Universitätspublikationen
Refine
Year of publication
- 2016 (170) (remove)
Document Type
- Working Paper (170) (remove)
Has Fulltext
- yes (170) (remove)
Is part of the Bibliography
- no (170)
Keywords
- monetary policy (5)
- Banking Regulation (3)
- Financial Crisis (3)
- Insurance (3)
- Interest Rate Risk (3)
- Life Insurance (3)
- Mobilität (3)
- Systemic Risk (3)
- Annuities (2)
- Basel III (2)
Institute
- Wirtschaftswissenschaften (115)
- Center for Financial Studies (CFS) (106)
- Sustainable Architecture for Finance in Europe (SAFE) (71)
- House of Finance (HoF) (56)
- Rechtswissenschaft (22)
- Institute for Monetary and Financial Stability (IMFS) (10)
- Geographie (8)
- Institut für sozial-ökologische Forschung (ISOE) (7)
- Informatik (6)
- Gesellschaftswissenschaften (5)
An improvement is a correct program transformation that optimizes the program, where the criterion is that the number of computation steps until a value is obtained is decreased. This paper investigates improvements in both { an untyped and a polymorphically typed { call-by-need lambda-calculus with letrec, case, constructors and seq. Besides showing that several local optimizations are improvements, the main result of the paper is a proof that common subexpression elimination is correct and an improvement, which proves a conjecture and thus closes a gap in Moran and Sands' improvement theory. We also prove that several different length measures used for improvement in Moran and Sands' call-by-need calculus and our calculus are equivalent.
This paper explores the impact of immigrants on the imports, exports and productivity of service- producing firms in the U.K. Immigrants may substitute for imported intermediate inputs (offshore production) and they may impact the productivity of the firm as well as its export behavior. The first effect can be understood as the re-assignment of offshore productive tasks to immigrant workers. The second can be seen as a productivity or cost cutting effect due to immigration, and the third as the effect of immigrants on specific bilateral trade costs. We test the predictions of our model using differences in immigrant inflows across U.K. labor markets, instrumented with an enclave-based instrument that distinguishes between aggregate and bilateral immigration, as well as immigrant diversity. We find that immigrants increase overall productivity in service-producing firms, revealing a cost cutting impact on these firms. Immigrants also reduce the extent of country-specific offshoring, consistent with a reallocation of tasks and, finally, they increase country-specific exports, implying an important role in reducing communication and trade costs for services.
Essayistisch setzt sich diese Kolumne mit der Bevölkerungspolitik auseinander. Die Geburtenrate und die Angst vor dem Bevölkerungsschwund sind zu einem wesentlichen Thema im medialen und politischen Tagesgeschehen geworden. Die Sorge um den ausbleibenden Nachwuchs führt zu Forderungen, dass der Staat zur Erhöhung der Geburtenrate tätig werden müsse im Sinne einer obligatorischen Staatsaufgabe, z.B. um die Sozialsysteme zu sichern. Doch die Steigerung der Geburtenrate ist kein legitimes staatliches Ziel. Die grundrechtliche Freiheit der Eltern verlangt, dass der Staat sich eines Einflusses enthält und keine Anreize zum Kinderbekommen setzt. Familienförderung hat lediglich dafür zu sorgen, dass die Bedingungen für die bereits bestehenden Familien adäquat sind und muss sich als „Ausgleich“ für (finanzielle) Lasten deuten lassen. Einige Förderungsmittel sind kritisch zu be-trachten, da sie überproportional relativ wohlhabenden Familien zugutekommen sowie Anreize setzen, viele Kinder zu bekommen - durch die Anrechnung auf Sozialleistungen jedoch nicht bei armen Familien. Die Veränderung in der Bevölkerungsentwicklung wird Folgen haben, die sich nicht durch eine rückwärtsgewandte, allein an der Steigerung der Geburtenrate orientierte Politik verhindern lassen. Stattdessen ist es an der Zeit, die notwendigen Anpassungsprozesse anzugehen und zu gestalten.
We reconsider the role for human capital in accounting for cross-country income differences. Our contribution is to bring to bear new data on the pre- and post- migration labor market experiences of immigrants to the U.S. Immigrants from poor countries experience wage gains that are only 40 percent of the GDP per worker gap, which implies that “country" accounts for 40 percent of income differences, while human capital accounts for 60 percent. Our approach handles selection by comparing the wage of the same individual in two different countries. We also provide evidence on and a correction for skill transfer.
The recent financial crisis has demonstrated that a failure of Systemically Important Financial Institutions (SIFIs) could seriously damage the stability of the financial system. A precise and consistent definition of a SIFI is pivotal to ensure efficient and effective regulation of the global financial sector. This paper proposes a threefold test logic that allows to classify Financial Institutions as systemically important across the various industry segments.
Amid increasing regulation, structural changes of the market and Quantitative Easing as well as extremely low yields, concerns about the market liquidity of the Eurozone sovereign debt markets have been raised. We aim to quantify illiquidity risks, especially such related to liquidity dry-ups, and illiquidity spillover across maturities by examining the reaction to illiquidity shocks at high frequencies in two ways:
a) the regular response to shocks using a variance decomposition and,
b) the response to shocks in the extremes by detecting illiquidity shocks and modeling those as ultivariate Hawkes processes.
We find that:
a) market liquidity is more fragile and less predictable when an asset is very illiquid and,
b) the response to shocks in the extremes is structurally different from the regular response.
In 2015 long-term bonds are less liquid and the medium-term bonds are liquid, although we observe that in the extremes the medium-term bonds are increasingly driven by illiquidity spillover from the long-term titles.
Since the outbreak of the financial crisis, the macro-prudential policy paradigm has gained increasing prominence (Bank of England, 2009; Bernanke, 2011). The dynamics of this shift in the economic discourse, and the reasons this shift has not taken place prior to the crisis have not been addressed systemically. This paper investigates the evolution of the economic discourse on systemic risk and banking regulation to better understand these changes and their timing. Further, we use our sample to inquire whether, and if so, why the economic regulatory studies failed to recommend a reliable banking regulation prior to the crisis. By following a discourse analysis, we establish that the economic discourse on banking regulation has not been suitable for providing the knowledge basis required for a dynamically reliable banking regulation, and we identify the underlying reasons for such failure. These reasons include the obsession of economic discourse with optimization and particular forms of formalism, particularly, partial equilibrium analysis. Further, the economic discourse on banking regulation excludes historical and practitioners’ discourses and ignores weak signals. We point out that post-crisis, these epistemological failures of the economic discourse on banking regulation were not sufficiently recognized and that recent attempts to conceptualize systemic risk as a negative externality and to thus price it point to the persistence of formalism, equilibrium thinking and optimization, with their attending dangers.
How do insiders trade?
(2016)
We characterize how informed investors trade in the options market ahead of corporate news when they receive private, but noisy, information about (i) the timing of the announcement and (ii) its impact on stock prices. Our theoretical framework generates a rich set of predictions about the insiders’ behavior and their maximum expected returns. Three different analyses offer empirical support for our approach. First, predicted trades resemble illegal insider trades documented in SEC litigation cases with insiders being more likely to trade in options that offer higher expected returns. Second, pre-announcement patterns in unusual activity in the options market ahead of significant corporate news are consistent with the predictions of our framework. We employ our approach to characterize informed trading ahead of twelve different types of news including the announcement of earnings, corporate guidance, M&As, product innovations, management changes, and analyst recommendations. Third, to address concerns that pre-announcement patterns are driven by speculation, we show that measures capturing trading activity in call (put) options with high expected returns predict significant positive (negative) corporate news in the aggregate cross-section.
