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Why the split of payroll taxation between firms and workers matters for macroeconomic stability
Voigts, Simon - 2014
Conventional wisdom states that the statutory split of payroll taxation between firms and workers is of no macroeconomic relevance, because the tax incidence is fully determined by the market structure. This paper breaks with this view by establishing a theoretical link between the statutory...
Persistent link: https://www.econbiz.de/10010418878
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Communal responsibility and the coexistence of money and credit under anonymous matching
Boerner, Lars; Ritschl, Albrecht - 2010 - First draft: June 2006, this version: December 2010
Communal responsibility, a medieval institution studied by Greif (2006), supported the use of credit among European …. Enforceability within each village's centralized afternoon market ensures collateralization of credit in decentralized markets. In … the resulting equilibrium, money and credit coexist in decentralized markets if the use of credit is costly. Our analysis …
Persistent link: https://www.econbiz.de/10008771358
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Estimating probabilities of default with support vector machines
Härdle, Wolfgang (contributor); Moro, Rouslan (contributor) - 2007
This paper proposes a rating methodology that is based on a non-linear classification method, the support vector machine, and a non-parametric technique for mapping rating scores into probabilities of default. We give an introduction to underlying statistical models and represent the results of...
Persistent link: https://www.econbiz.de/10003633940
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Kombinierte Liquiditäts- und Solvenzkennzahlen und ein darauf basierendes Insolvenzprognosemodell für deutsche GmbHs
Perederiy, Volodymyr (contributor) - 2007
Eine große Herausforderung der multivariablen Analyse mit bilanziellen Kennzahlen besteht in der Identifikation derjenigen Kennzahlen, die zur besten Modellperformance führen und dabei möglichst leicht interpretierbar und intuitiv bleiben. Die Menge der in Frage kommenden Kennzahlen ist in...
Persistent link: https://www.econbiz.de/10003635001
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Penalties and optimality in financial contracts : taking stock
Robe, Michel A. (contributor);  … - 2006
A popular view of limited liability in financial contracting is that it is the result of societal preferences agnainst excessive penalties. the view of most financial economists is instead that limited liability emerged as an optimal institution when, in the absence of a clear limit on economic...
Persistent link: https://www.econbiz.de/10003324303
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Graphical data representation in bankruptcy analysis
Härdle, Wolfgang (contributor);  … - 2006
Graphical data representation is an important tool for model selection in bankruptcy analysis since the problem is highly non-linear and its numerical representation is much less transparent. In classical rating models a convenient representation of ratings in a closed form is possible reducing...
Persistent link: https://www.econbiz.de/10003324316
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Localising forward intensities for multiperiod corporate default
Prastyo, Dedy Dwi; Härdle, Wolfgang - 2014
Using a local adaptive Forward Intensities Approach (FIA) we investigate multiperiod corporate defaults and other delisting schemes. The proposed approach is fully datadriven and is based on local adaptive estimation and the selection of optimal estimation windows. Time-dependent model...
Persistent link: https://www.econbiz.de/10010403045
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Default risk calculation based on predictor selection for the Southeast Asian industry
Härdle, Wolfgang; Prastyo, Dedy Dwi - 2013
default prediction provides a better insight into fundamentals of credit risk analysis. Default prediction and default …, and Thailand. The relevant default predictors over the countries reveal that credit risk analysis is sample specific. A …
Persistent link: https://www.econbiz.de/10009779289
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Stochastic mortality, macroeconomic risks, and life insurer solvency
Hanewald, Katja; Post, Thomas; Gründl, Helmut - 2009
stochastic process. Our results show that insolvency probabilities are significantly higher when the reaction of mortality rates …
Persistent link: https://www.econbiz.de/10003814526
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How far are we from the slippery slope? : The Laffer curve revisited
Trabandt, Mathias (contributor); Uhlig, Harald (contributor) - 2006
The goal of this paper is to examine the shape of the Laffer curve quantitatively in a simple neoclassical growth model calibrated to the US as well as to the EU-15 economy. We show that the US and the EU-15 area are located on the left side of their labor and capital tax Laffer curves, but the...
Persistent link: https://www.econbiz.de/10003324358