Advanced search in
Research products
arrow_drop_down
Searching FieldsTerms
Any field
arrow_drop_down
includes
arrow_drop_down
22,827 Research products

  • 2014-2023
  • Publications
  • Research data
  • Other research products
  • DE
  • Munich RePEc Personal Archive

10
arrow_drop_down
Relevance
arrow_drop_down
  • Authors: Heller, Yuval; Peleg Lazar, Sharon; Raviv, Alon;

    We analyze the influence of unsecured debt (subdebt) on risk-shifting in banks whose assets are risky debt claims. We assume that the stockholders and subdebt-holders jointly decide on risk-shifting. We show that replacing part of the stock with subdebt: (1) leads to fewer risk-shifting events, but can lead to higher levels of risk, depending on the relative bargaining power, (2) does not change the level of risk-shifting when side payments are possible, and (3) may yield the surprising result that risk-shifting increases with tighter regulatory control.

    0
    citations0
    popularityAverage
    influenceAverage
    impulseAverage
    BIP!Powered by BIP!
    more_vert
  • Authors: Asongu, Simplice; Nwachukwu, Jacinta;

    This study assesses the role of information sharing in financialization (or coexistence of financial sub-systems) for financial access. The empirical evidence is based on contemporary and non-contemporary Fixed Effects and Quantile regressions on 53 African countries for the period 2004-2011. The positive complementarity of information sharing offices (ISOs) and financial formalization is an increasing function of financial activity (or access to credit) whereas the negative complementarity of ISOs and financial informalization is a decreasing function of financial activity. In order to leverage on the synergy between ISO and financial formalization for enhanced financial access, some policy measures are proposed.

    0
    citations0
    popularityAverage
    influenceAverage
    impulseAverage
    BIP!Powered by BIP!
    more_vert
  • Authors: Peschl, Markus F.; Bottaro, Gloria; Hartner-Tiefenthaler, Martina; Rötzer, Katharina;

    Context: Radical constructivism (RC) is seen as a fruitful way to teach innovation, as Ernst von Glasersfeld’s concepts of knowing, learning, and teaching provide an epistemological framework fostering processes of generating an autonomous conceptual understanding. Problem: Classical educational approaches do not meet the requirements for teaching and learning innovation because they mostly aim at students’ competent performance, not at students’ understanding and developing their creative capabilities. Method: Analysis of theoretical principles from the constructivist framework and how they can be used as a foundation for designing a course in the field of innovation. The empirical results are based on qualitative journal entries that were coded and categorized according to Charmaz’s grounded theory approach. Results: It is shown that there is a close relationship between learning and innovation processes. The proposed investigated course design based on RC incorporates the following concepts: the course setting is understood as a framework to guide understanding; students work in teams and are subjective constructors of their own knowledge; instructors take on the role of coaches, guiding students through an innovation process as co-creators. Such a framework facilitates dynamic processes of assimilation and accommodation, as well as perturbation through the “other,” which potentially lead to novel, and viable, conceptual structures crucial for sustainable innovation. Constructivist Content: The paper argues in favor of RC principles in the context of teaching and learning. The proposed course setting is oriented at von Glasersfeld’s understanding of knowing, learning, and teaching (vs. training. It outlines theoretical and practical aspects of these principles in the context of a course design for innovation. Furthermore, it shows the importance of von Glasersfeld’s concept of intersubjectivity for processes of accommodation and the generation of (novel) autonomous conceptual structures. The interplay between creating coherence, perturbation, and irritation through interacting with the “other” (in the form of co-students and instructors) is assumed to be vital for such processes, as it leads to the creation of not only novel but also viable conceptual structures, therefore re-establishing a relative equilibrium critical for sustainable innovation.

    0
    citations0
    popularityAverage
    influenceAverage
    impulseAverage
    BIP!Powered by BIP!
    more_vert
  • Authors: Bos, Olivier; Truyts, Tom;

    We study a symmetric private value auction with signaling, in which the auction outcome is used by an outside observer to infer the bidders' types. We elicit conditions under which an essentially unique D1 equilibrium bidding function exists in four auction formats: first-price, second-price, all-pay and the English auction. We obtain a strict ranking in terms of expected revenues: the first-price and all-pay auctions dominate the English auction but are dominated by the second-price auction.

