Documents Hornuf, Lars 5 results

"When Council Regulation (EC) No 2157/2001 on the Statute for a European Company (Societas Europaea – SE) became effective on 8 October 2004, it offered existing publicly traded companies, for the first time, a choice between competing company laws, namely the national law of the company's home state and the law of the supranational SE. Using an event study methodology, we analyse a unique dataset of publicly traded firms that have announced to re-incorporate under the SE Regulation."

"Following a slow start, the European Company (Societas Europaea—SE) has become a popular legal form amongst European firms. It is rendered attractive by corporate governance features such as the option of shareholders/managers and labour to design a firm-specific employee involvement regime. By analysing what has been settled for in such agreements, we investigate whether national mandatory employee involvement rules are efficient and which factors impede firm-specific bargained-for solutions."

"Ever since 2004 companies located in Member States of the European Economic Area have been able to opt to incorporate in a supranational legal form, the Societas Europaea. We found that companies located in Member States where the Societas Europaea offers additional legal arbitrage opportunities benefit most. Moreover, our results show that the stock price reaction is positive when the decision to incorporate as an Societas Europaea involves moving the firm's registered office and that firms are moving to jurisdictions with significantly lower corporate tax rates. Finally, we found evidence of uncertainty at the registration date but not at the time of the shareholder meeting."

"In the past decade, crowdworking on online labor market platforms has become the main source of income for a growing number of people worldwide. This development has led to increasing political and scientific interest in the wages that people can earn on such platforms. In this article, we extend the literature based on a single platform, region, or category of crowdworking by conducting a meta-analysis of the prevalent hourly wages. After a systematic and rigorous literature search, we consider 20 primary empirical studies, including 104 wages and 76,282 data points from 22 platforms, eight different countries, and a time span of 12 years. We find that, on average, microwork results in an hourly wage of less than $6. This wage is significantly lower than the mean wage of online freelancers, which is roughly three times higher. We find that hourly wages accounting for unpaid work, such as searching for tasks and communicating with requesters, tend to be significantly lower than wages not considering unpaid work. Legislators and researchers evaluating wages in crowdworking should be aware of this bias when assessing hourly wages, given that the majority of the literature does not account for the effect of unpaid work time on crowdworking wages. To foster the comparability of different research results, we suggest that scholars consider a wage malus to account for unpaid work. Finally, we find that hourly wages collected through surveys tend to be lower than wages collected via browser plugins or other technical data collection methods."

"In this article, we use a meta-analysis to examine the performance of socially responsible investing (SRI). After a thorough literature search, we review 153 empirical studies containing 1,047 observations of SRI performance. We find that, on average, SRI neither outperforms nor underperforms the market portfolio. However, in line with modern portfolio theory, we find that global SRI portfolios outperform regional sub-portfolios. Moreover, high-quality publications, publications in finance journals, and authors who publish more frequently on SRI are all less likely to report SRI outperformance. In particular, we find that including more factors in a capital market model reduces the likelihood that a study will find SRI outperformance. These findings have important implications for the policy evaluation of environmental, social, and governance goals in general, the asset management literature in particular, and the perspective of different scientific disciplines."