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In the aftermath of the global financial crisis, the state of macroeconomicmodeling and the use of macroeconomic models in policy analysis has come under heavy criticism. Macroeconomists in academia and policy institutions have been blamed for relying too much on a particular class of macroeconomic models. This paper proposes a comparative approach to macroeconomic policy analysis that is open to competing modeling paradigms. Macroeconomic model comparison projects have helped produce some very influential insights such as the Taylor rule. However, they have been infrequent and costly, because they require the input of many teams of researchers and multiple meetings to obtain a limited set of comparative findings. This paper provides a new approach that enables individual researchers to conduct model comparisons easily, frequently, at low cost and on a large scale. Using this approach a model archive is built that includes many well-known empirically estimated models that may be used for quantitative analysis of monetary and fiscal stabilization policies. A computational platform is created that allows straightforward comparisons of models’ implications. Its application is illustrated by comparing different monetary and fiscal policies across selected models. Researchers can easily include new models in the data base and compare the effects of novel extensions to established benchmarks thereby fostering a comparative instead of insular approach to model development
The recent decline in euro area inflation has triggered new calls for additional monetary stimulus by the ECB in order to counter the threat of a self‐reinforcing deflation and recession spiral. This note reviews the available evidence on inflation expectations, output gaps and other factors driving current inflation through the lens of the Phillips curve. It also draws a comparison to the Japanese experience with deflation in the late 1990s and the evidence from Japan concerning the outputinflation nexus at low trend inflation. The note concludes from this evidence that the risk of a selfreinforcing deflation remains very small. Thus, the ECB best await the impact of the long‐term refinancing operations decided in June that have the potential to induce substantial monetary accommodation once implemented for the first time in September.
This paper investigates the accuracy and heterogeneity of output growth and inflation forecasts during the current and the four preceding NBER-dated U.S. recessions. We generate forecasts from six different models of the U.S. economy and compare them to professional forecasts from the Federal Reserve’s Greenbook and the Survey of Professional Forecasters (SPF). The model parameters and model forecasts are derived from historical data vintages so as to ensure comparability to historical forecasts by professionals. The mean model forecast comes surprisingly close to the mean SPF and Greenbook forecasts in terms of accuracy even though the models only make use of a small number of data series. Model forecasts compare particularly well to professional forecasts at a horizon of three to four quarters and during recoveries. The extent of forecast heterogeneity is similar for model and professional forecasts but varies substantially over time. Thus, forecast heterogeneity constitutes a potentially important source of economic fluctuations. While the particular reasons for diversity in professional forecasts are not observable, the diversity in model forecasts can be traced to different modeling assumptions, information sets and parameter estimates. JEL Classification: C53, D84, E31, E32, E37 Keywords: Forecasting, Business Cycles, Heterogeneous Beliefs, Forecast Distribution, Model Uncertainty, Bayesian Estimation
The speakers of the Paraná dialect of Kaingáng, from whom the data of this study were gathered, have lived in close contact with the Brazilians since before the turn of the century. Although many members of this group are still monolingual and Kaingáng is spoken in all the homes, the influence of Portuguese is making an impact on the language. This can be seen not only in isolated loan words, but it is slowly changing the time dimension of the language and the thinking of the Indians. The change seems to have come about first through loan words, but it is now also affecting the semantic structure of the language and is beginning to affect the grammatical structure as well. The study here presented deals with this change as it can be seen in relation to time expressions such as yesterday – today – tomorrow; units of time such as day – month – year; kinship terms; and finally aspect particles. In considering the time expressions the meaning of various paradigms will be discussed. The paradigms are related to the time when events took place, to sequence of events, and to the point of the action. No Brazilian influence can be observed here. In the discussion of the units of time the semantic area of these units before and after Brazilian influence will be explored. Through Brazilian influence vocabulary has been developed with which it is possible to accurately pinpoint events in time which was not possible before this. The time distinctions within the kinship system will be discussed, and how they change with the influence of Brazilian terms. A whole new generation distinction is added in the modified kinship system. Similary several new aspect particles are being created through contractions, which now contain a time element. The whole development shows an emphasis on fine distinctions in time depth which came about through the contact with Portuguese and which can be observed in several points of the structure of Kaingáng.
