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activities by facilitating more flexible organisational structures in firms. We distinguish between functional flexibility (the … ability of workers to co-operate and take decentralised decisions) and numerical flexibility (the reduction of fixed costs …, mainly due to outsourcing business processes). Our results from a large and representative data set of firms in Germany show …
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This paper examines return predictability when the investor is uncertain about the right state variables. A novel feature of the model averaging approach used in this paper is to account for finite-sample bias of the coefficients in the predictive regressions. Drawing on an extensive...
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large economies, USA, United Kingdom, Germany, France and Japan. The empirical results show that although the pure NGARCH …
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