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Université de Fribourg

Spatial Agglomeration and Specialization in Emerging Markets : Economic Efficiency of Clusters in Thai Industries

Resbeut, Mathieu ; Gugler, Philippe ; Charoen, Danuvasin

In: Competitiveness Review: An International Business Journal, 2019, vol. 29, no. 3, p. 236-252

Purpose – The paper aims to investigate the role of specialization and agglomeration forces on industry performance in an emerging market, namely, Thailand. In particular, the impact of clusters and the influence of complexity will be tackled. Design/methodology/approach – The methodology used is based on the work of Delgado et al. (2014). Industries and clusters are assigned to a certain...

Université de Fribourg

Investors' perception of business group membership during an economic crisis : Evidence from the COVID-19 pandemic

Ducret, Romain

(Working Papers SES ; 524)

This paper examines how investors perceive business group membership in Korea during the COVID-19 pandemic. Stock price performance analysis reveals evidence of a time-varying and heterogeneous value of affiliation: investors discount business group affiliation during a market collapse, but are willing to pay a premium for affiliation during market recovery. Overall, this pattern is more...

Université de Fribourg

Cooperation and Mistrust in Relational Contracts

Herz, Holger ; Schmutzler, Armin ; Volk, André

In: Journal of Economic Behavior and Organization, 2019, vol. 166, p. 366-380

Work and trade relationships are often governed by relational contracts, in which incentives for cooperative action today stem from the prospective future benefits of the relationship. In this paper, we study how a lack of hard information about the costs of providing quality, and therefore about the financial consequences of actions, affects relational contracts in buyer-seller...