Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting
Refine
Year of publication
Document Type
- Working Paper (203)
- Report (3)
Is part of the Bibliography
- no (206)
Keywords
- Deutschland (55)
- Schätzung (25)
- Corporate Governance (23)
- Börsenkurs (14)
- Bank (12)
- Portfoliomanagement (12)
- corporate governance (10)
- Europäische Union (9)
- Großbritannien (8)
- Kreditwesen (8)
- Aktienmarkt (7)
- Asymmetrische Information (7)
- Optionspreistheorie (7)
- Wertpapierhandel (7)
- Frankreich (6)
- Immobilienfonds (6)
- Interbankenabkommen (6)
- Japan (6)
- Kapitalmarkteffizienz (6)
- Portfolio Selection (6)
- Volatilität (6)
- Wertpapiermarkt (6)
- Anreizsystem (5)
- Börse (5)
- Börsenzulassung (5)
- Finanzierungsstruktur (5)
- Finanzintermediation (5)
- Finanzwirtschaft (5)
- Going Public (5)
- International Accounting Standards (5)
- International Financial Reporting Standards (5)
- Kapitalmarkt (5)
- Kreditmarkt (5)
- Rendite (5)
- Wertpapieremission (5)
- complementarity (5)
- credit risk (5)
- Aktienkurs (4)
- Aktienoption (4)
- Altersversorgung (4)
- Bewertungseinheit (4)
- Corporate governance (4)
- Entwicklungsfinanzierung (4)
- Entwicklungsländer (4)
- Handelsvolumen (4)
- Investitionsentscheidung (4)
- Kapitalstruktur (4)
- Klein- und Mittelbetrieb (4)
- Kreditrisiko (4)
- Liquidität (4)
- Mikrofinanzierung (4)
- Mikrostrukturtheorie <Kapitalmarkttheorie> (4)
- Neubewertung (4)
- Publizitätspflicht (4)
- Risiko (4)
- Russland (4)
- Unternehmen (4)
- Vergleich (4)
- Versicherungswirtschaft (4)
- credit rationing (4)
- financial system (4)
- financial systems (4)
- institution building (4)
- networks (4)
- risk allocation (4)
- Aktienanalyse (3)
- Aktienbewertung (3)
- Aktienoptionshandel (3)
- Aktienoptionsplan (3)
- Asymmetric Information (3)
- Bankenkrise (3)
- Capital-Asset-Pricing-Modell (3)
- Development finance (3)
- Employee stock options (3)
- Executive stock options (3)
- Exponential smoothing (3)
- Fair value accounting (3)
- Festwert (3)
- Finanzanalyse (3)
- Finanzierungstheorie (3)
- Finanzintermediäre (3)
- Hedging (3)
- Index (3)
- Indexzahl (3)
- Institutionalismus (3)
- Investitionspolitik (3)
- Investmentfonds (3)
- Jahresabschlussprüfung (3)
- Kapitalkosten (3)
- Kreditwürdigkeit (3)
- Leistungsbewertung (3)
- Leistungsmessung (3)
- Markteffizienz (3)
- Mengenindex (3)
- Mergers and Acquisitions (3)
- Regulierung (3)
- Rentenreform (3)
- Schattenwirtschaft (3)
- Securitization (3)
- Shareholder-Value-Analyse (3)
- Sparkasse (3)
- Stakeholder (3)
- Technische Aktienanalyse (3)
- Teilwert (3)
- USA (3)
- Wertpapieranalyse (3)
- Zeitreihenanalyse (3)
- asset allocation (3)
- asymmetric information (3)
- efficiency (3)
- financial centres (3)
- information production (3)
- insurance (3)
- pension system (3)
- rating agencies (3)
- regulation (3)
- savings banks (3)
- (dis-)intermediation (2)
- Aktie (2)
- Anpassung (2)
- Arbitrage (2)
- Arbitragebewertung (2)
- Asset Allocation (2)
- Asset-Backed Security (2)
- Bankpolitik (2)
- Barrier options (2)
- Bias (2)
- Business Network (2)
- Börsenhandel (2)
- Börsenhändler (2)
- Börsenmakler (2)
- Contingent claims (2)
- DEA (2)
- Derivat, Wertpapier (2)
- Development Finance (2)
- Disclosure (2)
- EU (2)
- Einkommen (2)
- Electronic Commerce (2)
- Emissionskurs (2)
- Entscheidung bei Unsicherheit (2)
- Europa (2)
- Exercise Behavior (2)
- Experimentelle Wirtschaftsforschung (2)
- Fair-Value-Bewertung (2)
- Financial Systems (2)
- Finanzierung (2)
- Finanzplatz (2)
- Frankfurt (2)
- Fuzzy logic (2)
- Fuzzy-Logik (2)
- Fuzzy-Menge (2)
- Führungskraft (2)
- Geldkurs (2)
- Generaldirektor (2)
- Generally Accepted Accounting Principles (2)
- Germany (2)
- Geschichte 1980-1998 (2)
- Geschäftsführer (2)
- Gewinnbeteiligung (2)
- Gewinnermittlung (2)
- IAS (2)
