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See detailEssays on Tax Competition
Paulus, Nora UL

Doctoral thesis (2020)

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See detailESSAYS ON ASSET PRICING AND MARKET AUCTIONS
Kaiser, Gabriel UL

Doctoral thesis (2020)

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See detailEssays in risk and experimental finance
Xanalatou, Sotiria UL

Doctoral thesis (2020)

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See detailInvestigating the potential of investing in fine stringed instruments as an alternative investment asset
Ortiz-Munoz, Angela UL

Doctoral thesis (2020)

Often seen as a passion project or part of a philanthropic venture, rare and fine stringed instruments offer an exciting option to diversify one’s investment portfolio while providing an opportunity for ... [more ▼]

Often seen as a passion project or part of a philanthropic venture, rare and fine stringed instruments offer an exciting option to diversify one’s investment portfolio while providing an opportunity for an exceptional long-term investment. Though, historically rare violins have not been widely recognized as assets for investment, this category is gaining interest due to its steady increase in value, a lively international market and a finite and diminishing supply. This study demonstrates that fine stringed instruments offer a steady increase of approximately 3,7-6,9% return per annum with a dramatic percentage increase since the 80’s. In this thesis, the stringed instrument public auction and private dealer markets are reviewed, the price dynamics are studied, and some fundamental intra market specific limitations are tackled in order to observe the true underlying returns of this asset. In order to build solid conclusions, the largest fine stringed instrument auction database has been developed encompassing the period from 1850 until today, although for the analysis a focus is put in the period from the 1980’s until today, as it is when the demand and, consequently the market for violins boomed. [less ▲]

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See detailESSAYS ON AGGLOMERATION, RESILIENCE, AND REGIONAL INNOVATION
Kalash, Basheer UL

Doctoral thesis (2020)

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See detailUrban Green Amenity and City Structure
Tran, Thi Thu Huyen UL

Doctoral thesis (2020)

One of the main components that make cities attractive to their residents is their public park and garden systems. Green urban areas from a small community garden to famous areas such as `Jardin du ... [more ▼]

One of the main components that make cities attractive to their residents is their public park and garden systems. Green urban areas from a small community garden to famous areas such as `Jardin du Luxembourg' in Paris not only shape the face of the city but are a quintessential aspect of the quality of life for local inhabitants. They offer places for local recreation, beautiful views, cleaner air and many other advantages. Recent research has validated the connection between urban parks and the well-being of the city's inhabitants. Although green urban areas might seem to be meagre in comparison with other natural ecosystems such as wetlands or forests, the value of the environmental, recreational, and other services they offer is likely to be disproportionally high due to their strategic locations. This dissertation focuses on studying the optimal provision of green urban areas and the welfare effects of a substantial change in green provision policies in the presence of other types of land uses and adverse shocks. It comprises four papers (chapters). [less ▲]

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See detailEssays on market microstructure and banking
Jankovic, Sanja UL

Doctoral thesis (2020)

Detailed reference viewed: 64 (6 UL)
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See detailEssays on Networks, Information Economics, and Dynamic Games of Populism and Conflict
Hakobyan, Zaruhi UL

Doctoral thesis (2020)

This thesis focuses on developing tools and models for studying strategic interaction among agents in dynamics games. This dissertation consists of one pure theory paper and two applied theory papers. The ... [more ▼]

This thesis focuses on developing tools and models for studying strategic interaction among agents in dynamics games. This dissertation consists of one pure theory paper and two applied theory papers. The first chapter develops a general result in differential games. This is an area for studying strategic interactions when agents are forward-looking and calculate their future strategic interactions. The second and third chapters deal with the problem of strategic interactions under incomplete information, in the context of networks. In the second chapter, the analytical tools for linking up strategic actions with the evolution of a network are developed. The last chapter extends the second chapter by recommending network-manager strategies that can lead to welfare-improving network evolution under incomplete information. The thesis presents the first studies to propose a search and matching mechanism of network friends in an environment of incomplete information, higher-order beliefs, and evolutionary dynamics. [less ▲]

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See detailEssays on Demographic Change and Economic Performance
Iong, Ka Kit UL

Doctoral thesis (2019)

Detailed reference viewed: 145 (59 UL)
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See detailEssays in Financial Stability
Gabriele, Carmine UL

Doctoral thesis (2019)

Detailed reference viewed: 92 (9 UL)
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See detailEssays on Monetary Economics and Asset Pricing
Weber, Fabienne UL

Doctoral thesis (2019)

This dissertation consists of three chapters based on three applied theory papers, which all use microfoundations to study mechanisms behind asset prices in the context of monetary policy and financial ... [more ▼]

