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Institution

University of Mannheim

EducationMannheim, Germany
About: University of Mannheim is a education organization based out in Mannheim, Germany. It is known for research contribution in the topics: Population & European union. The organization has 4448 authors who have published 12918 publications receiving 446557 citations. The organization is also known as: Uni Mannheim & UMA.


Papers
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Journal ArticleDOI
TL;DR: In this paper, the authors empirically explore the effect of investor sentiment or limits of arbitrage on expected equity returns and find that the predictive power of sentiment is mostly restricted to the short leg of strategy returns.
Abstract: Are anomalies strongest when investor sentiment or limits of arbitrage are considered to be greatest? We empirically explore these theoretically deducted predictions. We first identify, categorize, and replicate 100 long-short anomalies in the cross-section of expected equity returns. We then comprehensively study their interaction with popular proxies for time-varying market-level sentiment and arbitrage conditions. We find a powerful (relatively weak) role of the variation in proxies for sentiment (arbitrage constraints). In this context, the predictive power of sentiment is mostly restricted to the short leg of strategy returns. Our insights collectively suggest that the dynamics of sentiment combined with the base level (and not primarily the variations) of limits to arbitrage provide at least a partial explanation for inefficiencies.

130 citations

Posted Content
TL;DR: A critical overview of the literature that addresses the economic consequences of end-user copying is provided, concluding that some models with network effects are well-suited for the analysis of software copying while other models incorporating the feature that copies provide information about the originals may be useful for theAnalysis of digital music copying.
Abstract: Digital products have the property that they can be copied almost costlessly. This makes them candidates for non-commercial copying by final consumers. Because the copy of a copy typically does not deteriorate in quality, copying products can become a wide-spread phenomenon - this can be illustrated by the surge of file-sharing networks. In this paper we provide a critical overview of the literature that addresses the economic consequences of end-user copying. We conclude that some models with network effects are well-suited for the analysis of software copying while other models incorporating the feature that copies provide information about the originals may be useful for the analysis of digital music copying. peer-to-peer, software, music

130 citations

Journal ArticleDOI
TL;DR: In this article, the authors focus on the empirical assessment of determinants and effects of financing constraints at the firm level using a standard model of credit rationing based on asymmetric information firm age and size.
Abstract: This paper focuses on the empirical assessment of determinants and effects of financing constraints at the firm level. Using a standard model of credit rationing based on asymmetric information firm age and size are found to be factors which should influence the probability of financing constraints. Improving business conditions strengthen the degree of informational asymmetry. A unique panel of firm data for Germany, including direct information on financing constraints, is used for the econometric analysis. Firms' size and improving business conditions are found to have a significant effect. Furthermore, a significant impact on investment and R&D expenditures cannot be rejected.

129 citations

Journal ArticleDOI
TL;DR: A review of methodological and theoretical contributions that have arisen from the increasing empirical application of RCT and have the potential to stimulate the development of Rational Choice Theory and sociology more generally can be found in this article.
Abstract: Rational choice theory (RCT) constitutes a major approach of sociological theorizing and research in Europe. We review key methodological and theoretical contributions that have arisen from the increasing empirical application of RCT and have the potential to stimulate the development of RCT and sociology more generally. Methodologically, discussions have evolved around how to test RCT empirically and how to realize its ambition to give theory-guidance to social research. These discussions have identified the strengths and shortcomings of direct and indirect test strategies using survey or experimental data. Metatheoretically, different views have emerged about how to deal with counterevidence from applied fields of sociological research. Whereas some argue for a wide version of RCT that allows a broad set of auxiliary assumptions about preferences, expectations, and constraints, others advocate a major overhaul of RCT's core assumptions by incorporating additional concepts and mechanisms.

129 citations

Journal ArticleDOI
TL;DR: In this article, the authors investigate how a firm's choice between borrowing from a single bank and from two banks affects banks' equilibrium monitoring intensities and loan rates and show that two-bank lending suffers from duplication of effort and sharing of monitoring benefits, but it benefits from diseconomies of scale in monitoring.

129 citations


Authors

Showing all 4522 results

NameH-indexPapersCitations
Andreas Kugel12891075529
Jürgen Rehm1261132116037
Norbert Schwarz11748871008
Andreas Hochhaus11792368685
Barry Eichengreen11694951073
Herta Flor11263848175
Eberhard Ritz111110961530
Marcella Rietschel11076565547
Andreas Meyer-Lindenberg10753444592
Daniel Cremers9965544957
Thomas Brox9932994431
Miles Hewstone8841826350
Tobias Banaschewski8569231686
Andreas Herrmann8276125274
Axel Dreher7835020081
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Performance
Metrics
No. of papers from the Institution in previous years
YearPapers
202337
2022138
2021827
2020747
2019710
2018620