The Paper shows the evaluation of credit risky products. Default probabilities for riskadjusted cash flows or risk adjusted discounting are the backbones for the evaluationof bonds and credits. The second approach is using the market value of shares andtheir implied volatility to calculate the...

The aim of the paper is to study the relation between the demand for human rights and foreconomic prosperity. It analyzes the demand not, as it is often done in the literature, from the“voice” perspective (political activity), but rather looks at the “exit” perspective...

Recently, Kleidon suggested a restatement of the Gaia hypothesis based on Maximum Entropyapproaches to the Earth system. Refuting conceptions of Gaia as a homeostatic system,Gaia is seen as a non-equilibrium thermodynamic system which continuously moves awayfrom equilibrium, driven by maximum...

The objective of this paper is to investigate the innovative performance of China’s NIS ininternational comparison and the capacity of China’s NIS in creating indigenous innovation.We provide insights drawing upon patent data and using patent families to determine the valueof the underlying...

Recently, Aoki proposed the concept of substantive institutions which relates outcomes ofstrategic interaction with public representations of equilibrium states of games. I argue thatthe Aoki model can be grounded in theories of distributed cognition and performativity,which I put into the...

Vorliegendes Arbeitspapier untersucht die Bedeutung von hybrides Kernkapital im deutschen Markt. Dabei werden die Form der stillen Beteiligung in Deutschland aber auch die Emission von Perpetuals betrachtet.

Im Arbeitsbericht wird eine moderne Margenkalkulation in vier Stufen vogestellt. Dabei beschreibt Mindestmarge I Zins- und Kündigungskosten, Mindestmarge II Ausfallkosen, Mindestmarge III Stückkosten und Mindestmarge IV Eigenkapitalkosten.