Capital market forecasts sometimes suffer from a too intensive orientation towards the current market situation and lose their future-orientated character. This phenomenon can be referred to as Topical Orientated Trend Adjustment (GOVA). For an individual statistical proof we develop a new...

Einzeltitelempfehlungen von Banken oder Fachzeitschriften treffen in den vergangenen Jahren bei der Investorenschaft immer häufiger auf Misstrauen. Zunehmende Aufmerksamkeit wird hingegen indexbasierten aktiven Portfoliomanagement-Strategien gewidmet. Trotzdem werden nur selten Prognosen zur...

Fiscal relations between the German Lander and its communities are characterised by vertical transfers from the Lander to their municipalities. Traditionally the system is discussed vigorously as it serves allocative, redistributive and fiscal objectives at the same time which are at least...