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
121
Asset-backed securitisation (ABS) is an asset funding technique that involves the issuance of structured claims on the cash flow performance of a designated pool of underlying receivables. Efficient risk management and asset allocation in this growing segment of fixed income markets requires both investors and issuers to thoroughly understand the longitudinal properties of spread prices. We present a multi-factor GARCH process in order to model the heteroskedasticity of secondary market spreads for valuation and forecasting purposes. In particular, accounting for the variance of errors is instrumental in deriving more accurate estimators of time-varying forecast confidence intervals. On the basis of CDO, MBS and Pfandbrief transactions as the most important asset classes of off-balance sheet and on-balance sheet securitisation in Europe we find that expected spread changes for these asset classes tends to be level stationary with model estimates indicating asymmetric mean reversion. Furthermore, spread volatility (conditional variance) is found to follow an asymmetric stochastic process contingent on the value of past residuals. This ABS spread behaviour implies negative investor sentiment during cyclical downturns, which is likely to escape stationary approximation the longer this market situation lasts.
130
EU financial integration : is there a 'Core Europe'? ; evidence from a cluster-based approach
(2005)
Numerous recent studies, e.g. EU Commission (2004a), Baele et al. (2004), Adam et al.(2002), and the research pooled in ECB-CFS (2005), Gaspar, Hartmann, and Sleijpen(2003), have documented progress in EU financial integration from a micro-level view.This paper contributes to this research by identifying groups of financially integratedcountries from a holistic, macro-level view. It calculates cross-sectional dispersions, andinnovates by applying an inter-temporal cluster analysis to eight euro area countries for the period 1995-2002. The indicators employed represent the money, government bond and credit markets. Our results show that euro countries were divided into two stable groups of financially more closely integrated countries in the pre-EMU period. Back then, geographic proximity and country size might have played a role. This situation has changed remarkably with the euro's introduction. EMU has led to a shake-up both in the number and composition of groups. The evidence puts a question mark behin d using Germany as a benchmark in the post-EMU period. The ¯ndings suggest as well that ¯nancial integration takes place in waves. Stable periods and periods of intense transition alternate. Based on the notion of 'maximum similarity', the results suggest that there exist 'maximum similarity barriers'. It takes extraordinary events, such as EMU, to push the degree of ¯nancial integration beyond these barriers. The research encourages policymakers to move forward courageously in the post-FSAP era, and provides comfort that the substantial di®erences between the current and potentially new euro states can be overcome. The analysis could be extended to the new EU member countries, to the global level, and to additional indicators.
124
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.
100
Untersuchungsgegenstand ist der empirische Gehalt der ökonomischen Theorie eines Hedgings auf Unternehmensebene. In den USA wurde die Hedging-Theorie in einer Reihe von empirischen Studien aufgegriffen. Die Befunde sind zumeist konsistent mit dem Erklärungsansatz von Froot/Scharfstein/Stein (1993), wonach eine Verringerung der Cashflow-Volatilität – unter der Annahme steigender Außenfinanzierungskosten – zu einer Reduzierung von Unterinvestitionskosten führt. Bei deutschen Unternehmen besitzt dieser Ansatz bemerkenswerterweise jedoch nur einen geringen Erklärungsgehalt. Die Ergebnisunterschiede können auf unterschiedliche Kapitalmarktverhältnisse zurückgeführt werden: Die unterstellten steigenden Kosten der Außenfinanzierung besitzen für deutsche Unternehmen aufgrund der Dominanz des Bezugsrechtsverfahrens sowie der Rolle der Hausbank als Mechanismus zur Überwindung von Informationsproblemen eine vergleichsweise geringere Bedeutung. Die Managerinteressen erweisen sich bei deutschen Unternehmen als eine wesentliche Hedging-Determinante. Zwischen der Höhe des gebundenen Managervermögens und der Hedging-Wahrscheinlichkeit besteht entsprechend der Hedging-Theorie ein signifikanter positiver Zusammenhang. Entgegen den amerikanischen Befunden kann jedoch eine disziplinierende Wirkung von Großaktionären auf die Hedging-Entscheidung nicht beobachtet werden. Zur Berücksichtigung der spezifischen deutschen Kapitalmarktverhältnisse wird der Einfluss von Bankenbeteiligungen und Familienunternehmen auf die Hedging-Entscheidung untersucht. Ein Bankeneinfluss auf die Derivateeinsatz-Entscheidung kann jedoch nicht festgestellt werden. Entgegen Diversifikations- und Kapitalmarktüberlegungen besteht bei Familienunternehmen interessanterweise eine signifikant geringere Hedging-Wahrscheinlichkeit.
