In practice, central banks have been confronted with a trade-off between stabilising inflation and output when dealing with rising oil prices. This contrasts with the result in the standard New Keynesian model that ensuring complete price stability is the optimal thing to do, even when an oil...

While consumption habits have been utilised as a means of generating a hump shapedoutput response to monetary policy shocks in sticky-price New Keynesian economies,there is relatively little analysis of the impact of habits (particularly, external habits) onoptimal policy. In this paper we...

[...]In this study, we use recent historical evidence toexplore one dimension of the broad relationship betweenmarket returns and mutual fund flows: the effect of shorttermmarket returns on mutual fund flows. Research onthis issue has already confirmed high correlations betweenmarket returns and...

Nach dem Niedergang des Neuen Marktes und dem Aufstieg Londons als Börsenplatz fürjunge Unternehmen gründete die Frankfurter Wertpapierbörse im Oktober 2005 den EntryStandard.„Schwach reguliert“ und damit gewissermaßen das Gegenstück zum „streng regulierten“Prime Standard mit...

In a Lucas orchard with heterogeneous beliefs, we study the link between market-wide uncertainty, difference of opinionsand co-movement of stock returns. We show that this link plays an important role in explaining the dynamics of equilibriumvolatility and correlation risk premia. In our...

The dramatic drop in prices on the German stock exchange in the period from2000 to 2003 was one cause for the rising number of delistings in Germany. Thisdevelopment triggered the study on the aptitude of listed companies to remainlisted although the authors were well aware that a negative...

Der vorliegende Beitrag untersucht, ob der Mehrheitsaktionär einer Gesellschaftim Vorfeld eines Zwangsausschlusses von Minderheitsaktionären (sog.Squeeze-Out) versucht, die Kapitalmarkterwartungen negativ zu beeinussen.Ein solches "manipulatives\ Verhalten wird häufig in der juristischen wie...

In this study we analyse stock price reactions to share buyback announcements froma tax perspective in Germany. To determine the influence of taxes on stock prices onthe announcement day of share buybacks two different tax regimes – the corporateimputation system and the classical corporate...

Caplin & Leahy (1996) show that, when central bankers learn about theeconomy by observing its response to policy shock, cautious monetary policymay be ineffectual as private agents correctly anticipate that today's interestrate cuts are likely to be followed by future cuts. The central banker...