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This memorandum describes the approach of the U.S. Securities and Exchange Commission (the "SEC") in monitoring and, where appropriate, regulating the use of research reports by investment banking firms in connection with securities transactions. The memorandum addresses the historical system of regulation, which continues in large measure to apply. It also examines the new initiatives taken, following a number of prominent corporate, accounting and banking scandals and a significant decline in U.S. and international capital markets, to supplement the current system in what some have dubbed the "post-Enron era".
Savings accounts are owned by most households, but little is known about the performance of households’ investments. We create a unique dataset by matching information on individual savings accounts from the DNB Household Survey with market data on account-specific interest rates and characteristics. We document considerable heterogeneity in returns across households, which can be partly explained by financial sophistication. A one-standard deviation increase in financial literacy is associated with a 13% increase compared to the median interest rate. We isolate the usage of modern technology (online accounts) as one channel through which financial literacy has a positive association with returns.
This paper investigates inertia within and across banks in retail deposit markets using detailed panel data on consumer choices and account characteristics. In a structural choice model, I find that costs of inertia are around one third higher for switching accounts across compared to switching within banks. Observable proxies of bank-level switching costs (number and type of additional financial products) explain most of this cost premium, while online banking usage reduces inertia. Consistent with theory, I provide evidence that banks incorporate inertia in their pricing as older accounts pay lower rates than comparable newer accounts. Counterfactual policies reducing inertia shift market share to more competitive smaller banks, but only eliminating inertia within banks already results in high potential gains in consumer surplus. This suggests that facilitating bank switching alone might be insufficient to improve consumer choices.
This paper provides a broad empirical examination of the major currencies' roles in international capital markets, with a special emphasis on the first year of the euro. A contribution is made as to how to measure these roles, both for international financing as well as for international investment. The times series collected for these measures allow for the identification of changes in the role of the euro during 1999 compared to the aggregate of euro predecessor currencies, net of intra -euro area assets/liabilities, before stage 3 of EMU. A number of key factors determining the currency distribution of international portfolio investments, such as relative market liquidity and relative risk characteristics of assets, are also examined empirically. It turns out that for almost all important market segments for which data are available, the euro immediately became the second most widely used currency for international financing and investment. For the flow of international bond and note issuance it experienced significant growth in 1999 even slightly overtaking the US dollar in the second half of the year. The euro's international investment role appears more static though, since most of the early external asset supply in euro is actually absorbed by euro area residents.
A key solution for public good provision is the voluntary formation of institutions that commit players to cooperate. Such institutions generate inequality if some players decide not to participate but cannot be excluded from cooperation benefits. Prior research with small groups emphasizes the role of fairness concerns with positive effects on cooperation. We show that effects do not generalize to larger groups: if group size increases, groups are less willing to form institutions generating inequality. In contrast to smaller groups, however, this does not increase the number of participating players, thereby limiting the positive impact of institution formation on cooperation.
In a parsimonious regime switching model, we find strong evidence that expected consumption growth varies over time. Adding inflation as a second variable, we uncover two states in which expected consumption growth is low, one with high and one with negative expected inflation. Embedded in a general equilibrium asset pricing model with learning, these dynamics replicate the observed time variation in stock return volatilities and stock- bond return correlations. They also provide an alternative derivation for a measure of time-varying disaster risk suggested by Wachter (2013), implying that both the disaster and the long-run risk paradigm can be extended towards explaining movements in the stock-bond correlation.
Das vorliegende Diskussionspapier ist die erweiterte and aktualisierte Fassung des Kapitels „Neoliberalismus und Arzt-Patient-Beziehung“ meines Buches „Zur sozialen Anatomie des Gesundheitswesens. Neoliberalismus und Gesundheitspolitik in Deutschland“ (Frankfurt 2005). Es geht dabei um die Ökonomisierung bzw. Kommerzialisierung eines sozialen Bereiches, der davor lange Zeit verschont wurde. Der Einfluss von Markt und Wettbewerb auf die Arzt-Patient- Beziehung werden beschrieben und analysiert sowie auf daraus folgende wichtige Veränderungen hingewiesen. Dabei zeigt sich, dass der Patient zunehmend zum Kunden wird und der Arzt immer intensiver unternehmerisch zu denken hat. Der Ermessensspielraum für ärztliche Entscheidungen, von Indikationsstellungen und therapeutischen Interventionen, werden davon nicht unerheblich berührt. Daraus ergeben sich ethische Aspekte, die schon vor einigen Jahrzehnten von der „kritischen Medizin“ beklagt wurden. Gesundheit wird hier als Menschenrecht gesehen. Als Gegenmodell zur um sich greifenden Kommerzialisierung gelten neue Formen der Versorgung, die auf der Basis von Solidarität beruhen.
Austerity
(2014)
We shed light on the function, properties and optimal size of austerity using the standard sovereign model augmented to include incomplete information about credit risk. Austerity is defined as the shortfall of consumption from the level desired by a country and supported by its repayment capacity. We find that austerity serves as a tool for securing a more favorable loan package; that it is associated with over-investment even when investment does not create collateral; and that low risk borrowers may favor more to less severe austerity. These findings imply that the amount of fresh funds obtained by a sovereign is not a reliable measure of austerity suffered; and that austerity may actually be associated with higher growth. Our analysis accommodates costly signalling for gaining credibility and also assigns a novel role to spending multipliers in the determination of optimal austerity.
