Value Weighted Distance to Default
Figure 1. Value weighted distance-to-default of EMU+ from January 1993 to June 2020.
2.2. Creation of the Bank spread factor
To proxy the distress in the banking [...] in the banking sector to spillover to the cross-section of stocks
belonging to the so-called ‘real economy.’ Third, US banks are more active in stock
markets, in contrast to their European counterparts [...] from June 1999
to June 2020, we need to start collecting data from 1993 onward. Considering the
calculation of DDs, we need one year of data in advance. We lose further five years to
perform varying
there were
fears that the re-setting of computer program dates in order to adjust for the new millennium
would have led to a shutdown of important institutions like public utilities, but also the [...] in October 2008, the resulting financial turmoil in the US
quickly scaled up to a global financial crisis and led to a visible increase in cash demand
worldwide (see figure 1). However, this increase [...] Data refer to cash or banknotes in circulation.
Source: National central banks.
Obviously, there was a structural difference between the financial crisis 2008 and Y2K with
respect to cash demand
paper, the Dunning-Kruger-Effect, complementary to the original
study by Dunning and Kruger, is investigated in different age groups in
order to find out whether the Dunning-Kruger-Effect is more [...] Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
25 Strategies and possible directions to improve Technology
Scouting in [...] in the
competence area of foreign languages. Furthermore, it was researched that
men tend to overestimate themselves more than women. However, there
was no prove within the research that the
discipline seems not to wane in re-
sponse to expansionary shocks to monetary policy that bring down borrowing cost.
Thus, although government debt rose (Figure 1) relative to GDP between 2006 and [...] expansionary shock is assumed to raise the stock
price due to a lower discount rate and to decrease the interest swaps. Leombroni
et al. (2020) calculate a risk premium shock to monetary policy by exploiting [...] 18According to Bini Smaghi (2013), the ECB’s role changed radically in the course of the
sovereign debt crisis: ”The ability to push government authorities to make decisions contrary
to their immediate
projection method to analyze the reaction of house prices,
mortgage loans and mortgage lending rates to surprises in monetary policy that can
be related to unconventional measures. We refer to the shock [...] side-effects of loose monetary policy points to financial
instability risks. In particular, housing busts in response to a surge in house prices
due to low interest rates might be a potentially d [...] h = 0, 1, 2, 3...H to generate
a sequence of the θh’s. We use the method of Driscoll and Kraay (1998) to obtain
heteroskedasticity-consistent standard errors that are robust to very general forms
Watson: Introduction to Econometrics. 3. Aufl., Pearson Education, New
York 2015.
Wooldridge, J.M.: Introductory Econometrics: A Modern Approach. 6. Aufl., Cengage
Learning, Boston 2016.
[...] Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
25 Strategies and possible directions to improve Technology
Scouting in [...] 90 (1995), Nr. 430, S.
443450.
Card, D.: Using Geographic Variation in College Proximity to Estimate the Return on
Schooling, in: Christophides, L.N., E.K. Grant, R. Swidinsky (Hrsg.): Aspects
Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
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Scouting in [...] Sveriges Riksbank, Economic Commentaries
No. 9, 15 October 2020.
Jobst, C & H Stix (2017), Doomed to Disappear? The surprising return of cash across time and
across countries, CEPR Discussion Paper No [...] Gladstone & S. Lyubomirsky (2016), How your Bank Balance Buys
Happiness: The importance of “cash on hand” to life satisfaction, Emotion 16, 575–580.
Seitz, F. (1995), Der DM-Umlauf im Ausland, Diskussionspapier
Weisendorf, Germany) appeared.
The aim of this study is to evaluate the meaning of surface contamination in respect to fracture
mechanism. To avoid fracture of the screw M6 of the MRP Titan System we [...] adapter failures in hip replacement.
