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Finance, investment, and firm value in Germany and the US : a comparative analysis

Nowak, Eric - 1998

in the two countries and in (ii) the interaction of investment and financing decisions. This paper investigates the … impact of financing, investment, and dividend decisions on the value of stock corporations in Germany and the US. The … investment creates value in excess of cost, but the US industrial sector seems to be more efficient in making value …

Persistent link: https://www.econbiz.de/10009578016

On saving and investing : an experimental study of intertemporal decision making in a complex stochastic environment

Anderhub, Vital; Güth, Werner; Knust, Florian - 2000

The experimental situation presents a complex stochastic intertemporal allocation problem. First, two initial chance moves select one of three possible termination probabilities which then determines whether "life" lasts 3,4,5, or 6 periods. Compared to Anderhub et al. (1997) participants are...

Persistent link: https://www.econbiz.de/10009582396

Notes on an endogenous growth model with two capital stocks i : the deterministic case

Bethmann, Dirk - 2002

This paper extends the class of AK models with an explicit solution to the case where there are two capital goods in the model. this extension holds, even if an external effect in the use of human capital in goods production ia assumed.

Persistent link: https://www.econbiz.de/10009626676

Extracting implicit density functions from short term interest rate options

Nielsen, Hannah - 2001

Using option prices the expectations of the market participants concerning the underlying asset can be extracted as well as the uncertainty surrounding these expectations. In this paper a mixture of lognormal density functions will be assumed to analyze options on three-month Euribor futures for...

Persistent link: https://www.econbiz.de/10009614294

Empirical modeling of the DEM/USD and DEM/JPY foreign exchange rate: Structural shifts in GARCH-models and their implications

Herwartz, Helmut; Reimers, Hans-Eggert - 2001

We analyze daily changes of two log foreign exchange (FX) rates involving the Deutsche Mark (DEM) for the period 1975 - 1998, namely FX-rates measured against the US dollar (USD) and the Japanese yen (JPY). Ta account for volatility e1ustering we fit a GARCH(l,l)-model with leptokurtic...

Persistent link: https://www.econbiz.de/10009616784

Further VAR evidence for the effectiveness of a credit channel in Germany

Holtemöller, Oliver - 2002

In this paper, the empirical relevance of the credit channel for the explanation of monetary policy transmission in Germany during the period of monetary targeting from 1975 to 1998 is analyzed. While existing studies of the credit channel rely mostly on the analysis of monetary policy effects...

Persistent link: https://www.econbiz.de/10009626675

How competition in investing, hiring, and selling affects (un)employment : an analysis of equilibrium scenario

Berninghaus, Siegfried; Güth, Werner; Ramser, Hans Jürgen - 1999

Most models of labor markets and (un)employment neglect how competition among firms or sectors of the economy affects their hiring of workers and working times. Our approach pays special attention to such effects by proposing a complex stage game where firms invest in capital equipment before...

Persistent link: https://www.econbiz.de/10009582404

Kursunterschiede und Renditen deutscher Stamm- und Vorzugsaktien

Daske, Stefan; Ehrhardt, Olaf - 2002

In der vorliegenden Untersuchung betrachten wir die Grundgesamtheit der deutschen Unternehmen, von denen im Zeitraum 1956 bis 1998 Stamm- und stimmrechtslose Vorzugsaktien börsennotiert waren. Zwischen beiden Aktiengattungen besteht mit durchschnittlich 17,2 Prozentpunkten ein ökonomisch und...

Persistent link: https://www.econbiz.de/10009620775

Optimal consumption choice for ratchet investors

Riedel, Frank - 2001

The utility maximization problem of "ratchet investors" who do not tolerate any decline in their consumption rate is solved explicitly for all felicity functions in a Markovian framework which includes Brownian motion and Poisson processes as special cases. The optimal consumption plan turns out...

Persistent link: https://www.econbiz.de/10009616776

Trust and reciprocity in the investment game with indirect reward

Güth, Werner; Königstein, Manfred; Marchand, Nadège; … - 2000

contracting is infeasible. One example is the study by Berg et al. (1995) of the investment game. In this game the person who … receives the investment is the one who may reward the investor. This is a direct reward game. Similar to Dufwenberg et al … investor may only be rewarded by a third person who did not receive his investment. Furthermore we investigate the influence of …

Persistent link: https://www.econbiz.de/10009612013