Bei der Information und Sensibilisierung von Eigenheimbesitzer/innen für das Thema
Energie und CO2-Einsparung im Gebäudesektor stehen bislang vor allem breitenwirksame
Instrumente zur Verfügung. Dialogische Kommunikationsangebote, die in anderen
Bereichen des Nachhaltigkeitsmarketing eingesetzt werden, sind bislang nur wenig
verbreitet.
In dem vorliegenden Arbeitspapier werden die Bausteine einer integrierten Kommunikationsstrategie
für eine energetische Gebäudesanierung beleuchtet. Nach dem Verständnis
der Autor/innen umfasst eine solche Strategie monologisches und dialogisches
Marketing, Energieberatung sowie Markenbildung. Gestützt auf konzeptionelle
Überlegungen und empirische Ergebnisse werden im ersten Teil grundlegende Ziele
und Elemente einer dialogischen Kommunikationsstrategie für eine energetische Sanierung
erläutert. Im zweiten Teil illustrieren konkrete Beispiele, wie unter anderem
eine dialogische Kommunikation für unterschiedliche Sanierungsanlässe in der Praxis
gestaltet werden kann.
Improvements in water infrastructure in developing countries are of major importance for achieving access to clean water. CuveWaters, a research based IWRM project, currently underway in Namibia, is testing different technical options to de-centralise water supply and upgrade sanitation. The Cuvelai Basin is affected by highly variable precipitation, mostly saline groundwater and a lack of perennial rivers. Water management is characterised by strong dependency on a water pipeline. Finding ways to improve the situation calls for a good grasp of the local situation regarding water utilisation patterns. Technologically sophisticated concepts can easily clash with users’ socio-cultural needs and everyday behaviour as well as their understanding of planning and maintenance. A demand-responsive approach has therefore been developed. It combines a qualitative socio-empirical perspective with participatory planning. This paper discusses method development, empirical application and results. The approaches aim is to support mutual learning as a basis for a sustainable change process.
Increasing bike traffic in many European countries is a sign of a shift in planning paradigms towards more sustainable mobility cultures. It is also the result of 20 to 30 years of evolution and refinement in the training of urban and transport planners. Capacity development is therefore key when it comes to changing mobility cultures. Nevertheless, the day-to-day work of transport planners still focuses mostly on motorised traffic and the tasks of creating a smooth traffic flow, improving accessibility, and maintaining infrastructure. Cycling plays only a minor role, with efforts often still concentrated on the building of cycle lanes. The broader strategic goal of how to make urban mobility culture more sustainable – and within this the need to focus on cycling as an everyday mode of transport – is often neglected. Direct regulation is not possible when it comes to mobility cultures. Instead they represent a community-wide (communication) process that calls for a new planning paradigm: Besides the political will to establish a sustainable urban mobility culture, emphasis must also be placed on skills and training for urban and transport planners.
Im Feldversuch von Future Fleet wurde einer Vielzahl von Fragestellungen nachgegangen. In
Bezug auf das Verkehrsverhalten und die Akzeptanz von Elektroautos standen folgende Forschungsfragen
im Vordergrund:
·Welches sind Faktoren für Attraktivität und Akzeptanz von Elektrofahrzeugen im Rahmen
einer betrieblichen Nutzung?
·Wie entwickelt sich das Verkehrsverhalten der Nutzerinnen und Nutzer?
·Wie wirken sich die veränderte Technik und Poolkonzepte auf das Verkehrsverhalten
und die Einstellungen der Nutzer/innen aus? Wie integrieren Nutzer und Nutzerinnen die
veränderten Eigenschaften in ihre Alltagsroutinen?
Es bestand ein sehr großes Interesse der SAP-Mitarbeiter/innen am Feldtest. Es konnte nur ein
Bruchteil der Interessierten am Feldtest teilnehmen. Zwei Nutzungsszenarien wurden entwickelt.
Das Szenario 1 "wochenweise Überlassung" für eine mehrtägige Nutzung der Elektrofahrzeuge
durch eine Person auf beruflichen und privaten Wegen. Das Szenario 2 "Dienstliche Nutzung
(Poolfahrzeug)" für Dienstfahrten von Mitarbeiterinnen und Mitarbeitern zu einem anderen Standort
oder Außenterminen. ...
Grenzüberschreitende Umstrukturierungen wurden bislang unter Nutzung traditioneller Strukturmodelle als Übernahmen oder Zusammenschluss zwischen Gleichen mit öffentlichen Erwerbsangeboten gegen bar oder Aktien vollzogen. Eine grenzüberschreitende Verschmelzung im rechtstechnischen Sinne war bislang in Deutschland nicht möglich. Die SEVIC-Entscheidung des EuGH, die Einführung der SE und demnächst die gesetzliche Regelung einer EU-weiten Verschmelzung ermöglichen auch grenzüberschreitende Verschmelzungen im rechtstechnischen Sinne. Der Verfasser stellt die traditionellen Strukturen eines grenzüberschreitenden Unternehmenszusammenschlusses dar und untersucht, welche praktische Bedeutung diese traditionellen Strukturen in Zukunft haben werden. Darüber hinaus wird untersucht, ob eine grenzüberschreitende Unternehmenszusammenführung nach den Grundsätzen des SEVIC-Entscheidung für die Praxis eine Alternative darstellt.
