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Stakeholderorientierung, Systemhaftigkeit und Stabilität der Corporate Governance in Deutschland
(2006)
Since the time of Germany’s belated industrialisation, corporate governance in Germany has been stakeholder oriented in the dual sense of attaching importance to the interests of stakeholders who are not at the same time shareholders, and of providing certain opportunities for these stakeholders to influence corporate decisions. Corporate governance is also systemic. It is a system of elements that are complementary to each other, and also consistent. In other word, it is composed of elements for which it is important that they fit together well, and in the German case these elements did fit together well until quite recently. Corporate governance as a system is itself an element of the German bank-based financial system at large and possibly even of the entire German business and economic system. Stakeholder orientation of governance is consistent with the general structure this system, and even represents one of its central elements. In retrospect, German corporate governance has also proved to be surprisingly stable. Its fundamental traits date back to the turn from the 19th to the 20th century. There are strong reasons to assume that the systemic features, that is, its complementarity and consistency, have greatly contributed to its past stability. Since about ten years now, there are growing tendencies to question the viability and stability of the German corporate governance system and even the financial system as a whole. One of the central topics in the new debate concerns the stakeholder orientation of the system, which some observers and critics consider as the main weakness of the “German model” under the increasing pressures of globalisation and European integration. As far as their development over time is concerned, systems of complementarity elements exhibit certain peculiarities: (1) They do not adjust easily to changing circumstances. (2) Changes concerning important individual elements, such as the stakeholder orientation of governance, tend to jeopardize the viability and the stability of the entire system. (3) While they appear to be stable, systems shaped by complementary may simply be rigid and tend to break under strong external pressure. “Breaking” means that a system undergoes a fundamental transformation. It seems plausible to assume that the German financial system is already in the middle of such a transformation. It is yet another consequence of its systemic character that this transformation is not likely to be a smooth and gradual process and that it will not lead to a “mixed model” but rather to the adoption of a capital market-based financial system as it prevails in the Anglo-Saxon countries. In such a system, corporate governance cannot be geared to catering to the interests of stakeholders, and an active role for them would not even make any economic sense.
Pensions- und Finanzsysteme in Europa : ein Vergleich unter dem Gesichtspunkt der Komplementarität
(2001)
Die Debatte über die optimale Ausgestaltung der Alterssicherung wird in jüngster Zeit äußerst kontrovers und hitzig geführt. Dabei scheint uns ein zentraler Aspekt nicht genügend beachte zu werden: Welcher Zusammenhang besteht zwischen den Merkmalen des Finanzsystems und des Pensionssystems eines Landes? Weil dieser Zusammenhang wichtig sein könnte, wird in diesem Beitrag untersucht, ob es Unterschiede zwischen den Finanz- und Pensionssystemen in drei großen europäischen Ländern, Deutschland, Frankreich und Großbritannien, gibt, ob sich diese Unterschiede in charakteristischer Weise entsprechen und ob sich über diese Entsprechungen hinaus auch Wechselwirkungen zwischen dem Finanzsystem und dem Pensionssystem eines Landes nachweisen lassen.
Zur Beantwortung dieser Fragen wird in einem ersten Schritt kurz die Unterschiedlichkeit der Finanz- und Pensionssysteme zwischen den drei Ländern skizziert, und es werden parallelen zwischen diesen Unterschieden nachgewiesen. Daran anschließend werden die Zusammenhänge zwischen der Ausgestaltung der gesetzlichen Alterssicherung und der volkswirtschaftlichen Risikoallokation sowie der Ausgestaltung der betrieblichen Alterssicherung für die Unternehmensstrategien, -finanzierung und –verfassung betrachtet. Dabei lässt sich zeigen, dass es sowohl in Deutschland als auch in Großbritannien eine – wenn auch vollkommen unterschiedlich ausgeprägte – Komplementarität zwischen Finanz- und Pensionssystem gibt, während sich ein solcher Zusammenhang für Frankreich nicht konstatieren lässt. Abschließend werden wirtschaftspolitische Implikationen dieses Zusammenhangs angesprochen
Bericht der Arbeitsgruppe Technik zur Vorbereitung des Programms "Retrospektive Digitalisierung von Bibliotheksbeständen" im Förderbereich "Verteilte Digitale Forschungsbibliothek" Arbeitssitzungen am 14. Mai 1996 (Frankfurt a. M.), 29.-30. Juli 1996 (München), 12.-13. Dezember 1996 (Göttingen) Mitglieder der Arbeitsgruppe: Prof. Dr. Rudolf Bayer, Technische Universität München, Fakultät für Informatik Dr. Jürgen Bunzel, Deutsche Forschungsgemeinschaft, Bonn Dr. Marianne Dörr, Bayerische Staatsbibliothek München Dr. Reinhard Ecker, Beilstein-Institut bzw. ABC Datenservice GmbH, Frankfurt/Main Dipl.-Math. Heinz-Werner Hoffmann, Hochschulbibliothekszentrum NRW, Köln (als Gast für die AG der Verbundsysteme) Dr. Norbert Lossau, Niedersächsische Staats- und Universitätsbibliothek Göttingen (DFG-Projekt ‘Verteilte Digitale Forschungsbibliothek’) Prof. Dr. Elmar Mittler, Niedersächsische Staats- und Universitätsbibliothek Göttingen Dipl.-Inf. Christian Mönch, FB Informatik der J.W. Goethe-Universität Frankfurt Dr. Wilhelm R. Schmidt, Stadt- und Universitätsbibliothek Frankfurt Dr. Hartmut Weber, Landesarchivdirektion, Stuttgart
The nucleosynthesis of elements beyond iron is dominated by neutron captures in the s and r processes. However, 32 stable, proton-rich isotopes cannot be formed during those processes, because they are shielded from the s-process flow and r-process β-decay chains. These nuclei are attributed to the p and rp process.
