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- W3000463450 abstract "Abstract We analyse the short-time work (STW) regulations that several OECD countries introduced after the 2007 financial crisis. We view these measures as a collection of real options and study the dynamic effect of STW on the endogenous liquidation decision of the firm. While STW delays a firm’s liquidation, it is not necessarily welfare enhancing. Moreover, it turns out that firms use STW too long. We show (numerically) that providers of capital benefit more than employees from STW. Benefits for employees can even be negative. A typical Nordic policy performs better than a typical Anglo-Saxon policy for all stakeholders." @default.
- W3000463450 created "2020-01-23" @default.
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- W3000463450 date "2020-01-18" @default.
- W3000463450 modified "2023-09-24" @default.
- W3000463450 title "On the firm’s option values of short-time work policies" @default.
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- W3000463450 doi "https://doi.org/10.1007/s11579-020-00258-x" @default.
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