This paper analyses the effects of different model specifications.

Credit limit management is of paramount importance for successful short-term credit-risk management, even more so when the situation in credit and financial markets is tense. We consider a continuous-time model where the credit provider and the credit taker interact within a game-theoretic...

This paper examines the potential distortion of prices in the CDS marketcaused by too-big-to-fail. Overall, we find evidence for market discipline inthe CDS market. However, CDS prices are distorted due to a size effect whicharises when investors expect a public bail-out as a result of...

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.