- Inflation (2)
- Informationsverhalten (2)
- Informeller Finanzsektor (2)
- Initial public offerings (2)
- Institutionenökonomie (2)
- Insurance (2)
- International Accounting (2)
- International Portfolio Diversification (2)
- Internationale Bank (2)
- Internationale Wettbewerbsfähigkeit (2)
- Internationaler Kreditmarkt (2)
- Internationaler Wettbewerb (2)
- Investitionsplanung (2)
- Investmentsparen (2)
- Kapitalanlage (2)
- Kapitalertrag (2)
- Kapitalflussrechnung (2)
- Kapitalmarktforschung (2)
- Klein- und Mittelunternehmen (2)
- Kredit (2)
- Krisenmanagement (2)
- Kritik (2)
- Liquidity (2)
- Malmquist-Productivity (2)
- Marktmikrostruktur (2)
- Open Source (2)
- Pfandbrief (2)
- Portfolio Insurance (2)
- Public Private Partnership (2)
- Public-Private Partnership (2)
- Qualität (2)
- Ratingagentur (2)
- Relationship Lending (2)
- Rentner (2)
- Risikomanagement (2)
- Risikoprämie (2)
- Risikoverteilung (2)
- Schuldverschreibung (2)
- Schweiz (2)
- Schätzfunktion (2)
- Schätztheorie (2)
- Spieltheorie (2)
- Stabilität (2)
- Stochastischer Prozess (2)
- Tantieme (2)
- Topmanager (2)
- US GAAP (2)
- Unternehmenskontrolle (2)
- Unternehmenstheorie (2)
- Unternehmensverfassung (2)
- Unternehmensziel (2)
- Verbraucherverhalten (2)
- Versicherung (2)
- Vertrauensschadenversicherung (2)
- Vorstandsvorsitzender (2)
- Wertpapier (2)
- Wettbewerbsstrategie (2)
- Währungsrisiko (2)
- accrual accounting (2)
- auditor liability (2)
- bootstrapping (2)
- capital market-based financial system (2)
- career concerns (2)
- cash flow statements (2)
- clearing (2)
- consistent systems (2)
- convergence (2)
- corporate disclosure (2)
- credit risk transfer (2)
- default risk (2)
- demutualization (2)
- economics of organization (2)
- exchanges (2)
- financial transaction data (2)
- human capital formation (2)
- incomplete markets (2)
- index construction (2)
- labor income (2)
- market efficiency (2)
- mergers & acquisitions (2)
- open source software (2)
- ownership structure (2)
- performance measurement (2)
- portfolio choice (2)
- recursive utility (2)
- residual income (2)
- risk transfer (2)
- settlement (2)
- signalling (2)
- straight-through processing (2)
- systematic risk (2)
- trading (2)
- underpricing (2)
- voluntary disclosure (2)
- when-issued trading (2)
- winner’s curse (2)
- "superior" information (1)
- ABS (1)
- ACD (1)
- ARCH-Prozess (1)
- Abfindungsspekulation (1)
- Abschlussprüfung (1)
- Accounting (1)
- Ad-hoc-Publizität (1)
- Adaptive Erwartung (1)
- Agency Theory (1)
- Agency-Theorie (1)
- Agglomerationseffekt (1)
- Akquisitionen (1)
- Aktiendepot (1)
- Aktienemissionen (1)
- Aktienindex (1)
- Aktienrecht (1)
- Aktienrückkauf (1)
- Aktionärsstruktur (1)
- Alter (1)
- Alterssicherung (1)
- Analysis (1)
- Ankündigungseffekt (1)
- Anlageverhalten (1)
- Anlegerschutz (1)
- Anreiz (1)
- Anreizvertrag (1)
- Anteilseigner (1)
- Arbitrage-Pricing-Theorie (1)
- Arbitragefreiheit (1)
- Asset Liability Management (1)
- Asymmetric information (1)
- Auftrag (1)
- Auktionstheorie (1)
- Ausfallrisiko (1)
- Auskunftei (1)
- Ausland (1)
- Ausländisches Unternehmen (1)
- Ausschluss (1)
- Bank mergers (1)
- Bankenmacht (1)
- Bankensystem / Finanzsektor / Branchenentwicklung / Rentabilität / Strukturwandel / Sparkasse / Kreditgenossenschaft / Deutschland / 1970-2003 (1)
- Banking Regulation (1)
- Banking in Europe (1)
- Banking system (1)
- Bankkredit (1)
- Bankrecht (1)
- Bankruptcy Law (1)
- Banks (1)
- Banksteuerung (1)
- Basel II (1)
- Basler Eigenkapitalvereinbarung <1988> (1)
- Basler Eigenkapitalvereinbarung, 2001 (1)
- Basler Eigenkapitalvereinbarung, 2010 (1)
- Bayes-Regel (1)
- Bayes-Verfahren (1)
- Bayesian inference (1)
- Beta and return (1)
- Betafaktor (1)
- Betriebliche Kennzahl (1)
- Betriebswirtschaftslehre (1)