We assess the effect and the timing of the corporate arm of the ECB quantitative easing (CSPP) on corporate bond issuance. Because of several contemporaneous measures, to isolate the programme effects we rely on one key eligibility feature: the euro denomination of newly issued bonds. We find that the significant increase in bonds issuance by eligible firms is due to the CSPP and that this effect took at least six months to unfold. This result holds even when comparing firms with similar ratings, thus providing evidence that unconventional monetary policy can foster a financing diversification regardless of firms’ risk profile. We also highlight the impact of the programme on the real economic activity. The evidence suggests that while all firms increased investment in capital expenditures and intangible assets, the CSPP induced eligible firms to invest in marketable and equity securities, to repurchase their own stocks, to hold cash and to carry out short-term investment.
This paper studies whether Eurosystem collateral eligibility played a role in the portfolio choices of euro area asset managers during the “dash-for-cash” episode of 2020. We find that asset managers reduced their allocation to ECB-eligible corporate bonds, selling them in order to finance redemptions, while simultaneously increasing their cash holdings. These findings add nuance to previous studies of liquidity strains and price dislocations in the corporate bond market during the onset of the Covid-19 pandemic, indicating a greater willingness of dealers to increase their inventories of corporate bonds pledgeable with the ECB. Analysing the price impact of these portfolio choices, we also find evidence pointing to price pressure for both ECB-eligible and ineligible corporate bonds. Bonds that were held to a larger extent by investment funds in our sample experienced higher price pressure, although the impact was lower for ECB-eligible bonds. We also discuss broader implications for the related policy debate about how central banks could mitigate similar types of liquidity shocks.
A growing body of literature shows the importance of financial literacy in households' financial decisions. However, fewer studies focus on understanding the determinants of financial literacy. Our paper fills this gap by analyzing a specific determinant, the educational system, to explain the heterogeneity in financial literacy scores across Germany. We suggest that the lower financial literacy observed in East Germany is partially caused by a different institutional framework experienced during the Cold War, more specifically, by the socialist educational system of the GDR which affected specific cohorts of individuals. By exploiting the unique set-up of the German reunification, we identify education as a channel through which institutions and financial literacy are related in the German context.
No. And not only for the reason you think. In a world with multiple inefficiencies the single policy tool the central bank has control over will not undo all inefficiencies; this is well understood. We argue that the world is better characterized by multiple inefficiencies and multiple policy makers with various objectives. Asking the policy question only in terms of optimal monetary policy effectively turns the central bank into the residual claimant of all policy and gives the other policymakers a free hand in pursuing their own goals. This further worsens the tradeoffs faced by the central bank. The optimal monetary policy literature and the optimal simple rules often labeled flexible inflation targeting assign all of the cyclical policymaking duties to central banks. This distorts the policy discussion and narrows the policy choices to a suboptimal set. We highlight this issue and call for a broader thinking of optimal policies.
In this study, we develop a technique for estimating a firm’s expected cost of equity capital derived from analyst consensus forecasts and stock prices. Building on the work of Gebhardt/Lee/-Swaminathan (2001) and Easton/Taylor/Shroff/Sougiannis (2002), our approach allows daily estimation, using only publicly available information at that date. We then estimate the expected cost of equity capital at the market, industry and individual firm level using historical German data from 1989-2002 and examine firm characteristics which are systematically related to these estimates. Finally, we demonstrate the applicability of the concept in a contemporary case study for DaimlerChrysler and the European automobile industry.
Der vorliegende Beitrag untersucht, ob der Mehrheitsaktionär einer Gesellschaft im Vorfeld eines Zwangsausschlusses von Minderheitsaktionären (sog. Squeeze-Out) versucht, die Kapitalmarkterwartungen negativ zu beeinflussen. Ein solches "manipulatives" Verhalten wird häufig in der juristischen wie betriebswirtschaftlichen Literatur unterstellt, da der Aktienkurs fü die Abfindungshöhe die Wertuntergrenze bildet. Unsere empirische Untersuchung der Bilanz- und Pressemitteilungspolitik von Squeeze-Out-Unternehmen im Vorfeld der Ankündigung einer solchen Maßnahme am deutschen Kapitalmarkt zeigt, dass in diesem Zeitraum tatsächlich ein signifikanter Anstieg (Rückgang) der im Ton pessimistischen (optimistischen) Pressemitteilungen feststellbar ist. Allerdings zeigt sich weiter, dass die Aktien der Squeeze-Out-Kandidaten bereits im Vorfeld und am Tag der Ankündigung so hohe positive Überrenditen erzielen, dass der von uns quantifizierte kumulierte Effekt der Informationspolitik auf die Börsenbewertung einen insgesamt nur sehr geringen Einfluss ausübt und von anderen Faktoren (z.B. Abfindungsspekulationen) dominiert wird. JEL: M41, M40, G14, K22
The question whether the adoption of International Financial Reporting Standards (IFRS) will result in measurable economic benefits is of special policy relevance in particular given the European Union’s decision to require the application of IFRS by listed companies from 2005/2007. In this paper, I investigate the common con-jecture that internationally recognized high quality reporting standards (IAS/IFRS or US-GAAP) reduce the cost of capital of adopting firms (e.g. Levitt 1998; IASB 2002). Building on Leuz/Verrecchia (2000), I use a set of German firms which pre-adopted such standards before 2005, but investigate the potential economic benefits by analyzing their expected cost of equity capital utilizing and customizing avail-able implied estimation methods (e.g. Gebhardt/Lee/Swaminathan 2001, Easton/Taylor/Shroff/Sougiannis 2002, Easton 2004). Evidence from a sample of about 13,000 HGB, 4,500 IAS/IFRS and 3,000 US-GAAP firm-month observations in the period 1993-2002 generally fails to document lower expected cost of equity capital and therefore measurable economic benefits for firms applying IAS/IFRS or US-GAAP. Accordingly, I caution to state that reporting under internationally accepted standards, per se, lowers the cost of equity capital of adopting firms.
