Maastricht University

Displaying 1-31 of 31 results

  • White Papers // Mar 2011

    Procedurally Fair Taxation

    The authors study the implications of procedural fairness on income taxation. They formulate procedural fairness as a particular non-cooperative bargaining game and examine the stationary subgame perfect equilibria of the game. The equilibrium outcome is called tax equilibrium and is shown to be unique. The procedurally fair tax rate is...

    Provided By Maastricht University

  • White Papers // Mar 2011

    Trustworthy Clouds Underpinning the Future Internet

    Cloud computing is a new service delivery paradigm that aims to provide standardized services with self-service, pay-per-use, and seemingly unlimited scalability. This paradigm can be implemented on multiple service levels (infrastructures, run-time platform, or actual Software as a Service). They are expected to be an important component in the future...

    Provided By Maastricht University

  • White Papers // Feb 2011

    Gazelles, Industry Growth And Structural Change

    This paper examines to what extent gazelles are the drivers of the growth of industries and structural change. To this purpose the authors analyze gazelles over a 12 year period (annually from 1997 until 2008) in the Netherlands, and relate them to the dynamics in employment per industry. They use...

    Provided By Maastricht University

  • White Papers // Feb 2011

    Lessons From The Financial Crisis: Funded Pension Funds Should Invest Conservatively

    The authors model a three-pillar pension system and analyse in this context the impact of the financial crisis on the aggregate economy, using an overlapping generations model where individuals live for two periods. The system consists of a PAYG pension system, a Defined Benefit pension fund, and private savings. They...

    Provided By Maastricht University

  • White Papers // Feb 2011

    Decision Making With Imperfect Knowledge Of The State Space

    The authors conduct an experiment to study how imperfect knowledge of the state space affects subsequent choices under uncertainty with perfect knowledge of the state space. Participants in the experiment choose between a sure outcome and a lottery in 32 periods. All treatments are exactly identical in periods 17 to...

    Provided By Maastricht University

  • White Papers // Jan 2011

    Constraints To Human Capital Investment In Developing Countries: Using The Asian Financial Crisis In Indonesia As A Natural Experiment

    The aim of this paper is to investigate the effects of inadequate basic facilities on learning; and the effects of low income on educational investment. The authors consider how these resource and income constraints affect the different dimensions of school quality and educational outcomes. This investigation is carried out using...

    Provided By Maastricht University

  • White Papers // Jan 2011

    Financial Contagion In Developed Sovereign Bond Markets

    This paper implements a simultaneous equations model to test for international financial contagion among developed sovereign credit markets between May 1, 2000 and September 1, 2010. Two alternative measures are proposed that identify credit crises in the tails of bond yield distributions, which are derived from Extreme Value Theory and...

    Provided By Maastricht University

  • White Papers // Dec 2010

    Human Resource Management Practices And Learning For Innovation In Developing Countries

    The use of the systems of innovation framework to study learning and innovation dates back to the mid-1980s (Freeman 2002; Lundvall et al., 2002). The most immediate roots trace back to three pioneering works:1 Freeman's (1987) study on the Japanese innovation system; Nelson's (1993) analyses of the systems of innovation...

    Provided By Maastricht University

  • White Papers // Nov 2010

    Why Do Low-Educated Workers Invest Less In Further Training?

    Several studies document the fact that low-educated workers participate less often in further training than high-educated workers. The economic literature suggests that there is no significant difference in employer willingness to train low-educated workers, which leaves the question of why the low educated invest less in training unanswered. This paper...

    Provided By Maastricht University

  • White Papers // Oct 2010

    Learning And Innovation Under Changing Market Conditions: The Auto Parts Industry In Mexico

    This paper explores changes over time in the learning responses and innovation capacity of auto parts suppliers in Mexico, in the context of the confluence of market changes brought about by the North American Free Trade Agreement (NAFTA) regulations - which included labor, production and organizational requirements and consequent changes...