- Bewertung von Finanzinstrumenten (1)
- Bilanzierungsgrundsätze (1)
- Bilanzpolitik (1)
- Bilanzrecht (1)
- Bilanzstrukturmanagement (1)
- Binnenmarkt (1)
- Board Independence (1)
- Bodenpreis (1)
- Bonitätsprüfung (1)
- Bootstrap (1)
- Box-Cox transformation (1)
- Box-Cox-Transformation (1)
- Branchenkrise (1)
- Bulgarien (1)
- Business Ethics (1)
- Börseninformationssystem (1)
- Börsenkrach (1)
- Börsenorganisation (1)
- CBO (1)
- CDO (1)
- CEO Turnover (1)
- CLO (1)
- CVaR (1)
- Call Markets (1)
- Capital Asset Pricing Model (1)
- Capital Butgeting (1)
- Capital Market (1)
- Capital Markets (1)
- Cashflow (1)
- Checkliste (1)
- Commercialisation (1)
- Comparative Accounting (1)
- Compensation Contracting (1)
- Complementarities (1)
- Complementarity (1)
- Completeness of financial markets (1)
- Contagion (1)
- Convergence of financial systems (1)
- Convergences of Financial Systems (1)
- Coordination (1)
- Corporate Governance / Eigentümerstruktur / Universalbank / Finanzmarkt / Mitbestimmung / Deutschland (1)
- Corporate Governance / Informationsökonomik / Informationsverbreitung / Finanzintermediär / Theorie (1)
- Corporate Governance / Selbstverpflichtung / Rechtsdurchsetzung / Börsenkurs / Finanzmarkt / Deutschland (1)
- Corporate and securities laws (1)
- Cost of Capital (1)
- Credit (1)
- Credit Risk Models (1)
- Credit market competition (1)
- Credit rating agencies (1)
- Cross-listing (1)
- Currency Hedging (1)
- Decision Making und Risk (1)
- Demografische Entwicklung (1)
- Derivate Finanzinstrumente (1)
- Desinvestitionen (1)
- Discretization Error (1)
- Disketten-Clearing-Verfahren (1)
- Diskontierungsfaktor (1)
- Diversifikation (1)
- Dogma (1)
- EM algorithm (1)
- EU-Directives (1)
- Economic Development (1)
- Economic Growth (1)
- Economics of information (1)
- Economies of scale (1)
- Effekten (1)
- Efficiency (1)
- Eigenkapital (1)
- Eigenkapitalgrundsätze (1)
- Einkommenselastizität (1)
- Electronic Banking (1)
- Elementarschadenversicherung (1)
- Emerging Markets (1)
- Emerging Stock Markets (1)
- Endogenes Wirtschaftswachstum (1)
- Enforcement (1)
- Entscheidungsregel (1)
- Entwicklung (1)
- Erich Gutenberg (1)
- Ersparnis (1)
- Erwartungsbildung (1)
- Estimation Risk (1)
- European Monetary Union (1)
- European Shadow Financial (1)
- European Shadow Financial Regulatory Committee (1)
- European stock markets (1)
- Europäische Aktienmärkte (1)
- Europäische Gemeinschaften (1)
- Event Study (1)
- Eventstudie (1)
- Evolutorische Wirtschaft (1)
- Executive Compensation (1)
- Exercise behavior (1)
- Experimentelle (1)
- FX Derivatives (1)
- Factor Model (1)
- Faktorenanalyse (1)
- Fernmeldewesen (1)
- Financial Development (1)
- Financial Institution Building (1)
- Financial Intermediation (1)
- Financial Markets (1)
- Financial Reporting Review Panel (FRRP) (1)
- Financial distress (1)
- Financial integration process (1)
- Financial system (1)
- Finanzderivat / Hedging / Strategie / Volatilität / Stochastischer Prozess / Theorie (1)
- Finanzdienstleistung (1)
- Finanzkrise (1)
- Finanzlage (1)
- Finanzmakler (1)
- Finanzplatz / Standortfaktor / Standortwettbewerb / Regionale Konzentration / Deutschland / Grossbritannien / Gruppe Deutsche Börse Frankfurt (1)
- Finanzsystem (1)
- Firmenkundengeschäft (1)
- Floatation Method (1)
- Florida (1)
- Fondsmanagement (1)
- Frankfurt (Main) (1)
- Frankfurt am Main (1)
- Fremdkapital / Kredit / Bank / Finanzierung / Lieferanten-Kunden-Beziehung / Theorie (1)
- Frühwarnsystem (1)
- Fusion (1)
- GARCH model (1)
- GARCH-Prozess (1)
- Gegenseitigkeit-Versicherung (1)
- Gehaltsstruktur (1)
- Generationenvertrag (1)
- Geschichte (1)
- Geschichte 1870-2005 (1)
- Geschichte 1946-1997 (1)
- Geschichte 1960-1995 (1)
- Geschichte 1975-1998 (1)
- Geschichte 1975-2002 (1)
- Geschichte 1978-2000 (1)
