This paper investigates the effects of monopolistic competition onentrepreneurial riskRtaking in a general equilibrium model. In thiscontext, occupational choice of risk averse agents is biased towardsfirm ownership. In this case, the inefficiencies due to the presence ofnondiversifiable risk...

In dem vorliegenden Artikel wird empirisch der Fragenachgegangen, ob eine auf Point&Figure-Charts basierende Anlagestrategiestatistisch signifikant zu ökonomisch bedeutsamen Überrenditen führt. Da-bei zeigt sich in den durchgeführten Simulationen, dass eine der beiden un-tersuchten...

Durch die Modellierung der Sicherheit betrieblicherInformationssysteme kann die Komplexität des Sicherheitsproblems in einerOrganisation und ihren Geschäftsprozessen reduziert werden. Das Erkennen vonSicherheitsanforderungen sowie optimaler Handlungsalternativen in Formgeeigneter...

Today´s derivate pricing base on stochastic models developed in the 70´s. These models base on some unrealistic assumptions. The system WARRANT PRO 1 presented here combines the software agent PISA (Partially Intelligent Software Agent) and the neurosimulator FAUN (Fast Approximation with...

This paper makes a fresh attempt at characterizing optimal commoditytaxes. Under the usual assumptions, an extremely simple expressionof second-best commodity taxes is derived, showing tax rates as functions ofobservable variables only, rather than as functions of unobservable variablessuch as...

Until 2004, German long-term unemployed received a tax-financed benefit (Arbeitslosenhilfe)which exceeded social assistance for the disabled (Sozialhilfe). This has beenchanged by the recent reform known as “Hartz IV”: Effective from 2005, long-termunemployed on the one hand (who are no more...

Based on a questionnaire survey the paper distinguishes between herdingasset managers who try to be good and non-herding asset managers who try to bebetter than their competitors. It provides evidence for reputational herding anddiscusses herding managers' working effort, preferred sources of...

survey of fund managers reveals home bias for these sophisticated investorsin an unrestricted setting. Proximity, perceived informational advantage andhigher expected returns are confirmed as accompanying factors. In addition, thehome bias of equity managers is also related to institutional,...

Zur Bewertung von Investitionsprojekten mit mehrperiodigen Zahlungenk¨onnen die erwarteten Zahlungen mit geeigneten Kapitalkostendiskontiert werden. Die Kapitalkosten werden in der Regel als die erwarteteeinperiodige Rendite der Investition bestimmt, wobei häufigauf Kapitalmarktmodelle wie das...

Increasing costs of most healthcare systems result in (major) financing problemsand thus are the focus of many empirical inquiries. Researchers have found thatmismanagement is often a consequence of misplaced incentives. This paper tries tooutline some cases in which the demand side of...