    Provided By Maastricht University

  • White Papers // Sep 2010

    Too Big To Innovate? Scale (Dis)economies And The Competition-Innovation Relationship In U.S. Banking

    This paper examines whether large U.S. banks have become 'Too big to innovate'. The authors extend the theoretical work of Aghion et al. (2005b) by relaxing their assumption that unit costs are independent from output levels in order to investigate the effect of scale (dis)economies on the competition-innovation nexus. With...

    Provided By Maastricht University

  • White Papers // Aug 2010

    Active Labor Market Policy By A Profit Maximizing Firm

    This paper investigates the effectiveness of an employment program exclusively run by and in a private sector firm, in order to find out whether a private program without cream-skimming can be beneficial to the individual private firm and society at large by outperforming public employment programs. To answer these questions,...

    Provided By Maastricht University

  • White Papers // Jun 2010

    R&D Alliances, Knowledge Flows, And Innovation

    This dissertation presents three essays concerning interfirm R&D alliances and their relation to interfirm flows of technological knowledge and firm innovation. The author's overall research question is this: how do R&D alliances affect the interfirm flow of technological knowledge and firms' innovative performance? R&D alliances are interfirm cooperative agreements aimed...

    Provided By Maastricht University

  • White Papers // May 2010

    Stock Market Manipulation

    Public securities markets are among the most important source of external financing for companies and entrepreneurs. In the last three years a total of over 2.4 trillion U.S. Dollars in over 9,900 issues have been raised globally in equity and equity related transactions, of which 520 billion has been from...

    Provided By Maastricht University

  • White Papers // May 2010

    A Noncooperative Approach To Bankruptcy Problems With An Endogenous Estate

    The authors introduce a new class of bankruptcy problems in which the value of the estate is endogenous and depends on agents' investment decisions. There are two investment alternatives: investing in a company and becoming a shareholder (risky asset) and depositing money into a savings account (risk-free asset). Bankruptcy is...

    Provided By Maastricht University

  • White Papers // Apr 2010

    Microeconometric Evidence Of Financing Frictions And Innovative Activity

    The importance of innovative activity by firms for securing economic growth and welfare is by now well recognized and has been widely documented in the scientific literature. Important as it might be, the authors also know that market failure for R&D investment can be quite severe. Firms lacking internal means...

    Provided By Maastricht University

  • White Papers // Apr 2010

    Job-Training Programmes With Low Completion Rates: The Case Of Projoven-Peru

    Projoven is an ongoing Peruvian youth job-training programme started in 1996 and conducted in successive waves or 'Public calls'. The programme has two phases of instruction: Three months of classroom training, followed by three months of on-the-job training internship. From 1997 to 2007, less than 60% of registrants completed both...

    Provided By Maastricht University

  • White Papers // Feb 2010

    How Well Does Sticky Information Explain Inflation And Output Inertia?

    This paper compares two approaches that aim to explain the lagged and persistent behavior of inflation and output after a variation in the interest rate. Two variants that produce inertia are added to a baseline DSGE model of sticky prices: A lagged inflation indexation rule along with habit formation; and...

    Provided By Maastricht University

  • White Papers // Feb 2010

    Does Retirement Affect Cognitive Functioning?

    This paper analyzes the effect of retirement on cognitive functioning using two large scale surveys. On the one hand the HRS, a longitudinal survey among individuals aged 50+ living in the United States, allows controlling for individual heterogeneity and endogeneity of the retirement decision by using the eligibility age for...

    Provided By Maastricht University

  • White Papers // Nov 2009

    Why Inflation Targeting Central Banks Seem To Follow A Standard Taylor Rule

    Studies on central bank reaction functions find that central banks only caring about inflation stability, like the ECB, seem to follow a standard Taylor rule in the sense that the interest rate reacts significantly to variations in the output gap. The authors explain this result by claiming that the alleged...

    Provided By Maastricht University

  • White Papers // Aug 2009

    Financial Risk Management: From A Global To An Individual Perspective

    The recent crisis has shown that financial risk management not only lies at the core of the economy, but at the heart of the modern society. Increasingly strong links between international markets and various sectors in the economy make the quantification and monitoring of financial risks essential for the health...

