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Haftungsregeln und Innovation
Czarnitzki, Dirk; Kraft, Kornelius - 2000
This paper discusses the incentives for innovation when liability is limited or not. Clearly innovative activity … involves risk. On the one hand, the risk of firm owners is limited if their liability is limited. On the other hand credits … will be more difficult to receive if liability is limited. The paper first discusses these issues theoretically and then …
Persistent link: https://www.econbiz.de/10011444773
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Estimating consumer damages in cartel cases
Laitenberger, Ulrich; Smuda, Florian - 2013
We use consumer panel data to calculate the damage suffered by German consumers due to a detergent cartel that was active between 2002 and 2005 in eight European countries. Applying before-and-after and difference-in-differences estimations we find average overcharges between 6.7 and 6.9 percent...
Persistent link: https://www.econbiz.de/10010128730
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Kosten der privaten Altersvorsorge : private Rentenversicherungen und Fondssparpläne im Vergleich
Westerheide, Peter - 2001
Ansparen in Investmentfonds mit gleicher durchschnittlicher Renditeerwartung vor Kosten, wie sie private Rentenversicherungen … bieten, und den hier unterstellten Kosten für aktienorientierte Investmentfonds aus Kostensicht nicht immer effizient ist …. Sofern aktienorientierte Investmentfonds jedoch im langfristigen Durchschnitt höhere Renditen vor Kosten erwirtschaften …
Persistent link: https://www.econbiz.de/10011445645
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Socially responsible investments in Germany, Switzerland and the United States : an analysis of investment funds and indices
Schröder, Michael - 2003
The aim of this study is the analysis of so called socially responsible investments (SRI). First, the performance of SRI equity investment funds and equity indices is investigated using Jensen's alpha as performance measure. The analysis considers market timing strategies of the fund management...
Persistent link: https://www.econbiz.de/10011448250
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Testing the predictability and efficiency of securitized real estate markets
Schindler, Felix; Rottke, Nico; Füss, Roland - 2009
This paper conducts tests of the random walk hypothesis and market efficiency for 14 national public real estate markets. Random walk properties of equity prices influence the return dynamics and determine the trading strategies of investors. To examine the stochastic properties of local real...
Persistent link: https://www.econbiz.de/10003881575
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International diversification with securitized real estate and the veiling glare from currency risk
Kroencke, Tim-Alexander; Schindler, Felix - 2011
This paper analyzes diversification benefits from international securitized real estate in a mixed-asset context. We apply regression-based mean-variance efficiency tests, conditional on currency-unhedged and fully hedged portfolios to account for foreign exchange risk exposure. From the...
Persistent link: https://www.econbiz.de/10008901843
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Linkages between international securitized real estate markets : further evidence from time-varying and stochastic cointegration
Schindler, Felix; Voronkova, Svitlana - 2010
This paper analyzes long-run co-movements between international real estate stock markets and between regions based on bivariate and multivariate tests for cointegration. While the topic has been analyzed in previous studies such as Gallo and Zhang (2009) and Yunus (2009) among others, this...
Persistent link: https://www.econbiz.de/10008652070
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The rat race of capital structure research for REITs and REOCs : two spotlights on leverage
Hohenstatt, Ralf; Steininger, Bertram - 2011
This paper presents a dynamic multi-equation model based on a balance sheet identity, where technical aspects of capital structure are highlighted through separately observing debt and equity and their relationship to investment. Additionally, leverage dynamics are interpreted in their role for...
Persistent link: https://www.econbiz.de/10009424101
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Cointegration of real estate stocks and REITs with common stocks, bonds and consumer price inflation : an international comparison
Westerheide, Peter (contributor) - 2006
Netherlands, Belgium, France and Germany. Results show that real estate securities in most countries had a high performance in … notable exception of Germany. In general, real estate securities seem to represent an asset class distinct from bonds and …
Persistent link: https://www.econbiz.de/10003370051
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An assessment of the relationship between public real estate markets and stock markets at the local, regional, and global levels
Liow, Kim Hiang; Schindler, Felix - 2011
The primary contribution of this study is to assess whether public real estate markets and stock markets are linked at the local, regional, and global levels, and to assess the evolution of their dynamic relationship and gradual integration during the last two decades. For individual pairs of...
Persistent link: https://www.econbiz.de/10009298929