This dissertation consists of three chapters based on three applied theory papers, which all use microfoundations to study mechanisms behind asset prices in the context of monetary policy and financial stability. Market Fragility and the Paradox of the Recent Stock-Bond Dissonance. The objective of this study is to jointly explain stock prices and bond prices. After the Lehman-Brothers collapse, the stock index has exceeded its pre-Lehman-Brothers peak by 36% in real terms. Seemingly, markets have been demanding more stocks instead of bonds. Yet, instead of observing higher bond rates, paradoxically, bond rates have been persistently negative after the Lehman-Brothers collapse. To explain this paradox, we suggest that, in the post-Lehman-Brothers period, investors changed their perceptions on disasters, thinking that disasters occur once every 30 years on average, instead of disasters occurring once every 60 years. In our asset-pricing calibration exercise, this rise in perceived market fragility alone can explain the drop in both bond rates and price-dividend ratios observed after the Lehman-Brothers collapse, which indicates that markets mostly demanded bonds instead of stocks. Time-Consistent Welfare-Maximizing Monetary Rules. The objective of this study is to jointly explain capital prices, bond prices and money supply/demand. We analyze monetary policy from the perspective that a Central Bank conducts monetary policy serving the ultimate goal of maximizing social welfare, as dictated by a country's constitution. Given recent empirical findings that many households are hand-to-mouth, we study time-consistent welfare-maximizing monetary-policy rules within a neoclassical framework of a cash-in-advance economy with a liquidity-constrained good. The Central Bank performs open-market operations buying government bonds in order to respond to fiscal shocks and to productivity shocks. We formulate the optimal policy as a dynamic Stackelberg game between the Central Bank and private markets. A key goal of optimal monetary policy is to improve the mixture between liquidity constrained and non-liquidity constrained goods. Optimal monetary responses to fiscal shocks aim at stabilizing aggregate consumption fluctuations, while optimal monetary responses to productivity shocks allow aggregate consumption fluctuations to be more volatile. Jump Shocks, Endogenous Investment Leverage and Asset Prices: Analytical Results. The objective of this study is to jointly model leveraging and stock prices in an environment with rare stock-market disaster shocks. Financial intermediaries invest in the stock market using household savings. This investment leveraging, and its extent, affects stock price movements and, in turn, stock-price movements affect investment leveraging. If the price mechanism is unable to absorb a rare stock-market disaster, then with leverage ratios of 20 or more, financial intermediaries can go bankrupt. We model the interplay between leverage ratios and stock prices in an environment with rare stock-market disaster shocks. First we introduce dividend shocks that follow a Poisson jump process to an endowment economy with pure exchange between two types of agents: (i) shareholders of financial intermediaries that invest in the stock market ("experts"), and (ii) savers, who deposit their savings to financial intermediaries (households). Under the assumption that the households and the so called "experts" both have logarithmic utility, we obtain a closed-form solution for the endowment economy. This closed-form solution serves as a guide for numerically solving the model with recursive Epstein-Zin preferences in continuous-time settings. In our extension we introduce production based on capital investments, but with adjustment costs for investment changes. Jump shocks directly hit the productive capital stock, but the way they influence stock returns of productive firms passes through the leveraging channel, which is endogenous. The production economy also has endogenous growth, and investment adjustment costs partly influence the model's stability properties. Importantly, risk has an endogenous component due to leveraging, and this endogenous-risk component influences growth opportunities, bridging endogenous cycles with endogenous growth. This chapter is part of a broader project on financial stability. Future extensions will include an evaluation of the Basel II-III regulatory framework in order to assess their effectiveness and their impact on growth performance. [less ▲]

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See detailTHE INFLUENCE OF FAMILY OWNERSHIP ON M&AS AND INNOVATION
Issah, Abdul-Basit UL

Doctoral thesis (2019)

I draw from the concept of mixed gambles to investigate the socioemotional wealth trade-offs associated with high risk strategic decisions such as firm acquisition decisions of family firms. We contrast ... [more ▼]

I draw from the concept of mixed gambles to investigate the socioemotional wealth trade-offs associated with high risk strategic decisions such as firm acquisition decisions of family firms. We contrast the predictions from mixed gambles with those of the commonly used behavioural agency model (BAM). Our empirical results for a panel data set of large U.S. firms support the mixed gambles predictions and reject those derived from BAM. They reveal that family firms are more likely to engage in horizontal acquisitions than non-family firms and that the engagement of family firms in horizontal acquisitions is even higher when they are in a gain frame. [less ▲]

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See detailEmpirical Essays on Institutional Determinants of Firm Entry and Exit
Murmann Geb. Wagner, Simona Christine UL

Doctoral thesis (2019)

This thesis is a collection of three essays investigating unintended and non-obvious effects of economic policy changes and established institutional systems on firm entry and exit. The first essay ... [more ▼]

This thesis is a collection of three essays investigating unintended and non-obvious effects of economic policy changes and established institutional systems on firm entry and exit. The first essay investigates the effect of personal preferences of insolvency trustees and judges on insolvency outcomes in Germany. The second essay reveals that governmental wage setting through minimum wages will not only affect dependent employees but also self-employment. In the third essay, introduction of high-speed internet effects on firm entries and exits are analyzed. [less ▲]

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See detailEssays on Convertibles and Stock Markets
Abed Masror Khah, Sara UL

Doctoral thesis (2019)

Detailed reference viewed: 60 (18 UL)
See detailEntrepreneurial Teams, New Venture Direction and Growth: Evidence from Luxembourg
Tryba, Anne UL