    Provided By Maastricht University

  • White Papers // Jul 2009

    An Evaluation Of The Forecast Of The Indicator Of The Labour Market Gap

    This evaluation study has been conducted within the framework of the Education and Labour Market Project (POA). The project is funded by the Ministry of Education, Culture and Science (OCW), the Institute for Employee Benefit Schemes (UWV), the UWV Werkbedrijf (formerly: Centre for Work and Income - CWI), the Ministry...

    Provided By Maastricht University

  • White Papers // Jul 2009

    The Effects Of Pension Rights And Retirement Age On Training Participation: Evidence From A Natural Experiment

    This paper uses a natural experiment approach to identify the effects of an exogenous change in future pension benefits on workers' training participation. The authors use unique matched survey and administrative data for male employees in the Dutch public sector who were born in 1949 or 1950. Only the latter...

    Provided By Maastricht University

  • White Papers // Mar 2009

    Online Consumer-To-Consumer Communication Networks: An Economic Exploration Of Their Formation And Value

    The importance of consumers is increasingly recognized in today's society. During the last century, the predominant business philosophy evolved from the production concept, perceiving consumers as taken-for-granted buyers of a firm's product, via the selling concept, perceiving consumers as potential buyers of a firm's product who have to be convinced,...

    Provided By Maastricht University

  • White Papers // Feb 2009

    Allocation And Productivity Of Time In New Ventures Of Female And Male Entrepreneurs

    This paper investigates time allocation decisions in new ventures of female and male entrepreneurs using a model that distinguishes between effects of preferences and productivity on the number of working hours. Using data of 1,158 entrepreneurs the authors find that the preference for work time in new ventures relates to...

    Provided By Maastricht University

  • White Papers // Feb 2009

    The Effect Of Early Retirement Incentives On The Training Participation Of Older Workers

    Human capital theory predicts that older workers are less likely to participate in on-the-job training than younger workers, due to lower net returns on such investments. Early retirement institutions are likely to affect these returns. Using the European Community Household Panel the authors show that older workers participate less in...

    Provided By Maastricht University

  • White Papers // Feb 2009

    Project Finance As A Driver Of Economic Growth In Low-Income Countries

    This paper investigates the role of project finance as a driver of economic growth. The authors hypothesize that project finance is beneficial to the least developed economies as it compensates for any lack of domestic financial development. The contractual structure unique to project finance should lead to better investment management...

    Provided By Maastricht University

  • White Papers // Feb 2009

    Sticky Information Vs. Backwardlooking Indexation: Inflation Inertia In The U.S

    This paper compares two approaches towards the empirical inertia of inflation and output. Two variants that produce persistence are added to a baseline DSGE model of sticky prices: Sticky information applied to firms, workers, and households; and a backward-looking inflation indexation along with habit formation. The rival models are then...

    Provided By Maastricht University

  • White Papers // Jan 2009

    Top Management Team And Middle Managers: Making Sense Of Leadership

    This paper provides insight about the process of Top Management Teams'(TMTs') sense making about leadership of middle managers - a process that has so far been neglected by researchers. In a longitudinal case study design, the authors analyzed observational data from 23 TMT meetings and transcripts from interviews with TMT...

    Provided By Maastricht University

  • White Papers // May 2007

    Board Roles in Small and Medium-Sized Family Businesses: Performance and Importance

    The board of directors is regarded as one of the most imperative governance mechanisms in small and medium-sized family firms. Empirical studies examining both the roles these boards fulfill in a family business context, as well as evaluating the CEO's perceived importance of these roles, are scarce. Founded by a...

    Provided By Maastricht University

  • White Papers // Jul 2002

    Complex Games and Palm Computers

    Today's Palm computers face practical restrictions when playing complex games. This article deals with both the functional as well as the hardware limitations of a Palm computer and their impact on game design. It is observed that the designers of complex games refuse to take sufficiently into account the imposed...