The aim of this study was to evaluate the meaning of surface contamination in respect to fracture
of the locking screw of the MRP Titan Revision System (Peter [...] version to fit the physiologic anterior bow of the femur in 200 mm length. 260 mm
and 320 mm curved stems with two distal transverse drill holes are also available, providing
the possibility to use
Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
25 Strategies and possible directions to improve Technology
Scouting in [...] summary
of the current situation by basing their text on concrete examples, which happened from may to
september 2020.
Within the business ethics analysis, Schulte and Wörster pay special attention [...] betrieblicher Altersversorgung für den GGF.“
von Thomas Dommermuth
9 „Zur Entwicklung von E-Learning an bayerischen Fachhochschulen-
Auf dem Weg zum nachhaltigen Einsatz?“
von Heribert Popp und
opportunity to increase the
customer satisfaction. In order to analyze, which features help to achieve this
enhancement, the Kano method can be applied. This customer-oriented research
method allows to find [...] proper size and the description of products by means of bullet points have to
be prioritized on the website www.witt-weiden.de to improve the product detail
page and increase customer satisfaction.
[...] Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
25 Strategies and possible directions to improve Technology
Scouting in
Therefore, Bund Future contracts are only suitable to
a limited extent to hedge the interest rate level for future investments. However, and
compared to the usual use of forward loans in practice, financial [...] circumstances. In addition to the problem of the correlation
not being sufficient for all periods, the daily cash settlement of future contracts and
the high price volatility lead to increased liquidity needs [...] Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
25 Strategies and possible directions to improve Technology
Scouting in
force companies to rethink
their business models and industries - their strategy, relationships with customers and
suppliers, processes and structures. The aim of this publication is to provide a starting [...] Adner: Match Your Innovation Strategy to Your Innovation Ecosystem, in: Harvard Business Review,
April 2006, 2006, https://hbr.org/2006/04/match-your-innovation-strategy-to-your-innovation-ecosystem
[11.07 [...] Match Your Innovation Strategy to Your Innovation Ecosystem, in:
Harvard Business Review, April 2006, 2006, https://hbr.org/2006/04/match-your-inno-
vation-strategy-to-your-innovation-ecosystem [11.07
packaging: How to create and capture
value | Deloitte Insights. Abgerufen 1. Dezember 2019, von
https://www2.deloitte.com/us/en/insights/industry/retail-distribution/smart-
packaging-how-to-create-and- [...] Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
25 Strategies and possible directions to improve Technology
Scouting in [...] components of the logistics supply chain. Their
combination with smart technologies makes it possible to integrate them as active
components with specialized tasks into the processes of logistics, industry
Switzerland with
respect to interest rate conditions and interest rate fixation since the beginning of the 1960s. Of
special interest are the share of fixed compared to adjustable rate contracts, [...] Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
25 Strategies and possible directions to improve Technology
Scouting in [...] the effective interest
burden and the terms to maturity. We find that in both countries a financing with variable
interest rates is premature. However, this advantage is far less pronounced in
lecture “Economics and Economic Policy” to examine the effects of a new learning
management system on the study results. Along with the implementation of the
learning management system an adjustment of the [...] students will be able to ac-
complish their own learning rhythm. This process shall be supported by the numer-
ous practice possibilities.
The following report will respond to the project more closely [...] lecture is that the students initially learn and practice the contents autono-
mously. After that the relevant lecture takes place.
The main reason for the change was to improve the study results of the
approach is needed to maximize customer value and to improve efficiency.
Based on a comprehensive literature review this paper presents an integrated PPM
framework. It is intended to provide a basis for [...] Furthermore,
these coordinators must ensure that all stakeholders closely adhere to the
formalization requirements of both levels to yield the positive interaction
effect of joint formalization” (Ahlemann et [...] Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
25 Strategies and possible directions to improve Technology
Scouting in
of how to set τ are available, there is still a lot of subjectivity.
In our view, it would be beneficial to either make this subjectivity more explicit or to derive
empirical methods to determine [...] Bayesian methods have been developed to derive Bayesian estimators for µ
and Σ. On the other hand, heuristic methods are used to limit the impact of the uncertainty
or to encompass it by “resampling”. Both [...] (1999). According to Rachev et al. (2008), the Black-Litterman model is “the
single most prominent application of the Bayesian methodology to portfolio selection”.