    0
    citations0
    popularityAverage
    influenceAverage
    impulseAverage
    BIP!Powered by BIP!
    more_vert
  • Authors: Pillai N., Vijayamohanan;

    Traditionally, there are two basically reciprocal energy efficiency Indicators: one, in terms of energy intensity, that is, energy use per unit of activity output, and the other, in terms of energy productivity, that is, activity output per unit of energy use. The enquiry that has proceeded from the problems associated with this method of a single energy input factor in terms of productivity has led to multi-factor productivity analysis. We have here two approaches: parametric and non-parametric. Parametric approach famously includes two methods: the erstwhile popular total factor energy productivity analysis and the currently fanciful stochastic frontier production function analysis; The non-parametric approach is popularly represented by data envelopment analysis. The present paper is an attempt to measure efficiency in electrical energy consumption in Kerala, India. We apply the non-parametric mathematical programming method of data envelopment analysis of the multi-factor productivity approach, and estimate the efficiency measures under the two scale assumptions of constant returns to scale (CRS) and variable returns to scale (VRS); the latter includes both increasing (IRS) and decreasing returns to scale (DRS). Scale efficiency measures are also given to find out whether a firm is operating at its optimal size or not, implying degrees of capacity utilization.

    0
    citations0
    popularityAverage
    influenceAverage
    impulseAverage
    BIP!Powered by BIP!
    more_vert
  • Authors: Van Den Hauwe, Ludwig;

    This paper critically explores some supposed implications of the development of artificial intelligence (AI), particularly also machine learning (ML), for how we conceive of the role of entrepreneurship in the economy. The question of the impact of AI and ML is examined by hypothesizing a decentralized market-based system and raising the question of whether entrepreneurs will someday likely be replaced by machines. The answer turns out to be highly skeptical. Not only does the materialist worldview behind the ambitions of much AI research cast serious doubts upon the chances of success of any attempts to emulate entrepreneurship algorithmically with the help of computers, the very possibility of artificial general intelligence (AGI) can also be ruled out on purely scientific grounds. The paper concludes that human entrepreneurs will remain the driving force of the market.

    0
    citations0
    popularityAverage
    influenceAverage
    impulseAverage
    BIP!Powered by BIP!
    more_vert
  • Authors: Marton, James; Yelowitz, Aaron;

    This paper estimates the impact of the introduction of Medicaid managed care (MMC) on the formal Medicaid participation of children. We employ a quasi-experimental approach exploiting the location-specific timing of MMC implementation in Kentucky. Using data from the March Current Population Survey from 1995-2003, our findings suggest that the introduction of MMC increases the likelihood of being uninsured and decreases formal Medicaid participation. This finding is consistent with an increase in “conditional coverage” – waiting until medical care is needed to sign up or re-enroll in Medicaid. These effects are concentrated among low-income children and absent for high-income children. We find no evidence of “crowd-in” – substituting private coverage for Medicaid. These results are robust to multiple placebo tests and imply the potential for less formal participation (i.e. more conditional coverage) among the ACA Medicaid expansion population (which is likely to be primarily covered under MMC) than is typically predicted.

    0
    citations0
    popularityAverage
    influenceAverage
    impulseAverage
    BIP!Powered by BIP!
    more_vert
  • Authors: Dimitrov, Mitko;

    This study explores the impact of the European debt crisis and the quality of the institutions on the economic growth in Bulgaria in the pre-accession period and during the period of EU membership. The European debt crisis broke the upward trend not only on the Bulgarian but also on the economies of all EU member states. On a comparative basis, the significance of the severity of the crisis for each country, the policy on gross public debt and the dynamics of economic development to overcome the crisis is assessed. The quality of institutions is seen as one of the main factors that hinder or help economic growth.

    0
    citations0
    popularityAverage
    influenceAverage
    impulseAverage
    BIP!Powered by BIP!
    more_vert
  • Authors: Iacono, Roberto; Viccaro, Mauro;

    This paper posits a novel resource policy for the resource-rich southern Italian region of Basilicata. The policy consists of establishing a regionally owned wealth fund (the Basilicata Wealth Fund), in which royalty revenues from natural resources in Basilicata can be stored as low-risk financial assets. The paper pins down and simulates the dynamics of different fiscal expenditure rules. The Basilicata Wealth Fund strengthens long-run economic development and fosters higher accountability, hence avoiding misuse of resource revenues for myopic fiscal spending. The Basilicata Wealth Fund constitutes a novel approach that can be followed by other resource-rich regions.