    Provided By Maastricht University

  • White Papers // Feb 2009

    Allocation And Productivity Of Time In New Ventures Of Female And Male Entrepreneurs

    This paper investigates time allocation decisions in new ventures of female and male entrepreneurs using a model that distinguishes between effects of preferences and productivity on the number of working hours. Using data of 1,158 entrepreneurs the authors find that the preference for work time in new ventures relates to...

    Provided By Maastricht University

  • White Papers // Aug 2009

    Financial Risk Management: From A Global To An Individual Perspective

    The recent crisis has shown that financial risk management not only lies at the core of the economy, but at the heart of the modern society. Increasingly strong links between international markets and various sectors in the economy make the quantification and monitoring of financial risks essential for the health...

    Provided By Maastricht University

  • White Papers // Feb 2009

    The Effect Of Early Retirement Incentives On The Training Participation Of Older Workers

    Human capital theory predicts that older workers are less likely to participate in on-the-job training than younger workers, due to lower net returns on such investments. Early retirement institutions are likely to affect these returns. Using the European Community Household Panel the authors show that older workers participate less in...

    Provided By Maastricht University

  • White Papers // Mar 2009

    Online Consumer-To-Consumer Communication Networks: An Economic Exploration Of Their Formation And Value

    The importance of consumers is increasingly recognized in today's society. During the last century, the predominant business philosophy evolved from the production concept, perceiving consumers as taken-for-granted buyers of a firm's product, via the selling concept, perceiving consumers as potential buyers of a firm's product who have to be convinced,...

    Provided By Maastricht University

  • White Papers // Jan 2009

    Top Management Team And Middle Managers: Making Sense Of Leadership

    This paper provides insight about the process of Top Management Teams'(TMTs') sense making about leadership of middle managers - a process that has so far been neglected by researchers. In a longitudinal case study design, the authors analyzed observational data from 23 TMT meetings and transcripts from interviews with TMT...

    Provided By Maastricht University

  • White Papers // Feb 2011

    Gazelles, Industry Growth And Structural Change

    This paper examines to what extent gazelles are the drivers of the growth of industries and structural change. To this purpose the authors analyze gazelles over a 12 year period (annually from 1997 until 2008) in the Netherlands, and relate them to the dynamics in employment per industry. They use...

    Provided By Maastricht University

  • White Papers // Feb 2011

    Lessons From The Financial Crisis: Funded Pension Funds Should Invest Conservatively

    The authors model a three-pillar pension system and analyse in this context the impact of the financial crisis on the aggregate economy, using an overlapping generations model where individuals live for two periods. The system consists of a PAYG pension system, a Defined Benefit pension fund, and private savings. They...

    Provided By Maastricht University

  • White Papers // Mar 2011

    Procedurally Fair Taxation

    The authors study the implications of procedural fairness on income taxation. They formulate procedural fairness as a particular non-cooperative bargaining game and examine the stationary subgame perfect equilibria of the game. The equilibrium outcome is called tax equilibrium and is shown to be unique. The procedurally fair tax rate is...

    Provided By Maastricht University

  • White Papers // Mar 2011

    Trustworthy Clouds Underpinning the Future Internet

    Cloud computing is a new service delivery paradigm that aims to provide standardized services with self-service, pay-per-use, and seemingly unlimited scalability. This paradigm can be implemented on multiple service levels (infrastructures, run-time platform, or actual Software as a Service). They are expected to be an important component in the future...

    Provided By Maastricht University

  • White Papers // Apr 2010

    Job-Training Programmes With Low Completion Rates: The Case Of Projoven-Peru

    Projoven is an ongoing Peruvian youth job-training programme started in 1996 and conducted in successive waves or 'Public calls'. The programme has two phases of instruction: Three months of classroom training, followed by three months of on-the-job training internship. From 1997 to 2007, less than 60% of registrants completed both...

