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This paper uses long-run real price and dividends series to investigate for the German stock market the questions asked of the U.S. market by Shiller (1989). It tries to determine in what periods and to what degree the German stock market has also possessed excess volatility' in the past...
Persistent link: https://www.econbiz.de/10012474925
volatility forecast, coupled with a parametric lognormal-normal mixture distribution implied by the theoretically and empirically …
Persistent link: https://www.econbiz.de/10012470566
We ask whether stock returns in France, Germany, Japan, the UK and the US are predictable by three instruments: the …
Persistent link: https://www.econbiz.de/10012470517
The rapid growth of derivative markets has raised concerns about counterparty risk. It has been argued that their mutual guarantee funds provide an adequate safety net. While this mutualization of risk protects clients and brokers from idiosyncratic shocks, it is generally assumed that it also...
Persistent link: https://www.econbiz.de/10012465723
Mosel Valley in Germany in order to determine the effect that climate change is likely to have on the income of wine growers …
Persistent link: https://www.econbiz.de/10012462615
This paper focuses on three large Continental European countries: France, Germany, and Italy. These countries have …
Persistent link: https://www.econbiz.de/10012462881
The paper characterizes predictable components in excess rates of returns on major equity and foreign exchange markets using lagged excess returns, dividend yields, and forward premiums as instruments. Vector autoregressive techniques demonstrate one-step-ahead predictability and provide implied...
Persistent link: https://www.econbiz.de/10012475210
besides the United states, using a newly constructed data set for 1 to 5 year interest rates from Britain, West Germany and … maturities. On the other hand, the ability of the term structure to forecast future changes in 1-year interest rates is somewhat …
Persistent link: https://www.econbiz.de/10012475446
This chapter provides an overview of the German long-term care insurance. We document care needs and wellbeing of the elderly population. Moreover, we provide a detailed description of the German long-term care institutions (sources of finance and types of benefits), the professional care work...
Persistent link: https://www.econbiz.de/10014437001
Using transaction-level data from two German banks, we study the effects of smartphones on investor behavior. Comparing trades by the same investor in the same month across different platforms, we find that smartphones increase purchasing of riskier and lottery-type assets and chasing past...
Persistent link: https://www.econbiz.de/10012482581