    0
    citations0
    popularityAverage
    influenceAverage
    impulseAverage
    BIP!Powered by BIP!
    more_vert
  • Authors: Nguyen, Chi-Hai; Ngo, Quang-Thanh; Pham, My-Duyen; Nguyen, Anh-Tuan; +1 Authors

    The current article examines the factors affecting economic linkages in the Southern Key Economic Zone of Vietnam, using a unique 5-year firm-level dataset with 5050 observations, using a unique 5-year firm-level dataset with 5050 observations, which is collected and merged from two data sources namely the Vietnam Technology and Competitiveness Survey and the Vietnam Annual Enterprise Survey in 2015-2019. Empirical results from estimating panel logit models based on different types of economic linkages such as (1) backward economic linkage with the domestic supplier, (2) backward economic linkage with a foreign supplier, (3) forward economic linkage with the domestic customer, and (4) forward economic linkage with a foreign customer reveal the importance of firm characteristics, technology transfer, and economic constraints that cause firms to conduct economic linkages across firm sizes and types of ownership. There is clear evidence for the determinants of economic linkages in manufacturing sectors by firm sizes, and by ownership in this analysis are concerned. To be specific, based on a regression analysis, employment, firm’s experience, technology transfer, and economic constraints stand out as the major drivers of economic linkage of various forms. In addition, results reveal several patterns of economic linkages such as domestic technology embodied economic linkage, local supply-chain technology embodied economic linkage, international/global supply-chain technology embodied economic linkage, local market-explored economic linkage, local market privilege, and foreign market privilege. Moreover, it is evidence that investments in basic infrastructure, transport infrastructure, communication infrastructure, removal of financing constraints, increase the labor supply, improvement of working skills of laborers have favored the growth of economic linkages. Our results initiate policy implications in the context that, apart from the firm’s and the industry sector’s characteristics, economic obstacles and the nature of technology transfer significantly influence the firm’s behaviors of conducting economic linkages in various firm sizes and types of ownership.

    0
    citations0
    popularityAverage
    influenceAverage
    impulseAverage
    BIP!Powered by BIP!
    more_vert
Advanced search in
Research products
arrow_drop_down
Searching FieldsTerms
Any field
arrow_drop_down
includes
arrow_drop_down
22,827 Research products
  • Authors: Heller, Yuval; Peleg Lazar, Sharon; Raviv, Alon;

    We analyze the influence of unsecured debt (subdebt) on risk-shifting in banks whose assets are risky debt claims. We assume that the stockholders and subdebt-holders jointly decide on risk-shifting. We show that replacing part of the stock with subdebt: (1) leads to fewer risk-shifting events, but can lead to higher levels of risk, depending on the relative bargaining power, (2) does not change the level of risk-shifting when side payments are possible, and (3) may yield the surprising result that risk-shifting increases with tighter regulatory control.

    0
    citations0
    popularityAverage
    influenceAverage
    impulseAverage
    BIP!Powered by BIP!
    more_vert
  • Authors: Asongu, Simplice; Nwachukwu, Jacinta;

    This study assesses the role of information sharing in financialization (or coexistence of financial sub-systems) for financial access. The empirical evidence is based on contemporary and non-contemporary Fixed Effects and Quantile regressions on 53 African countries for the period 2004-2011. The positive complementarity of information sharing offices (ISOs) and financial formalization is an increasing function of financial activity (or access to credit) whereas the negative complementarity of ISOs and financial informalization is a decreasing function of financial activity. In order to leverage on the synergy between ISO and financial formalization for enhanced financial access, some policy measures are proposed.