In this paper we test previous claims concerning the universality of patterns of polysemy and semantic change in perception verbs. Implicit in such claims are two elements: firstly, that the sharing of two related senses A and B by a given form is cross-linguistically widespread, and matched by a complementary lack of some rival polysemy, and secondly that the explanation for the ubiquity of a given pattern of polysemy is ultimately rooted in our shared human cognitive make-up. However, in comparison to the vigorous testing of claimed universals that has occurred in phonology, syntax and even basic lexical meaning, there has been little attempt to test proposed universals of semantic extension against a detailed areal study of non-European languages. To address this problem we examine a broad range of Australian languages to evaluate two hypothesized universals: one by Viberg (1984), concerning patterns of semantic extension across sensory modalities within the domain of perception verbs (i .e. intra-field extensions), and the other by Sweetser (1990), concerning the mapping of perception to cognition (i.e. trans-field extensions). Testing against the Australian data allows one claimed universal to survive, but demolishes the other, even though both assign primacy to vision among the senses.
Im Zuge der fortlaufenden Digitalisierung im Mobilitätssektor werden aktuell besonders in Großstädten verstärkt geteilte on-demand Fahrdienstleistungen implementiert. Das sog. Ridepooling beschreibt eine dynamische und digitale Form des konventionellen Sammeltaxis, bei welcher durch eine intelligente Algorithmik mehrere voneinander unabhängige, zeitlich korrespondierende Fahrtwünsche in Echtzeit zu einer Route kombiniert werden. So können einander unbekannte Kund*innen gemeinsam und gleichzeitig nach ihren individuellen Bedürfnissen auf Direktverbindungen befördert werden. Viele der Ridepooling-Angebote werden in urban geprägten Raumstrukturen von privaten Verkehrsunternehmen - teilweise sogar eigenwirtschaftlich - betrieben und als nachhaltige Mobilitätsform beworben: Sie soll die sich individualisierenden Mobilitätsbedürfnisse der Bürger*innen befriedigen, dadurch städtische Problematiken wie hohe Luft- und Lärmbelastung, Staubildung sowie Flächenknappheit adressieren und zu einer umweltfreundlichen Verlagerung des lokalen Verkehrsaufkommens (Modal Shift) führen.
Die vorliegende Arbeit untersucht am Beispiel der Großstädte Berlin und Hamburg, wie und unter welchen Zielsetzungen der unterschiedlichen Akteure die neuen Angebotsformen implementiert wurden und welche Auswirkungen sie auf die städtischen Mobilitätssysteme haben.
Durch Expert*innen-Interviews mit städtischen Behörden, öffentlichen und privaten Verkehrsunternehmen, Verkehrsverbünden und Expert*innen für digitale und städtische Mobilität soll der aktuell noch geringe Forschungsstand über die Zielsetzungen, Formen und Auswirkungen von Ridepooling-Angeboten in städtischen Räumen um praxisnahe Betrachtungen und Erkenntnisse erweitert werden. Es kann angenommen werden, dass die unterschiedlichen Ausgestaltungen der untersuchten Angebote von ioki, CleverShuttle, MOIA und BerlKönig dabei durchaus voneinander differierende Effekte auf das Nutzungsverhalten der Kund*innen und die städtische Verkehrsgestaltung sowie deren ökologischen und sozialen Nachhaltigkeitsdimensionen haben.
