hiness
is approximated by firm–specific factors, e.g. the firms’ assessment of
their current business situation and their business expectations. After
controlling for the banks’ refinancing costs, which [...] problem by looking at the characteristics of
firms that observed reductions in their bank credit volumes. However, since
their dependent variable was credit volume, the identification problem still re- [...] business (statebus) and
their business expectations for the next six months (comexp) as a proxy for the
quality of the borrower. The survey respondents can characterize their state
of the business
member countries. Reciprocally, foreign companies who want to distri-
bute their products in China have to register their marks or logos with the Chinese
[...] owners may wish to consider registering
their copyright ownership at China’s National Copyright Administration (NCA) in order to
establish evidence of their ownership.42
In 1998, China established [...] organizations will not copy their innovations. Therefore, the lack
of trust generated by the deficiencies of law does not motivate innovators and scientists
to share their knowledge.
IT often
Miller and Volker (1984) and Arabsheibani (1989) base their analysis on compar-
isons between the salaries of workers in occupations relevant to their educational qualification
to those with the same [...] However, over time and depending on how fast employers learn about the
true productivity of their employees, their importance (and hence the signalling value of education)
diminishes. The faster they learn [...] firms are quick in adjusting their expectations.
A slightly different approach is tested by Albrecht and van Ours (2006) who compare formal with
informal hiring methods. Their hypothesis is that firms
participants of seminars
at the Deutsche Bundesbank and the Oesterreichische Nationalbank for their valuable comments. In
particular, we would like to thank S Arz for his contributions. The opinions [...] central banks in the euro area are connected to TARGET2. There are no constraints on the size of
their balances vis-à-vis the European Central Bank that emerge from the cross-border flow of interbank [...] is again an appropriate reference country as, during the time
when both Germany and France had their national currencies, there were no major differences
between the two with regard to domestic banknote
Ours (2004) Does the Recent Success of Some OECD Countries in
Lowering their Unemployment Rates Lie in the Clever Design of their Labour Market
Reforms?, Oxford Economic Papers, 56, 621 - 642.
Bertola [...] insurance system is generous, trade unions may
down weight the disutility of unemployment for their members and prefer higher real wages
for the employed. Employment will be affected negatively [...] unemployment
benefits must incorporate these aspects, because the OECD countries differ widely in their
taxation and eligibility conditions of unemployment benefits.
Tax burden on labour income
problems like the
sovereign debt crisis mainly due to their inability to enforce EU member countries to reduce
their budget deficits and to their failure to force EMU members to comply with the rules [...] the IMF elaborated the
economic adjustment programs for these economies and closely monitored their progress
through quarterly reviews based on economic missions.
The active role of the IMF [...] participate
in the rescue programs? Was it a sign of weakness of the European institutions to solve their
problems alone and/or did the Europeans want to use the outstanding expertise of the IMF in
employ classic t-tests casting some doubt on the statistical reliability of their results
because it is well-known that their use is critical in the presence of typical stock return characteristics (e. [...] has been directed to the scientific analysis of calendar
effects in stock market returns because their identification may allow the implementation of profitable in-
vestment strategies (see Lucey and Pardo [...] effect that attributes bad luck and thus low or negative returns to this specific calendar day. In their seminal
article, published in the prestigious Journal of Finance, Kolb and Rodriguez (1987) found
ts between the cyclical fluctuations of government expenditure and of real GDP
(deviations from their trends) since 1980 and for the sub-periods before 2000 and after 2000.
A positive correlation between [...] between 0.22 and – 0.221. When comparing the deviations of expenditure-GDP ratios and of
real GDP from their trends we find negative correlation coefficients for the whole period. By
contrast, when using real [...] global recession Table 4 shows the fluctuations of real public
expenditure and of real GDP around their trend before and after the global recession in 2009.
In 2009, government spending in Africa (and
Evans, 2005, among others).
However, Beck & Wieland actually base their assumption on a couple of studies
supporting their view of relatively long-lasting misperceptions (see, e.g., Orphanides [...] highlight financial intermediaries' role in determining the price of risk. As these
expand their balance sheets, their risk-bearing capacity increases and risk premiums
fall. Thus, balance sheet quantities [...] various financial intermediaries and their respective balance sheet
quantities. First, the information provided by institutions that are marking-to-market
their balance sheet items is of superior
of manufacturing companies increases
and the companies want to differentiate themselves with their service offerings
and exploit revenue opportunities. The implemention is often mediocre. This
and Spain) were
able to improve their relative price competitiveness and thus their bilateral current account
balance against Germany by a depreciation of their currencies against the D-Mark. A nominal [...] bear problems that were already
discussed. German households can expand their spending only marginally without raising their
indebtedness, because the tax burden in Germany is very high. A large [...] is not a zero sum
game. Increasing German exports contribute to growth in other economies due to their high
import content. It does not make sense to raise German imports artificially via “push button”
mechanism with the task to
support euro area Member States by financing their loans in case they have problems to finance their
debt in the private financial markets.