    0
    citations0
    popularityAverage
    influenceAverage
    impulseAverage
    BIP!Powered by BIP!
    more_vert
  • Authors: Peschl, Markus F.; Bottaro, Gloria; Hartner-Tiefenthaler, Martina; Rötzer, Katharina;

    Context: Radical constructivism (RC) is seen as a fruitful way to teach innovation, as Ernst von Glasersfeld’s concepts of knowing, learning, and teaching provide an epistemological framework fostering processes of generating an autonomous conceptual understanding. Problem: Classical educational approaches do not meet the requirements for teaching and learning innovation because they mostly aim at students’ competent performance, not at students’ understanding and developing their creative capabilities. Method: Analysis of theoretical principles from the constructivist framework and how they can be used as a foundation for designing a course in the field of innovation. The empirical results are based on qualitative journal entries that were coded and categorized according to Charmaz’s grounded theory approach. Results: It is shown that there is a close relationship between learning and innovation processes. The proposed investigated course design based on RC incorporates the following concepts: the course setting is understood as a framework to guide understanding; students work in teams and are subjective constructors of their own knowledge; instructors take on the role of coaches, guiding students through an innovation process as co-creators. Such a framework facilitates dynamic processes of assimilation and accommodation, as well as perturbation through the “other,” which potentially lead to novel, and viable, conceptual structures crucial for sustainable innovation. Constructivist Content: The paper argues in favor of RC principles in the context of teaching and learning. The proposed course setting is oriented at von Glasersfeld’s understanding of knowing, learning, and teaching (vs. training. It outlines theoretical and practical aspects of these principles in the context of a course design for innovation. Furthermore, it shows the importance of von Glasersfeld’s concept of intersubjectivity for processes of accommodation and the generation of (novel) autonomous conceptual structures. The interplay between creating coherence, perturbation, and irritation through interacting with the “other” (in the form of co-students and instructors) is assumed to be vital for such processes, as it leads to the creation of not only novel but also viable conceptual structures, therefore re-establishing a relative equilibrium critical for sustainable innovation.

    0
    citations0
    popularityAverage
    influenceAverage
    impulseAverage
    BIP!Powered by BIP!
    more_vert
  • Authors: Bos, Olivier; Truyts, Tom;

    We study a symmetric private value auction with signaling, in which the auction outcome is used by an outside observer to infer the bidders' types. We elicit conditions under which an essentially unique D1 equilibrium bidding function exists in four auction formats: first-price, second-price, all-pay and the English auction. We obtain a strict ranking in terms of expected revenues: the first-price and all-pay auctions dominate the English auction but are dominated by the second-price auction.

    0
    citations0
    popularityAverage
    influenceAverage
    impulseAverage
    BIP!Powered by BIP!
    more_vert
  • Authors: Pillai N., Vijayamohanan;

    Traditionally, there are two basically reciprocal energy efficiency Indicators: one, in terms of energy intensity, that is, energy use per unit of activity output, and the other, in terms of energy productivity, that is, activity output per unit of energy use. The enquiry that has proceeded from the problems associated with this method of a single energy input factor in terms of productivity has led to multi-factor productivity analysis. We have here two approaches: parametric and non-parametric. Parametric approach famously includes two methods: the erstwhile popular total factor energy productivity analysis and the currently fanciful stochastic frontier production function analysis; The non-parametric approach is popularly represented by data envelopment analysis. The present paper is an attempt to measure efficiency in electrical energy consumption in Kerala, India. We apply the non-parametric mathematical programming method of data envelopment analysis of the multi-factor productivity approach, and estimate the efficiency measures under the two scale assumptions of constant returns to scale (CRS) and variable returns to scale (VRS); the latter includes both increasing (IRS) and decreasing returns to scale (DRS). Scale efficiency measures are also given to find out whether a firm is operating at its optimal size or not, implying degrees of capacity utilization.

    0
    citations0
    popularityAverage
    influenceAverage
    impulseAverage
    BIP!Powered by BIP!
    more_vert
  • Authors: Van Den Hauwe, Ludwig;

    This paper critically explores some supposed implications of the development of artificial intelligence (AI), particularly also machine learning (ML), for how we conceive of the role of entrepreneurship in the economy. The question of the impact of AI and ML is examined by hypothesizing a decentralized market-based system and raising the question of whether entrepreneurs will someday likely be replaced by machines. The answer turns out to be highly skeptical. Not only does the materialist worldview behind the ambitions of much AI research cast serious doubts upon the chances of success of any attempts to emulate entrepreneurship algorithmically with the help of computers, the very possibility of artificial general intelligence (AGI) can also be ruled out on purely scientific grounds. The paper concludes that human entrepreneurs will remain the driving force of the market.