For all those processes, current research in nuclear astrophysics addresses the need for more precise reaction data involving radioactive isotopes. Depending on the particular reaction, direct or inverse kinematics, forward or time-reversed direction are investigated to determine or at least to constrain the desired reaction cross sections.
The Facility for Antiproton and Ion Research (FAIR) will offer unique, unprecedented opportunities to investigate many of the important reactions. The high yield of radioactive isotopes, even far away from the valley of stability, allows the investigation of isotopes involved in processes as exotic as the r or rp processes.
The photoelectric effect describes the ejection of an electron upon absorption of one or several photons. The kinetic energy of this electron is determined by the photon energy reduced by the binding energy of the electron and, if strong laser fields are involved, by the ponderomotive potential in addition. It has therefore been widely taken for granted that for atoms and molecules, the photoelectron energy does not depend on the electron’s emission direction, but theoretical studies have questioned this since 1990. Here, we provide experimental evidence that the energies of photoelectrons emitted against the light propagation direction are shifted toward higher values, while those electrons that are emitted along the light propagation direction are shifted to lower values. We attribute the energy shift to a nondipole contribution to the ponderomotive potential that is due to the interaction of the moving electrons with the incident photons.
The association of Schlen k’s hydrocarbon was studied by means of osmometric and magnetic measurements. The mixed chain-ring-association can be explained satisfactorily assuming that two different dimers and four monomer species participate in the equilibria, including a monomeric diamagnetic ring. The equilibria existing between the different species are discussed. For the equilibria between the monomer and dimer species, which can be detected in solutions of normal viscosity by means of ESR-measurements, the unexpected values of ΔH=0 for the enthalpie of association and ΔS= +19.7 e. u. for the entropie of association were found.
The influence of temperatur and pressure on the fluorescence quantum yield of N-methylacridone (9,10-dihydro-9-oxo-10-methyl-acridine) in toluene in the range of 283-313 K and 1 bar to 2.5 kbar, respectively, has been investigated. Treatment of the data in terms of the Eyring transition-state theory leads to a consistent interpretation of the observed effect. The unusually large increase of the quantum yield with increasing pressure is attributed to a positive volume of activation, ⊿V≠, for the thermally activated S1-T2 intersystem crossing which is known to be the only deactivation process (of the Si-state) competing with fluorescence. Comparison of the values for ⊿H≠, the activation enthalpy of this process, determined at various pressures, indicates a decrease in ⊿H≠ at elevated pressures. Since ⊿H≠ can be associated with the S1-T2 energy gap involved in intersystem crossing, this result further confirms the conclusion that the change in Franck-Condon factors alone cannot account for the decrease in the intersystem crossing rate with increasing pressure.
The thermal and the photochemical reactions of the endoperoxide of Tetrabenzo(bc,fg.lm,pq)- pentacene have been investigated with respect to its photochromic properties. The thermal yield of irreversible rearrangement reactions was determined to be Adec = 0.045. From the activation parameters of the thermal cycloreversion. forming the parent hydrocarbon and oxygen, a half life time of 114 years at 20 °C has been extrapolated. For the quantum yield of the irreversible photochemical rearrangement a value of Qdec = 0.03 was obtained. As can be seen from the wavelength dependence of the photocycloreversion quantum yield Q1, cycloreversion occurs not only from the thermalized S2(πccπ*cc) but from higher excited states too. The maximum quantum yield was found at 302 nm to be (Q1 = 0.15. From our results it follows that this endoperoxide is of high quality in respect to the colour change colourless/blue and to thermal stability, whereas the reversibility is only moderate.