Im Zusammenhang mit den neuen "Basel-II"-Regelungen, die die Kreditvergabe an Unternehmen verändern, wächst das Interesse besonders kleiner und mittlerer Unternehmen an hybriden Finanzierungsinstrumenten. Diese Finanzierungsform wird auch als Mezzanine-Finanzierung bezeichnet. Je nach...

We show that, since the inception of energy futures markets, prices have on average exhibited backwardation. Normal backwardation has also been the norm, but, because of the low power of the standard tests, most researchers have concluded that the unbiased expectations model cannot be rejected....

This paper presents the METal ResOurces (METRO) model, a partial equilibrium model tailored for metal markets. It allows for a disaggregated representation of the mining sector and endogenous investment in extractive capacities. It can be calibrated to a large number of metal markets. Rare Earth...

Following the well-known approach by Adler and Dumas (1984) we evaluate the foreign exchange rate exposure of nations. Results based on data from 27 countries show that national foreign exchange rate exposures are significantly related to the current trade balance variables of corresponding...

Residual income valuation is based on the assumption that the clean surplus relation holds. As pointed out by Ohlson (2000), among others, the standard clean surplus relation is frequently violated. Moreover, standard residual income valuation models rest on the implicit assumption that future...

This paper shows that earnings losses after unemployment increase with age. First, older employees start out with relatively high earnings in comparison to employees without employment interruptions several years before the non-employment spell. This earnings advantage turns into a strong...

Labour market reforms that are designed to stimulate labour supply at the lower end of the wage distribution can never be precisely restricted to affect only the target group. Spillovers to and feedback from other segments of the labour market are unavoidable and may counteract the direct...

Using data from the German Socio-Economic Panel for the years 2000 to 2006 we analyze the determinants and labor market effects of educational dropout. In addition to classical variables like family background and occupation, we examine noncognitive skills and Internet use. Noncognitive skills...