Euro area data show a positive connection between sovereign and bank risk, which increases with banks’ and sovereign long run fragility. We build a macro model with banks subject to incentive problems and liquidity risk (in the form of liquidity based banks’ runs) which provides a link between endogenous bank capital and macro and policy risk. Our banks also invest in risky government bonds used as capital buffer to self-insure against liquidity risk. The model can replicate the positive connection between sovereign and bank risk observed in the data. Central bank liquidity policy, through full allotment policy, is successful in stabilizing the spiraling feedback loops between bank and sovereign risk.
Am 12. Januar 2015 schwärmten 58 ForscherInnen und Studierende, 31 aus Berlin, 27 aus Chemnitz, auf den Skatepark in der Dresdener Lingnerallee. Ziel der Aktion war es, mehr über die Proteste der "Patriotischen Europäer gegen die Islamisierung des Abendlandes" (Pegida) herauszufinden. Seit Oktober 2014 hatten sich in Dresden immer mehr Menschen unter diesem sperrigen Motto versammelt. Mit den Protesten wuchs auch die Kritik an den völkischen und rassistischen Deutungsmustern, die dort Raum griffen. Wer waren die Demonstrierenden? Was trieb sie auf die Straße? Wie verbreitet waren die Ressentiments, die in Reden, Sprechchören und auf Transparenten hör- und sichtbar waren? ...
Erasmus, christlicher Humanismus und Spiritualität in Spanien und Neu-Spanien (16. Jahrhundert)
(2020)
Schriften des Erasmus von Rotterdam (1466/69–1536) entfalteten während des 16. Jahrhunderts eine große Wirkung in Spanien. Auf Grundlage der klassischen wie der jüngeren Historiographie widmet sich der Aufsatz diesem religions- und kulturgeschichtlichen Phänomen – mit Seitenblicken auf Luther – in vier Teilen: Nach einer Skizze zu Leben und Werk des christlichen Humanisten behandelt der zweite Teil den Erasmianismus in Spanien von seiner Erfolgsgeschichte in den 1520er Jahren (etwa bei Hof, an den Universitäten und in Übersetzungen) bis zur Verfolgung seiner Anhänger seit den 1530er Jahren durch die Inquisition. Drittens werden neuere Forschungstendenzen diskutiert, die das klassische, von Marcel Bataillon geprägte Bild korrigieren und weiterentwickeln, auch im Hinblick auf das ambivalente Verhältnis von Scholastik und Humanismus. Der letzte Teil widmet sich dem Einfluss des Erasmus in Neuspanien (Mexiko) am Beispiel von (Erz-) Bischöfen und Mönchen sowie von frühkolonialen Fallstudien.
This paper shows that long debt maturities eliminate equity holders’ incentives to reduce leverage when the firm performs poorly. By contrast, short debt maturities commit equity holders to such leverage reductions. However, shorter debt maturities also lead to higher transactions costs when maturing bonds must be refinanced. We show that this tradeoff between higher expected transactions costs against the commitment to reduce leverage when the firm is doing poorly motivates an optimal maturity structure of corporate debt. Since firms with high costs of financial distress benefit most from committing to leverage reductions, they have a stronger motive to issue short-term debt.
n traditional portfolio theory, risk management is limited to the choice of the relative weights of the riskless asset and a diversified basket of risky securities, respectively. Yet in industry, risk management represents a central aspect of asset management, with distinct responsibilities and organizational structures. We identify frictions that lead to increased importance of risk management and describe three major challenges to be met by the risk manager. First, we derive a framework to determine a portfolio position's marginal risk contribution and to decide on optimal portfolio weights of active managers. Second, we survey methods to control downside risk and unwanted risks since investors frequently have non-standard preferences which make them seek protection against excessive losses. Third, we point out that quantitative portfolio management usually requires the selection and parametrization of stylized models of financial markets. We therefore discuss risk management approaches to deal with parameter uncertainty, such as shrinkage procedures or re- sampling procedures, and techniques of dealing with model uncertainty via methods of Bayesian model averaging.
In ‘Strafe für fremde Schuld’ Harald Maihold uncovered how a doctrine of surrogate punishment in the legal treatises of the Salamanca school gradually gave way to the principle of guilt. This meant that punishment eventually could only be inflicted upon a culprit and no longer upon an innocent. We will use René Girard’s philosophy of (the disruption of) scapegoat mechanisms and sacrifice to develop a coherent interpretation not only of how this institution of surrogate punishment functioned, how it selected its victims and the way it was legitimated, but also of the theology that formed its background. We argue that most of what surrogate punishment is about can be grasped in two words: sacrificial logic. The elimination of surrogation from criminal law would then correspond to the rejection of this logic, an evolution which could be interpreted as a desacralisation or secularisation of criminal law under the influence of the upcoming principle of guilt.
Banks' financial distress, lending supply and consumption expenditure : [version december 2013]
(2014)
The paper employs a unique identification strategy that links survey data on household consumption expenditure to bank level data in order to estimate the effects of bank financial distress on consumer credit and consumption expenditures. Specifically, we show that households whose banks were more exposed to funding shocks report significantly lower levels of non-mortgage liabilities compared to a matched sample of households. The reduced access to credit, however, does not result in lower levels of consumption. Instead, we show that households compensate by drawing down liquid assets. Only households without the ability to draw on liquid assets reduce consumption. The results are consistent with consumption smoothing in the face of a temporary adverse lending supply shock. The results contrast with recent evidence on the real effects of finance on firms' investment, where even temporary adverse credit supply shocks are associated with significant real effects.
