This paper is an attempt to assess the extent to which the behaviour of anindividual is the result of the constraints that he or she faces – factorsbeyond individual control - or the result of the exercise of his or herpreferences. The study concentrates on participation or non-participationin...

Vor dem Hintergrund der für die Kreditinstitute voraussichtlich zum1.11.2007 anzuwendenden europäischen Richtlinie über Märkte in Finanzinstrumenten sowie ihrer entsprechenden Durchführungsbestimmungen stellt sich die Frage, welche Anforderungen für die Anlageberatung der...

In this paper, we discuss the relationship between responsibility and joint production.Responsibility mirrors our ability to act freely. We can act freely only if we can assumeresponsibility for our actions and their consequences; the limits of our responsibility aretherefore also the limits of...

Die Eigenkapitalunterlegungspflicht von Kreditgeschäften von Banken erfolgt mitder Einführung der im Juni 2004 verabschiedeten neuen Eigenkapitalrichtlinien (Basel II) maßgeblichauf Grundlage des durch den Kreditnehmer induzierten Verlustrisikos. Dies ermöglicht, die...

Vor Inkrafttreten des Investmentänderungsgesetzes1 mit Wirkung zum 28. Dezember 2007war die Investmentaktiengesellschaft zwingend als self-managed investment company ausgestaltet.Der Gesetzgeber hatte bis dato nicht von der in Art. 13a ff. der Richtlinie 85/611/EWG(OGAW-Richtlinie)2...

Our article integrates the manager’s care in the literature on auditor’s liability. With unobservable efforts, we face a double moral hazard setting. It is well-known that efficient liability rules without punitive damages do not exist under these circumstances. However, we show that the...

Measures of central banks' independence and central banks' accountability which are basedon an interpretation of their statutes provide, in themselves, no guidance for the assessmentof legislative proposals. In the effectiveness of monetary policy, the crucial considerationsrelate to how central...

Institutions that rely on joint liability to facilitate lending to the poor have a long historyand are now a common feature of many developing countries. Economists have proposedseveral theories of joint-liability lending that stress various aspects of its informational andenforcement advantages...