    0
    citations0
    popularityAverage
    influenceAverage
    impulseAverage
    BIP!Powered by BIP!
    more_vert
  • Authors: Marton, James; Yelowitz, Aaron;

    This paper estimates the impact of the introduction of Medicaid managed care (MMC) on the formal Medicaid participation of children. We employ a quasi-experimental approach exploiting the location-specific timing of MMC implementation in Kentucky. Using data from the March Current Population Survey from 1995-2003, our findings suggest that the introduction of MMC increases the likelihood of being uninsured and decreases formal Medicaid participation. This finding is consistent with an increase in “conditional coverage” – waiting until medical care is needed to sign up or re-enroll in Medicaid. These effects are concentrated among low-income children and absent for high-income children. We find no evidence of “crowd-in” – substituting private coverage for Medicaid. These results are robust to multiple placebo tests and imply the potential for less formal participation (i.e. more conditional coverage) among the ACA Medicaid expansion population (which is likely to be primarily covered under MMC) than is typically predicted.

    0
    citations0
    popularityAverage
    influenceAverage
    impulseAverage
    BIP!Powered by BIP!
    more_vert
  • Authors: Dimitrov, Mitko;

    This study explores the impact of the European debt crisis and the quality of the institutions on the economic growth in Bulgaria in the pre-accession period and during the period of EU membership. The European debt crisis broke the upward trend not only on the Bulgarian but also on the economies of all EU member states. On a comparative basis, the significance of the severity of the crisis for each country, the policy on gross public debt and the dynamics of economic development to overcome the crisis is assessed. The quality of institutions is seen as one of the main factors that hinder or help economic growth.

    0
    citations0
    popularityAverage
    influenceAverage
    impulseAverage
    BIP!Powered by BIP!
    more_vert
  • Authors: Iacono, Roberto; Viccaro, Mauro;

    This paper posits a novel resource policy for the resource-rich southern Italian region of Basilicata. The policy consists of establishing a regionally owned wealth fund (the Basilicata Wealth Fund), in which royalty revenues from natural resources in Basilicata can be stored as low-risk financial assets. The paper pins down and simulates the dynamics of different fiscal expenditure rules. The Basilicata Wealth Fund strengthens long-run economic development and fosters higher accountability, hence avoiding misuse of resource revenues for myopic fiscal spending. The Basilicata Wealth Fund constitutes a novel approach that can be followed by other resource-rich regions.

    0
    citations0
    popularityAverage
    influenceAverage
    impulseAverage
    BIP!Powered by BIP!
    more_vert
  • Authors: Nguyen, Chi-Hai; Ngo, Quang-Thanh; Pham, My-Duyen; Nguyen, Anh-Tuan; +1 Authors

    The current article examines the factors affecting economic linkages in the Southern Key Economic Zone of Vietnam, using a unique 5-year firm-level dataset with 5050 observations, using a unique 5-year firm-level dataset with 5050 observations, which is collected and merged from two data sources namely the Vietnam Technology and Competitiveness Survey and the Vietnam Annual Enterprise Survey in 2015-2019. Empirical results from estimating panel logit models based on different types of economic linkages such as (1) backward economic linkage with the domestic supplier, (2) backward economic linkage with a foreign supplier, (3) forward economic linkage with the domestic customer, and (4) forward economic linkage with a foreign customer reveal the importance of firm characteristics, technology transfer, and economic constraints that cause firms to conduct economic linkages across firm sizes and types of ownership. There is clear evidence for the determinants of economic linkages in manufacturing sectors by firm sizes, and by ownership in this analysis are concerned. To be specific, based on a regression analysis, employment, firm’s experience, technology transfer, and economic constraints stand out as the major drivers of economic linkage of various forms. In addition, results reveal several patterns of economic linkages such as domestic technology embodied economic linkage, local supply-chain technology embodied economic linkage, international/global supply-chain technology embodied economic linkage, local market-explored economic linkage, local market privilege, and foreign market privilege. Moreover, it is evidence that investments in basic infrastructure, transport infrastructure, communication infrastructure, removal of financing constraints, increase the labor supply, improvement of working skills of laborers have favored the growth of economic linkages. Our results initiate policy implications in the context that, apart from the firm’s and the industry sector’s characteristics, economic obstacles and the nature of technology transfer significantly influence the firm’s behaviors of conducting economic linkages in various firm sizes and types of ownership.

    0
    citations0
    popularityAverage
    influenceAverage
    impulseAverage
    BIP!Powered by BIP!
    more_vert