(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
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
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”
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
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
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
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
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
sectional innovation survey. Their results show that innovating firms (and innovative
sectors) have created more new jobs than non-innovating firms (less innovative sectors).
Their results suggest that [...] economic
measures is extensive. Researchers have been analyzing this task for a long time, and their
analyses differ mainly in the methodology and the data available. What we will concentrate
[...] between these two points in time. Brouwer et al.
(1993) are in this line of literature with their analysis of Netherlands data of 1984 and
1989. The authors show a negative effect of total R&D
rising fund
volumes SWFs began to diversify their assets.
As some SWFs started to disclose their investments one can draw a clearer picture of their
behaviour and strategy even if much remains [...] immediate call on their assets. Their
investments are normally unleveraged and they have an interest in pursuing portfolio
reallocations gradually to limit adverse price effects of their transactions [...] found in
table 1. Table 1 contains the size of the funds, their origin (commodity or non-commodity
based), as well as the year of their inception.6 The ten largest funds combined have a volume
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
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
Dunning, D., Johnson, K., Ehrlinger, J. & Kruger, J. (2003). Why People
Fail to Recognize Their Own Incompetence. Current Directions in
Psychological Science, 12(3), 83–87. https://doi.org/10 [...] Job Mismatching (GATE - Working Paper Nr. 1705).
Mahmood, K. (2016). Do People Overestimate Their Information Literacy
Skills? A Systematic Review of Empirical Evidence on the Dunning-
Kruger
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
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
the effect of the ECB’s unconventional monetary policy on the euro area economy
as a whole.6 Their findings suggest that the aggregate government budget balance
improves temporarily in response [...] country’s low corporate tax rates attracted co-
operation from some large multinationals to relocate their economic activity to the country. We
take account of the structural break in Irish GDP by smoothing [...] sovereign debt crisis: ”The ability to push government authorities to make decisions contrary
to their immediate desire gave the bank an unexpected political role” (pp. 125).
19While the ’two pack’
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
instruments, do not have to care for their financial standing.
Therefore, they can undertake more risky investments and their customers, assured about insuring
their means, can be more passive. The [...] Compensation Directive 1997/9/EC – ICD.
This Directive obliges all member countries to establish on their territories at least one obligatory
system. Partial risk transfer means that the protection concerns [...] of the importance of the globalization process and consequently other
risks, should also model their investor protection systems.
2. Why should small investors be protected?
Keeping
TIPS-money
This means that commercial banks first have to transfer money from their TARGET-PM
accounts to their TIPS-DCA before they can use it for instant payments (see figure 8a). The
time [...] €32bn (End of 2021)
page
the ECB.3 Commercial banks, are free to produce book money at their will as long as it is
in line with general supervisory regulations.4 The issuance of private e-money [...] intermediaries are the owners of CBDC accounts and handle retail payments for
the central bank on their own accounts are obviously not being pursued any further.
Nonetheless, financial intermediaries
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
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
money
supply. Instead, they adjust it to achieve a target for the in-
terest rate, and they adjust their interest-rate target in re-
sponse to movements in output and inflation.“ Oder etwa
Mehrling (2004 [...] sionspapiere, Nr. 01–06, Januar 2006.
Goodhart, C. A., What should central banks do? What should be
their macroeconomic objectives and operations, in: Economic
Journal, November 1994, S. 1424 – 1436.
Hafer
websites are prohibited.
In most cases authors are permitted to post their version of the
article (e.g. in Word or Tex form) to their personal website or
institutional repository. Authors requiring further [...] the participants of seminars
at the Deutsche Bundesbank and the Oesterreichische Nationalbank for their
comments. In particular, we are indebted to M. Vogel for his contribution. The
opinions expressed [...] System 2 (CIS2) of the European
Central Bank, all of the Eurosystem national central banks provide
their issuance data on a monthly basis, including the average
volume of banknotes in circulation, the volume
many changes are taking place quite rapidly or have already
been factored by market players into their decisions. These changes involve institutional aspects, the
operational level of the money market [...] intended also for persons working at
banks and other financial sector institutions who seek to deepen their knowledge of European
monetary policy.
We wish to thank Dr. Caroline Willeke of the Deutsche
after a while to modify their
liquidity management correspondingly; (2) in the course of the first 18 months, some national
central banks revised their arrangement with their Treasury, also in view of [...] undertakes a similar
analysis of the demand and supply of factors of Federal Reserve deposits and their dynamic
interaction. As far as possible, we follow Hamilton�s line of reasoning. Nevertheless, some [...]
In a second step we cover the interaction between supply and demand factors for deposits and their
price in the form of the spread between the overnight rate and the main refinancing rate of the
Eurosystem