The paper analyzes if and how the experiences of European integration can be used for theprogress of East Asia integration especially of the ASEAN+3 countries1. Of special interest isthe relevance of the new endogeneity approach of monetary integration for East Asia. Thequestion is discussed in...

Some traders estimate precipitation derivatives to have a potential which increases even thatof temperature derivatives. Precipitation derivatives can be used both for hedging and marketingpurposes for a diverse number of possible end users. However, the complex way ofmeasuring precipitation,...

Different methods for the translation of financial statements of foreign subsidiaries result indifferent profit contributions in the consolidated financial statements and accordingly to differentamounts of capital maintained as measured in the group’s reporting currency. Thetranslation methods...

The global distressed debt market has been established for some years now, however withinthis investment universe German Distressed Debt is generally considered as underdeveloped.The aim of this paper is to highlight why Investments are transacted and the framework ofprocesses involved within...

The aim of this note is to provide an overview of various measures of “excess liquidity”,which can be defined as the deviation of the actual stock of money from an estimated equilibriumlevel. Given their dynamic nature, the excess liquidity measures under review are - in thelight of long and...

In May 2004 the CFO Forum harmonized the various efforts of reporting the embedded valueof life insurance companies by issuing the European Embedded Value (EEV) Principles.In this working paper a methodology is proposed to derive a maximum lending amountfrom EEV figures without much additional...

The working report looks at the actual situation of the German water market, the only infrastructuremarket the EU has not encouraged to deregulate until now. Especially importantfactors are the environmental relevance of the water market and the importance of water as afood. At the moment,...

The aim of portfolio insurance strategies is to put a floor on the value of a stock portfolio byprogressively selling stocks and buy safe, short-term debt securities as stock prices fall. Thispaper analyzes the current static and dynamic methods in use and explains their pros andcons.

One major outcome of the review of the ECB’s “two pillar monetary policy strategy”, whichwas published on 8 May 2003, has been the de facto downgrading of the hitherto prominentrole assigned to the stock of money. According to the authors’ judgement, however, there is astrong theoretical...

The dramatic drop in prices on the German stock exchange in the period from2000 to 2003 was one cause for the rising number of delistings in Germany. Thisdevelopment triggered the study on the aptitude of listed companies to remainlisted although the authors were well aware that a negative...