Diese Arbeit nimmt Weiße Freiwillige aus Deutschland in den Blick, die einen Freiwilligendienst im Ausland geleistet haben und in rassistischen Machtverhältnissen eine privilegierte, das heißt Weiße Position einnehmen. Dabei dienen die Critical Whiteness Studies als fruchtbare Grundlage, um die Auseinandersetzung mit Rassismus aus Weißer privilegierter Perspektive zu untersuchen. Die Arbeit geht daher der Frage nach: Inwiefern die Erfahrungen im Freiwilligendienst und die begleitenden rassismuskritischen Seminare Weiße Nord-Nord und Nord-Süd Freiwillige dazu anregen, ihre Privilegien zu reflektieren und sich kritisch im rassistischen Machtsystem zu positionieren. Die Analyse der Interviews mit Weißen Freiwilligen zeigt, dass die Interviewten zum einen unterschiedliche Konfrontationserfahrungen mit Whiteness gemacht haben und zum anderen ihre daraus resultierenden Reflexionsprozesse und Umgangsweisen sehr divers ausfallen. Unterschiede zeigen sich jedoch nicht nur zwischen den Nord-Nord und Nord-Süd Freiwilligen, sondern auch situationsabhängig anhand der jeweiligen Erfahrungen der einzelnen Weißen Freiwilligen. Aus diesen Untersuchungen lässt sich ableiten, dass es auch für rassismus- und machtkritische Begleitseminare weiterhin eine zu bewältigende Herausforderung bleibt, die Relevanz der persönlichen Auseinandersetzung mit Whiteness und somit mit eigenen Privilegien und Verstrickungen in Rassismus – unabhängig vom Zielland des Freiwilligendienstes – zu vermitteln.
During the last years the relationship between financial development and economic growth has received widespread attention in the literature on growth and development. This paper summarises in its first part the results of this research, stressing the growth-enhancing effects of an increased interpersonal re-allocation of resources promoted by financial development. The second part of the paper seeks to identify the determinants of financial development based on Diamond's theory of financial intermediation as delegated monitoring. The analysis shows that the quality of corporate governance of banks is the key factor in financial system development. Accordingly, financial sector reforms in developing countries will only succeed if they strengthen the corporate governance of financial institutions. In this area, financial institution building has an important contribution to make. Paper presented at the First Annual Seminar on New Development Finance held at the Goethe University of Frankfurt, September 22 - October 3, 1997
Das Arbeitspapier zeigt Perspektiven eines Promotionsprojektes auf, das sich mit der Reform der englischen Common Law- und Equity-Gerichtsbarkeit im Viktorianischen Zeitalter befasst. Nach einem Einblick in relevante Quellen und Literatur wird inhaltlich auf Mitglieder und Aufgaben der im Jahr 1867 eingesetzten Judicature Commission eingegangen. Anschließend werden Neuerungen aufgezeigt, die für das englische Gerichtswesen aus den in den 1870er Jahren verabschiedeten Judicature Acts folgten.
This paper studies the long-run effects of credit market disruptions on real firm outcomes and how these effects depend on nominal wage rigidities at the firm level. I trace out the long-run investment and growth trajectories of firms which are more adversely affected by a transitory shock to aggregate credit supply. Affected firms exhibit a temporary investment gap for two years following the shock, resulting in a persistent accumulated growth gap. I show that affected firms with a higher degree of wage rigidity exhibit a steeper drop in investment and grow more slowly than affected firms with more flexible wages.
Schuldenanstieg und Haftungsausschluss im deutschen Föderalstaat : zur Rolle des Moral Hazard
(2007)
Einleitung: Die deutschen Staatsschulden sind in den letzten Jahrzehnten kontinuierlich gestiegen. Künftige Generationen werden zusätzlich aufgrund der demographischen Entwicklung durch die umlagenfinanzierten sozialen Sicherungssysteme belastet. Gerade auch der Anstieg der Verschuldung der Bundesländer war in den letzten Jahrzehnten spürbar. So betrug die Verschuldung aller deutschen Bundesländer zusammengenommen 1991 noch 168 Mrd. Euro, während Anfang 2007 die Verschuldung 483 Mrd. Euro betrug, was eine knappe Verdopplung der Schuldenquote der Länder (Verschuldung in Prozent des BIP) auf ca. 21 Prozent impliziert. In der aktuellen Diskussion um die Reform des deutschen Föderalismus besteht Einigkeit in der Diagnose des Problems. Die Entwicklung der Staatsschulden ist kritisch und darf sich so nicht fortsetzen. Uneinigkeit herrscht hingegen über die Ursache des Anstiegs. Ebenfalls wird um die beste Möglichkeit, diesen zu bremsen, gerungen. Verschiedene