According to Gibrat' Law of Proportionate Effect, the growth rate of a given firm is independent of its size at the beginning of the period examined. In contrast to the previous literature on the subject, this paper seeks to test the Law by taking account of both the entry process and the role...

Though unambiguously outperforming all other ¯nancial markets in terms of liquidity,foreign exchange trading is still performed in opaque and decentralized markets. In par-ticular, the two-tier market structure consisting of a customer segment and an interdealersegment to which only market...

During the turbulent 1970s and 1980s the Bundesbank established an outstandingreputation in the world of central banking. Germany achieved a high degree of domesticstability and provided safe haven for investors in times of turmoil in the internationalfinancial system. Eventually the Bundesbank...

Using data on product-level prices matched to the producing …rm’s unit labor cost, wereject the hypothesis of a full and immediate pass-through of marginal cost. Since wefocus on idiosyncratic variation, this does not …t the predictions of the Ma´ckowiak andWiederholt (2009) version of the...

This paper investigates the market pricing of subprime mortgage risk on the basis of data forthe ABX.HE family of indices, which have become a key barometer of mortgage marketconditions during the recent financial crisis. After an introduction into ABX index mechanicsand a discussion of...

We investigate the pricing of convertible bonds on the French convertible bond market using dailymarket prices for a period of 18 months. Instead of a firm-value model as used in previous studies, weuse a stock-based binomial-tree model with exogenous credit risk that accounts for all...

This paper presents a valuation model for pension benefit guarantees based on discrete timeapproximations of one and two factor models of the term structure, based on the pricing modelsof Ho and Lee (1986), Hull and White (1994a) and (1994b), and Heath, Jarrow, Morton(1991). It is shown that...

Hansen/Jagannathan (1991) show how to use security market data to restrict the admissible region for means and standards deviations of intertemporal marginal rates of substitution of consumers. They als characterise the duality betwenn the mean-standard deviation frontier for valid stochastic...

Die Idee der personalisierten Ernährung, einer speziell auf den Genotyp und den Phänotypabgestimmten Ernährungsweise, basiert auf den Erfolgen der Nutrigenomik. Diese nochjunge Forschungsrichtung untersucht das Zusammenwirken von Genen und Ernährung unddessen Einfluss auf die Gesundheit. Die...

Mobilität erschließt Räume und ist in unserer modernen Gesellschaft dieVoraussetzung für das Wirtschaften und für die Teilhabe am ökonomischenund sozialen Leben. Zugleich führt die Struktur der Befriedigung derMobilitätsbedürfnisse zur Minderung der Lebensqualität, insbesondere inden...