- Geschichte 1990-1999 (1)
- Geschichte 1994-2003 (1)
- Geschichte 1996-2005 (1)
- Geschichte 1996-2006 (1)
- Geschichte 1997-1999 (1)
- Geschichte 1999-2000 (1)
- Geschichte 1999-2003 (1)
- Geschichte 2002-2005 (1)
- Geschäftsanteil (1)
- Geschäftsbericht (1)
- Geschäftswert (1)
- Gewerbeimmobilien (1)
- Gewinnglättung (1)
- Globalisierung (1)
- Granger causality (1)
- Gutenberg, Erich (1)
- Haftpflichtversicherung (1)
- Haftung (1)
- Hagelversicherung (1)
- Handel (1)
- Handelskredit (1)
- Haushalt (1)
- Hausratversicherung (1)
- Hedging / Strategie / Volatilität / Stochastischer Prozess / Theorie (1)
- Hedging the Currency Risk (1)
- Hedonischer Preis (1)
- High Frequency Data in Finance (1)
- Higher Moments (1)
- History of the Theory of the Firm (1)
- Hypothekenbank (1)
- Hysterese (1)
- IPO (1)
- IT standardization (1)
- Immaterieller Anlagewert (1)
- Immaterielles Wirtschaftsgut (1)
- Immobilien-Investment (1)
- Immobilieninvestments (1)
- Immobilienmarkt (1)
- Incentive Compensation (1)
- Incentive Systems (1)
- Incomplete markets (1)
- Index-Futures (1)
- Indexbildung (1)
- Influence Activities (1)
- Information Acquisition (1)
- Informationsgehalt (1)
- Informationspolitik (1)
- Informationstechnik (1)
- Informationswert (1)
- Informationsökonomie (1)
- Initial Public Offerings (1)
- Innenfinanzierung (1)
- Insidergeschäft (1)
- Insolvenz (1)
- Institution Building (1)
- Institutioneller Anleger (1)
- Insurance Stocks (1)
- Interessenpolitik (1)
- International Accounting Standard 39 (1)
- International Portfolio Choice (1)
- International stock markets (1)
- Intra Day (1)
- Investition (1)
- Investitionsrechnung (1)
- Investment Incentives (1)
- Investment incentives (1)
- Investor Relations (1)
- Jahresabschlußprüfung (1)
- Japanese financial system (1)
- Jumps (1)
- Kapitalallokation (1)
- Kapitalanlagegesellschaften (1)
- Kapitalbedarfsrechnung (1)
- Kapitalbeteiligung (1)
- Kapitalbeteiligungsgesellschaft (1)
- Kapitalmarktrecht (1)
- Kapitalmarkttheorie (1)
- Kleinkredit (1)
- Konkurs (1)
- Kontrakttheorie (1)
- Kreditgenossenschaft (1)
- Kreditgeschäft (1)
- Kreditgeschäft / Unternehmenskooperation / Vertrag / Bank / Kreditrisiko / Rentabilität / Theorie (1)
- Kreditirisiken (1)
- Kreditrestriktion (1)
- Kreditwürdigkeitsprüfung (1)
- Kursbeeinflussung (1)
- LEN-Modell (1)
- Langfristiger Kredit (1)
- Learning Effects (1)
- Leasing (1)
- Leibrente (1)
- Lieferanten-Kunden-Beziehung (1)
- Liquidity Crisis (1)
- Lobbying (1)
- Lobbyismus (1)
- Lohnstruktur (1)
- Lohnstückkosten (1)
- L´evy framework (1)
- MBS (1)
- Main (1)
- Make or buy (1)
- Management (1)
- Managerial Accounting (1)
- Manipulation (1)
- Market risk premium (1)
- Market-Maker (1)
- Markov switching models (1)
- Markov-Prozess (1)
- Marktpreisrisiken (1)
- Mehrheitsaktionär (1)
- Microfinance (1)
- Mikrostrukturtheorie <Kapitalmarkttheorie> (1)
- Minderheitsaktionär (1)
- Mitgliedsstaaten (1)
- Mittelsperson (1)
- Mittelstand (1)
- Model Error (1)
- Model Risk (1)
- Moral Hazard (1)
- Multifaktorenmodelle (1)
- Multinationales Unternehmen (1)
- Multiple factor models (1)
- Mängelhaftung (1)
- Nachfrage (1)
- Neuer Markt (1)
- Neuer Markt <Börse> (1)
- Neuer Markt, Börse (1)
- New Economy (1)
- Nichtlineare Analysis (1)
- Nichtparametrische Statistik (1)
- Nichtparametrisches Verfahren (1)
- Nutzen (1)
- Nutzenmaximierung (1)
- Oil Industry (1)
- Options (1)
- Optionspreistheorie / Hedging / Stochastischer Prozess / Theorie (1)
- Organizational Theory (1)
- Ownership (1)
- Paris (1)
- Pensionskasse (1)
- Performance Measurement (1)
- Personalaufwendung (1)
- Pflichtrotation (1)
- Politikberatung (1)
- Portfolio Choice (1)
- Portfolio Optimization (1)
- Portfolio-Investition (1)
- Preis (1)
- Preisbildung (1)
- Preiselastizität (1)
- Preisindex (1)