We examine the impact of house prices on labour supply decisions using UK micro data. We combine household survey data with local level house price measures and controls for local labour demand. Our micro data also allows us to control for individual level income expectations. We find significant house price effects on labour supply, consistent with leisure being a normal good. Labour supply responses to house prices are concentrated among young married female owners and older owners. This finding suggests house prices affect the decisions of marginal workers in the economy. Our estimates imply house prices are economically important for the participation decisions for these workers.
Highly-skilled labour migration in Switzerland: household strategies and professional careers
(2016)
The article investigates household strategies in the context of highly-skilled labour migration. It focuses on the ways highly-skilled migrants are taking up residence in Switzerland. The analysis shows different household strategies based on the perception of a further professional move. The perceived likeliness of a further move implies household strategies characterized by a high motility: the household remains ready to move and mobilises dedicated organisations (like outplacement agencies or international schools). When a further move is neither perceived nor wanted, the household develops more anchored strategies which are often cheaper. In order to cope with frequent mobilities, the analysis shows that household strategies are deeply gendered.
We argue two alternative routes that lead entrepreneurial start-ups to acquisition outcomes instead of liquidation. On one hand, acquisitions can come about through the control route with external financers such as venture capitalists (VCs). VCs take control through their board seats along with other contractual rights that can bring about changes in a start-up necessary to successfully attract a strategic acquirer. Consistent with this view, we show that VCs often replace the founding entrepreneur as CEO long before an acquisition exit. On the other hand, acquisitions can come about through advice and support provided to the start-up, such as that provided by an incubator or technology park. Based on a sample of 251 Crunchbase companies in the U.S. over the years 2007 to 2014, we present evidence that is strongly consistent with these propositions. Further, we show that the data indicate a tension between VC-backing of start-ups resident in technology parks insofar as such start-ups are slower to become, and less likely to be, acquired.
his paper examines whether investor mood, driven by World Health Organization (WHO) alerts and media news on globally dangerous diseases, is priced in pharmaceutical companies' stocks in the United States. We concentrate on irrational investors who buy and sell pharmaceutical companies' stocks guided by beliefs as opposed to rational expectations. We argue that disease-related news (DRNs) should not trigger rational trading. We find that DRNs have a positive and significant sentiment effect among investors (on Wall Street). The effect is stronger (weaker) for small (large) companies, who are less (more) likely to engage in the development of new vaccines in the wake of DRNs. A potential negative mood (on Main Street) – induced by disease related fear – does not alter the positive sentiment effect. Our findings give rise to profitable trading strategies leading to significantly positive performances. Overall, this unparalleled research shows that large events of devastating nature to the economy can be considered as good news to some groups of interest, such as stock market traders.
Within the framework of the Transboundary Waters Assessment Programme (TWAP), initiated by the Global Environment Facility (GEF), we contributed to a comprehensive baseline assessment of transboundary aquifers (TBAs) by quantifying different groundwater indicators using the global water resources and water use model WaterGAP 2.2. All indicators were computed under current (2010) and projected conditions in 2030 and 2050 for 91 selected TBAs larger than 20,000 km2 and for each nation’s share of the TBAs (TBA-CU: country unit). TBA outlines were provided by the International Groundwater Resources Assessment Centre (IGRAC). The set of indicators comprises groundwater recharge, groundwater depletion, per-capita groundwater recharge, dependency on groundwater, population density, and groundwater development stress (groundwater withdrawals to groundwater recharge). Only the latter four indicators were projected to 2030 and 2050. Current-state indicators were quantified using the Watch Forcing Data climate dataset, while projections were based on five climate scenarios that were computed by five global climate models for the high-emissions scenario RCP 8.5. Water use projections were based on the Shared Socio-economic Pathway SSP2 developed within ISI-MIP. Furthermore, two scenarios of future irrigated areas were explored. For individual water use sectors, the fraction of groundwater abstraction was assumed to remain at the current level.
According to our assessment, aquifers with the highest current groundwater depletion rates worldwide are not transboundary. Exceptions are the Neogene Aquifer System (Syria) with 53 mm/yr between 2000 and 2009 and the Indus River Plain aquifer (India) with 28 mm/yr. For current conditions, we identified 20 out of 258 TBA-CUs suffering from medium to very high groundwater development stress, which are located in the Middle East and North Africa region, in South Asia, China, and the USA. Considering projections, ensemble means of per-cent changes or percent point changes to current conditions were determined. Per-capita groundwater recharge is projected to decrease in 80-90% of all TBA-CUs until 2030/2050. Due to the strongly varying projections of the global climate models, we applied a worst-case scenario approach to define future hotspots of groundwater development stress, taking into account the strongest computed increase until either 2030 or 2050 among all scenarios and individual GCMs. Based on this approach, the number of TBA-CUs under at least medium groundwater development stress increases from 20 to 58, comprising all hotspots under current conditions. New hotspots are projected to develop mainly in Sub-Saharan Africa, China, and Mexico.
Prozesse der Konstitutionalisierung jenseits des Nationalstaates ver-laufen in zwei unterschiedlichen Richtungen: in transnationalen Politikprozessen jenseits der Nationalstaatsverfassungen, gleichzeitig außerhalb der internationalen Politik in den “privaten” Sektoren der Weltgesellschaft. Die Verfassungssoziologie, die solche Prozesse analysiert, distanziert sich damit von den Verengungen des traditionellen Konstitutionalismus auf den Nationalstaat und fokussiert gesellschaftliche Verfassungen im nationalen und transnationalen Raum. Doch was ist das Gesellschaftliche im gesellschaftlichen Konstitutionalismus? Dies ist aktuell Gegenstand einer vielstimmigen Kontroverse über die Subjekte nichtstaatlicher Verfassungen, ihren Ursprung, ihre Legitimation, ihre Reichweite und ihre inneren Strukturen. Der Beitrag versteht die Kontroverse als „Thema mit Variationen“ und stellt folgende Leitfragen an die zahlreichen Variationen: Was ist in der einzelnen Variation das jeweilige „Kompositionsprinzip“? Welche Schwierigkeiten zeigen sich in dessen Durchführung? Welches sind seine aufhebenswerten Motive? In diesem Sinn wird zunächst das von David Sciulli vorgegebene Thema des gesellschaftlichen Konstitutionalismus kurz vorgestellt. Dann werden sechs Variationen in zwei unterschiedlichen Variationsreihen vorgeführt, einer ersten, die Konstitutionalisierung als Expansion einer einzigen Rationalität in alle gesellschaftlichen Bereiche versteht, einer zweiten, welche trotz der Pluralität des gesellschaftlichen Konstitutionalismus auf der Einheit der Verfassung besteht. Im Schlussteil nehmen drei weitere Variationen schließlich die Motive, die sich als aufhebenswert herausgestellt haben – Meta-Verfassung, Nomos und Narrativ, mediale Reflexivität - wieder auf und entwickeln sie weiter.
This paper is the outcome of a related broader project, exploring the explanatory power of the Legal Theory of Finance, which proposes a new institution-based analytical framework for the analysis of phenomena of financial markets. One of its most important theoretical assumptions, the legal construction of financial markets, is highlighted by the example of the private creation of money by structured finance products in this paper. Further implications can then be shown referring to pari passu clauses and collective action clauses, which are both exhibit a differential application of these legal rules according to the hierarchical status of the respective market participant, and can therefore endanger sovereign debt restructurings. Legal instruments to avoid this are briefly explored. An example of another key role of the law in crisis that is the task to resolve the tension between market discipline and financial stability is exemplified by the regulation of the OTC derivatives market and proposals of effective loss-sharing among CCPs. Related questions about the significance of legal rules to ensure financial stability are raised in the analysis of minimum capital requirements under Basel III.
