Die nachhaltige und kontinuierliche Gründung innovativer Spin-off Unternehmen ermöglicht neben der Schaffung von Arbeitsplätzen, der Förderung spezifischer Wirtschaftsbranchen auch die marktliche Verwertung der Inventionen aus der wissenschaftlichen Forschung. Als eine bedeutende...

Using data from Germany, Japan, UK, and the U.S., we explore possible threshold cointegration in nominal short- and long-run interest rates with corresponding inflation rates. Traditional cointegration implies perfect mean reversion in real rates and hence confirms the Fisher hypothesis....

The empirical joint distribution of return-pairs on stock indices displays high tail-dependence in the lower tail and low tail-dependence in the upper tail. The presence of tail-dependence is not compatible with the assumption of (conditional) joint normality. The presence of asymmetric-tail...

This paper questions traditional approaches for testing the day-of-the-week effect on stock returns. We propose an alternative approach based on the closure test principle introduced by Marcus, Peritz and Gabriel (1976), which has become very popular in Biometrics and Medical Statistics. We test...