"I know half the money I spend on advertising is wasted, but I can never find out which half." Diese Aussage wird Lord Leverhulme, dem "Seifenkönig", und später John Wanamaker, dem Warenhaus-Pionier, zugesprochen. Wahrscheinlich stammt das Zitat jedoch von Adolph S. Ochs, Verleger der New York...

We describe a new and flexible framework for modeling school effects. Like previouswork in this area, we introduce an empirical model that evaluates school performance onthe basis of student level test-score gains. Unlike previous work, however, we introducea flexible model that relates...

Objective of this paper is to enhance the understanding of modelling jumpsand to analyse the model risk based on the jump component in electricity markets.We provide a common modelling framework that allows to incorporate the main jumppatterns observed in electricity spot prices and compare the...

CAT bonds are of significant importance in the field of alternative risk transfer. Since themarket of CAT bonds is not complete, the application of an appropriate pricing model is of high relevance.We apply different premium calculation models in order to compare them with regard to...

This paper analyzes and quantifies the idea of model risk in the environment of internal modelbuilding. We define various types of model risk including estimation risk, model risk in distributionand model risk in functional form. By the quantification of these concepts we analyzethe impact of...

Large shareholders may play an important role for firm performance and policies, butidentifying this empirically presents a challenge due to the endogeneity of ownershipstructures. We develop and test an empirical framework which allows us to separateselection from treatment effects of large...

This chapter, on the persistence of corporate profits in in Germany, is organized as follows: Section I presents the empirical model and describes the econometrics for the stimation of the parameters. Section II introduces the data sample, shich consists of profit data form 299 German stock...

Mit Hilfe von Daten junger deutscher Franchisesysteme werden empirische Einsichten inZusammenhänge zwischen der Wahl von laufenden und einmaligen Gebühren sowie demUmsatz der Franchisenehmer gewonnen. Zusätzlich werden die Wirkungen der bei denFranchisenehmern verbleibenden unternehmerischen...

We develop a Wald type test to distinguish between long memory and ESTARnonlinearity by using a directed-Wald statistic to overcome the problem of restricted parametersunder the alternative. The test is derived from two basic model specificationswhere the first is the standard model based on an...