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- W3115046757 abstract "We analyse the short term 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.
- W3115046757 created "2021-01-05" @default.
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- W3115046757 date "2018-01-01" @default.
- W3115046757 modified "2023-09-27" @default.
- W3115046757 title "On the Option Effects of Short-Time Work Arrangements" @default.
- W3115046757 hasPublicationYear "2018" @default.
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