
Companies' decision-making and planning systems find themselves in a constant tug of war between strategic and financial considerations. The authors analyze these two opposing currents in business thinking, dissecting their differences and identifying their best practices. They also develop an approach that reconciles the two conflicting schools of thought – without watering down their differences. Schwenker und Spremann argue that both strategic and financial perspectives can serve as a compass in management's decision-making processes: Which perspective to choose depends on the phase of business. The authors distinguish four phases in the company lifecycle – phases in which the business must find the proper position, develop, grow and, ultimately, earn. In the first two phases, strategic considerations should take priority; in the latter two phases, financial considerations rule the day.
Asset Pricing
Covers applications to risky assets traded on the markets for funds, fixed-income products and electricity derivatives. Integrates the latest research and includes a new chapter on financial modeling.
Strategic Competition in Oligopolies with Fluctuating Demand
Dynamic oligopolistic competition has implications both for the strategic management of firms and for the design of an effective competition policy. Consequently, the present book considers the issue from a private and social perspective. It discusses the potential pro- and anticollusive effects of long-term business strategies, especially for cooperation and reinvestment in production, financing and management compensation, in markets with fluctuating demand. The method of supergame theory is applied to integrate long-run decisions and different types of demand into the analysis. Aside from its contributions to the theoretical literature, the book provides valuable insights into the design of competition policy. The observed development of prices is an indicator of the extent of collusion in the market and can thereby be used to assess antitrust regulation in certain business areas, and to focus the resources of competition authorities on markets where conditions are conducive to collusion.
Spieltheorie und Schuldrecht
Schuldrechtliche Bestimmungen verändern Entscheidungsanreize und beeinflussen damit die strategische Interaktion zwischen den Parteien eines Schuldverhältnisses. Zur Erfassung strategischer Interaktion bedienen sich zeitgemäße Wirtschaftswissenschaften der hoch entwickelten Spieltheorie. So verwendet auch Urs Schweizer die spieltheoretische Methode, um Anreize aus schuldrechtlichen Bestimmungen in systematischer Weise zu analysieren. Dazu sind juristische Fälle als formale Modelle zu fassen. Der Autor konfrontiert diverse Versionen des Unfallmodells sowie des Modells unvollständiger Verträge mit gesetzlichen Vorgaben. Eine rechtliche Bestimmung heißt dabei effizient, wenn sie Anreize...
Springers Handbuch der Betriebswirtschaftslehre 1
Springers Handbuch der Betriebswirtschaftslehre vermittelt in insgesamt 19 Beiträgen einen Überblick über die wichtigsten Gebiete der Betriebswirtschaftslehre. Jeder Beitrag liefert eine verständliche Einführung in die Teilgebiete der Betriebswirtschaftslehre und eine Übersicht über aktuelle Entwicklungen. Die Beiträge stellen umfassendes, prüfungsrelevantes Wissen für Wirtschaftswissenschaftler dar. Ziel des Buches ist es, dem Leser betriebswirtschaftliche Fragen, Methoden und Erkenntnisse zu erläutern; es wendet sich in erster Linie an alle, die im Rahmen ihres Studiums betriebswirtschaftliche Zusammenhänge erkennen und verstehen wollen sowie an alle, die sich für ihre praktische Tätigkeit einen Überblick über den Stand der Betriebswirtschaftslehre verschaffen wollen. Der erste Band stellt die Grundlagen der Betriebswirtschaftslehre dar und beschäftigt sich mit der Managementfunktion und der Realgüterwirtschaft.
