In this paper, we provide an explanation of why privatization may attract foreign investorsinterested in entering a regional market. Privatization turns the formerly-public firm into a lessaggressive competitor since profit- maximizing output is lower than the welfare-maximizingone. The drawback...

The Japanese Fiscal Investment and Loan Progam (FILP) will be fundamentally changed in April 2001. We are comparing the pre- and post-reform Japanese system with the German system of policy-based finance and we have found that the German system is quite different. In the case of the...

Die vorliegende Arbeit möchte am Beispiel der deutschen Abwasserwirtschaft zeigen, daß Privatisierungen möglich und auch notwendig sind, zahlreiche Faktoren jedoch dazu beitragen, daß es eben nicht zu diesen Privatisierungen kommt.

The article explores potential interrelationships between New Public Management reforms in the public sector and corrupt behavior of public servants, politicians and/or private providers of public services. It reflects on the impact of different reform strategies on corruption, analyzes possible...

Dieses Papier analysiert das Marketing deutscher Nahverkehrsbetriebe unter besonderer Berücksichtigung der Werbung ihres Branchenverbands.

In the era of Basel II a powerful tool for bankruptcy prognosis isvital for banks. The tool must be precise but also easily adaptable tothe bank's objections regarding the relation of false acceptances (TypeI error) and false rejections (Type II error). We explore the suitabil-ity of Smooth...

This paper presents a behavioral finance model of the exchange rate. Agents forecast theexchange rate by means of very simple rules. They can choose between three groups offorecasting rules: fundamentalist, extrapolative and momentum rules. Agents using afundamentalist rule are not able to...

In the ideal Black-Scholes world, financial time series are assumed 1) stationary (time homogeneous) and 2) having conditionally normal distribution given the past. These two assumptions have been widely-used in many methods such as the RiskMetrics, one risk management method considered as...