We assess the degree of market fragmentation in the euro-area corporate bond market by disentangling the determinants of the risk premium paid on bonds at origination. By looking at over 2,400 bonds we are able to isolate the country-specific effects which are a suitable indicator of the market fragmentation. We find that, after peaking during the sovereign debt crisis, fragmentation shrank in 2013 and receded to pre-crisis levels only in 2014. However, the low level of estimated market fragmentation is coupled with a still high heterogeneity in actual bond yields, challenging the consistency of the new equilibrium.
A number of contributions to research on monetary policy have suggested that policy should be asymmetric near the lower bound on nominal interest rates. As inflation and economic activity decline, policy should ease more aggressively than it would in the absence of the lower bound. As activity recovers and inflation picks up, the central bank should act to keep interest rates lower for longer than without the bound. In this note, we investigate to what extent the policy easing implemented by the ECB since summer 2013 mirrors the rate recommendations of a simple policy rule or deviates from it in a way that indicates a “lower for longer” approach to policy near zero interest rates.
It has been forty years since the oil crisis of 1973/74. This crisis has been one of the defining economic events of the 1970s and has shaped how many economists think about oil price shocks. In recent years, a large literature on the economic determinants of oil price fluctuations has emerged. Drawing on this literature, we first provide an overview of the causes of all major oil price fluctuations between 1973 and 2014. We then discuss why oil price fluctuations remain difficult to predict, despite economists’ improved understanding of oil markets. Unexpected oil price fluctuations are commonly referred to as oil price shocks. We document that, in practice, consumers, policymakers, financial market participants and economists may have different oil price expectations, and that, what may be surprising to some, need not be equally surprising to others.
Under ordinary circumstances, the fiscal implications of central bank policies tend to be seen as relatively minor and escape close scrutiny. The global financial crisis of 2008, however, demanded an extraordinary response by central banks which brought to light the immense power of central bank balance sheet policies as well as their major fiscal implications. Once the zero lower bound on interest rates is reached, expanding a central bank’s balance sheet becomes the central instrument for providing additional monetary policy accommodation. However, with interest rates near zero, the line separating fiscal and monetary policy is blurred. Furthermore, discretionary decisions associated with asset purchases and liquidity provision, as well as with lender-of-last-resort operations benefiting private entities, can have major distributional effects that are ordinarily associated with fiscal policy. In the euro area, discretionary central bank decisions can have immense distributional effects across member states. However, decisions of this nature are incompatible with the role of unelected officials in democratic societies. Drawing on the response to the crisis by the Federal Reserve and the ECB, this paper explores the tensions arising from central bank balance sheet policies and addresses pertinent questions about the governance and accountability of independent central banks in a democratic society.
Recently there has been an explosion of research on whether the equilibrium real interest rate has declined, an issue with significant implications for monetary policy. A common finding is that the rate has declined. In this paper we provide evidence that contradicts this finding. We show that the perceived decline may well be due to shifts in regulatory policy and monetary policy that have been omitted from the research. In developing the monetary policy implications, it is promising that much of the research approaches the policy problem through the framework of monetary policy rules, as uncertainty in the equilibrium real rate is not a reason to abandon rules in favor of discretion. But the results are still inconclusive and too uncertain to incorporate into policy rules in the ways that have been suggested.
Using merger announcements and applying methods from computational linguistics we find strong evidence that stock prices under-react to information in financial media. A one standard deviation increase in the media-implied probability of merger completion increases the subsequent 12-day return of a long-short merger strategy by 1.2 percentage points. Filtering out the 28% of announced deals with the lowest media-implied completion probability increases the annualized alpha from merger arbitrage by 9.3 percentage points. Our results are particularly pronounced when high-yield spreads are large and on days when only few merger deals are announced. We also document that financial media information is orthogonal to announcement day returns.
Mis-selling by banks has occurred repeatedly in many nations over the last decade. While clients may benefit from competition – enabling them to choose financial services at lowest costs – economic frictions between banks and clients may give rise to mis-selling. Examples of mis-selling are mis-representation of information, overly complex product design and non-customized advice. European regulators address the problem of mis-selling in the "Markets in Financial Instruments Directive" (MiFID) I and II and the "Markets in Financial Instruments Regulation" (MiFIR), by setting behavioral requirements for banks, regulating the compensation of employees, and imposing re-quirements on offered financial products and disclosure rules.
This paper argues that MiFID II protects clients but is not as effective as it could be. (1) It does not differentiate between client groups with different levels of financial literacy. Effective advice requires different advice for different client groups. (2) MiFID II uses too many rules and too many instruments to achieve identical goals and thereby generates excessive compliance costs. High compliance costs and low revenues would drive banks out of some segments of retail business.
Das Fahren ohne (gültigen) Fahrschein wird bereits seit den späten 1980er Jahren in der Wissenschaft thematisiert. Bis heute wird das Thema vorwiegend aus einer rechtswissenschaftlichen, einer betriebswirtschaftlichen sowie einer kriminologischen Perspektive betrachtet. Weiterhin wird das Fahren ohne (gültigen) Fahrschein in Ansätzen sozialwissenschaftlich betrachtet. Eine Analyse des Themas aus der Perspektive der sozialwissenschaftlichen Mobilitätsforschung würde den wissenschaftlichen Diskurs erweitern. In den Print- und Onlinemedien wird das Thema ebenfalls relativ häufig thematisiert. Der Forschungsstand spiegelt sich in den Medien wieder, allerdings ist die Auseinandersetzung weitaus differenzierter, da beispielsweise auch politische Motivationen zum Fahren ohne (gültigen) Fahrschein angesprochen werden. Insgesamt lässt sich feststellen, dass Das Fahren ohne (gültigen) Fahrschein bereits Einzug in wissenschaftliche Untersuchungen und Debatten gefunden hat. Das Arbeitspapier fasst den Stand der Forschung zum Fahren ohne (gültigen) Fahrschein zusammen und bildet somit einen Einstieg für die Fokussierung des Themas aus Sicht der sozialwissenschaftlichen Mobilitätsforschung.
Chen and Zadrozny (1998) developed the linear extended Yule-Walker (XYW) method for determining the parameters of a vector autoregressive (VAR) model with available covariances of mixed-frequency observations on the variables of the model. If the parameters are determined uniquely for available population covariances, then, the VAR model is identified. The present paper extends the original XYW method to an extended XYW method for determining all ARMA parameters of a vector autoregressive moving-average (VARMA) model with available covariances of single- or mixed-frequency observations on the variables of the model. The paper proves that under conditions of stationarity, regularity, miniphaseness, controllability, observability, and diagonalizability on the parameters of the model, the parameters are determined uniquely with available population covariances of single- or mixed-frequency observations on the variables of the model, so that the VARMA model is identified with the single- or mixed-frequency covariances.
Euro area shadow banking activities in a low-interest-rate environment: a flow-of-funds perspective
(2016)
Very low policy rates as well as the substantial redesign of rules and supervisory institutions have changed background conditions for the Euro Area’s financial intermediary sector substantially. Both policy initiatives have been targeted at improving societal welfare. And their potential side effects (or costs) have been discussed intensively, in academic as well as policy circles. Very low policy rates (and correspondingly low market rates) are likely to whet investors’ risk taking incentives. Concurrently, the tightened regulatory framework, in particular for banks, increases the comparative attractiveness of the less regulated, so-called shadow banking sector. Employing flow-of-funds data for the Euro Area’s non-bank banking sector we take stock of recent developments in this part of the financial sector. In addition, we examine to which extent low interest rates have had an impact on investment behavior. Our results reveal a declining role of banks (and, simultaneously, an increase in non-bank banking). Overall intermediation activity, hence, has remained roughly at the same level. Moreover, our findings also suggest that non-bank banks have tended to take positions in riskier assets (particularly in equities). In line with this observation, balance-sheet based risk measures indicate a rise in sector-specific risks in the non-bank banking sector (when narrowly defined).
