One empirical argument that has been around for some time and that clearly contra- dicts equity market efficiency is that market prices seem too volatile to be optimal estimates of the present value of future discounted cash flows. Based on this, it is deduced that systematic pricing errors...

Modeling the price risk of CO2 certificates is one important aspect of integral corporate risk management related to emissions trading. The paper presents a risk model which may be the basis for evaluating the risk of emission certificate prices. We assume that the certificate price is...

Die Einschätzung der künftigen ökonomischen Entwicklung spielt für die Entscheidungen der Wirtschaftssubjekte sowie der wirtschaftspolitischen Entscheidungsträger eine wichtige Rolle. Im Falle Ostdeutschlands ist der Bedarf an einem Frühindikator besonders groß, da zur Zeit keine...

In Germany, a growing tendency can be observed to focus business incubators (BIs) and technology centers and their respective support elements and processes as well as the selection criteria applied by the incubator management on firms from solely one sector or few but complementary sectors and...

The paper explores what macroeconomic factors can tell us about the effectiveness of recently enacted national competition laws. Qualitative evidence suggests that numerous countries fall short in implementing competition law. Furthermore, there seems to be significant differences between...

One of the reforms that have to be launched in a future unification process in Korea, which seems possible after the political negotiations last year, is the transformation of the North Korean banking system. The question arises whether Korea could profit from the German experience where banking...

We integrate international business theory on foreign direct investment (FDI) with institutional theory on intellectual property rights (IPR) to explain characteristics and behaviour of foreign investment subsidiaries in Central East Europe, a region with an IPR regime-gap vis-à-vis West...

Industrial productivity levels of formerly socialist economies in Central East Europe (including East Germany) are considerably lower than in the more mature Western economies. This research aims at assessing the reasons for lower productivities at the firm level: what are the firm-specific...

In the nineties the revitalization of the center of the city of Halle (Saale) (Saxony- Anhalt) has been delayed by accessibility problems. The author uses the data of an empirical investigation in 2004 consisting of interviews with people in the street (N = 1 492) to check if this problematic...