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Not unlike the recent report Filling the ranks on the recruitment problems of the British Army shows for the UK, the German armed forces (Bundeswehr) struggle badly to meet their recruitment goals and to fulfill the “Trendwende Personal” (the turnaround in the personnel strength) as proclaimed by the German Defence Minister Ursula von der Leyen. Last year the recruitment department of the Bundeswehr tried a new way of targeting especially young people on YouTube. With a series of 59 episodes called Die Rekruten (The Recruits) YouTube users followed a couple of German Navy recruits through their basic training at the German Navy Technical School.
The series was widely criticised for not showing the serious implications of military service. Two weeks ago, the new series MALI on the deployment of German forces with the United Nations mission MINUSMA in Mali started as a sequel. But does the new series give a realistic impression of the challenges and risks of being a German soldier today and why should this be a requirement for a YouTube series?
In the Global South, private corporations and development aid programs are widely implementing information and communication technology (ICT). Stakeholders export infrastructure (including satellites, drones, and white spaces technology) as well as mobile and internet services (mobile money services, zero-rating), following the proclaimed goal to close the global digital divide. They particularly target under-connected regions in Africa, as Africa shows the lowest levels of internet connectivity (cf. International Telecommunications Union 2017). According to companies and development aid programs, these digitalization efforts in the Global South are key to development and security. However, an ethical perspective points to concerns about the practice of digitalization in the Global South. One central concern is that certain values are inscribed in ICT, and that they may be indirectly implemented through technology in the importing countries. Thus, the export of ICT by Western companies and development aid programs to the Global South may have a "neo-colonial" character. This raises ethical questions about global justice...
This is a brief in the bEUcitizen policy brief series. The bEUcitizen project - funded by the European Union - set out to identify, investigate, discuss, and ameliorate the barriers to the active use of rights (and knowledge of duties, the concomitant to rights, in so far as there are any) by European citizens. The project aimed to provide a comparative overview and classification of the various barriers to the exercise of the rights and obligations of European Union citizens in the member states. Simultaneously, the project analysed whether and how such barriers can be overcome and the future opportunities and challenges the European Union and its member states face to further develop the idea and reality of European Union citizenship.
Drawing on research conducted during the project, this policy brief discusses the problems preventing European Union citizens from becoming active political citizens. European citizenship as active political citizenship has been underdeveloped from the start and is currently under strong pressure. Over time, European Union citizens seem to have lost enthusiasm for the European political process: Voter turnout in European Parliament elections decreased from 61,99% in 1979 to 42,61% in 2014. Attempts to transform elections for the European Parliament into a meaningful decision about the policies and the personnel of European institutions have been ineffective so far in two ways: On the one hand, they did not raise more interest in European affairs; on the other hand, and even more problematically, the "Spitzenkandidaten"-experiment was overshadowed by the power struggle between national leaders and the European Parliament.
Although similar tendencies towards decreasing voter turnout can be observed in national elections, the trend of fading popular support is particularly alarming at the European Union level. It threatens to undermine the legitimacy and functionality of the European Union, thus jeopardizing the entire integration process. Institutions without support cannot last. The European Union provokes a rather negative political reaction among its citizens and populist activism is challenging its policies and the integration process more broadly. The Brexit decision expresses this problem in an ideal-typical form: Europe-friendly citizens do not use their right to vote while anti-European activism brings citizens to the ballot box. Concerned with this passivity as well as with the activism mobilised by anti-European populism, Europe-friendly observers and actors see a major opportunity for the European Union to strengthen the European Parliament as the core institution of a European representative democracy.
This paper studies a consumption-portfolio problem where money enters the agent's utility function. We solve the corresponding Hamilton-Jacobi-Bellman equation and provide closed-form solutions for the optimal consumption and portfolio strategy both in an infinite- and finite-horizon setting. For the infinite-horizon problem, the optimal stock demand is one particular root of a polynomial. In the finite-horizon case, the optimal stock demand is given by the inverse of the solution to an ordinary differential equation that can be solved explicitly. We also prove verification results showing that the solution to the Bellman equation is indeed the value function of the problem. From an economic point of view, we find that in the finite-horizon case the optimal stock demand is typically decreasing in age, which is in line with rules of thumb given by financial advisers and also with recent empirical evidence.
We analyze the market reaction to the sentiment of the CEO speech at the Annual General Meeting (AGM). As the AGM is typically preceded by several information disclosures, the CEO speech may be expected to contribute only marginally to investors’ decision making. Surprisingly, however, we observe from the transcripts of 338 CEO speeches of German corporates between 2008 and 2016 that their sentiment is significantly related to abnormal stock returns and trading volume around the AGM. By adapting a finance-specific German dictionary based on Loughran and McDonald (2011), we find a negative association of the post-AGM returns with the speeches’ negativity and a positive association with the speeches’ relative positivity (i.e. positivity relative to negativity). Relative positivity moreover corresponds with a lower trading volume around the AGM. Investors hence seem to perceive the sentiment of CEO speeches at AGMs as a valuable indicator of future firm performance. Our results are robust against different weighting schemes and our dictionary appears to be better suited to grasp the sentiment of German business documents compared to general dictionaries.
The long-run consumption risk model provides a theoretically appealing explanation for prominent asset pricing puzzles, but its intricate structure presents a challenge for econometric analysis. This paper proposes a two-step indirect inference approach that disentangles the estimation of the model's macro-economic dynamics and the investor's preference parameters. A Monte Carlo study explores the feasibility and efficiency of the estimation strategy. We apply the method to recent U.S.\data and provide a critical re-assessment of the long-run risk model's ability to reconcile the real economy and financial markets. This two-step indirect inference approach is potentially useful for the econometric analysis of other prominent consumption-based asset pricing models that are equally difficult to estimate.
On 22 May 2017, the suicide bomber Salman Abedi killed 22 people and injured many more after an Ariana Grande concert in the Manchester Arena. On 9 September 2017, the Manchester Arena was reopened with a benefit show labelled as a “We Are Manchester” concert. The concert’s aim was to raise money for a place of memorial for the victims of the attack. “We Are Manchester” is only one of the many peaceful responses to the attacks: In contrast to the heated debates on increasing security, they reveal different ways of standing together for a liberal and diverse society against the fear caused by terrorism...
In recent years, Ontological Security Theory (OST) has been established as a new theory in the field of International Relations. The theory seeks to explain state behavior, and offers a new perspective on the security dilemma and the persistence of conflicts. It has proven itself helpful in explaining seemingly irrational state behavior such as an aggressive foreign policy by weak states or the provision of humanitarian aid by powerful nations. OST further allows scholars to analyze norm-violating behavior of states, for instance the use of torture at the hands of Americans in the War on Terror. If you have not engaged with the theory before, you might want to learn about its core arguments as well as its potential and limitations in the following. For those who know the theory well, let me show you how the theory was key to gaining new insights in my research.
On the 28th of July, a 26 year old man, Ahmad A. launched a knife attack in a supermarket in the Barmbek area of Hamburg, wounding four people and killing one. He fled the scene of the attack before being forcefully apprehended by some bystanders. The attacker, a rejected asylum seeker, was understood by the police to have been recently religiously radicalised. Hamburg’s Interior Minister Andy Grote explained that he was known to the police as an “Islamist but not a jihadist” and was suspected of having psychological problems. Prosecutors have asserted that he had no known connections with any organized radical network or group and that he had planned on dying as a martyr...