The euro crisis was fueled by the diabolic loop between sovereign risk and bank risk, coupled with cross-border flight-to-safety capital flows. European Safe Bonds (ESBies), a union-wide safe asset without joint liability, would help to resolve these problems. We make three contributions. First, numerical simulations show that ESBies would be at least as safe as German bunds and approximately double the supply of euro safe assets when protected by a 30%-thick junior tranche. Second, a model shows how, when and why the two features of ESBies — diversification and seniority — can weaken the diabolic loop and its diffusion across countries. Third, we propose a step-by-step guide on how to create ESBies, starting with limited issuance by public or private-sector entities.
Der vorliegende Text ist das Ergebnis einer sondierenden Vorstudie zur Vorbereitung einer qualitativen empirischen Befragung zum Umgang mit Wasser in chinesischen Haushalten, die im November 2015 im Rahmen des Projekts SEMIZENTRAL in Qingdao, China, durchgeführt wurde (Publikation in Vorbereitung). Das vom BMBF geförderte Projekt SEMIZENTRAL wird vom Institut IWAR der Technischen Universität Darmstadt geleitet (siehe http://www.semizentral.de/home/). Das ISOE ist Partner im Forschungsverbund und führt eine Stoffstrom- und eine damit verbundene Vulnerabilitätsanalyse für das Gebiet der Implementierung durch. In diesem Zusammenhang ist es wichtig, Einflussfaktoren des Umgangs mit Wasser durch die Bevölkerung kennenzulernen.
Gestützt auf das integrative Konzept der Wasserkultur werden im nachfolgenden Text die Ergebnisse einer diesbezüglichen Recherche vorgestellt. Dabei werden natürliche, infrastrukturelle, soziale, kulturelle, ökonomische und verhaltensbezogene Aspekte der Wasserverfügbarkeit, der Ansprüche an Wasserqualität und des Umgangs mit Wasser in China thematisiert.
Dieser Bericht stellt die wesentlichen Ergebnisse der sozialwissenschaftlichen und ökologischen Begleitforschung in der Modellregion Elektromobilität Rhein-Main (SÖB) dar. Dabei wird zunächst das Projektumfeld vorgestellt, indem auf die Rahmenbedingungen des Förderprogramms sowie weitere Programme und Projekte im Bereich Elektromobilität eingegangen wird. Im zweiten Kapitel wird das Projektkonsortium und dessen Einbettung in die Modellregion Rhein-Main erläutert, sowie die Verknüpfung mit der überregionalen Begleitforschung der Nationalen Organisation Wasser- und Brennstoffzellentechnologie (NOW). Im Kapitel 3 wird das Forschungsdesign der SÖB skizziert. Dazu werden einige Erkenntnisse aus der ersten Förderperiode beleuchtet, die für die Forschungsziele der aktuellen Förderperiode ausschlaggebend waren. Des Weiteren erfolgt eine Ausführung der methodischen Vorgehensweisen der Projektpartner. Das darauf folgende Kapitel 4 stellt die wesentlichen Ergebnisse des Projekts dar. Dabei wurde bewusst versucht, die verschie¬denen Erkenntnisse der einzelnen Partner thematisch miteinander zu verknüpfen. Aus den Ergeb¬nissen wurden Handlungsempfehlungen für verschiedene Bereiche und Akteure generiert, die in Kapitel 5 einfließen. Abschließend rundet ein Fazit mit zusammenfassenden Erkenntnissen den Bericht ab.
Dokumentation von Best-Practice-Beispielen zum Umgang mit dem Fahren ohne (gültigen) Fahrschein
(2016)
In Deutschland und Europa versuchen Verkehrsunternehmen und -verbünde bereits seit längerer Zeit gegen das Fahren ohne (gültigen) Fahrschein vorzugehen, ihre Fahrgeldeinnahmen zu sichern und zu steigern sowie die Quote der Personen, die den ÖPNV ohne (gültiges) Ticket nutzen, zu minimieren. Auf Grundlage des ersten Arbeitspaketes (Literaturanalyse zum Stand der Forschung: Schwerdtfeger et al. 2016) wurden Maßnahmen untersucht, die zum Erreichen der genannten Ziele beitragen. Der Fokus liegt dabei auf Best Practice Beispielen, also Maßnahmen, die in der Praxis als erfolgreich hinsichtlich der Reduzierung des Fahrens ohne (gültigen) Fahrschein sowie hinsichtlich der Einnahmesicherung und -steigerung angesehen werden. Das Ergebnis der Untersuchung ist eine umfangreiche Auseinandersetzung mit Best Practice Beispielen in Bezug auf das Fahren ohne (gültigen) Fahrschein. Außerdem wurden aktuell diskutierte Ansätze alternativer Finanzierungsinstrumente hinsichtlich ihrer Eignung zur Finanzierung des ÖPNV untersucht. Zwar können alternative Finanzierungsinstrumente derzeit noch nicht als Best Practice eingestuft werden, allerdings stehen sie in direkter Beziehung zur Einnahmesicherung im ÖPNV-Sektor.
This paper investigates the potential implications of say on pay on management remuneration in Germany. We try to shed light on some key aspects by presenting quantitative data that allows us to gauge the pertinent effects of the German natural experiment that originates with the 2009 amendments to the Stock Corporation Act of 1965. In order to do this, we deploy a hand-collected data set for Germany's major firms (i.e. DAX 30), for the years 2006-2012. Rather than focusing exclusively on CEO remuneration we collected data for all members of the management board for the whole period under investigation. We observe that the compensation packages of management board members of Germany's DAX30-firms are quite closely linked to key performance measures. In addition, we find that salaries increase with the size of the company and that ownership concentration has no significant effect on compensation. Also, our findings suggest that the two-tier system seems to matter a lot when it comes to compensation. However, it would be misleading to state that we see no significant impact of the introduction of the German say on pay-regime. Our findings suggest that supervisory boards anticipate shareholder-behavior.
Directors have traditionally been elected by a plurality of the votes cast. This means that in uncontested elections, a candidate who receives even a single vote is elected. Proponents of “shareholder democracy” have advocated a shift to a majority voting rule in which a candidate must receive a majority of the votes cast to be elected. Over the past decade, they have been successful, and the shift to majority voting has been one of the most popular and successful governance reforms.
Yet critics are skeptical as to whether majority voting improves board accountability. Tellingly, directors of companies with majority voting rarely fail to receive majority approval – even more rarely than directors of companies with plurality voting. Even when such directors fail to receive majority approval, they are unlikely to be forced to leave the board. This poses a puzzle: why do firms switch to majority voting and what effect does the switch have, if any, on director behavior?
We empirically examine the adoption and impact of a majority voting rule using a sample of uncontested director elections from 2007 to 2013. We test and find partial support for four hypotheses that could explain why directors of majority voting firms so rarely fail to receive majority support: selection; deterrence/accountability; electioneering by firms; and restraint by shareholders.
Our results further suggest that the reasons for and effects of adopting majority voting may differ between early and later adopters. We find that early adopters of majority voting were more shareholder-responsive than other firms even before they adopted majority voting. These firms seem to have adopted majority voting voluntarily, and the adoption of majority voting has made little difference in their responsiveness to shareholders responsiveness going forward. By contrast, for late adopters, we find no evidence that they were more shareholder-responsive than other firms before they adopted majority voting, but strong evidence that they became more responsive after adopting majority voting.
