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1.
Ekkehart Boehmer Gary C. Sanger Sanjay B. Varshney 《Journal of Economics and Finance》2004,28(1):117-131
Given the decision to create a second class of stock through a dual-class structure, we propose that management is more (less)
likely to create a liquid secondary market for both classes of shares the lower (higher) its willingness to tie its personal
wealth to firm performance. If market makers recognize this relation, they should assign a higher likelihood to trades motivated
by superior information in shares of firms that list both classes of stock and a lower likelihood for firms that list only
one class of stock pursuant to recapitalization. Additionally, they should assign a lower likelihood to trades motivated by
superior information in shares of IPOs that choose a dual-class structure and list only one class relative to IPOs that remain
single-class. Our empirical tests based on IPOS and recaps between 1985 and 1988 provide support for these propositions. 相似文献
2.
Public Disclosure and Private Decisions: Equity Market Execution Quality and Order Routing 总被引:1,自引:0,他引:1
In 2001, the Securities and Exchange Commission (SEC) requiredmarket centers to publish monthly execution-quality reportsin an effort to spur competition for order flow between markets.Using samples of stocks trading on several markets, we investigatewhether past execution quality affects order-routing decisionsand whether the new disclosure requirements influence this relationship.We find that routing decisions are associated with executionquality; markets reporting low execution costs and fast fillssubsequently receive more orders. Moreover, the reports themselvesappear to provide information that was unavailable previously.Our results are consistent with active competition for orderflow that can be influenced by public disclosure. (JEL G24,G28, K22) 相似文献
3.
Ekkehart Schlicht 《Metroeconomica》2013,64(3):498-512
The Ricardian equivalence thesis maintains that, given the time‐path of government spending, a change in taxation does not alter the set of feasible lifetime consumption plans of the households and affects neither the demand for commodities and services nor the rate of interest, provided the households act rationally. This note establishes that the very expectations the thesis proposes (‘Ricardian expectations') are invalidated if households act rationally. The divergence from Ricardian equivalence is traced to the omission of interest payments on public debt as part of the households' disposable income. The non‐equivalence is valid in a wide class of models. 相似文献
4.
Ekkehart Wilk 《Wirtschaftsdienst》2006,86(9):580-587
Im Juli dieses Jahres hat das Bundeskabinett Eckpunkte zur Unternehmensteuerreform beschlossen. Inwieweit erh?hen die geplanten
Ma?nahmen die Wettbewerbsf?higkeit des Standortes Deutschland? Weshalb sollten Personenunternehmen entlastet werden? Sollten
einbehaltene Gewinne begünstigt oder sollte eine Investitionsrücklage gew?hrt werden? Wie kommt die Gegenfinanzierung bei
Einnahmeausf?llen im Staatshaushalt zustande? Wie ist die geplante Einbeziehung ertragsunabh?ngiger Komponenten in die Steuerbasis
zu beurteilen?
Dr. Ekkehart Wilk, 61, ist Unternehmensberater in Bonn/Wachtberg und in der Politikberatung t?tig. Er war Mitarbeiter im Bundesfinanzministerium
und Mitglied der Hauptgesch?ftsführung eines Verbandes. 相似文献
5.
Prof. Dr. Ekkehart Schlicht 《Journal of Economics》1990,51(3):287-305
An earlier version of the paper (Schlicht, 1985 b) was presented at the Econometric Society European Meeting in Budapest (Hungary) 1986. Comments by anonymous referees have been extremely helpful. This paper is dedicated to my wife. 相似文献
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7.
Ekkehart Schlicht 《Metroeconomica》2016,67(1):119-151
This note proposes a growth model that is derived from the standard Solow growth model by replacing the neoclassical production function with Kaldor's technical progress function while maintaining a marginalist theory of factor prices in the spirit suggested by von Weizsäcker. The hybrid model so obtained explains balanced growth in a way that appears less arbitrary than possible explanations in the Solow model, especially because it directly accounts for Harrod neutral technical change, without any need for further assumptions. It complements the current neoclassical and AK models by offering a further perspective for interpreting economic growth. 相似文献
8.
Ekkehart Schlicht 《Metroeconomica》2014,65(1):191-194
This note identifies a severe mistake in my article ‘Unexpected Consequences of Ricardian Expectations’ that appeared in this journal in the July 2013 issue. 相似文献
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10.
Ekkehart Schlicht 《Metroeconomica》2005,56(2):263-279
Consider a labour market with heterogeneous workers. When recruiting workers, firms set a hiring standard and make a wage offer. A more demanding hiring standard necessitates a better wage offer in order to attract enough qualified applicants. As a result, an efficiency wage effect is obtained. An equilibrium emerges which does not clear the labour market. The wage level depends on structural characteristics of labour supply, such as heterogeneity and mobility of the workers, but—in contrast to other efficiency‐wage models—not on the level of unemployment and is, thus, compatible with increasing unemployment as observed, e.g. in Germany. 相似文献