    Provided By Maastricht University

  • White Papers // Jul 2009

    An Evaluation Of The Forecast Of The Indicator Of The Labour Market Gap

    This evaluation study has been conducted within the framework of the Education and Labour Market Project (POA). The project is funded by the Ministry of Education, Culture and Science (OCW), the Institute for Employee Benefit Schemes (UWV), the UWV Werkbedrijf (formerly: Centre for Work and Income - CWI), the Ministry...

    Provided By Maastricht University

  • White Papers // Jan 2011

    Constraints To Human Capital Investment In Developing Countries: Using The Asian Financial Crisis In Indonesia As A Natural Experiment

    The aim of this paper is to investigate the effects of inadequate basic facilities on learning; and the effects of low income on educational investment. The authors consider how these resource and income constraints affect the different dimensions of school quality and educational outcomes. This investigation is carried out using...

    Provided By Maastricht University

  • White Papers // Dec 2010

    Human Resource Management Practices And Learning For Innovation In Developing Countries

    The use of the systems of innovation framework to study learning and innovation dates back to the mid-1980s (Freeman 2002; Lundvall et al., 2002). The most immediate roots trace back to three pioneering works:1 Freeman's (1987) study on the Japanese innovation system; Nelson's (1993) analyses of the systems of innovation...

    Provided By Maastricht University

  • White Papers // Apr 2010

    Microeconometric Evidence Of Financing Frictions And Innovative Activity

    The importance of innovative activity by firms for securing economic growth and welfare is by now well recognized and has been widely documented in the scientific literature. Important as it might be, the authors also know that market failure for R&D investment can be quite severe. Firms lacking internal means...

    Provided By Maastricht University

  • White Papers // Oct 2010

    Learning And Innovation Under Changing Market Conditions: The Auto Parts Industry In Mexico

    This paper explores changes over time in the learning responses and innovation capacity of auto parts suppliers in Mexico, in the context of the confluence of market changes brought about by the North American Free Trade Agreement (NAFTA) regulations - which included labor, production and organizational requirements and consequent changes...

    Provided By Maastricht University

  • White Papers // May 2010

    Stock Market Manipulation

    Public securities markets are among the most important source of external financing for companies and entrepreneurs. In the last three years a total of over 2.4 trillion U.S. Dollars in over 9,900 issues have been raised globally in equity and equity related transactions, of which 520 billion has been from...

    Provided By Maastricht University

  • White Papers // Jun 2010

    R&D Alliances, Knowledge Flows, And Innovation

    This dissertation presents three essays concerning interfirm R&D alliances and their relation to interfirm flows of technological knowledge and firm innovation. The author's overall research question is this: how do R&D alliances affect the interfirm flow of technological knowledge and firms' innovative performance? R&D alliances are interfirm cooperative agreements aimed...

    Provided By Maastricht University

  • White Papers // Jul 2002

    Complex Games and Palm Computers

    Today's Palm computers face practical restrictions when playing complex games. This article deals with both the functional as well as the hardware limitations of a Palm computer and their impact on game design. It is observed that the designers of complex games refuse to take sufficiently into account the imposed...

    Provided By Maastricht University

  • White Papers // Feb 2011

    Decision Making With Imperfect Knowledge Of The State Space

    The authors conduct an experiment to study how imperfect knowledge of the state space affects subsequent choices under uncertainty with perfect knowledge of the state space. Participants in the experiment choose between a sure outcome and a lottery in 32 periods. All treatments are exactly identical in periods 17 to...

    Provided By Maastricht University

  • White Papers // Jan 2011

    Financial Contagion In Developed Sovereign Bond Markets

    This paper implements a simultaneous equations model to test for international financial contagion among developed sovereign credit markets between May 1, 2000 and September 1, 2010. Two alternative measures are proposed that identify credit crises in the tails of bond yield distributions, which are derived from Extreme Value Theory and...

    Provided By Maastricht University

  • White Papers // Nov 2010

    Why Do Low-Educated Workers Invest Less In Further Training?

    Several studies document the fact that low-educated workers participate less often in further training than high-educated workers. The economic literature suggests that there is no significant difference in employer willingness to train low-educated workers, which leaves the question of why the low educated invest less in training unanswered. This paper...