Differences between early and late adopters can have important implications for understanding the spread of corporate governance reforms and evaluating their effects on firms. Reform advocates, rather than targeting the firms that, by their measures, are most in need of reform, instead seem to have targeted the firms that are already most responsive. They may then have used the widespread adoption of majority voting to create pressure on the nonadopting firms. Empirical studies of the effects of governance changes thus need to be sensitive to the possibility that early adopters and late adopters of reforms differ from each other and that the reforms may have different effects on these two groups of firms.
In a field study with more than 1.500 customers of an online-broker we test what happens when investors receive repeated feedback on their investment success in a monthly securities account report. The reports show investors’ last year’s returns, costs, their current level of risk and their portfolio diversification. We find that receiving a report results in investors trading less, diversifying more and having higher risk-adjusted returns. Results are robust to controlling for potential play money accounts and changes in report designs. We also find that investors who are less likely to subscribe equally benefit from the report.
„Corporate groups are a fact of life“.1 This was the starting point for a group of renowned European experts to deliver a report on a possible Directive on corporate group law in 2000.2 We all know that no such Directive has been issued.3 However, these days a fresh group of eminent experts has started, among other things, to develop an initiative „on groups of companies“.4 One reason for a European regulation to take its time might be the enormous national differences in dealing with group situations. While some countries, notably the UK,5 rely on general company law to deal with corporate groups, others provide most detailed rules specifically for groups of companies.6 German law provides an example for the latter. Do we need a law of corporate groups? Most countries regulate one or another aspect of group law.7
This is probably most common for tax and for accounting law. Insolvency law will often take group situations into account and the same is true for labour law. Regulatory oversight for financial institutions or insurance companies usually includes a group dimension. Competition law necessarily does so as well. However, in what follows when we speak about „group law“ we will focus on regulation more specifically tuned to genuine questions of company law such as the protection of minority shareholders or creditors, the standards for managerial behavior and the „enabling“ function of legal structures.
Bei Erlass des PUAG verzichtete der einfache Gesetzgeber bewusst auf eine mögliche Vereidigung von Zeugen vor Untersuchungsausschüssen. Das Recht zur Zeugenvereidigung ist aber, wie dargelegt wird, in der Verfassung selbst gewährleistet. Damit sind intrikate Fragen sowohl zum Verhältnis von Verfassung und Gesetz sowie im bundesstaatlichen Verhältnis aufgeworfen. Dem einfachen Gesetzgeber steht zwar die Befugnis zu, ein Gesetz über Untersuchungsausschüsse zu erlassen, fraglich ist aber, ob er berechtigt ist, Untersuchungsausschüssen des Bundestages Rechte zu nehmen, die ihnen nach dem Grundgesetz zustehen; dies ist im Ergebnis zu verneinen. Die bundesrechtlichen Änderungen zeitigten indes sogar Folgen für das Verfassungsrecht der Länder. Infolge der mit Einführung des PUAG gleichzeitig erfolgten Änderung des StGB entschied der Hessische Staatsgerichtshof im Jahr 2011, dass Untersuchungsausschüssen des Landtages ein Vereidigungsrecht nicht mehr zustehe, welches er zuvor aus der Hessischen Verfassung abgeleitet hatte. Der Gerichtshof gesteht dadurch dem Strafrecht die Macht zu, öffentlich-rechtliche Kompetenzen in den Ländern zu ändern.
It is commonly believed that the response of the price of corn ethanol (and hence of the price of corn) to shifts in biofuel policies operates in part through market expectations and shifts in storage demand, yet to date it has proved difficult to measure these expectations and to empirically evaluate this view. We utilize a recently proposed methodology to estimate the market’s expectations of the prices of ethanol, unfinished motor gasoline and crude oil at horizons from three months to one year. We quantify the extent to which price changes were anticipated by the market, the extent to which they were unanticipated, and how the risk premium in these markets has evolved. We show that the Renewable Fuel Standard (RFS) is likely to have increased ethanol price expectations by as much $1.45 in the year before and in the year after the implementation of the RFS had started. Our analysis of the term structure of expectations provides support for the view that a shift in ethanol storage demand starting in 2005 caused an increase in the price of ethanol. There is no conclusive evidence that the tightening of the RFS in 2008 shifted market expectations, but our analysis suggests that policy uncertainty about how to deal with the blend wall raised the risk premium in the ethanol futures market in mid-2013 by as much as 50 cents at longer horizons. Finally, we present evidence against a tight link from ethanol price expectations to corn price expectations and hence to storage demand for corn in 2005-06.
Transforming the current rather centralized electricity generating system into a climate neutral system based on renewable energy is an important approach to reduce greenhouse gas emissions and thus mitigate climate change. Stakeholders have each of them their own perception of the best strategies to achieve such a transformation. All perspectives are equally legitimate and needed for developing a specific transformation strategy suited for the region in focus....
This text is an only slightly modified version of the Herbert Krüger Memorial Lecture that I held upon invitation of the Arbeitskreis Überseeische Verfassungsvergleichung on 4 July 2014 at Bucerius Law School in Hamburg. My point of departure is the observation that even though the economic exploitation of natural resources triggers a multitude of distribution conflicts, international and transnational law treat these conflicts inadequately. While the New International Economic Order had as one of its objectives distributional justice between resource exporting poor states (former colonies) and resource importing high income states (mostly former imperial powers) its demands were never fully realized. Instead a transnational economic law emerged which can be interpreted as itself establishing a distribution order -- albeit a distribution order that is not oriented towards distributional justice, but rather posits the market as the best distribution device. This distribution order has depoliticized and deterritorialized distribution conflicts between resource exporting and resource importing states and has secured – through the promotion of privatizations, protection of foreign investments and dismantling of trade barriers – access to resources for the resource importing states. At the same time it has freed importing states from responsibility for the harms that accrue from resource exploitation to the resource exporting states and their populations. I call in this text for a repoliticization of distribution conflicts at the international as well as the (trans)national level, a repoliticization that may be achieved not only through the reform of political, but also economic institutions.
Im Nachgang der Finanz- und Wirtschaftskrise beobachten wir derzeit sehr niedrige Renditen im „sicheren“ Anlagebereich auf dem Geldmarkt und für Staatsanleihen. Gleichzeitig sind Aktienkurse massiv gestiegen und zeichnen sich seit Beginn 2015 durch eine Seitwärtsbewegung aus. Die Ursachen für diese Entwicklung sind teilweise bekannt: Niedrige Zinssätze aufgrund einer expansiven Geldpolitik gepaart mit hoher Unsicherheit an den Märkten reduzieren die Auswahl attraktiver Kapitalanlagemöglichkeiten erheblich. Doch wie wird sich die langfristige Entwicklung gestalten, wenn oder falls die Wirkungen der jüngsten Finanz- und Wirtschaftskrise nachlassen? Gibt es einen langfristigen Trend? Spiegelt sich dieser Trend etwa bereits heute in den niedrigen Renditen wider?
Vor mehr als einem Jahrzehnt, also bereits einige Jahre vor der jüngsten Finanz- und Wirtschaftskrise, wurde wiederholt die sogenannte „Asset Market Meltdown“-Hypothese postuliert. Nach dieser Hypothese würden in den dreißiger Jahren dieses Jahrhunderts die Kapitalrenditen stark sinken, wenn die „Babyboomer“-Generation in den Ruhestand gehe und infolgedessen Kapital aus dem Wertpapiermarkt abziehe. Heute wird eine ähnliche Debatte unter dem Stichwort „säkulare Stagnation“ geführt. Danach bestehe die Gefahr, dass die nächsten Jahrzehnte durch niedrige Wachstumsraten geprägt sein und negative Realzinsen gar zur Normalität werden könnten. Dieser Beitrag geht der Frage nach, inwiefern die demographische Entwicklung für eine solche Stagnation verantwortlich ist.