- Pressemitteilungen (1)
- Price Formation (1)
- Price discovery (1)
- Principal-Agent (1)
- Private Equity (1)
- Produktivität (1)
- Prognose (1)
- Pythagorean theorem (1)
- REITs (1)
- Rating (1)
- Real Estate Investments (1)
- Real Estate Securities (1)
- Real estate investments (1)
- Realoption (1)
- Recht (1)
- Rechtsvereinheitlichung (1)
- Reduktion (1)
- Reform (1)
- Regelberichterstattung (1)
- Regulatory Committee (1)
- Relationship lending (1)
- Rentenversicherung (1)
- Residual Income (1)
- Rights Offerings (1)
- Risikoprämien (1)
- Risk (1)
- Risk Premiums (1)
- Risk neutral valuation (1)
- Sachbearbeiter (1)
- Sachversicherung (1)
- Schadenversicherung (1)
- Scheingewinn (1)
- Schneeballsystem (1)
- Schwellenländer (1)
- Seasonality of the Trading Process (1)
- Seasoned Equity Offerings (1)
- Securitisation (1)
- Sektoraler Strukturwandel (1)
- Self-fulfilling Prophecy (1)
- Self-regulation (1)
- Severance Pay (1)
- Shareholder (1)
- Shareholder Value (1)
- Shortfall (1)
- Shortfall Risk (1)
- Signaling (1)
- Skalenertrag (1)
- Small-Caps (1)
- Specialist Trading (1)
- Squeeze-Out (1)
- Standardisierung (1)
- Standort (1)
- Standortfaktor (1)
- Standortpolitik (1)
- Standortwahl (1)
- Standortwettbewerb (1)
- Statistischer Test (1)
- Steuer (1)
- Steuerrückstellung (1)
- Stiglitz, Joseph E. (1)
- Stochastic Volatility (1)
- Stochastic jumps (1)
- Stochastic volatility (1)
- Sturmversicherung (1)
- Takeovers (1)
- Target Costing (1)
- Telekommunikation (1)
- Telekommunikationswirtschaft (1)
- Theorie (1)
- Theoriegeschichte (1)
- Theory of the Firm (1)
- Time continuous valuation (1)
- Timing risk (1)
- Tobit panel data regressions (1)
- Transaction durations (1)
- Transformation (1)
- Transmission Mechanism (1)
- UK-Environment (1)
- Unbewegliche Sache (1)
- Uncertainty (1)
- Ungarn (1)
- Unternehmenserfolg (1)
- Unternehmensfinanzierung (1)
- Unternehmenskauf (1)
- Unternehmensmodell (1)
- Unternehmensorganisation und Strategie (1)
- Validation (1)
- Value at Risk (1)
- Verbrauch (1)
- Vereinigte Staaten (1)
- Vergütung (1)
- Vermögensanlagen (1)
- Versicherungsaktien (1)
- Versicherungsaktiengesellschaft (1)
- Versicherungsaufsicht (1)
- Versicherungsunternehmen (1)
- Versicherungswissenschaft (1)
- Verweildauer (1)
- Volatility Risk Premium (1)
- Volatilität / Risikoprämie / Statistischer Test / Optionspreistheorie / Stochastischer Prozess / Theorie (1)
- Vollständigkeit des Marktes (1)
- Wachstumstheorie (1)
- Wahrscheinlichkeitsverteilung (1)
- Wechselkurs (1)
- Welt (1)
- Wertanalyse / Shareholder Value / Erfolgsrechnung / Ökonomischer Anreiz / Betriebliche Kennzahl / Theorie / performance measurement (1)
- Wertberichtigung Wertberichtigung (1)
- Wertmanagement (1)
- Wertpapieranlage (1)
- Wertpapierbörse (1)
- Wertpapierhandelsgesetz (WpHG) (1)
- Wertschöpfungskette (1)
- Wettbewerb (1)
- Wettbewerbsfreiheit (1)
- Wettbewerbsfähigkeit (1)
- Wiederkauf (1)
- Wirtschaftlicher Dualismus (1)
- Wirtschaftsgut (1)
- Wirtschaftspolitik (1)
- Wirtschaftspolitisches Ziel (1)
- Wirtschaftsprüfung (1)
- Wohnungsmarkt (1)
- Währungsunion (1)
- Xetra-Handelssystem (1)
- Zeitpräferenz (1)
- Zeitstetige Optionsbewertung (1)
- Zins (1)
- Zinsfuß (1)
- Zukunft (1)
- accounting principles (1)
- active management (1)
- ad hoc disclosure rules (1)
- annuities (1)
- artificially completed markets (1)
- asset location (1)
- asset-pricing models (1)
- autoregressive conditional duration models (1)
- bank funding (1)
- bank mergers (1)
- bank regulation (1)
- bank strategies (1)
- bank-based financial system (1)
- bank-based financial systems (1)
- banking (1)
- banking system (1)
- banks (1)
- behavioral finance (1)
- beta kernel (1)
- board of directors (1)
- board oversight (1)
- boundary bias (1)
- business segment reports (1)
