Die Kompetenzverteilung in Genossenschaften zwischen Mitgliedern und Genossenschaftsbetrieb führt zu einer Organisationsform zwischen Hierarchie und Wettbewerb. Sowohl Mitglieder als auch das Management erhalten Teile der Entscheidungsbefugnis. In dieser Arbeit wird gezeigt, dass die...

This paper analyzes optimal incentive compatible debt contracts when lenders are risk averse. The decisive factor in this regard is that risk aversion requiresto consider further sources of risk the lenders are exposed to. The main resultsderived in a setting of asymmetric information – the...

In the framework of the industrial economics approach to banking we extend the analysis of hedging against default on loans to the case of two types of credit risk. Standard results on the optimal hedge volume and the hedging effectivity from the single?risk case are shown to carry over to the...

The tremendous development of an easy access to computational power within the last 30 years has led to the widespread use of numerical approaches in almost all scientific disciplines. The first generation of simulation models was rather focused on stylized empirical phenomena. With agent-based...

The industrial organization approach to the microeconomics of banking augmented by uncertainty and risk aversion is used to examine credit derivatives and macro derivatives as instruments to hedge credit risk for a large com- mercial bank. In a partial-analytic framework we distinguish between...

Die vergleichende Analyse umweltpolitischer Instrumente kommt regelmäßig zu dem Ergebnis, dass Emissionsabgaben einen höheren Innovationsanreiz auslösen als Emissionsauflagen. Demgegenüber weisen neuere Studien der empirischen Innovationsforschung auf keine eindeutige Rangfolge zwischen den...

The tremendous growth of markets for credit derivatives since the mid 1990's has raised questions regarding the role of these instruments in the banking in- dustry which is heavily exposed to credit risk. However, while recent literature mainly focused on pricing and optimal decisions regarding...

Conventional analysis of the economics of environmental policy usually claims that emission taxes induce a stronger incentive for an improvement in pollution abatement technologies compared to emission standards. In contrast, recent empirical studies reveal that there is no systematic...

In this paper we try to put together both the dynamics of the endogenous evolution of an industry and the corresponding dynamics on the capital market. The first module of our modelling efforts is the endogenous evolution of the industry based on the micro-behaviour of boundedly rational agents....

In this paper we analyse the mean-variance hedging approach in an incomplete market under the assumption of additional market information, which is represented by a given, finite set of observed prices of non-attainable contingent claims. Due to no-arbitrage arguments, our set of investment...