    Provided By Maastricht University

  • White Papers // Sep 2010

    Too Big To Innovate? Scale (Dis)economies And The Competition-Innovation Relationship In U.S. Banking

    This paper examines whether large U.S. banks have become 'Too big to innovate'. The authors extend the theoretical work of Aghion et al. (2005b) by relaxing their assumption that unit costs are independent from output levels in order to investigate the effect of scale (dis)economies on the competition-innovation nexus. With...

    Provided By Maastricht University

  • White Papers // Aug 2010

    Active Labor Market Policy By A Profit Maximizing Firm

    This paper investigates the effectiveness of an employment program exclusively run by and in a private sector firm, in order to find out whether a private program without cream-skimming can be beneficial to the individual private firm and society at large by outperforming public employment programs. To answer these questions,...

    Provided By Maastricht University

  • White Papers // May 2010

    A Noncooperative Approach To Bankruptcy Problems With An Endogenous Estate

    The authors introduce a new class of bankruptcy problems in which the value of the estate is endogenous and depends on agents' investment decisions. There are two investment alternatives: investing in a company and becoming a shareholder (risky asset) and depositing money into a savings account (risk-free asset). Bankruptcy is...

    Provided By Maastricht University

  • White Papers // Feb 2010

    How Well Does Sticky Information Explain Inflation And Output Inertia?

    This paper compares two approaches that aim to explain the lagged and persistent behavior of inflation and output after a variation in the interest rate. Two variants that produce inertia are added to a baseline DSGE model of sticky prices: A lagged inflation indexation rule along with habit formation; and...

    Provided By Maastricht University

  • White Papers // Nov 2009

    Why Inflation Targeting Central Banks Seem To Follow A Standard Taylor Rule

    Studies on central bank reaction functions find that central banks only caring about inflation stability, like the ECB, seem to follow a standard Taylor rule in the sense that the interest rate reacts significantly to variations in the output gap. The authors explain this result by claiming that the alleged...

    Provided By Maastricht University

  • White Papers // Jul 2009

    The Effects Of Pension Rights And Retirement Age On Training Participation: Evidence From A Natural Experiment

    This paper uses a natural experiment approach to identify the effects of an exogenous change in future pension benefits on workers' training participation. The authors use unique matched survey and administrative data for male employees in the Dutch public sector who were born in 1949 or 1950. Only the latter...

    Provided By Maastricht University

  • White Papers // Feb 2009

    Project Finance As A Driver Of Economic Growth In Low-Income Countries

    This paper investigates the role of project finance as a driver of economic growth. The authors hypothesize that project finance is beneficial to the least developed economies as it compensates for any lack of domestic financial development. The contractual structure unique to project finance should lead to better investment management...

    Provided By Maastricht University

  • White Papers // Feb 2009

    Sticky Information Vs. Backwardlooking Indexation: Inflation Inertia In The U.S

    This paper compares two approaches towards the empirical inertia of inflation and output. Two variants that produce persistence are added to a baseline DSGE model of sticky prices: Sticky information applied to firms, workers, and households; and a backward-looking inflation indexation along with habit formation. The rival models are then...

    Provided By Maastricht University

  • White Papers // Feb 2010

    Does Retirement Affect Cognitive Functioning?

    This paper analyzes the effect of retirement on cognitive functioning using two large scale surveys. On the one hand the HRS, a longitudinal survey among individuals aged 50+ living in the United States, allows controlling for individual heterogeneity and endogeneity of the retirement decision by using the eligibility age for...

    Provided By Maastricht University

  • White Papers // May 2007

    Board Roles in Small and Medium-Sized Family Businesses: Performance and Importance

    The board of directors is regarded as one of the most imperative governance mechanisms in small and medium-sized family firms. Empirical studies examining both the roles these boards fulfill in a family business context, as well as evaluating the CEO's perceived importance of these roles, are scarce. Founded by a...

    Provided By Maastricht University