Autoren argumentieren, dass der Verschuldungsanstieg der deutschen Bundesländer vor allem auf den Moral Hazard Anreiz zurückzuführen ist. Der vorliegende Diskussionsbeitrag diskutiert dies als einen der möglichen Gründe des Schuldenanstiegs. Hierzu wird zunächst das Konzept kurz eingeführt. Anschließend wird die bestehende empirische Evidenz für Deutschland diskutiert. Schließlich wird eine Bewertung und Einordnung in die aktuelle Debatte vorgenommen. Schlußbemerkungen: Im vorliegenden Diskussionsbeitrag wird das "Moral hazard" Problem als einer der möglichen Gründe für den beobachteten starken Anstieg der Verschuldung deutscher Bundesländer diskutiert. Es wurde gezeigt, dass die Finanzmärkte kaum auf die erheblichen Unterschiede in den fiskalischen Fundamentaldaten der Länder reagieren. Mit einer Fallstudie wurde außerdem verdeutlicht, dass das aktuelle Bundesverfassungsgerichtsurteil zu einer eventuellen Haushaltsnotlage von Berlin Berlin die Risikoeinschätzung der Märkte für deutsche Bundesländer nicht verändert hat. Alles in allem scheint es sinnvoll, über eine größere Beteiligung der Gläubiger an Risiken einzelner Länder nachzudenken. Dies dürfte aber den Schuldenanstieg nur bei bereits hoch verschuldeten Ländern begrenzen und möglicherweise einem Notlagenfall vorbeugen, nicht aber den grundsätzlichen "Defizit-Bias" der Finanzpolitik kompensieren. Insgesamt scheinen deswegen vorgelagerte Regeln notwendig, um den Anstieg der Verschuldung schon früh zu unterbinden und somit Belastungen zukünftiger Generationen zu reduzieren.
Over the last three decades, countries across the Andean region have moved toward legal recognition of indigenous justice systems. This turn toward legal pluralism, however, has been and continues to be heavily contested. The working paper explores a theoretical perspective that aims at analyzing and making sense of this contentious process by assessing the interplay between conflict and (mis)trust. Based on a review of the existing scholarship on legal pluralism and indigenous justice in the Andean region, with a particular focus on the cases of Bolivia and Ecuador, it is argued that manifest conflict over the contested recognition of indigenous justice can be considered as helpful and even necessary for the deconstruction of mistrust of indigenous justice. Still, such conflict can also help reproduce and even reinforce mistrust, depending on the ways in which conflict is dealt with politically and socially. The exploratory paper suggests four proposition that specify the complex and contingent relationship between conflict and (mis)trust in the contested negotiation of pluralist justice systems in the Andean region.
Large companies are increasingly on trial. Over the last decade, many of the world’s biggest firms have been embroiled in legal disputes over corruption charges, financial fraud, environmental damage, taxation issues or sanction violations, ending in convictions or settlements of record-breaking fines, well above the billion-dollar mark. For critics of globalization, this turn towards corporate accountability is a welcome sea-change showing that multinational companies are no longer above the law. For legal experts, the trend is noteworthy because of the extraterritorial dimensions of law enforcement, as companies are increasingly held accountable for activities independent of their nationality or the place of the activities. Indeed, the global trend required understanding the evolution of corporate criminal law enforcement in the United States in particular, where authorities have skillfully expanded its effective jurisdiction beyond its territory. This paper traces the evolution of corporate prosecutions in the United States. Analyzing federal prosecution data, it then shows that foreign firms are more likely to pay a fine, which is on average 6,6 times larger.
One of the motivations for establishing a European banking union was the desire to break the ties with between national regulators and domestic financial institutions in order to prevent regulatory capture. However, supervisory authority over the financial sector at the national level can also have valuable public benefits. The aim of this policy letter is to detail these public benefits in order to counter discussions that focus only on conflicts of interest. It is informed by an analysis of how financial institutions interacted with policy-makers in the design of national bank rescue schemes in response to the banking crisis of 2008. Using this information, it discusses the possible benefits of close cooperation between financial institutions and regulators and analyzes these in the wake of a European banking union.