- capital (1)
- capital market-based financial systems (1)
- capital regulation (1)
- capital structure (1)
- central counterparty (1)
- centralcounterparty (1)
- certainty equivalents (1)
- cluster analysis (1)
- co-determination (1)
- collateralized loan obligations (1)
- competition (1)
- competition in banking (1)
- conservatism (1)
- contagion (1)
- coordination problems (1)
- core Europe (1)
- corporategovernance (1)
- cost and profit efficiency (1)
- cost efficiency (1)
- country groups (1)
- credit chains (1)
- credit constraints (1)
- credit rating (1)
- credit rating agencies (1)
- credit ratings (1)
- credit risk correlation (1)
- default (1)
- delegated expertise (1)
- delegated monitoring (1)
- derivate Finanzinstrumente (1)
- derivatives (1)
- development finance (1)
- discrete trading (1)
- disintermediation (1)
- distance to default (1)
- diversification (1)
- dividend protection (1)
- dividends (1)
- dual-class shares (1)
- duble moral hazard (1)
- duration analysis (1)
- dynamic asset allocation (1)
- dynamic programming (1)
- earnings management (1)
- economic analysis of law (1)
- economic geography (1)
- economic institutions (1)
- economic systems (1)
- economies of scale (1)
- effciency (1)
- electoral cycle (1)
- endowment effect (1)
- estimation risk (1)
- event study (1)
- executive compensation (1)
- executive stock options (1)
- experience-based learning (1)
- experimental asset markets (1)
- externe Performance-Messung (1)
- financial constraints (1)
- financial deepening (1)
- financial distress (1)
- financial services (1)
- finite mixture distributions (1)
- fixed effects regression (1)
- foreign banks (1)
- franchise value (1)
- german insurance industry (1)
- global banks (1)
- global game (1)
- goal congruence (1)
- government-owned banks (1)
- hedging error (1)
- hedonic (1)
- hedonic translog cost function (1)
- hedonische Indizes (1)
- home bias (1)
- housing (1)
- human capital formationbank-based financial system (1)
- incentive effects (1)
- incentive fees (1)
- incentives (1)
- incomplete contracts (1)
- information ratios (1)
- information technology (1)
- informed principal (1)
- inter-firm liquidity provision (1)
- international accounting (1)
- international banking (1)
- international diversification (1)
- internationale Unternehmensstrategien (1)
- intraday stock price adjustments (1)
- investment management company (1)
- kapitalmarktorientierte Rechnungslegung (1)
- law and economics (1)
- leader- follower analysis (1)
- leasing (1)
- legal rules (1)
- lender coordination (1)
- liability insurance (1)
- life-cycle decisions (1)
- limited liability (1)
- liquidity (1)
- loan officers (1)
- loan origination (1)
- location theory (1)
- long-term investments (1)
- managerial incentives (1)
- mandatory audit (1)
- market institutions (1)
- market microstructure theory (1)
- market participants (1)
- market prices of risk (1)
- market reactions (1)
- market structure (1)
- market trends (1)
- market valuation (1)
- model mis-specification (1)
- model misspecification (1)
- multinomial logit model (1)
- multiple bank financing (1)
- mutual fund complex (1)
- non-parametric methods (1)
- non-profit banking (1)
- nonlinear time series models (1)
- normalization (1)
- nternationale Wettbewerbsfähigkeit (1)
- numerical optimization (1)
- open-end real-estate fund (1)
- optimal consumption and investment (1)
- option pricing (1)
- owner-manager conflict (1)
- panel data (1)
- paradigm of complementarities (1)
- partnerships (1)
- pensions (1)
- performance fees (1)
- political economy (1)
- political influence (1)
- portfolio managers (1)
- portfolio selection (1)
- post-trading (1)
- probit and logit models (1)
- proprietary costs (1)
- proximity (1)
- public information (1)
