Refine
Year of publication
- 2010 (2877) (remove)
Document Type
- Article (1009)
- Doctoral Thesis (378)
- Part of Periodical (340)
- Book (338)
- Part of a Book (264)
- Review (145)
- Contribution to a Periodical (144)
- Working Paper (84)
- Report (71)
- Conference Proceeding (31)
- Periodical (13)
- Bachelor Thesis (12)
- magisterthesis (10)
- Diploma Thesis (8)
- diplomthesis (8)
- Preprint (7)
- Magister's Thesis (6)
- Other (4)
- Lecture (2)
- Master's Thesis (2)
- Course Material (1)
Language
- German (1763)
- English (856)
- mis (105)
- Portuguese (62)
- French (32)
- Croatian (29)
- Multiple languages (13)
- Italian (7)
- dut (3)
- Spanish (3)
Keywords
- Mosambik (114)
- Mozambique (114)
- Moçambique (113)
- Filmmusik (96)
- Deutsch (80)
- Christentum (65)
- Bibel (63)
- bible (63)
- christianity (63)
- Literatur (48)
Institute
- Extern (316)
- Medizin (295)
- Präsidium (235)
- Gesellschaftswissenschaften (99)
- Biowissenschaften (98)
- Biochemie und Chemie (97)
- Physik (87)
- Geschichtswissenschaften (68)
- Geowissenschaften (59)
- Wirtschaftswissenschaften (55)
The purpose of this essay is to assess the automatic exchange of information as described in EU Directive 2003/48 of 3 June 2003 on taxation of savings income in the form of interest payments with regard to the fundamental right of the individual to a private life, to banking secrecy and the freedoms on which the European internal market is based. The assessment reveals the conflicts of interests and values involved in the holding by banks (particularly those offering private banking services) of increasingly extensive, detailed and intimate information about their clients and in the automatic processing of that information by ever more powerful and sophisticated systems. Banking secrecy plays an essential role in protecting clients against the dangers which the disclosure of such information without their permission might produce. Banking secrecy exists not only in Luxembourg but also in many other European countries, and in Germany and France in particular it is not very different from the system applying in Luxembourg. While the French and German tax authorities do have some investigative powers not enjoyed by their Luxembourg counterparts, those powers are strictly circumscribed and cannot rely on the electronic exchange of information set out in EU Directive 2003/48/EC. While banking secrecy is totally incompatible with the electronic exchange of information, the core question is whether the latter can be reconciled with the respect for private life. In a Europe that sets itself up as the cradle of human rights, the general and en-masse exchange of private information cannot provide adequate and sufficient guarantees that the information exchanged will not be misused. The amount of interference in private life is clearly out of proportion to the public interest involved and is contrary to sub-section 2, article 8 of the European Convention for the Protection of Human Rights and Fundamental Freedoms and to articles 7 and 8 of the Charter of Fundamental Rights of the European Union. Since the automatic exchange of information at least potentially risks restricting the free flow of capital among Member States and discouraging the use of transborder banking services, its compliance with the fundamental principles of the internal market also needs to be closely examined. The restrictions imposed by such exchange very probably go beyond the limits within which the free movement of capital and services is possible. The European Court of Justice has found that there is no proportionality if the measures supposedly undertaken in the general interest are actually based on a general presumption of tax evasion or tax fraud. However, it would be true to say that the ECJ does not always examine the tax restrictions placed on the free movement of capital particularly thoroughly to ensure that they are necessary or proportionate. The economic effectiveness of the automatic exchange of information is far from being proved and involves significant cost to the banks providing the information and to the tax authorities using it. To date the system does not appear to have produced any significant new tax revenue nor does it prevent the continuing outflow of capital from Europe. Yet withholding at source, which respects individual and economic freedoms, does generate tax revenue that is cost-free to the State. Exchange of information on request in justified cases using the OECD Tax Convention on Income and Capital model does also fight tax fraud while at the same time providing citizens with the guarantees required to ensure their private lives are respected. A combination of these two systems - withholding at source and exchange of information on request in justified cases - would create the proper balance between the public and private interest that the automatic exchange of information cannot provide.
This paper analyzes the impact of blockownership dispersion on firm value. Blockholdings by multiple blockholders is a widespread phenomenon in the U.S. market. It is not clear, however, whether dispersion among blockholder is preferable to having a more concentrated ownership structure. To test for the direction of the effect, we use a large dataset of U.S. firms that combines blockholder information, shareholder rights information, debt ratings, accounting information, and financial markets information. We find that a large fraction of aggregated block ownership negatively affects Tobin’s Q. The negative impact is larger if blockowners are more dispersed, suggesting that a concentrated ownership structure is to be preferred on average. Results are robust to controlling for blockholder type as well as proxies for shareholder rights. Our empirical findings are also confirmed if we study the impact of ownership dispersion on firm debt ratings rather than Tobin’s Q. JEL Classification: G3, G32
We estimate the risk and expected returns of private equity investments based on the market prices of exchange traded funds of funds that invest in unlisted private equity funds. Our results indicate that the market expects unlisted private equity funds to earn abnormal returns of about one to two percent. We also find that the market expects listed private equity funds to earn zero to marginally negative abnormal returns net of fees. Both listed and unlisted private equity funds have market betas close to one and positive factor loadings on the Fama-French SMB factor. Private equity fund returns are positively correlated with GDP growth and negatively correlated with the credit spread. Finally, we find that market returns of exchange traded funds of funds and listed private equity funds predict changes in self-reported book values of unlisted private equity funds.