13
"Ich möchte in diesem Vortrag Beziehungen zwischen Gutenbergs Theorie der Unternehmung, die in seiner Habilitationsschrift angelegt und in den "Grundlagen der Betriebswirtschaftslehre" entfaltet ist, und aktuellen Entwicklungen in der Theorie der Unternehmung herstellen. Obwohl der Anlaß für diesen Vortrag das Thema hinreichend rechtfertigt, stellt sich die Frage, ob mein Vorhaben ein wissenschaftlich sinnvolles Unterfangen darstellt: Kann Gutenbergs Theorie der Unternehmung noch aktuell sein?"
61
Dieser Beitrag stellt verschiedene ökonometrische Methoden zur Bewertung und Berechnung von Kreditausfallrisiken vor und wendet diese auf einen Datensatz sechs deutscher Universalbanken an. Im Mittelpunkt stehen dabei Logit- und Probitmodelle, mit deren Hilfe die Ausfallwahrscheinlichkeit eines Kredites geschätzt werden kann. Dabei werden auch moderne Verfahren zur Analyse von Paneldaten besprochen. Beispiele undInterpretationshilfen zu den jeweils vorgestellten Methoden erleichtern den Zugang zu diesen Modellen. Es werden zahlreiche Hinweise auf weiterführende Literatur gegeben.
62
Im Mittelpunkt dieses Beitrag stehen Verweildauermodelle und deren Verwendung als Analyseinstrumente für die Bewertung und Berechnung von Kreditausfallrisiken. Verschiedene Möglichkeiten zur Berechnung der Dauer des Nichtausfalls eines Kredites werden dabei vorgestellt. Die hier vorgestellten Verfahren werden auf einen aus Kreditakten von sechs deutschen Universalbanken zusammengestellten Datensatz angewendet. Beispiele und Interpretationshilfen zu den jeweils vorgestellten Methoden erleichtern den Zugang zu diesen Modellen. Es werden zahlreiche Hinweise auf weiterführende Literatur gegeben.
120
Efficient systems for the securities transaction industry : a framework for the European Union
(2003)
This paper provides a framework for the securities transaction industry in the EU to understand the functions performed, the institutions involved and the parameters concerned that shape market and ownership structure. Of particular interest are microeconomic incentives of the industry players that can be in contradiction to social welfare. We evaluate the three functions and the strategic parameters - the boundary decision, the communication standard employed and the governance implemented - along the lines of three efficiency concepts. By structuring the main factors that influence these concepts and by describing the underlying trade-offs among them, we provide insight into a highly complex industry. Applying our framework, the paper describes and analyzes three consistent systems for the securities transaction industry. We point out that one of the systems, denoted as 'contestable monopolies', demonstrates a superior overall efficiency while it might be the most sensitive in terms of configuration accuracy and thus difficult to achieve and sustain.
131
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.
31
Die Empfehlung, das Shareholder-Value-Konzept zur Grundlage der Unternehmenspolitik zu machen, erscheint um so überzeugender und wird vermutlich um so eher akzeptiert, (1) je lohnender die Shareholder-Value-Orientierung für die Aktionäre ist, (2) je eindeutiger es ist, wie die Empfehlung umgesetzt werden kann und soll, und (3) je problemloser sie aus theoretischen und wohlfahrtsökonomischer Sicht ist. Der Beitrag diskutiert die in Wissenschaft und Praxis verbreiteten Positionen zu diesen drei Aspekten und erläutert, warum sie bzw. die emprischen, praktischen und theoretischen Argumente, durch die sie gestützt werden sollen, auf Mißverständnissen beruhen.
