We solve an agent's optimization problem of meeting demands for cash over time with cash deposited in bank or invested in stock. The stock pays dividends and uncertain capital gains, and a commission is incurred in buying and selling of stock. We use a stochastic maximum principle to obtain...

A commonly observed two-stage pricing strategy for a custom-made product involves a prepurchase entry fee for a potential consumer and a purchase price if he decides to buy the product. We solve and compare two settings: In the first, the firm does not commit in advance to the second-stage price...

Nach mehr als fünf Jahren der Wirtschaftsreformen und der Privatisierungsbemühungen in den osteuropäischen Transformationsländern untersucht der vorliegende Artikel die Ergebnisse im Bereich der klein- und mittelständischen Unternehmen. Anhand makroökonomischer Zahlen wird die Bedeutung...

Whilst internationally, the Mittelstand in Germany is admired and many countries try to emulate it, the current debate in Germany praises the Silicon Valley model of entrepreneurship, contrasting the Mittelstand as low-growth, low-tech and non-innovative - in short: as a hindrance to Germany's...

In this innovative book, international scholars investigate trust and its role in relation to the entrepreneurial behaviour of small firms across a variety of institutional and cultural settings. The contributors draw on original empirical material from a number of West European and East...

Little is known about innovative and successful enterprises in the countries that, until 1990, were part of the Soviet Union. Most previous research has extensively covered barriers to entrepreneurship and innovation that exist in these countries, some of which undoubtedly represent a hostile...