We provide, for the first time, comparative evidence of the impact of various types of extremeevents – natural disasters, terrorism, and violent conflicts – on the perceptions ofentrepreneurs concerning some key entrepreneurial issues – such as fear of failure instarting a business...

Based on representative data, the German Micro-Census, we provide an overview of thedevelopment of self-employment and entrepreneurship in Germany between 1991 and 2010,the first two decades after reunification. We investigate the socioeconomic background ofthese individuals, their education,...

We address the long standing question of whether production factors are paid their marginalproducts. We propose a new approach that circumvents the need to specify productionfunctions and to compare marginal products to factor payments. Our approach is based on asimple equation that directly...

Die zunehmende Kapitalmobilität in Industrie- und Schwellenländern führt zu einer wachsenden Finanzmarktintegration und ermöglicht es Volkswirtschaften, sich im Ausland zu verschulden oder Investitionen in den produktivsten Regionen der Welt zu tätigen. Dieser Austausch von Finanzanlagen...

This paper examines latent risk factors in models for migration risk. We employ thestandard statistical framework for ordered categorical variables and induce dependencebetween migrations by means of latent risk factors. By assuming a Markov process forthe dynamics of the latent factors, the...

This study investigates loss aversion when the reference point is state-dependent.Using a state-dependent structure, prospects are more attractive if they depend positively on the reference point and are less attractive in case of negative dependence. In addition, the structure is neutral in the...

The aim of this paper is to explain why cross-sectional estimated migration correlations displayed in the academic and professional literature can be either not consistent, or inefficient, and to discuss alternative approaches. The analysis relies on a model with stochastic migration in which...

In this paper we explain how to use rating histories provided by the internal scoring systems of banks and by rating agencies in order to predict the future risk of a set of borrowers. The method is developed following the steps suggested by the Basle Committee. To introduce both migration...

We propose a general robust semiparametric bootstrap method to estimate conditional predictive distributions of GARCH-type models. Our approach is based on a robust estimator for the parameters in GARCH-type models and a robustified resampling method for standardized GARCH residuals, which...

In this study new realized volatility measures based on Multi-Scale regression and Discrete Sine Transform (DST) approaches are presented. We show that Multi-Scales estimators similar to that recently proposed by Zhang (2004) can be constructed within a simple regression based approach by...