163
This paper investigates whether the stock market reacts to unsolicited ratings for a sample of S&P rated firms from January 1996 to December 2005. We first analyze the stock market reaction associated with the assignment of an initial unsolicited rating. We find evidence that this reaction is negative and particularly accentuated for Japanese firms. A comparison between S&P’s initial unsolicited ratings with previously published ratings of two Japanese rating agencies for a Japanese subsample shows that ratings assigned by S&P are systematically worse. Further, we find that the stock market does not react to the transition from an unsolicited to a solicited rating. Comparison of the upgrades in the sample with a matched-sample of upgrades of solicited ratings reveals that the price reactions are no different. In addition, abnormal returns are worse for firms whose rating remained unchanged after the solicitation compared to those for upgraded firms. Finally, we find that Japanese firms are less likely to receive an upgrade. Our findings suggest that unsolicited ratings are biased downwards, that the capital market therefore expects upgrades of formerly unsolicited ratings and punishes firms whose ratings remain unchanged. All these effects seem to be more pronounced for Japanese firms.
201
In this paper, we analyze economies of scale for German mutual fund complexes. Using 2002-2005 data of 41 investment management companies, we specify a hedonic translog cost function. Applying a fixed effects regression on a one-way error component model there is clear evidence of significant overall economies of scale. On the level of individual mutual fund complexes we find significant economies of scale for all of the companies in our sample. With regard to cost efficiency, we find that the average mutual fund complexes in all size quartiles deviate considerably from the best practice cost frontier. JEL Classification: G2, L25 Keywords: mutual fund complex, investment management company, cost efficiency, economies of scale, hedonic translog cost function, fixed effects regression, one-way error component model
204
This paper investigates the impact of IT standardization on bank performance based on a panel of 457 German savings banks over the period from 1996 to 2006. We measure IT standardization as the fraction of IT expenses for centralized services over banks' total IT expenses. Bank efficiency, in turn, is measured by traditional accounting performance indicators as well as by cost and profit efficiencies that are estimated by a stochastic frontier approach. Our results suggest that IT standardization is conducive to cost efficiency. The relation is positive and robust for small and medium-sized banks but vanishes for very large banks. Furthermore, our study confirms the often cited computer paradox by showing that total IT expenditures negatively impact cost efficiency and have no influence on bank profits. To the best of our knowledge, this paper is first to empirically explore whether IT standardization enhances efficiency by employing genuine data of banks' IT expenditures. JEL Classification: C23, G21 Keywords: IT standardization, cost and profit efficiency, savings banks
188
Do we measure what we get?
(2008)
Performance measures shall enhance the performance of companies by directing the attention of decision makers towards the achievement of organizational goals. Therefore, goal congruence is regarded in literature as a major factor in the quality of such measures. As reality is affected by many variables, in practice one has tried to achieve a high degree of goal congruence by incorporating an increasing number of these variables into performance measures. However, a goal congruent measure does not lead automatically to superior decisions, because decision makers’ restricted cognitive abilities can counteract the intended effects. This paper addresses the interplay between goal congruence and complexity of performance measures considering cognitively-restricted decision makers. Two types of decision quality are derived which allow a differentiated view on the influence of this interplay on decision quality and learning. The simulation experiments based on this differentiation provide results which allow a critical reflection on costs and benefits of goal congruence and the assumptions regarding the goal congruence of incentive systems.
10
The paper presents an empirical analysis of the alledged transformation of the financial systems in the three major European economies, France, Germany and the UK. Based on a unified data set developed on the basis of national accounts statistics, and employing a new and consistent method of measurement, the following questions are addressed: Is there a common pattern of structural change; do banks lose importance in the process of change; and are the three financial systems becoming more similar? We find that there is neither a general trend towards disintermediation, nor towards a transformation from bank-based to capital market-based financial systems, nor for a loss of importance of banks. Only in the case of France strong signs of transformation as well as signs of a general decline in the role of banks could be found. Thus the three financial systems also do not seem to become more similar. However, there is also a common pattern of change: the intermediation chains are lengthening in all three countries. Nonbank financial intermediaries are taking over a more important role as mobilizers of capital from the non-financial sectors. In combination with the trend towards securitization of bank liabilites, this change increases the funding costs of banks and may put banks under pressure. In the case of France, this change is so pronounced that it might even threaten the stability of the financial system.
