Kathrin Zimmer has a diploma in Mathematics. She is participating in the project “Confidential Business Transactions on the Internet”. In this context her research focuses on Electronic Commerce. Abstract We are presenting a project supported by the DFN Verein, a registered association, and the German government (BMBF) which is called “Confidential Business Transactions on the Internet”. In thi...

transaction cost economics (williamson, 1985) is a theory of the firm in new institutional economics that has been applied for analysing economic transaction; especially, make-or-buy decisions or vertical mergers in firms. the contribution of this paper is applying this theory for a political issue that is party formation. transaction cost economics links the party formation to the transaction ...

With the advance of web technologies, a large quantity of transactions have been processed through web services. Service Provider needs encryption via public communication channel in order that web services can be delivered to Service Requester. Such encryptions can be realized using secure session keys. Traditional approaches which can enable such transactions are based on peer-to-peer archite...

Going along with the rapid development of web technologies, in some applications on demands, partners or staffs may make a great quantity of web transactions or personal communications anytime and anywhere. However, the partners could be distributed over different network domains. They require a communal trusted third party to help them establish a shared session key for future communications. ...

Existing software proposals for electronic payments can be divided into “on-line” schemes that require participation of a trusted party (the bank) in every transaction and are secure against overspending, and the “off-line” schemes that do not require a third party and guarantee only that overspending is detected when vendors submit their transaction records to the bank (usually at the end of t...

Heterogeneity and complicated processes, risk of information leakage, higher costs are some the challenges that stem from third-party involvement in business transactions. This study proposes a novel mechanism to address shortcomings third-party-dependent transactions context international trade. Moreover, we provide process modeling, deployed transaction scenario, furnish deeper perspective on...

We document evidence of corruption in Chinese state asset sales. These sales involved stakes in partially privatized firms, providing a benchmark—the price of publicly traded shares—to measure underpricing. Underpricing is correlated with deal attributes associated with misgovernance and corruption. Sales by “disguised” owners that misrepresent their state ownership to elude regulatory scrutiny...

Using China’s stock market as the testing venue, this study examines how corporate transparency helps explain the sensitivity of stock prices to general investor sentiment. We find that firms with low corporate transparency, measured by a battery of proxies including state ownership, the prevalence of related party transactions, accrual-based earnings management, audit opinions, and the quality...

This paper examines the relationship between ownership structures and IPO long-run performance of nonSOEs in China. Although non-SOEs underperform the market in general after IPO but the poor performance is mainly caused by the IPOs with ownership control wedge. Non-SOEs with one share one vote structure outperform those with control-ownership wedge by 30% for three years post-IPO performance i...