A call on art investments
(2010)
The art market has seen boom and bust during the last years and, despite the downturn, has received more attention from investors given the low interest environment following the financial crisis. However, participation has been reserved for a few investors and the hedging of exposures remains dificult. This paper proposes to overcome these problems by introducing a call option on an art index, derived from one of the most comprehensive data sets of art market transactions. The option allows investors to optimize their exposure to art. For pricing purposes, non-tradability of the art index is acknowledged and option prices are derived in an equilibrium setting as well as by replication arguments. In the former, option prices depend on the attractiveness of gaining exposure to a previously non-traded risk. This setting further overcomes the problem of art market exposures being dificult to hedge. Results in the replication case are primarily driven by the ability to reduce residual hedging risk. Even if this is not entirely possible, the replication approach serves as pricing benchmark for investors who are significantly exposed to art and try to hedge their art exposure by selling a derivative. JEL Classification: G11, G13, Z11
The objective of this study is to determine whether specific industries across countries or within countries are more likely to reach a stage of profitability and make a successful exit. In particular, we assess whether firms in certain industries are more prone to exit via IPO, be acquired, or exit through a leveraged buy-out. We are also interested in analyzing whether substantial differences across industries and countries arise when looking separately at the success’ rate of firms which have received venture funding at the early seed and start-up stages, vis-à-vis firms that received funding at later stages. Our results suggest that, inasmuch as some of the differences in performance can be explained by country-specific factors, there are also important idiosyncratic differences across industries: In particular, firms in the biotech and the medical / health / life science sectors tend to be significantly more likely to have a successful exit via IPO, while firms in the computer industry and communications and media are more prone to exit via merger or acquisition. Key differences across industries also emerge when considering infant versus mature firms, and their preferred exit. JEL Classification: G24, G3 Keywords:
We study the impact of the arrival of macroeconomic news on the informational and noise-driven components in high-frequency quote processes and their conditional variances. Bid and ask returns are decomposed into a common ("efficient return") factor and two market-side-specific components capturing market microstructure effects. The corresponding variance components reflect information-driven and noise-induced volatilities. We find that all volatility components reveal distinct dynamics and are positively influenced by news. The proportion of noise-induced variances is highest before announcements and significantly declines thereafter. Moreover, news-affected responses in all volatility components are influenced by order flow imbalances. JEL Classification: C32, G14, E44
A Serious Man, der neuste Spielfilm des Regie-Brüderpaars Ethan und Joel Coen ist eine ironische bis zynische, von autobiographischen Zügen geprägte Reminiszenz an die Jugenderlebnisse der Filmemacher in einem kleinen jüdisch geprägten Vorort im mittleren Westen der USA und zudem eine gelungene Persiflage amerikanischer Alltagskultur des Jahres 1967, die spielerisch und erheiternd grundsätzlich offene philosophische Fragen thematisiert.
Intracarotid administration of human bone marrow mononuclear cells in rat photothrombotic ischemia
(2010)
Background: Increasing evidence suggests that cell therapy improves functional recovery in experimental models of stroke and myocardial infarction. So far only small pilot trials tested the effects of cell therapy in stroke patients, whereas large clinical trials were conducted in patients with ischemic heart disease. To investigate the therapeutic benefit of cell therapy to improve the recovery after stroke, we determined the efficacy of bone marrow derived mononuclear cells, which were shown to improve the recovery in experimental and clinical acute myocardial infarction studies, in a rat stroke model. Methods: Adult male Wistar rats were randomly assigned to receive either five million human bone marrow mononuclear cells (hBMC) or placebo intraarterially 3 days after photothrombotic ischemia. For immunosuppression the animals received daily injections of cyclosporine throughout the experiment, commencing 24 hours before the cell transplantation. A battery of behavioural tests was performed before and up to 4 weeks after ischemia. Results: Body temperature and body weight revealed no difference between groups. Neurological deficits measured by the Rotarod test, the adhesive-removal test and the cylinder test were not improved by hBMC transplantation compared to placebo. Conclusions: This study demonstrates that hBMC do not improve functional recovery when transplanted intraaterially 3 days after the onset of focal cerebral ischemia. A possible reason for the failed neurological improvement after cell therapy might be the delayed treatment initiation compared to other experimental stroke studies that showed efficacy of bone marrow mononuclear cells.
Characteristics of the Christian movement in North Korea and the former GDR are fundamentally different and based on the facts presented before. While the Christians in the North can only operate in the underground, at risk of being sentenced to work in a labour camp, to torture or even to execution when identified as Christian, the Christians in the GDR were freer although they suffered from repression, too. Compared to non-members they had clearly many disadvantages. However, as a state-independent organization, they were officially recognised and therefore an institution that was capable of leading a dialogue with the government. Moreover, they were able to connect themselves to other political alternative groups representing together a quite large group that was dissatisfied with the present situation without having the prior goal to overthrow the state. Awareness, dialogue and organization - these factors can be considered as decisive advantages in this process. As for North Korea creating awareness and dialogue seems to be a target for support. Even from a humanitarian angle alone. Awareness comes through information and that should be increased, e.g. through mutual development projects, continuous human and food aid, or why not initiating town twining? Just to name a few. More contact will generate more awareness and people will start rethinking their attitudes. Even if the elite benefits it may have a positive impact. Dialogue is pivotal in order to exchange one’s ideas und rethink one’s standpoints. Thus, a dialogue with the outside world shall be maintained and a dialogue among the people within the country shall be supported. Time will show if the introduction of mobile phones and the internet in North Korea will increase dialogue and will finally lead to the third suggested step of grass roots community building - organization. An ecclesial movement alone did not cause the change in East Germany and it will not do in North Korea. But it provided an important ground to connect people and accelerate change in the long run.