This paper shows that long debt maturities eliminate equity holders’ incentives to reduce leverage when the firm performs poorly. By contrast, short debt maturities commit equity holders to such leverage reductions. However, shorter debt maturities also lead to higher transactions costs when maturing bonds must be refinanced. We show that this tradeoff between higher expected transactions costs against the commitment to reduce leverage when the firm is doing poorly motivates an optimal maturity structure of corporate debt. Since firms with high costs of financial distress benefit most from committing to leverage reductions, they have a stronger motive to issue short-term debt.
Das Leistungsfähigkeitsprinzip als zentraler Grundsatz der Einkommensbesteuerung ist in hohem Maße konkretisierungsbedürftig und damit für Wertentscheidungen offen. Diese Offenheit wird von der traditionellen Steuerrechtswissenschaft mit Wertungen gefüllt, die aus der Perspektive der Geschlechtergerechtigkeit äußerst problematisch sind. In diesem Aufsatz werden zunächst Einnahmenseite und Ausgabenseite des Einkommens für die Bemessung der Leistungsfähigkeit betrachtet. Dabei wird aufgezeigt, dass die fehlende Berücksichtigung der Reproduktionsarbeit in Kombination mit dem Ehegattensplitting auf Seite der Einnahmen das Leistungsfähigkeitsprinzip erheblich verzerrt und die Verweigerung der vollen Absetzbarkeit von Kinderbetreuungskosten beispielsweise auf Seite der Ausgaben das traditionelle Familienmodell weiterhin begünstigt. Einem solchen Steuerrecht, das die Genderperspektive systematisch ausblendet, stehen aber Verfassungsnormen entgegen, die im Folgenden anhand der argumentativen Leitlinien skizziert werden. Daher muss das Steuerrecht weiter entwickelt und an die verfassungsrechtlichen Anforderungen an Gleichberechtigung von Mann und Frau gekoppelt werden.
Die aktuelle Diskussion über eine Reform der gesetzlichen Rentenversicherung vermischt Fragen nach dem durchschnittlichen Rentenniveau mit Fragen der Umverteilung von Einkommen im Ruhestand zur Bekämpfung einer etwaigen Altersarmut. Dieser Beitrag kritisiert diesen Ansatz und befasst sich mit fünf Kernaussagen: (1) Die aktuell gültige Rentenformel darf unter keinen Umständen abgeschafft werden. (2) Das Renteneintrittsalter sollte an die durchschnittliche Restlebenserwartung nach dem Erreichen des 65. Lebensjahres gekoppelt werden. (3) Eine Integration der Flüchtlinge in den Arbeitsmarkt wird das Rentenniveau in den Jahren 2030 bis 2040 stützen. (4) Sollte trotz allem die Altersarmut steigen, so kann dem durch die Einführung einer Mindestrente begegnet werden. (5) Die private Altersvorsorge muss weiter gestützt werden.
In this chapter, I examine the relationship between customary international law and general principles of law. Both are distinct sources of public international law (Art. 38(1)(b) and (c) of the Statue of the International Court of Justice). In a first step, I analyze the different meanings of principles as a “source” of international law. Second, I consider different approaches to principles as a norm type in legal theory. Third, I discuss attempts in international legal doctrine to facilitate conceptual issues by either unifying general principles as a source with the source of customary international law or by equating general principles as a source and as a norm type. Finally, I propose that the delimitation between customary international law and general principles of law as sources of international law should follow the distinction between situations dominated by factual reciprocity (which justify customary norms) and situations where such factual reciprocity is absent (which justify general principles). The jurisgenerative processes leading to the emergence of general principles of international law are processes of changing identities and argumentative self-entrapment.
We investigate the role of competition on the outcome of Austrian Treasury auctions. Austria's EU accession led to an increase in the number of banks participating in treasury auctions. We use structural estimates of bidders' private values to examine the effect of increased competition on auction performance: We find that increased competition reduced bidder surplus substantially, but less than reduced form estimates would suggest. A significant component of the surplus reduction is due to more aggressive bidding. Counterfactuals establish that as competition increases, concerns regarding auction format play a smaller role.
Does an increase in competition increase or decrease bank stability? I exploit how the state-specific process of interstate banking deregulation lowered barriers to entry into urban banking markets and find that greater competition significantly increases bank stability. This result is robust to the inclusion of additional fixed effects and other influences, such as merger and acquisitions or diversification. Moreover, I find that greater competition reduces banks' nonperforming loans and increases bank profitability. These findings suggest that competition increases stability as it improves bank profitability and asset quality.
The term 'financialization' describes the phenomenon that commodity contracts are traded for purely financial reasons and not for motives rooted in the real economy. Recently, financialization has been made responsible for causing adverse welfare effects especially for low-income and low-wealth agents, who have to spend a large share of their income for commodity consumption and cannot participate in financial markets. In this paper we study the effect of financial speculation on commodity prices in a heterogeneous agent production economy with an agricultural and an industrial producer, a financial speculator, and a commodity consumer. While access to financial markets is always beneficial for the participating agents, since it allows them to reduce their consumption volatility, it has a decisive effect with respect to overall welfare effects who can trade with whom (but not so much what types of instruments can be traded).
Private equity fund managers are typically required to invest their own money alongside the fund. We examine how this coinvestment affects the acquisition strategy of leveraged buyout funds. In a simple model, where the investment and capital structure decisions are made simultaneously, we show that a higher coinvestment induces managers to chose less risky firms and use more leverage. We test these predictions in a unique sample of private equity investments in Norway, where the fund manager's taxable wealth is publicly available. Consistent with the model, portfolio company risk decreases and leverage ratios increase with the coinvestment fraction of the manager's wealth. Moreover, funds requiring a relatively high coinvestment tend to spread its capital over a larger number of portfolio firms, consistent with a more conservative investment policy.
“Institutional Overburdening” to a large extent was a consequence of the “Great Moderation”. This term indicates that it was a period in which inflation had come down from rather high levels. Growth and employment were at least satisfying and variability of output had substantially declined. It was almost unavoidable that as a consequence expectations on future actions of central banks and their ability to control the economy reached an unprecedented peak which was hardly sustainable. Institutional overburdening has two dimensions. One is coming from exaggerated expectations on what central banks can achieve (“expectational overburdening”). The other dimension is “operational overburdening” i.e. overloading the central bank with more and more responsibilities and competences.
We use the Italian Survey of Household Income and Wealth, a rather unique dataset with a long time dimension of panel information on consumption, income and wealth, to structurally estimate a buffer-stock saving model. We exploit the information contained in the joint dynamics of income, consumption and wealth to quantify the degree of insurance against income risk. The estimated model implies that Italian households can insure between 89 and 95 percent of a transitory and between 7 and 9 percent of a permanent income shock. Compared to existing empirical estimates for the same dataset, our findings suggest that Italian households do not have access to significant insurance beyond self-insurance.
