IT-Investitionen machen häufig einen sehr großen Anteil an denInvestitionsausgaben einer Unternehmung aus und gelten darüberhinaus als besonders riskant. Bei der Bewertung von ITInvestitionensollte deshalb deren Beitrag zur langfristigen undnachhaltigen Steigerung des Unternehmenswerts unter...

Das Management von Kundenbeziehungen gewinnt im Zuge der steigenden Relevanz,die dem Customer Relationship Managements beigemessen wird, verstärktan Bedeutung. Vor diesem Hintergrund gilt es, auch Investitionen in Kundenbeziehungenanalog zu anderen Unternehmensinvestitionen gezielt zu steuern....

Die Förderung von Entrepreneurship und eines günstigen Umfelds für die Wirtschaft, insbesondere für Klein- und Mittelunternehmen, ist von entscheidender Bedeutung für das Wirtschaftswachstum, den Strukturwandel und die Wettbewerbsfähigkeit in der Europäischen Union.Die Europäische...

Climate change is one of the greatest challenges facing our planet in the foreseeable future anddespite the urgency of the situation global GHG emissions are still increasing. In this context,and since future climate changes appear now unavoidable to some extent, adaptation measureshave recently...

We examine active retail mutual funds and institutional products with a mandate to invest ininternational equity markets between 1991 and 2009. Using global and regional factor models,we find no reliable evidence of alphas in the aggregate or on average. The right tail of thedistribution...

Limited liability creates a conict of interests between policyholders and shareholders ofinsurance companies. It provides shareholders with incentives to increase the risk of theinsurer's assets and liabilities which, in turn, might reduce the value policyholders attach toand premiums they are...

Business support policies designed to raise productivity and employment are commonworldwide, but rigorous micro-econometric evaluation of their causal effects is rare. Weexploit multiple changes in the area-specific eligibility criteria for a major program to supportmanufacturing jobs...

This paper documents the relationship between foreign ownership and firm survival forenterprises in Germany using unique tailor-made new representative data that mergeinformation from surveys performed by the Statistical Offices, from administrative datacollected by the Tax Authorities and from...

We develop a model of real investment and cash holdings in which firms face uncertaintyregarding their ability to raise funds in the capital markets and have to search for investorswhen raising outside capital. We provide an explicit characterization of the optimal investment,cash management,...

Public infrastructure is an important part of a wellfunctioningurban economy. Such infrastructure—definedhere as publicly owned and maintained physical capital—hashistorically played a central role in allowing cities to grow bymitigating or reducing problems such as congested...