Zusammenfassung Vor dem Hintergrund, dass aktuell in Deutschland das Konsumieren und der Besitz von rein textbasierten kinderpornografischen Inhalten im Gegensatz zu fotografischen videografischen Darstellungen nicht strafbar ist, zeigt Beitrag auf, inwiefern Storys aus einem „Girl Lover“-Forum Darknet sexualisierte Gewalt an Kindern thematisiert wird. Anhand einer durchgeführten inhaltlich-for...

We study privatization under moral hazard and adverse selection. We show that if the fraction of efficient investors is either insignificant or productivity differences between efficient and inefficient investors are negligible, the government would offer a pooling contract and sell the same fraction of equity to both types of investors. The lower the productivity difference, the greater the eq...

Competition between universities to gain market attention requires various strategies, including the activities of institution's branding. University branding is obligatory publicize their existence and values, which differ from competitors, whether in scientific values or other elements. However, sometimes stakeholders not understand "branding map" competitors surrounding campuses. This study ...

Prior research debates focus on whether investors are smart enough to invest in funds that subsequently outperform. This paper documents a robust smart money effect among small fund investors who invest in the top performing funds, even after controlling for the momentum factor argued by Sapp and Tiwari (2004). I further explore the reason for the smart money effect and find that such outperfor...

In this study, we explore whether Wikipedia plays a governance role in the financial market by reducing the information disadvantage of individual investors. We hypothesize that the aggregation of information on Wikipedia enables individual investors to collectively monitor insiders and institutional investors. Using the creation of a firm Wikipedia page as an information event, our empirical r...