Die Krisenproteste in Frankfurt am Main und insb. das Blockupy-Bündnis und dessen Praxen zwischen 2012 und 2015 stehen im Mittelpunkt der folgenden Auseinandersetzung. Insgesamt stellt Blockupy den wohl breitesten Versuch dar, in Deutschland Widerstand gegen das „europäische Krisenregime“ zu organisieren. Hierfür trat das Bündnis 2012 und 2013 mit Aktionen des zivilen Ungehorsams in Frankfurt, im Mai 2014 mit dezentralen Aktionen in ganz Europa sowie der Mobilisierung gegen die Eröffnungsfeier des Neubaus der EZB im Frankfurter Ostend 2015 in Erscheinung. In dichter Form werden die Ereignisse skizziert und abschließend bewertet. Zentralgestellt werden in der Auseinandersetzung mit Blockupy dessen Praxen des Widerspruchs, die Aktionsformen sowie die Prozesse der Bündnisbildung. Gefragt wird nach Blockupys Organisation, den vollzogenen Lernprozessen sowie den inhaltlichen und praxisbezogenen Verschiebungen. Herausgearbeitet wird, dass Blockupy zunächst stark auf die Kritik an „Banken und Konzernen“ abzielte, dann aber immer expliziter auf die EZB fokussierte und eine antikapitalistische Position entwickelte. Immer stärker wird auch die internationale Ausrichtung des Bündnisses, womit die Zielsetzung der Etablierung eines ‚Europas von unten‘ entgegen der ‚autoritären EU von oben‘ einherging.
We provide an assessment of the Basel Committee on Banking Supervision (BCBS) proposal to restrict the internal ratings-based approach on bank risk and to introduce risk-weighted asset floors. If well enforced, risk-sensitive capital regulation results in a more efficient credit allocation compared to the standard approach. Thus, the internal ratings-based approach should be maintained. Further, the use of internal ratings-based output floors potentially results in unintended negative side effects. Input floors are likely a valuable tool to achieve risk-weighted assets comparability. Finally, the proposed measures have a potential detrimental impact for European banks as compared to others.
We study the impact of higher capital requirements on banks’ balance sheets and its transmission to the real economy. The 2011 EBA capital exercise provides an almost ideal quasi-natural experiment, which allows us to identify the effect of higher capital requirements using a difference-in-differences matching estimator. We find that treated banks increase their capital ratios not by raising their levels of equity, but by reducing their credit supply. We also show that this reduction in credit supply results in lower firm-, investment-, and sales growth for firms which obtain a larger share of their bank credit from the treated banks.
Using novel monthly data for 226 euro-area banks from 2007 to 2015, we investigate the determinants of changes in banks’ sovereign exposures and their effects during and after the crisis. First, public, bailed out and poorly capitalized banks responded to sovereign stress by purchasing domestic public debt more than other banks, with public banks’ purchases growing especially in coincidence with the largest ECB liquidity injections. Second, bank exposures significantly amplified the transmission of risk from the sovereign and its impact on lending. This amplification of the impact on lending does not appear to arise from spurious correlation or reverse causality.
In der folgenden Anleitung werden diverse Methoden für den Zugriff auf das Ressourcen-Management, entwickelt von der AG Texttechnologie, erläutert. Das Ressourcen-Management ist für alle Anwendungen identisch. Erklärt wird das Auslesen des Ressourcen-Managements der Projects „PHI Picturing Atlas“. Alle Anweisungen erfolgen per RESTful-Aufrufen. Die API-Dokumentation findet sich unter http://phi.resources.hucompute.org.
Based on a unique data set of driving behavior we find direct evidence that private information has significant effects on contract choice and risk in automobile insurance. The number of car rides and the relative distance driven on weekends are significant risk factors. While the number of car rides and average speeding are negatively related to the level of liability coverage, the number of car rides and the relative distance driven at night are positively related to the level of first-party coverage. These results indicate multiple and counteracting effects of private information based on risk preferences and driving behavior.
Der Aufsatz untersucht das Verhältnis von Antidiskriminierungsrecht und Diversität in der Rechtswissenschaft. Das Verhältnis der beiden Begriffe zueinander ist nicht spannungsfrei. Der Aufsatz befasst sich näher mit der Frage, wie Gleichheit zu verstehen ist und stellt zwei Modelle zum Verständnis von Gleichheit vor: Differenzierungsverbot und Dominierungsverbot. Im Vergleich erweist sich ein Verständnis als Dominierungsverbot wesentlich leistungsfähiger als eine Deutung als Differenzierungsverbot, jedenfalls wenn es um komplexere Formen von Benachteiligung geht.
Im Anschluss wird erörtert, welche Faktoren die Leistungsfähigkeit des Antidiskriminierungsrechts im Hochschulbereich, in dem Frauen auf höheren Positionen immer noch unterrepräsentiert sind, beeinflussen. Hierbei werden verschiedene Erklärungsansätze dargestellt und strukturelle Hürden des Antidiskriminierungsrechts aufgezeigt. Denn die Frage der Durchsetzbarkeit rechtlicher Normen ist ein zentrales Thema für die praktische Wirksamkeit von Antidiskriminierungsrecht. Insoweit ist freilich auch ein Rückgriff auf die Herstellung von Diversität wenig erfolgversprechend.
Der Beitrag untersucht das in jüngerer Zeit verstärkt diskutierte Phänomen einer – tatsächlichen oder vermeintlichen – „anglo-amerikanischen Rechts-hegemonie“. Es geht dabei um die Frage, ob die Rechtsordnungen Deutschlands und der Europäischen Union unter eine Vormachtstellung des amerikanischen Rechtsdenkens und amerikanischer Regelungsmuster geraten sind oder eine solche vielleicht sogar selbst aktiv befördert haben. In dem Beitrag wird diese Diskussion aus zivilrechtlicher Perspektive aufgegriffen. Nach einer Konkretisierung des Topos der Rechtshegemonie werden dabei zunächst einige Grundcharakteristika des amerikanischen Rechtssystems und des deutschen Rechtssystems gegenübergestellt und zusammengefasst, in welchen Bereichen das deutsche und das europäische Recht in den vergangenen Jahrzehnten durch amerikanische Denk- und Regelungsmuster überformt worden sind. Im Anschluss erfolgt eine Bewertung der zuvor skizzierten Entwicklung, wobei die Unterscheidung zwischen einem intrinsisch orientierten und einem funktional orientierten Verständnis von Rechtskultur als ein Kernproblem der jüngeren rechtsvergleichenden Diskussion im Zentrum steht. Im Ergebnis wird eine tendenziell skeptische Perspektive gegenüber dem suggestiven Bild eines Wettbewerbs der Rechtsordnungen eingenommen und die in jüngerer Zeit häufig geäußerte These der globalfunktionalen Überlegenheit eines wettbewerbsorientierten Rechtsmodells in Zweifel gezogen.
On 14 September 2016, the European Commission proposed a Directive on “copyright in the Digital Single Market”. This proposal includes an Article 11 on the “protection of press publications concerning digital uses”, according to which “Member States shall provide publishers of press publications with the rights provided for in Article 2 and Article 3(2) of Directive 2001/29/EC for the digital use of their press publications.” Relying on the experiences and debates surrounding the German and Spanish laws in this area, this study presents a legal analysis of the proposal for an EU related right for press publishers (RRPP). After a brief overview over the general limits of the EU competence to introduce such a new related right, the study critically examines the purpose of an RRPP. On this basis, the next section distinguishes three versions of an RRPP with regard to its subject-matter and scope, and considers the practical and legal implications of these alternatives, in particular having regard to fundamental rights.
Event studies have become increasingly important in securities fraud litigation after the Supreme Court’s decision in Halliburton II. Litigants have used event study methodology, which empirically analyzes the relationship between the disclosure of corporate information and the issuer’s stock price, to provide evidence in the evaluation of key elements of federal securities fraud, including materiality, reliance, causation, and damages. As the use of event studies grows and they increasingly serve a gatekeeping function in determining whether litigation will proceed beyond a preliminary stage, it will be critical for courts to use them correctly.