35
Major differences between national financial systems might make a common monetary policy difficult. As within Europe, Germany and the United Kingdom differ most with respect to their financial systems, the present paper addresses its topic under the assumption that the United Kingdom is already a part of EMU. Employing a comprehensive concept of a financial system, the author shows that there are indeed profound differences between the national financial systems of Germany and the United Kingdom. But he argues that these differences are not likely to create great problems for a common monetary policy. In the context of the present paper, one important difference between the two financial systems refers to the structure of the respective financial sector and, as a consequence, to the strength with which a given monetary policy impulse set by the central bank is passed on to the financial sector. The other important difference refers to the typical relationship between the banks and the business sector in each country which determines to what extent the financial sectors and especially the banks pass on pressure exerted on them by a monetary policy authority to their clients in their national business sector. In Germany, the central bank has a stronger influence on the financial sector than in England, while, for systemic reasons, German banks tend to soften monetary policy pressures on their customers more than British banks do. As far as the transmission of a restrictive monetary policy of the ECB to the real economy is concerned, these two differences tend to offset each other. This is good news for the advocates of a monetary union as it eases the task of the ECB when it comes to determining the strength of its monetary policy measures.
036
Der internen Unternehmensrechnung werden im allgemeinen zwei Funktionen zugeschrieben (Ewert/Wagenhofer (1997), S. 6): Sie soll einerseits Informationen für Planungszwecke bereitstellen, andererseits der Verhaltenssteuerung von Entscheidungsträgern in hierarchischen, dezentralen Organisationen dienen. In der jüngeren Vergangenheit ist die Verhaltenssteuerungsfunktion zunehmend in das Blickfeld theoretischer und praktischer Überlegungen gerückt. Gleichzeitig läßt sich eine verstärkte Marktwertorientierung deutscher Unternehmen in der Unternehmenspolitik wie auch in der internen Unternehmensrechnung beobachten. Die betriebswirtschaftliche Literatur hat darauf mit einer wachsenden Zahl von Beiträgen reagiert, die die Marktwertorientierung der internen Unternehmensrechnung vor dem Hintergrund ihrer Verhaltenssteuerungsfunktion diskutieren.1) Das Interesse dieses Beitrags gilt der Rolle der Periodenerfolgsrechnung als Teil der internen Unternehmensrechnung bei der marktwertorientierten Steuerung von Investitionsentscheidungen über Periodenerfolgsbeteiligungen. Zentrale Bedeutung kommt hierbei dem Residualgewinnkonzept aufgrund seiner Kompatibilität mit dem Marktwertkriterium (vgl. Abschnitt 5.1) zu. Dieses Konzept hat in der Praxis unter dem Namen Economic Value Added zunehmend an Popularität - insbesondere auch als Grundlage für Erfolgsbeteiligungen (vgl. z.B. Stewart (1991), Ehrbar (1998), O'Hanlon/Peasnell (1998) ) - gewonnen. Gezeigt werden soll, welche Vorteile die Periodisierung von Cash Flows im Rahmen einer Periodenerfolgsrechnung auf der Basis des Residualgewinnkonzepts gegenüber einer unbelassenen Cash Flow-Rechnung bei der Steuerung von Investitionsentscheidungen über finanzielle Anreizsysteme bietet. Betrachtet wird eine einfache bilaterale Principal-Agent-Beziehung: Eine delegierende Instanz (Prinzipal) beauftragt einen Entscheidungsträger (Agenten) mit Investitionsentscheidungen und versucht, dessen Investitionsverhalten über eine „Erfolgsbeteiligung“ in ihrem Sinne auf das Ziel der Maximierung des Barwertes aller Cash Flows gerichtet zu beeinflussen. Die Rolle des internen Rechnungswesens ist dabei auf die Bereitstellung der Bemessungsgrundlage für die Erfolgsbeteiligung beschränkt. Es wird gezeigt, daß die Periodisierung von Cash Flows und die Zugrundelegung periodisierter Größen bei der Investitionssteuerung zu besseren Lösungen des Steuerungsproblems des Prinzipals führt als eine reine Cash Flow- Beteiligung. ...
112
Die durch jahrzehntelange Planwirtschaft geprägten Strukturen sind in Russland noch fest verwurzelt. Dementsprechend ist das Bankensystem auch zwölf Jahre nach dem Ende des kommunistischen Regimes unterentwickelt. Die markantesten Merkmale der Finanzwirtschaft sind die ungewöhnliche Größenstruktur der Banken; deren Schwierigkeiten, die rapide zunehmende Zahl kleinster, kleiner und mittlerer Unternehmen mit Finanzdienstleistungen zu versorgen sowie die geringe Rolle ausländischer Banken. Überdies sind die weiterhin bestehenden Systemrisiken nicht zu unterschätzen.