Dieses Buch stellt den ersten Teil eines zweibändigen Werkes zum Portfoliomanagement dar. Schwerpunktmäßig werden in Band 1 die konzeptionellen Grundlagen der Portfolioselektion von Investoren, Portfolioselektionsmöglichkeiten auf der Basis arbitragetheoretischer Überlegungen sowie...

Währungsmanagement als Teilgebiet des internationalen Finanzmanagements beschäftigt sich mit der Frage, wie die währungsbezogene Zusammensetzung von Zahlungsströmen im Unternehmen beeinflußt werden kann. Zielsetzung ist die Optimierung von Fremdwährungspositionen unter Ertrags- und...

With the introduction of the JESSICA (Joint European Support for Sustainable Investments in City Areas) Initiative, the European Commission aimed at strongly enhancing investments in urban areas to meet the steadily increasing requirements, arising from urbanisation, for European cities. One...

First, we show the equivalence of loans and grants as a means of subsidizing urban development projects in a perfect capital market setting. However, with capital markets being imperfect, redeemable loans may serve as a credible commitment device in order to overcome problems of asymmetric...

Prior work has documented that incoming CEOs make accounting decisions which reduce reported firm performance. It is however unclear what motivates this so-called “big bath” behavior. For one, it might serve to give a more accurate representation of actual firm performance, when the prior...

This article presents an economic efficiency analysis of solar chimney power plants by calculating their net present value in comparison to that of conventional coal-fired power stations. The derivation of an appropriate discount rate for each technology should take into account the different...

We show analytically under quite general conditions that time-varying implied rates of return based on analysts' earnings forecasts are only a downward biased estimator for future expected one-period returns and therefore not suited for computing market risk premia in order to resolve the equity...