This paper investigates the accuracy of point and density forecasts of four DSGE models for inflation, output growth and the federal funds rate. Model parameters are estimated and forecasts are derived successively from historical U.S. data vintages synchronized with the Fed’s Greenbook projections. Point forecasts of some models are of similar accuracy as the forecasts of nonstructural large dataset methods. Despite their common underlying New Keynesian modeling philosophy, forecasts of different DSGE models turn out to be quite distinct. Weighted forecasts are more precise than forecasts from individual models. The accuracy of a simple average of DSGE model forecasts is comparable to Greenbook projections for medium term horizons. Comparing density forecasts of DSGE models with the actual distribution of observations shows that the models overestimate uncertainty around point forecasts.
The paper illustrates based on an example the importance of consistency between the empirical measurement and the concept of variables in estimated macroeconomic models. Since standard New Keynesian models do not account for demographic trends and sectoral shifts, the authors proposes adjusting hours worked per capita used to estimate such models accordingly to enhance the consistency between the data and the model. Without this adjustment, low frequency shifts in hours lead to unreasonable trends in the output gap, caused by the close link between hours and the output gap in such models.
The retirement wave of baby boomers, for example, lowers U.S. aggregate hours per capita, which leads to erroneous permanently negative output gap estimates following the Great Recession. After correcting hours for changes in the age composition, the estimated output gap closes gradually instead following the years after the Great Recession.
This paper investigates the accuracy of forecasts from four DSGE models for inflation, output growth and the federal funds rate using a real-time dataset synchronized with the Fed’s Greenbook projections. Conditioning the model forecasts on the Greenbook nowcasts leads to forecasts that are as accurate as the Greenbook projections for output growth and the federal funds rate. Only for inflation the model forecasts are dominated by the Greenbook projections. A comparison with forecasts from Bayesian VARs shows that the economic structure of the DSGE models which is useful for the interpretation of forecasts does not lower the accuracy of forecasts. Combining forecasts of several DSGE models increases precision in comparison to individual model forecasts. Comparing density forecasts with the actual distribution of observations shows that DSGE models overestimate uncertainty around point forecasts.
This paper considers the desirability of the observed tendency of central banks to adjust interest rates only gradually in response to changes in economic conditions. It shows, in the context of a simple model of optimizing private-sector behavior, that such inertial behavior on the part of the central bank may indeed be optimal, in the sense of minimizing a loss function that penalizes inflation variations, deviations of output from potential, and interest-rate variability. Sluggish adjustment characterizes an optimal policy commitment, even though no such inertia would be present in the case of a reputationless (Markovian) equilibrium under discretion. Optimal interest-rate feedback rules are also characterized, and shown to involve substantial positive coefficients on lagged interest rates. This provides a theoretical explanation for the numerical results obtained by Rotemberg and Woodford (1998) in their quantitative model of the U.S. economy.
The paper considers optimal monetary stabilization policy in a forward-looking model, when the central bank recognizes that private-sector expectations need not be precisely model-consistent, and wishes to choose a policy that will be as good as possible in the case of any beliefs that are close enough to model-consistency. It is found that commitment continues to be important for optimal policy, that the optimal long-run inflation target is unaffected by the degree of potential distortion of beliefs, and that optimal policy is even more history-dependent than if rational expectations are assumed. JEL Classification: E52, E58, E42
We examine the dynamics of assets under management (AUM) and management fees at the portfolio manager level in the closed-end fund industry. We find that managers capitalize on good past performance and favorable investor perception about future performance, as reflected in fund premiums, through AUM expansions and fee increases. However, the penalties for poor performance or unfavorable investor perception are either insignificant, or substantially mitigated by manager tenure. Long tenure is generally associated with poor performance and high discounts. Our findings suggest substantial managerial power in capturing CEF rents. We also document significant diseconomies of scale at the manager level.