- quiet life hypothesis (1)
- rating migration (1)
- realised volatility (1)
- regional banks (1)
- regional competition (1)
- relationship lending (1)
- retirement (1)
- retirement policies (1)
- risikoadjustierte Rendite (1)
- risikoneutrale Bewertung (1)
- risk budgeting (1)
- risk shifting (1)
- robust hedging (1)
- securitisation (1)
- securitization (1)
- share repurchases (1)
- shortfall risk (1)
- simulation-based research (1)
- small business lending (1)
- software (1)
- stakeholders (1)
- state-owned enterprises (1)
- stochastic differential utility (1)
- stochastic interest rates (1)
- stochastic jumps (1)
- stochastic volability (1)
- stochastic volatility (1)
- stock market (1)
- structural positions (1)
- structured finance (1)
- superhedging (1)
- systematic stability (1)
- tactical asset allocation (1)
- tax exempt accounts (1)
- tax-deferred accounts (1)
- team production problem (1)
- theory of the firm (1)
- tractable hedging (1)
- trade credit (1)
- trading intensity (1)
- transparency (1)
- universal banking (1)
- validation (1)
- value based management (1)
- value chain (1)
- voting premium (1)
- watchlist (1)
- welfare loss (1)
- Älterer Mensch (1)
- Öffentlichkeitsarbeit (1)
- Ökonometrisches Modell (1)
- ‘u’-shape (1)
Institute
- Wirtschaftswissenschaften (206) (remove)
7
Performance fees for portfolio managers are designed to align the managers' goals with those of the investors and to motivate managers to aquire "superior" information and to make better investment decisions. A part of the literature analyzes performance fees on the basis of market valuation. In this article it is shown that market valuation faces a dilemma: on the one hand, the conditions which allow for market valuation imply that the portfolio manager perfectly hedges the performance fee. This in turn implies severe restrictions on the incentive effects of the performance fee. In particular, the fee does not motivate the manager to use superior information for investment decisions concerning the managed portfolio. On the other hand, better incentives can only be generated under conditions which exclude market valuation. In this case, the analysis has to be based on expected utility valuation. Keywords: performance fees, portfolio managers, "superior" information, market valuation, incentive effects
6
In the early 1990s, a consensus emerged among the leading experts in the field of small and micro business finance. It is based on three elements: The focus of projects should be on improving the entire financial sector of a given developing country; a commercial approach should be adopted, which implies covering costs and keeping costs as low as possible; and institutions should be created which are both able and willing to provide good financial services to the target group on a lasting basis. The starting point for this paper, which wholeheartedly endorses these three elements, is the proposition that putting these general principles into practice is much more difficult than some of their proponents seem to believe - and also more difficult than some of them have led donors to believe. The paper discusses the central issues of small and micro business financing in three areas: credit in general and the cost-effectiveness of lending methodologies in particular (Section II); savings in general and the role of deposit-taking in the growth of a target group-oriented financial institution in particular (Section III); and the process of creating viable target group-oriented financial institutions in developing countries (Section IV). We argue that donor institutions must be willing, and prepared, to play a role here which differs in important respects from their conventional role if they really wish to support sustainable financial sector development.