Using a novel regulatory dataset of fully identified derivatives transactions, this paper provides the first comprehensive analysis of the structure of the euro area interest rate swap (IRS) market after the start of the mandatory clearing obligation. Our dataset contains 1.7 million bilateral IRS transactions of banks and non-banks. Our key results are as follows:
1) The euro area IRS market is highly standardised and concentrated around the group of the G16 Dealers but also around a significant group of core “intermediaries"(and major CCPs).
2) Banks are active in all segments of the IRS euro market, whereas non-banks are often specialised.
3) When using relative net exposures as a proxy for the “flow of risk" in the IRS market, we find that risk absorption takes place in the core as well as the periphery of the network but in absolute terms the risk absorption is largely at the core.
4) Among the Basel III capital and liquidity ratios, the leverage ratio plays a key role in determining a bank's IRS trading activity.
Im Rahmen dieses Artikels wurden die verschiedenen Möglichkeiten untersucht, die in einem Konzern bestehen, um die Liquiditätsflüsse zwischen den einzelnen Gesellschaften zu verwalten. Wie bereits erwähnt wurde, ist das untersuchte Organisationsmodell, auch wenn es in der italienischen Praxis am weitesten verbreitet ist, nur eines der verschiedenen Modelle, um das Cash-Management zu zentralisieren.58 Ausgehend davon wurde versucht, die Merkmale dieses Modells und die Aufgaben, die in dessen Rahmen normalerweise der Konzernfinanzgesellschaft übertragen werden, herauszuarbeiten. Dabei konnte festgestellt werden, dass die von der Finanzgesellschaft wahrgenommenen Aufgaben unter zahlreichen Gesichtspunkten den typischen Bankaufgaben ähneln. Diesbezüglich genügt der Hinweis, dass die Finanzgesellschaft, indem sie den Konzerngesellschaften Kredite gewährt, und zwar unter anderem durch Verwendung der Liquiditätsüberschüsse anderer Gesellschaften desselben Konzerns, ein wichtiges Verbindungsglied zwischen den Gesellschaften, die Liquiditätsüberschüsse ausweisen und denen, die diese benötigen, ist. Dadurch übernimmt die Finanzgesellschaft in operativer Hinsicht die Rolle einer echten Konzernbank. Auch die Banken bewirken effektiv den Ausgleich der unterschiedlichen Kassenflüsse zwischen den innerhalb des Wirtschaftssystems tätigen Akteuren. Diese Feststellung wird auch in quantitativer Hinsicht bestätigt, wenn man den Umfang der normalerweise von der Finanzgesellschaft verwalteten Ressourcen betrachtet. Die Beträge, die bei den konzerninternen Beschaffungs- und Anlagetransaktionen sowie bei den Finanzverwaltungsvorgängen vermittelt werden, ist mit den Beträgen vergleichbar, die Banken im Rahmen ihrer Tätigkeiten üblicherweise umsetzen. Aber auch wenn das zutrifft, wurde im Rahmen dieses Artikels gezeigt, dass die zwischen der Finanzgesellschaft und den einzelnen Konzerngesellschaften bestehenden Beziehungen nicht als Bankverträge im eigentlichen Sinn anzusehen sind. Insbesondere ist es nicht möglich, von Bankeinlagen zu sprechen. Daher wurden die verschiedenen Vertragsverhältnisse als atypische Verträge eingeordnet. Abschließend wurde noch auf einige Unterschiede zwischen den, im geprüften Modell vorhandenen, „ordentlichen Kontokorrenten“ und den „Bankkorrespondenzkonten“ hingewiesen. Dies gilt insbesondere für die vorhandene beziehungsweise fehlende Möglichkeit, im Rahmen ihrer jeweiligen Funktion eine rechtliche Kompensation zu sehen, die, wie erwähnt, dazu führen würde, dass eine Konkursanfechtung der Überweisungen auf das ordentliche Kontokorrent ausgeschlossen ist.
ichere Gesellschaften fordern immer mehr Sicherheit. Der Staat, traditionell verantwortlich für die Sicherheitsgewährleistung, gerät dadurch an die Grenzen seiner Steuerungsfähigkeit. In Zeiten globaler Risiken ist er allein schon durch seine territoriale Begrenztheit in seinen Kapazitäten überfordert, die wachsenden Sicherheitsbedürfnisse seiner vielfach verunsicherten Bevölkerung vollständig zu befriedigen. Gleichwohl machen politische Entscheidungsträger immer größere Sicherheitsversprechen, die ihr Verwaltungsapparat in Zeiten begrenzter Haushaltsbudgets kaum mehr einzulösen vermag. Damit befindet sich der Staat in einer paradoxen Situation. Je mehr Sicherheit er bereitstellt, desto weitgehender werden die gesellschaftlichen Sicherheitsanforderungen und desto weniger ist er selber in der Lage, diese zu befriedigen. Der Staat wird zum Opfer seines eigenen Erfolgs. Dies ist einer der Haupteffekte des Wandels der Sicherheitskultur. Dieser Beitrag, der als Einleitung zum zweiten Projektband konzipiert ist, geht auf die Folgen dieses Wandels für die Sicherheitspolitik nach und geht dabei insbesondere auf innenpolitische Faktoren von Sicherheitspolitik ein. In diesem Zusammenhang kommt der Kommunikation von Gefahr und Sicherheit und dem Zusammenwirken von Laien- und Expertenwissen im Rahmen einer demokratischen Sicherheitspolitik eine zentrale Rolle zu.