Doctoral thesis (2018)

New ventures can be an important driver of economic growth and technological progress. Yet, many new ventures fail and do not overcome the challenges of the early entrepreneurial phase. Extant research ... [more ▼]

New ventures can be an important driver of economic growth and technological progress. Yet, many new ventures fail and do not overcome the challenges of the early entrepreneurial phase. Extant research has acknowledged that the people who jointly start and manage a new venture have a key impact on its subsequent success and development. However, a discrepancy exists in how the interplay of their characteristics, cognition, and actions ultimately shape the way a new venture evolves. Therefore the primary purpose of this thesis is to contribute to this research stream by exploring the multifaceted role of entrepreneurial teams for new venture direction and growth. This is done with the aid of three research papers relying on a multiple case study and a specifically designed dataset from Luxembourg. The first paper illuminates how the shared pre-start-up transition moments of entrepreneurial team members influence the joint decision logic in the initial venture phase. Focusing on the composition of entrepreneurial teams, the second paper illustrates early activities that allow new ventures to leverage the diverse educational backgrounds of their team members to achieve financial growth. Lastly, the third paper explores aspects of leadership in new ventures and uncovers how agreement on an early shared vision affects subsequent changes in the entrepreneurial team, taking into account members’ relational ties. This thesis makes important contributions to research in entrepreneurship and strategic management, adding to a more fine-grained view on the micro-foundations and outcomes of entrepreneurial action. Also, it has practical implications for entrepreneurs, their mentors and investors, entrepreneurship education and policymakers. [less ▲]

Detailed reference viewed: 149 (34 UL)
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See detailWine as an Investment
Sun, Huizhu UL

Doctoral thesis (2018)

During the last two decades, the wine auction market experienced non-monotonic dynamics and provided abnormal returns. When fine wine prices started to rise in the mid-1980s, wine investing transcended ... [more ▼]

During the last two decades, the wine auction market experienced non-monotonic dynamics and provided abnormal returns. When fine wine prices started to rise in the mid-1980s, wine investing transcended from a pastime into a serious investment transforming wine into a widespread investment activity. As an alternative asset, fine wine attracts increased attention among individual and institutional investors in recent years, particularly during the financial crisis due to its diversification potential. Economists also began evaluating wine as a new alternative asset class. In this thesis, we review the wine auction markets, study the price dynamics, and answer some fundamental questions. To build solid conclusions, we developed the largest French wine auction database encompassing the last 20 years. We summary our main contributions as follows. First, we review and explain the growth in recent global wine auction markets. Second, we construct price indices with hedonic regression models to observe market movements. Third, we investigate wine investment’s diversification potential. Wine in an optimal portfolio can improve the risk-return characteristics; however, the augmentation depends significantly on the market segmentation to which the investor applies it. Fourth, we analyze the wine price bubbles and collapses detection using a newly developed econometric approach. We elucidate strong evidence of two bubbles in the Bordeaux and Burgundy wine auction markets, whereas Rhône wine price behaved in a similar, but less significant, trend as Bordeaux and Burgundy wine markets. Finally, we examine the price determinants with a particular focus on the expert effect on this experienced good. We illuminate expert influence remains economically and statistically significant throughout the sample period. Using event study methodology, we disentangle the expert effect from other price variations and assert the market significantly reflects expert’s big re-ratings in the short term, yet the effect diminishes over time. However, this re-rating effect holds insignificant for modest changes. [less ▲]

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See detailDisambiguation of Researcher Careers: Shifting the Perspective from Documents to Authors
Doherr, Thorsten UL

Doctoral thesis (2018)

The thesis describes an algorithm that disambiguates the namespaces of inventors and researchers, spawned by their patents and publications, into career paths. A probabilistic theory to assess the risk of ... [more ▼]

The thesis describes an algorithm that disambiguates the namespaces of inventors and researchers, spawned by their patents and publications, into career paths. A probabilistic theory to assess the risk of erroneously linking documents of namesakes, different individuals with a mutual name, into one career bypasses the need for training datasets, thereby avoiding a namesake bias caused by the inherent underestimation of namesakes in training/benchmark data. The economic relevance of identified careers is illustrated by two applications. The first one outlines the impact of inter-regional inventor mobility in Italy on the total factor productivity of the sending and receiving regions. We show that an inflow of high skilled labor has a significant positive effect on TFP, while outflow decreases it. We further separate mobility in firm-internal relocation and job switches to find a more pronounced effect for the latter mobility. The second application observes the reaction of German university researchers to an exogenous change in federal law pertaining the property rights of their inventions equivalent to the Bayh Dole Act. Being able to trace their careers along with the careers of an unaffected control group allows us to evaluate the efficacy of technology transfer offices replacing the former informal activities of the university professors in regard of academic entrepreneurship. We find that an overall decrease of university patenting neutralizes any institutionalized efforts of spurring entrepreneurship at the expense of informal faculty-firm networks as channels for knowledge transfer. [less ▲]

Detailed reference viewed: 127 (16 UL)