A contingent claims valuation model which allows to highlight the implications of program trading in spot markets for the pricing of European-style foreign currency options and for the volatility strike structure implicit in these contracts is devoloped. The curvature of the volatility strike...

The effectiveness of the foreign exchange market interventions conducted by the Deutsche Bundesbank during the Louvre period to alter either the level or the volatility of the $/DM spot rate is examined. Volatility quotes implicit in foreign currency options are employed to recover the impact of...

Der vorliegende Beitrag untersucht den Einfluss erfragter Reservationslöhne zu Anfang der Arbeitslosigkeit auf die Gesamtdauer bis zu einem Übergang in eine Erwerbstätigkeit auf Basis des GSOEP (2000) für Westdeutschland. Dabei findet die Selektivität im Vorliegen von...

Surges and reversals of short-term foreign liabilities are often held responsible for instabilities in international financial markets. Yet, empirical evidence on the factors determining the maturity of capital flows is scant. This paper analyzes the determinants of foreign assets of German...

This paper is an attempt to provide evidence on two questions: Why do companies sponsor art events, and where exactly does the money go? We analyse data collected on the revenue structure of cultural institutions in Berlin and Hamburg. This data set not only tells us where the money goes, it...

Using firm-level panel data from the German cost structure survey over the period 1992 to 2000, our empirical analysis shows that firms that increased material inputs relative to internal labor costs performed better in terms of gross operating surplus than other firms. However, firms that...

We propose a framework for comparing the relationship between poverty and personal characteristics across countries (or across years), and use it to compare levels and patterns of relative poverty in the USA, Great Britain and Germany during the 1990s. The higher aggregate poverty rates in the...

The German unemployment rate shows strong signs if non-stationarity over the course of the previous decades. This is in line with an insider-outsider model under full hysteresis. We applied a "theory-guided view" to the data using the structural VAR model as developed by Balmaseda, Dolado and...

This paper analyses how international outsourcing has affected the relative demand for low skilled workers in Germany during the 1990s. In contrast to previous empirical work, the single elements of the input-output-matrix are used to disentangle international outsourcing and trade in final...