It allows to consistently combine
need to supplement the credit with their own funds to afford the
durables. To do so they have to either use their savings or decrease their spending
on non-durable goods in the short run to use [...] like the Grameen bank, have
mostly lent to women, enabling them to contribute to the household’s income. It is
believed that by making women contributors to the household’s income,
Microfinance [...] Microfinance to promote women’s
empowerment.
Section 2: Literature review
The majority of Microfinance institutions (MFIs) aim to reduce poverty by making
financial services available to the poor
a crisis. The current course is, however, inadequate to tackle the core problems
of the Eurozone and to avoid future crises, which are mainly due to the escalating public debt
and the lack of international [...] of a European Monetary Fund, 17.02.2018.
Transparancy International (2017), From Crisis to Stability – How to make the European
Stability Mechanism Transparent and Accountable?
Wyplosz, Charles [...] Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
25 Strategies and possible directions to improve Technology
Scouting in
Paris in September 2017 to reform die European Union in the six following areas:
1. A Europe, which guarantees security in all its dimensions,
2. A Europe, which reacts to the challenge of migration [...] the proposals of Emmanuel
Macron. Both intend to strengthen Europe as an economic and monetary power by changing the
European Stability Mechanism to a European Monetary Fund and by establishing a [...] which still do not have the Euro as a currency
to complete the Eurozone as aimed by the European treaties. This paper discusses the legal steps to
implement the proposals of Emmanuel Macron.
of up to −56.77%, which are related to a momentum crash (reversal)
12The scaled time index ts can be obtained from the original index to = 1, ..., T via ts = (b−a)[to −min to]/[max to −
min to] + a [...] NYSE has reduced tick size only a few times: from 8th to 16th in June
1997 and from 16th to penny in January 2001. Comparing 1993 to 2000 with 2001 to 2008, Chordia et al. (2011)
document a 75% decrease [...] investors
declined from 48% to 22% from 1980 to 2007, while the share of open investment funds increased from 5% to 32%.
Second, bonuses for investment bankers also lead to increased demand for high risk
Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
25 Strategies and possible directions to improve Technology
Scouting in [...] betrieblicher Altersversorgung für den GGF.“
von Thomas Dommermuth
9 „Zur Entwicklung von E-Learning an bayerischen Fachhochschulen-
Auf dem Weg zum nachhaltigen Einsatz?“
von Heribert Popp und
although the latter to a lesser extent.
In what follows, our aim is to use model-based techniques and judgmental approaches to
detect these alternative episodes, and thereafter to estimate probabilities [...] compared to Kilian’s index of global
economic activity and the index of OECD world industrial production. Stratford (2013) uses
linear models to investigate several global indicators' ability to nowcast [...] rates in the advanced
economies declined to a lesser extent compared to the emerging world in the Great
Recession. In the former, growth rates declined to around -5%, while they did not turn into
data migration as the process of perma-
nently moving data from one database to another whereas the databases both belong to ap-
plications”78. Eine Implementierung einer neuen Cloud-ERP-Lösung geht [...] Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
25 Strategies and possible directions to improve Technology
Scouting in [...] software solutions, companies have new options
for providing the information infrastructure they need to do their business. Based on a concrete
scenario in a corporate context and a structured analysis
tests a concept to enable nowcasting forecasts for the German gross
domestic product on the basis of bottom-up modeling. The combination of models
used contributes a new approach to the current literature [...] Bernt Mayer
24 A Micro Data Approach to the Identification of Credit Crunches
von Timo Wollmershäuser und Horst Rottmann
25 Strategies and possible directions to improve Technology
Scouting in [...] g quality, a detailed interpretation
of the economic situation also becomes possible. Compared to benchmark models,
the prediction model results in few prognosis errors, which is particularly important