We estimate monetary policy rules for six central and eastern European countries (CEEC) bytaking changes in the policy settings explicitly into account. Distinguishing rather fixed andmore flexible exchange rate arrangements we find that for most countries exchange ratesplayed an important role...

Using a new data set on investor sentiment we show that institutional and individualsentiment proxy for smart money and noise trader risk, respectively. First, usingbias-adjusted long-horizon regressions, we document that institutional sentiment forecastsstock market returns at intermediate...

This paper investigates the effects of detailed job characteristics on job satisfaction, job search and quits using data from the German Socio-Economic Panel (GSOEP) in a fixed effects framework.Using a factor analysis, seventeen job characteristics are reduced to seven factors that describe...

Die vorliegende Arbeit setzt sich mit der Frage auseinander, ob und auf welche Weise für Unternehmen mit Pensionsrückstellungen, Verbindlichkeiten aus Lieferungen und Leistungen und andere Passivpositionen eine Bewertungstheorie in der Tradition des Discounted Cashflows angewendet werden...

In diesem Papier wird untersucht, welche Auswirkungen die Verfügbarkeit vonInfrastruktur auf die unternehmerische Investitionsentscheidung hat. Dabei ist unterstellt,dass Infrastruktur zum einen Input in der Produktionsfunktion ist und zumanderen die Höhe der Anpassungskosten beeinflusst. Als...

In recent years layoffs have increasingly become the focus of public attention. So far, however, there has been no representative study for Germany of how far and under what conditions layoffs are acceted by the population - in other wordss by people who are not immediately affected. [...]

Investment policy is a central issue in foundations. The capital stock of a foundationand its long-term retention are prerequisites of a foundation’s perpetuity and independence. Afoundation’s goals can only be reached with the funds generated by the foundation’s investmentmanagement.[...]

Der Beitrag untersucht die betrieblichen Determinanten von Teilzeitbeschäftigung, Mini- und Midi-Jobs. Aus theoretischer Perspektive könnten alle drei Beschäftigungsformen als Instrument der Anpassungsflexibilität bei Nachfrageschocks genutzt werden. Die empirische Analyse zeigt, dass aber...

This paper presents a survey on panel data methods in which I emphasize new developments. In particular, linear multilevel models with a new variant are discussed. Furthermore, non linar, nonparametric and semiparametric models are analyzed. In contrast to linear models there do not exist...

We show that the power of the KPSS-test against inte-gration, as measured by divergence rates of the test statistic underthe alternative, remains the same when residuals from an OLS-regression rather than true observations are used.[...]