Venture capital (VC) investment has long been conceptualized as a local business , in which the VC’s ability to source, syndicate, fund, monitor, and add value to portfolio firms critically depends on their access to knowledge obtained through their ties to the local (i.e., geographically proximate) network. Consistent with the view that local networks matter, existing research confirms that local and geographically distant portfolio firms are sourced, syndicated, funded, and monitored differently. Curiously, emerging research on VC investment practice within the United States finds that distant investments, as measured by “exits” (either initial public offering or merger & acquisition) out-perform local investments. These findings raise important questions about the assumed benefits of local network membership and proximity. To more deeply probe these questions, we contrast the deal structure of cross-border VC investment with domestic VC investment, and contrast the deal structure of cross-border VC investments that include a local
partner with those that do not. Evidence from 139,892 rounds of venture capital financing in the period 1980-2009 suggests that cross-border investment practice, in terms of deal sourcing, syndication, and performance indeed change with proximity, but that monitoring practices do not. Further, we find that the inclusion of a local partner in the investment syndicate yields surprisingly few benefits. This evidence, we argue, raises important questions about VC investment practice as well as the ability of firms to capture and lever the presumed benefits of network membership.
Sissi im Film
(2018)
Ludwig van Beethoven im Film
(2018)
Inhalt
1. Strauß, Johann (Vater:/Sr.) (* 14.3.1804 – † 25.9.1849) [3]
2. Strauß, Johann (Sohn:/Jr.) (* 25.10.1825 – † 3.6.1899) [6]
3. Die Operetten-Adaptionen [12]
3.1 Die Fledermaus (Operette in 3 Akten, Johann Strauß, Sohn) :/:/ UA: 5.4.1874 [12]
3.2 Eine Nacht in Venedig (Operette in 3 Akten, Johann Strauß, Sohn) :/:/ UA: 3.10.1883 [17]
3.3 Der Zigeunerbaron (Operette in 3 Akten, Johann Strauß, Sohn) :/:/ UA: 24.10.1885 [18]
3.4 Wiener Blut (Johann Strauß, Sohn) :/:/ UA: 25.10.1899 [19]
3.5 Frühlingsluft (Jose. Strauß) :/:/ UA: 9.5.1903 [
Les Blank
(2017)
This paper analyzes liquidity in an order driven market. We only investigate the best limits in the limit order book, but also take into account the book behind these inside prices. When subsequent prices are close to the best ones and depth at them is substantial, larger orders can be executed without an extensive price impact and without deterring liquidity. We develop and estimate several econometric models, based on depth and prices in the book, as well as on the slopes of the limit order book. The dynamics of different dimensions of liquidity are analyzed: prices, depth at and beyond the best prices, as well as resiliency, i.e. how fast the different liquidity measures recover after a liquidity shock. Our results show a somewhat less favorable image of liquidity than often found in the literature. After a liquidity shock (in the spread or depth or in the book beyond the best limits), several dimension of liquidity deteriorate at the same time. Not only does the inside spread increase, and depth at the best prices decrease, also the difference between subsequent bid and ask prices may become larger and depth provided at them decreases. The impacts are both econometrically and economically significant. Also, our findings point to an interaction between different measures of liquidity, between liquidity at the best prices and beyond in the book, and between ask and bid side of the market.
The first part of the following paper deals with varying points of criticism forwarded against Ordoliberalism. Here, it is not the aim to directly falsify each argument on its own; rather, the author tries to give a precise overview of the spectrum of critique. The second section picks out one argument of critical review – namely that the ordoliberal concept of the state is somewhat elitist and grounded on intellectual experts. Based on the previous sections, the final part differentiates two kinds of genesis of norms: an evolutionary and an elitist one – both (latently) present within Ordoliberalism. In combination with the two-level differentiation between individual and regulatory ethics, the essay allows for a distinction between individual-ethical norms based on an evolutionary genesis of norms and regulatory-ethical norms based on an elitist understanding of norms. A by-product of the author’s argument is a (further) demarcation within neoliberalism.
Based on Foucault’s analysis of German Neoliberalism and his thesis of ambiguity, the following paper draws a two-level distinction between individual and regulatory ethics. The individual ethics level – which has received surprisingly little attention – contains the Christian foundation of values and the liberal-Kantian heritage of so called Ordoliberalism – as one variety of neoliberalism. The regulatory or formal-institutional ethics level on the contrary refers to the ordoliberal framework of a socio-economic order. By differentiating these two levels of ethics incorporated in German Neoliberalism, it is feasible to distinguish dissimilar varieties of neoliberalism and to link Ordoliberalism to modern economic ethics. Furthermore, it allows a revision of the dominant reception of Ordoliberalism which focuses solely on the formal-institutional level while mainly neglecting the individual ethics level.