Seit einigen Jahren wird in wissenschaftlichen und politischen Kontexten immer häufiger der Begriff der 'Kultur' mit dem der 'Sicherheit' in Zusammenhang gebracht. Diesem Trend liegt offenbar die Vermutung zugrunde, mit dem Kulturbegriff ließen sich ungleichzeitige Veränderungen von objektiver und subjektiver, nationaler und internationaler, sozialer und militärischer Sicherheit beschreiben und das Verhältnis von sicherheitspolitischen Diskursen und sicherheitspolitischer Praxis analysieren. Noch freilich wird der Begriff der 'Sicherheitskultur' so unterschiedlich und unbestimmt verwendet, dass Erkenntnisse aus der einen Disziplin nicht einfach in eine andere übertragen werden können und der politische Sprachgebrauch uneinheitlich bleibt.
Intangible assets as goodwill, licenses, research and development or customer relations become in high technology and service orientated economies more and more important. But comparing the book values of listed companies and their market capitalization the financial reports seems to fail the information needs of market participants regarding the estimate of the proper firm value. Moreover, with the introduction of Anglo-American accounting systems in Europe and Asia we can observe even in the accounts of companies sited in the same jurisdiction diverging accounting practices for intangible assets caused by different accounting standards. To assess the relevance of intangible assets in Japanese and German accounts of listed companies we therefore measure certain balance sheet and profit and loss relations according to goodwill and self-developed software. We compare and analyze valuation rules for goodwill and software costs according to German GAAP, Japanese GAAP, US GAAP and IAS to determine the possible impact of diverging rules in the comparability of the accounts. Our results show that the comparability of the accounts is impaired because of different accounting practices. The recognition and valuation of goodwill and self-developed software varies significantly according to the accounting regime applied. However, for the recognition of self-developed software, the effect on the average impact on asset coefficients or profit is not that high. Moreover, an industry bias can only be found for the financial industry. In contrast, for goodwill accounting we found major differences especially between German and Japanese Blue Chips. The introduction of the new goodwill impairment only approach and the prohibition of the pooling method may have a major impact especially for Japanese companies’ accounts.
In international accounting literature there are various approaches to assess the quality of national accounting systems with respect to specific key functions, e.g. the intensity of capital market information. An empirical approach often used measures the quality of disclosure by ranking the national systems with the so-called "disclosure index" (e.g. Choi 1973, Barret 1975, Cooke 1992, Taylor/ Zarzeski 1996). Concentrating on disclosure regulation in contrast to accounting practices, Cooke/ Wallace 1990 construct an index which measures the "degree of financial regulation". They identify groups of countries which can be clearly classified in highly regulated, regulated and moderately regulated national accounting systems.
In our analysis, we want to enrich the idea of the degree of financial disclosure regulation to a concept for evaluating the degree of determination of financial measurement. Assuming that a high degree of determination of a national accounting system leads to more comparable accounts than a low degree, the index can be interpreted as a quality measure of national accounting systems according to the intensity of capital market information. The following hypothesis is to be proved: the degree of disclosure regulation equals the degree of measurement regulation in order to serve the information needs of the national capital markets.
Three groups of different degrees of determination for national accounting systems can be easily identified which are compared to the results of Cooke/ Wallace. For some of the national systems the above hypothesis seems to be appropriate whereas some opposing results can be shown. Possible explanations are presented which can be causally related to these diverging results. They are based on historical developments, the differentiation between rules for individual and group accounts, and on conditions where different degrees seem plausible.
Trust between parties should drive contract design: if parties were suspicious about each others’ reaction to unplanned events, they might agree to pay higher costs of negotiation ex ante to complete contracts. Using a unique sample of U.S. consulting contracts and a negative shock to trust between shareholders/managers (principals) and consultants (agents) staggered across space and over time, we find that lower trust increases contract completeness. Not only the complexity but also the verifiable states of the world covered by contracts increase after trust drops. The results hold for several novel text-analysis-based measures of contract completeness and do not arise in falsification tests. At the clause level, we find that non-compete agreements, confidentiality, indemnification, and termination rules are the most likely clauses added to contracts after a negative shock to trust and these additions are not driven by new boilerplate contract templates. These clauses are those whose presence should be sensitive to the mutual trust between principals and agents.
Expectations about economic variables vary systematically across genders. In the domain of inflation, women have persistently higher expectations than men. We argue that traditional gender roles are a significant factor in generating this gender expectations gap as they expose women and men to different economic signals in their daily lives. Using unique data on the participation of men and women in household grocery chores, their resulting exposure to price signals, and their inflation expectations, we document a tight link between the gender expectations gap and the distribution of grocery shopping duties. Because grocery prices are highly volatile, and consumers focus disproportionally on positive price changes, frequent exposure to grocery prices increases perceptions of current inflation and expectations of future inflation. The gender expectations gap is largest in households whose female heads are solely responsible for grocery shopping, whereas no gap arises in households that split grocery chores equally between men and women. Our results indicate that gender differences in inflation expectations arise due to social conditioning rather than through differences in innate abilities, skills, or preferences.