This Article explores an array of considerations related to the use of event studies in securities fraud litigation. It starts by describing the basic function of the event study: to determine whether a highly unusual price movement has occurred and the traditional statistical approach to making that determination. The Article goes on to identify special features of securities fraud litigation that distinguish litigation from the scholarly context in which event studies were developed. The Article highlights the fact that the standard approach can lead to the wrong conclusion and describes the adjustments necessary to address the litigation context. We use the example of six dates in the Halliburton litigation to illustrate these points.
Finally, the Article highlights the limitations of event studies – what they can and cannot prove – and explains how those limitations relate to the legal issues for which they are introduced. These limitations bear upon important normative questions about the role event studies should play in securities fraud litigation.
This study examines the role of actual and perceived financial sophistication (i.e., financial literacy and confidence) for individuals' wealth accumulation. Using survey data from the German SAVE initiative, we find strong gender- and education-related differences in the distribution of the two variables and their effects on wealth: As financial literacy rises in formal education, whereas confidence increases in education for men but decreases for women, we observe that women become strongly underconfident with higher education, while men remain overconfident.Regarding wealth accumulation, we show that financial literacy has a positive effect that is stronger for women than for men and that is increasing (decreasing) in education for women (men). Confidence, however, supports only highly-educated men's wealth. When considering different channels for wealth accumulation, we observe that financial literacy is more important for current financial market participation, whereas confidence is more strongly associated with future-oriented financial planning. Overall, we demonstrate that highly-educated men's wealth levels benefit from their overconfidence via all financial decisions considered, but highly-educated women's financial planning suffers from their underconfidence. This may impair their wealth levels in old age.
Returns to experience for U.S. workers have changed over the post-war period. This paper argues that a simple model goes a long way towards replicating these changes. The model features three well-known ingredients: (i) an aggregate production function with constant skill-biased technical change; (ii) cohort qualities that vary with average years of schooling; and crucially (iii) time-invariant age-efficiency profiles. The model quantitatively accounts for changes in longitudinal and cross-sectional returns to experience, as well as the differential evolution of the college wage premium for young and old workers.
We develop a model that endogenizes the manager's choice of firm risk and of inside debt investment strategy. Our model delivers two predictions. First, managers have an incentive to reduce the correlation between inside debt and company stock in bad times. Second, managers that reduce such a correlation take on more risk in bad times. Using a sample of U.S. public firms, we provide evidence consistent with the model's predictions. Our results suggest that the weaker link between inside debt and company stock in bad times does not translate into a mitigation of debt-equity conflicts.
A stochastic forward-looking model to assess the profitability and solvency of european insurers
(2016)
In this paper, we develop an analytical framework for conducting forward-looking assessments of profitability and solvency of the main euro area insurance sectors. We model the balance sheet of an insurance company encompassing both life and non-life business and we calibrate it using country level data to make it representative of the major euro area insurance markets. Then, we project this representative balance sheet forward under stochastic capital markets, stochastic mortality developments and stochastic claims. The model highlights the potential threats to insurers solvency and profitability stemming from a sustained period of low interest rates particularly in those markets which are largely exposed to reinvestment risks due to the relatively high guarantees and generous profit participation schemes. The model also proves how the resilience of insurers to adverse financial developments heavily depends on the diversification of their business mix. Finally, the model identifies potential negative spillovers between life and non-life business thorugh the redistribution of capital within groups.
A stochastic forward-looking model to assess the profitability and solvency of European insurers
(2016)
In this paper, we develop an analytical framework for conducting forward-looking assessments of profitability and solvency of the main euro area insurance sectors. We model the balance sheet of an insurance company encompassing both life and non-life business and we calibrate it using country level data to make it representative of the major euro area insurance markets. Then, we project this representative balance sheet forward under stochastic capital markets, stochastic mortality developments and stochastic claims. The model highlights the potential threats to insurers solvency and profitability stemming from a sustained period of low interest rates particularly in those markets which are largely exposed to reinvestment risks due to the relatively high guarantees and generous profit participation schemes. The model also proves how the resilience of insurers to adverse financial developments heavily depends on the diversification of their business mix. Finally, the model identifies potential negative spillovers between life and non-life business thorugh the redistribution of capital within groups.
The article, which summarizes key findings of my German book ‘Die Gemeinfreiheit. Begriff, Funktion, Dogmatik’ (‘The Public Domain: Theory, Func-tion, Doctrine’), asks whether there are any provisions or principles under Ger-man and EU law that protect the public domain from interference by the legisla-ture, courts and private parties. In order to answer this question, it is necessary to step out of the intellectual property (IP) system and to analyze this body of law from the outside, and – even more important – to develop a positive legal conception of the public domain as such. By giving the public domain a proper doctrinal place in the legal system, the structural asymmetry between heavily theorized and protected IP rights on the one hand and a neglected public do-main on the other is countered. The overarching normative purpose is to devel-op a framework for a balanced IP system, which can only be achieved if the public domain forms an integral part of the overall regulation of information.
This note discusses the basic economics of central clearing for derivatives and the need for a proper regulation, supervision and resolution of central counterparty clearing houses (CCPs). New regulation in the U.S. and in Europe renders the involvement of a central counterparty mandatory for standardized OTC derivatives’ trading and sets higher capital and collateral requirements for non-centrally cleared derivatives.
From a macrofinance perspective, CCPs provide a trade-off between reduced contagion risk in the financial industry and the creation of a significant systemic risk. However, so far, regulation and supervision of CCPs is very fragmented, limited and ignores two important aspects: the risk of consolidation of CCPs on the one side and the competition among CCPs on the other side. i) As the economies of scale of CCP operations in risk and cost reduction can be large, they provide an argument in favor of consolidation, leading at the extreme to a monopoly CCP that poses the ultimate default risk – a systemic risk for the entire financial sector. As a systemic risk event requires a government bailout, there is a public policy issue here. ii) As long as no monopoly CCP exists, there is competition for market share among existing CCPs. Such competition may undermine the stability of the entire financial system because it induces “predatory margining”: a reduction of margin requirements to increase market share.
The policy lesson from our consideration emphasizes the importance of a single authority supervising all competing CCPs as well as of a specific regulation and resolution framework for CCPs. Our general recommendations can be applied to the current situation in Europe, and the proposed merger between Deutsche Börse and London Stock Exchange.
Rechtswissenschaftliche Abhandlungen und Veranstaltungen zu internationalen Gerichten stehen häufig unter dem Titel „Internationale Streitbeilegung“. Es wäre aber viel besser, so die Leitthese dieses Beitrags, solche Texte und Veranstaltungen als „internationale Gerichtsbarkeit“ zu betiteln. Dies ist keineswegs ein bloßer Streit um Worte, da hinter diesen Alternativen unterschiedliche rechtswissenschaftliche Auffassungen stehen. Im Folgenden sei gezeigt, dass anders als die Be-zeichnung „Internationale Streitbeilegung“ suggeriert, nicht nur eine, sondern vier Funktionen die Rechtsprechung heutiger internationaler Gerichte kennzeichnen. Es handelt sich dabei um: Streitbeilegung im Einzelfall, Stabilisierung normativer Erwartungen, Rechtschöpfung sowie Kontrolle und Legitimation öffentlicher Gewalt. Die Ana-lyse dieser Funktionen zeigt, dass die Bezeichnung „Internationale Streitbeilegung“ überkommen ist. Entsprechend sollte die Bezeichnung des Fachs geändert und es als Teil des Fachs internationale Institutionen verortet werden.