June 4th, 2013 marks the formal launch of the third generation of the Equator Principles (EP III) and the tenth anniversary of the EPs – enough reasons for evaluating the EPs initiative from an economic ethics and business ethics perspectives. In particular, this essay deals with the following questions: What are the EPs and where are they going? What has been achieved so far by the EPs? What are the strengths and weaknesses of the EPs? Which necessary reform steps need to be adopted in order to further strengthen the EPs framework? Can the EPs be regarded as a role-model in the field of sustainable finance and CSR? The paper is structured as follows: The first chapter defines the term EPs and introduces the keywords related to the EPs framework. The second chapter gives a brief overview of the history of the EPs. The third chapter discusses the Equator Principles Association, the governing, administering, and managing institution behind the EPs. The fourth chapter summarizes the main features and characteristics of the newly released third generation of the EPs. The fifth chapter critically evaluates the EP III from an economic ethics and business ethics perspectives. The paper concludes with a summary of the main findings.
Vorliegende Publikation verfolgt ein anderes Konzept. Auch sie will auf interessante Angebote im digitalen Reich aufmerksam machen. Sie beschränkt sich jedoch nicht auf den bloßen Link oder den knapp kommentierten Hinweis auf ein Programm, sondern charakterisiert das jeweilige Angebot im Blick auf seine praktische Brauchbarkeit. Das Kriterium der Brauchbarkeit sind die Erfahrungen, die der Autor jeweils damit gemacht hat. Man könnte eine solche Auswahl subjektiv nennen, aber wer, außer Subjekten, kann überhaupt etwas beurteilen?
Wer gerne auf Entdeckungsreisen geht und wen immer einmal das Fernweh packt, ohne dass er Zeit und Geld für große Expeditionen hätte, für den kann Google Earth eine Art Suchtmittel darstellen. Von Ayers Rock zum Fujijama und aus den Straßenschluchten Manhattans in die afrikanische Steppe: Mit Google Earth eine Sache von Sekunden.
Die Öffnung des deutschen Bilanzrechts bewirkt eine zunehmende Anwendungsbreite von internationalen Rechnunungslegungsnormen (wie insbesondere der US-GAAP und der IAS) für deutsche Rechtsanwender;1 die heterogenen Normtypen und die – damit einhergehend – unterschiedlichen ökonomischen Eigenschaften dieser Normen erfordern für einen sinnvollen Rechnungslegungsvergleich eine komparative Rechnungslegungstheorie. Eine Besinnung auf die ökonomische Theorie ist – auch ausgelöst durch die Internationalisierung der Rechnungslegung – hier grundsätzlich festzustellen,2 wie auch das moderne deutsche Bilanzrecht seine heutige Prägung durch die ökonomische Theorie – und nicht vornehmlich durch die Anwender – erhielt.3 Es ist das Ziel des Aufsatzes, einen Beitrag zu einer institutionenökonomischen Theorie der Rechnungslegung zum Zweck der Bestimmung von Informationsinhalten und Gewinnansprüchen sowie zur vergleichenden Rechnungslegungstheorie zu leisten. In einem ersten Hauptteil (2) wird im folgenden – auf dem institutionenökonomischen Forschungsprogramm aufbauend – skizziert, welche Bedeutung Institutionen im Rahmen des Nutzenkalküls von Entscheidern zuzumessen ist; danach werden die einzelnen für eine vergleichende Rechnungslegung relevanten Institutionsarten typisiert (in formale und informelle Regeln) sowie deren Attribute im individuellen Zielstromkalkül eingeführt (nämlich Prädikate der Manipulationsfreiheit und Prädikate der Entscheidungsverbundenheit). Das Verhältnis der Institutionen zueinander wird im folgenden Abschnitt (3) anhand eines rechtlich geprägten und eines ökonomischen Systemverständnisses entwickelt. Es wird gezeigt, daß beide Systembegriffe auf einer Nichtadditivität der sie konstituierenden Institutionen gründen, die den qualitativen Vergleich unterschiedlicher Systeme erschweren; man überschätzt hingegen die Unterschiede zwischen juristischem und ökonomischem Systemverständnis: beide sind funktionsähnlich. Im letzten Hauptteil (4) werden schließlich vor dem Hintergrund einer gestaltenden Theorie die hierfür relevanten Teilbereiche (Sub-Systeme) der Rechnungslegungsordnung vorgestellt sowie einzelne Publizitätsnormen funktional ausgelegt. Der Beitrag schließt mit zusammenfassenden Thesen (5).