We estimate the cost of cultural biases in high-stake economic decisions by comparing agents’ peer-to-peer lending choices with those the same agents make under the assistance of an automated robo-advisor. We first confirm substantial in-group vs. out-group and stereotypical discrimination, which are stronger for lenders who reside where historical cultural biases are higher. We then exploit our unique setting to document that cultural biases are costly: agents face 8% higher default rates on favored-group borrowers when unassisted. The returns they earn on favored groups increase by 7.3 percentage points when assisted. The high riskiness of the marginal borrowers from favorite groups largely explains the bad performance of culturally-biased choices. Because varying economic incentives do not reduce agents’ biases, inaccurate statistical discrimination—unconscious biased beliefs about borrowers’ quality—can explain our results better than taste-based discrimination.
Increasing the diversity of policy committees has taken center stage worldwide, but whether and why diverse committees are more effective is still unclear. In a randomized control trial that varies the salience of female and minority representation on the Federal Reserve’s monetary policy committee, the FOMC, we test whether diversity affects how Fed information influences consumers’ subjective beliefs. Women and Black respondents form unemployment expectations more in line with FOMC forecasts and trust the Fed more after this intervention. Women are also more likely to acquire Fed-related information when associated with a female official. White men, who are overrepresented on the FOMC, do not react negatively. Heterogeneous taste for diversity can explain these patterns better than homophily. Our results suggest more diverse policy committees are better able to reach underrepresented groups without inducing negative reactions by others, thereby enhancing the effectiveness of policy communication and public trust in the institution.
Die Verknüpfung des Fahrrades mit dem Öffentlichen Verkehr (ÖV) kann den Umweltverbund stärken, den Übergang von einem Verkehrssystem auf das andere erleichtern und eine attraktive Alternative zum motorisierten Individualverkehr schaffen. Die vorliegende Arbeit repräsentiert den ersten umfassenden Projektbericht innerhalb des Forschungsprojektes „Verbesserte Integration des Fahrrads in den öffentlichen Verkehr – Systematische Erschließung von Handlungsoptionen und Bewertung von Best-Practices“. Ziel dieser Publikation ist eine aktuelle Aufarbeitung des Standes der Forschung und der Praxis zu diesem Thema.
Nach einer systematischen Darstellung wichtiger Forschungsstränge, werden zunächst Ergebnisse aus dem „Mobilität in Deutschland“-Datensatz hinsichtlich intermodaler Rad‐ÖV‐Nutzungsmuster präsentiert. Aufbauend darauf werden Datengrundlagen und generelle Erfordernisse an Erhebungsmethoden diskutiert, um die inter- und multimodale Verkehrsmittelnutzung tatsächlich beurteilen zu können. Die Darstellung des aktuellen Standes in der Praxis wird anhand von drei Schwerpunkt-Feldern vorgenommen: Bike and Ride Abstellanlagen an Haltestellen des ÖV, Radmitnahme in den Fahrzeugen des ÖV und Fahrradverleihsysteme. Dabei werden sowohl infrastrukturelle Maßnahmen als auch Betreiberkonzepte und Marketingaspekte behandelt. Ein weiteres Kapitel beschäftigt sich mit den Chancen und Herausforderungen im Zuge der fortschreitenden Digitalisierung und der Verbreitung von mobilen Endgeräten.
Die Verknüpfung des Fahrrades mit dem Öffentlichen Verkehr (ÖV) kann den Umweltverbund stärken, den Übergang von einem Verkehrssystem auf das andere erleichtern und eine attraktive Alternative zum motorisierten Individualverkehr schaffen. Die vorliegende Arbeit repräsentiert den zweiten umfassenden Projektbericht innerhalb des Forschungsprojektes „Verbesserte Integration des Fahrrads in den öffentlichen Verkehr – Systematische Erschließung von Handlungsoptionen und Bewertung von Best-Practices“. Im ersten Projektbericht (ebenfalls in dieser Arbeitspapierreihe erschienen – Nr. 15) wurden die Entwicklungen der letzten Jahre in den infrastrukturellen Themenfeldern Fahrradmitnahme, Fahrradverleihsysteme und Fahrradabstellanlagen aufgearbeitet und Fragen zu Kommunikation und Marketing der Angebote sowie zu Möglichkeiten der fortschreitenden Digitalisierung zur verbesserten Integration von Fahrrad und Öffentlichem Verkehr diskutiert. Darauf aufbauend werden im vorliegenden Bericht die Ergebnisse vertiefender Fallstudien dargestellt, mit dem Ziel, Erfolgsfaktoren und Hemmnisse für die Integration von Fahrrad mit Öffentlichem Verkehr aufzuzeigen und in einem späteren Schritt daraus Handlungsempfehlungen zur Stärkung dieser Integration für Kommunen und Verkehrsanbieter geben zu können. Für die Fallstudien wurden solche Beispiele ausgewählt, die einen Vorbildcharakter haben und als nachahmenswert für andere Städte und Regionen gelten können bzw. aus denen sich Erkenntnisse für die Stärkung der Integration von Fahrradverkehr mit dem ÖV ziehen lassen. Zudem sollten die verschiedenen infrastrukturellen Themenfelder abgedeckt sein. Neben einer Darstellung der jeweils fallspezifischen Besonderheiten wird zu jedem Fallbeispiel das Betreiber- und Geschäftsmodell dargestellt und es erfolgt eine Bewertung, die sowohl die Sicht der Betreiber als auch die der Nutzenden beachtet.
Folgende Fallbeispiele werden behandelt:
Die hessischen Verkehrsverbünde Rhein-Main-Verkehrsverbund (RMV) und Nordhessischer Verkehrsverbund (NVV) bieten eine kosten- und sperrzeitfreie Mitnahmeregelung für Fahrräder an.
Das MVGmeinRad Mainz ist als Fahrradverleihsystem ein Teil des kommunalen ÖPNV-Unternehmens.