5
Die externe Performance-Messung beurteilt auf Basis öffentlich verfügbarer Daten die Leistung des Fondsmanagements. Es wird zunächst geprüft, inwieweit die für die Beurteilung von Aktienfonds entwickelten Maße auf Rentenfonds anwendbar sind. Anschließend wird die Performance einer Stichprobe deutscher Rentenfonds untersucht. Es zeigt sich, daß die risikoadjustierte Rendite in den meisten Fällen nicht über der eines geeigneten Marktindex liegt. Einige Fonds weisen ein signifikantes Aktien-Exposure auf. Ein systematischer Zusammenhang zwischen der Nettorendite und der Gebührenhöhe kann nicht nachgewiesen werden.
3
Paper Presented at the Conference on Workable Corporate Governance: Cross-Border Perspectives held in Paris, March 17-19, 1997 To appear in: A. Pezard/J.-M. Thiveaud: Workable Corporate Governance: Cross-Border Perspectives, Montchrestien, Paris 1997. The paper discusses the role of various constituencies in the corporate governance of a corporation from the perspective of incomplete contracts. A strict shareholder value orientation in the sense of a rule that at any time firm decisions should be made strictly in the interest of the present shareholders would make it difficult for the firm to establish long-term relationships as the potential partners would have to fear that, at a later stage of the co-operation, the shareholders or a management acting only on their behalf could exploit them because of the inevitable incompleteness of long-term contracts. One way of mitigating these problems is to put in place a corporate governance system which gives some active role to the other stakeholders or constituencies, or which makes their interests a well-defined element of the objective function of the firm. A commitment not to follow a policy of strict shareholder value maximization ex post can be efficient ex ante. Such a system would clearly differ from what is advocated by proponents of a "stakeholder approach", as it would limit the rights of the other constituencies to those which would have been agreed upon in a constitutional contract concluded between them and the founder of the firm at the time when long-term contracts are first established.
2
During the last years issues of strategic management accounting have received widespread attention in the accounting literature. Yet the conceptual foundation of most proposals is not clear. This paper presents a theoretical analysis of one of the most prominent approaches of strategic management accounting, i.e., Target Costing. First, the relationship between Target Costing and Life-Cycle-Costing is shown. Secondly, a model based on a mechanism-design-approach is used to answer the question of whether the „Market-into-Company“-method of Target Costing can somehow be endogenized. The model captures problems of asymmetric information, price policy and cost structures (i.e. learning effects etc.). The analysis shows that the more „strategic“ is the firm´s cost function, the less valid is „strategic“ management accounting in terms of the usual way Target Costing is employed.
1
Insider trading and portfolio structure in experimental asset markets with a long lived asset
(1997)
We report results of a series of nine market experiments with asymmetric information and a fundamental value process that is more "realistic" than those in previous experiments. Both a call market institution and a continuous double auction mechanism are employed. We find considerable pricing inefficiencies that are only partially exploited by insiders. The magnitude of insider gains is analyzed separately for each experiment. We find support for the hypothesis that the continuous double auction leads to more efficient outcomes. Finally, we present evidence of an endowment effect: the initial portfolio structure influences the final asset holdings of experimental subjects.