Mängel bei der Abschlußprüfung : Tatsachenberichte und Analysen aus betriebswirtschaftlicher Sicht
(2001)
Unternehmenskrisen, „überraschende“ zumal, standen am Anfang der gesetzlichen Normierung der Abschlußprüfung in Deutschland. Es entspricht daher einem legitimen Anliegen von Öffentlichkeit und Fachwelt, die herrschende Maßstäblichkeit der Qualität von Abschlußprüfungen und die Glaubwürdigkeit4 von Abschlußprüfern insbesondere dann in gesteigertem Maße als Problem zu begreifen, wenn den gesetzlichen Schutzzwecken und Schutznormen der etablierten Abschlußprüfung zum Trotz Unternehmen in eine Krise geraten: Denn innerhalb der institutionellen Mechanismen ihrer Früherkennung – eines funktionalen Teils des deutschen Systems von corporate governance – gilt die Pflichtprüfung mit Recht als pivotales Element. Vieles an festzustellender Kritik mag hierbei einem der Komplexität der zu verhandelnden Sachzusammenhänge unüberbrückbaren Laienverständnis geschuldet sein; manches aber ist sicherlich erklärlich durch verbesserbare gesetzliche Vorschriften, zu lösende theoretische (ökonomische und rechtswissenschaftliche) Problemstellungen und eine zu fördernde gute Berufspraxis. Jüngste fragliche Mängel der Abschlußprüfung geben den Anlaß zu vorliegenden Tatsachenberichten und betriebswirtschaftlichen Analysen. Die getroffene Auswahl der Unternehmen ist hierbei ebenso willkürlich wie die der betroffenen Wirtschaftsprüfungsgesellschaften – nicht zufällig ist indes die Auswahl der betriebswirtschaftlichen Grundprobleme: Betreffen diese doch wesentliche Erwartungen an die Abschlußprüfung, die offenbar so regelmäßig enttäuscht wurden, daß selbst in Regierungsbegründungen von Gesetzesvorlagen nunmehr eine „sog. Erwartungslücke“5 bemüht wird. Die Erwartungslücken ergeben sich hierbei insbesondere aus der Vorstellung, daß (a) der gesetzliche Pflichtprüfer bei einer ordnungsmäßigen Prüfung zwingend doloses Handeln aufzudecken habe, daß (b) bilanzielle Wertansätze hinreichend zuverlässige Größen bilden, die über die Vermögenslage des Unternehmens berichten und schließlich (c) die Prüfung der tatsächlichen wirtschaftlichen Lage des Unternehmens und die Unterrichtung hiervon in Prüfungsbericht und Bestätigungsvermerk eine Selbstverständlichkeit der Pflichtprüfung sei. Diesen Erwartungen folgt der Gang der Untersuchung.
Permanent conflict resolution at the high courts was one of the Holy Roman Empire’s main characteristics. This applies even to conflicts between rural communities and their lords, who could be dealt with, at least under certain circumstances, at the Imperial Chamber Court or the Aulic Council. These trials, however, were embedded in complicated processes of establishing and legitimizing claims on a local level as well as attempts to achieve a solution by violence or by arbitration. Researchers have stated that conflict resolution underwent, in the long run, a process of “juridification” (“Verrechtlichung”). This working paper proposes a method, based on Niklas Luhmann’s theory of procedural legitimation (“Legitimation durch Verfahren”), which possibly allows to detect elements of juridification and conflict resolution in the actions of parties and courts.