Zu den Fahrradabstellanlagen an Bahnhöfen wurden in der Fallstudie drei unterschiedlich große Anlagen einbezogen: Dein Radschloss des Verkehrsverbundes Rhein-Ruhr (VRR) für kleine, das Radhaus Offenburg für mittelgroße und die Radstation Düsseldorf für große Standorte.
München wurde schließlich für eine kommunale Strategie zur verbesserten Verknüpfung von Fahrrad und Öffentlichem Verkehr ausgewählt, da dort eine Vielzahl von Maßnahmen zur Stärkung der Fahrradmobilität sichtbar sind.
The global financial crisis has lead to a renewed interest in discretionary fiscal stimulus. Advocates of discretionary measures emphasize that government spending can stimulate additional private spending — the so-called Keynesian multiplier effect. Thus, we investigate whether the discretionary spending announced by Euro area governments for 2009 and 2010 is likely to boost euro area GDP by more than one for one. Because of modeling uncertainty, it is essential that such policy evaluations be robust to alternative modeling assumptions and different parameterizations. Therefore, we use five different empirical macroeconomic models with Keynesian features such as price and wage rigidities to evaluate the impact of fiscal stimulus. Four of them suggest that the planned increase in government spending will reduce private spending for consumption and investment purposes significantly. If announced government expenditures are implemented with delay the initial effect on euro area GDP, when stimulus is most needed, may even be negative. Traditional Keynesian multiplier effects only arise in a model that ignores the forward-looking behavioral response of consumers and firms. Using a multi-country model, we find that spillovers between euro area countries are negligible or even negative, because direct demand effects are offset by the indirect effect of euro appreciation.
This paper explores the role of trade integration—or openness—for monetary policy transmission in a medium-scale New Keynesian model. Allowing for strategic complementarities in price-setting, we highlight a new dimension of the exchange rate channel by which monetary policy directly impacts domestic inflation. Although the strength of this effect increases with economic openness, it also requires that import prices respond to exchange rate changes. In this case domestic producers find it optimal to adjust their prices to exchange rate changes which alter the domestic currency price of their foreign competitors. We pin down key parameters of the model by matching impulse responses obtained from a vector autoregression on U.S. time series relative to an aggregate of industrialized countries. While we find evidence for strong complementarities, exchange rate pass-through is limited. Openness has therefore little bearing on monetary transmission in the estimated model.
This paper argues that the introduction of the Banking Recovery and Resolution Directive (BRRD) improved market discipline in the European bank market for unsecured debt. The different impact of the BRRD on bank bonds provides a quasi-natural experiment that allows to study the effect of the BRRD within banks using a difference-in-difference approach. Identification is based on the fact that (otherwise identical) bonds of a given bank maturing before 2016 are explicitly protected from BRRD bail-in. The empirical results are consistent with the hypothesis that debt holders actively monitor banks and that the BRRD diminished bail-out expectations. Bank bonds subject to BRRD bail-in carry a 10 basis points bail-in premium in terms of the yield spread. While there is some evidence that the bail-in premium is more pronounced for non-GSIB banks and banks domiciled in peripheral European countries, weak capitalization is the main driver.
We introduce long-run investment productivity risk in a two-sector production economy to explain the joint behavior of macroeconomic quantities and asset prices. Long-run productivity risk in both sectors, for which we provide economic and empirical justification, acts as a substitute for shocks to the marginal efficiency of investments in explaining the equity premium and the stock return volatility differential between the consumption and the investment sector. Moreover, adding moderate wage rigidities allows the model to reproduce the empirically observed positive co-movement between consumption and investment growth.
The international diffusion of technology plays a key role in stimulating global growth and explaining co-movements of international equity returns. Existing empirical evidence suggests that countries are heterogeneous in their attitude toward innovation: Some countries rely more on technology adoption while other countries rely more on internal technology production. European countries that rely more on adoption are also typically characterized by lower fiscal policy exibility and higher labor market rigidity. We develop a two-country model – where both countries rely on R&D and adoption – to study the short-run and long-run effects of aggregate technology and adoption probability shocks on economic growth in the presence of the aforementioned asymmetries. Our framework suggests that an increase in the ability to adopt technology from abroad stimulates economic growth in the country that benefits from higher adoption rates but the beneficial effects also spread to the foreign country. Moreover, it helps explaining the differences in macro quantities and equity returns observed in the international data.
This paper contributes to the ongoing debate on the relationship between austerity measures and economic growth. We propose a general equilibrium model where (i) agents have recursive preferences; (ii) economic growth is endogenously driven by investments in R&D; (iii) the government is committed to a zero-deficit policy and finances public expenditures by means of a combination of labor taxes and R&D taxes. We find that austerity measures that rely on reducing resources available to the R&D sector depress economic growth both in the short- and long-run. High debt EU members are currently implementing austerity measures based on higher taxes and/or lower investments in the R&D sector. This casts some doubts on the real ability of these countries to grow over the next years.
We propose a 2-country asset-pricing model where agents' preferences change endogenously as a function of the popularity of internationally traded goods. We determine the effect of the time-variation of preferences on equity markets, consumption and portfolio choices. When agents are more sensitive to the popularity of domestic consumption goods, the local stock market reacts more strongly to the preferences of local agents than to the preferences of foreign agents. Therefore, home bias arises because home-country stock represents a better investment opportunity for hedging against future fluctuations in preferences. We test our model and find that preference evolution is a plausible driver of key macroeconomic variables and stock returns.