Die öffentliche Verwaltung hat sich im 21. Jahrhundert deutlich gewandelt. Vermehrt wird eine Zusammenarbeit über verschiedene Verwaltungsebenen und Disziplinen hinweg unter neuen Managementgesichtspunkten und unter Nutzung neuer Technologien verlangt. Europäische Vorgaben und Forderungen...

This paper proposes a latent dynamic factor model for low- as well as high-dimensional realized covariance matrices of stock returns. The approach is based on the matrix logarithm and allows for flexible dynamic dependence patterns by combining common latent factors driven by HAR dynamics and...

The rare disaster hypothesis suggests that the extraordinarily high postwar U.S. equity premium resulted because investors ex ante demanded compensations for unlikely but calamitous risks that they happened not to incur. While convincing in theory, empirical tests of the rare disaster...

This paper examines if overreaction of oil price forecasters is affected by uncertainty. Furthermore, it takes into account joint effects of uncertainty and oil price returns on forecast changes. The panel smooth transition regression model from Gonz alez et al. (2005) is applied with univariate...