Before installing the ESM the European [...] Financial Stability Facility (EFSF) were installed to help Ireland, Portugal and Greece to finance their
public debt.
The German State is part of the above mentioned financing mechanisms. The political
insurance system, the disutility of
unemployment decreases and jobholders as well as unions increase their reservation wage.
This leads to a reduction of job search intensity. Search unemployment and the [...] vulnerable to the adverse effects of strict employment protection regulations.4
In addition to their negative consequences for outsiders, it is possible that strict labor market
institutions may [...] legislation. It is also
conceivable that employers might use mobbing as a strategy to force their employees to leave
the firm under strict EPL (Wasmer, 2006, and Boeris and van Ours, 2008). Agents
legal point of view. The system of financing the public debt of
most of European Member States by their home banking system could hurt the guarantee of
property and the principle of equal treatment if
meets the needs of the present without compromising the ability of future genera-
tions to meet their own needs."23
Daraus folgt, dass Nachhaltigkeit einerseits jenes Handeln ist, das die Bedürfnisse
meets the needs of the present without compromising the ability of future genera-
tions to meet their own needs."23
Daraus folgt, dass Nachhaltigkeit einerseits jenes Handeln ist, das die Bedürfnisse
customers through a mix
of elements. As for customers, it may be important to reduce their
machine availability, to reduce their costs for parts, to operate
environmentally-sound with water, electric power [...] consider their benefits in a
qualitative way. They think about the impact of the service idea and
whether it enables to sell further products and/or services. Other
service ideas may impact their customer [...] questions like: Can
customers improve their efficiency and effectiveness? Can customers
produce faster through downtime reduction? Can customers improve
their supplier reliability? Can customers react
is especially high in countries that do not have significant proportions of their currency
stock circulating outside their borders. This suggests a persistent role for cash as a store of
wealth [...] of 2008
until the second quarter of 2009 to their baseline model. Second, they introduce confidence,
financial market and wealth variables to their model. They expect increases in the stock of
[...] small share –
approximately 30% – was used for transaction purposes and hoarding in Germany.1 In their
opinion, 20% is a realistic figure for banknotes hoarded in Germany. Consequently, only
around
companies have to expand their service
portfolio. In addition to that executives have to answer the question, whether existing services
generate profit and provide value to their customers. This paper deals [...] B.N.; Gemünden, H.G.; Aubry, M., 2012: The three roles of a project portfolio
management office: Their impact on portfolio management execution and success.
International Journal of Project Management
values in their business life. Usage of IT and
communication tools is integral part of their business and private life. However,
employees of Gen. Y need support to strengthen their awareness about
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 of best
that the indicators are most helpful during periods of large swings in
world growth. However, their usefulness fluctuates greatly over time. The only paper which
addresses turning points directly [...] dependent variables used. Following this, section 3 introduces the Probit
models and presents their results. Section 4 summarises and concludes.
2. Data
We use seasonally-adjusted quarterly
regressions. However, their descriptive subsample comparison of quintile hedge portfolio
returns shows declines for size, value and momentum. A switch to decile portfolios changes their size results to an [...] of many well-known anomalies. In this article,
we extend their study in two important ways. First, we analyse the robustness of their time-series
evidence for the US market by using a more advanced [...] provide additional
evidence for this argument for nine anomalies in the UK stock market.
In their conclusion, Chordia et al. (2014, p. 57) argue that “return predictability would diminish
to a
borrowers 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 [...] women to make their own decisions concerning their resources and
allowing them to benefit from those resources (World bank, chapter 2). The term
also encompasses the improvement of their economic status [...] is received.
Households first need to cut down on their short run non-durable consumption to be
able to supplement the credit with their own funds. Consequently, many
Microfinance studies
(2012)).
For many investors however, these methods still lack a convenient way of expressing their
subjective views. This has been addressed in seminal work by Black and Litterman (1991, 1992), [...] this field is Becker et al.
(2015), where seven different Bayesian estimators are compared to their resampled counterparts.
They find the resampled versions to perform worse than the not-resampled [...] number of observations. They do, however, also state that “no
guideline exists for the selection of their values”.
Although some suggestions of how to set τ are available, there is still a lot of subjectivity