Der im Dezember 2018 von der Generalversammlung der Vereinten Nationen (VN) verabschiedete Globale Flüchtlingspakt (GCR) und der darin enthaltene Comprehensive Refugee Response Framework (CRRF) weisen auf einen Paradigmenwechsel in der internationalen Flüchtlingspolitik hin. Insbesondere soll...

Predictions of asset returns and volatilities are heavily discussed and analyzed in the finance research literature. In this paper, we compare linear and nonlinear predictions for stock- and bond index returns and their covariance matrix. We show in-sample and out-of-sample prediction accuracy...

This paper examines the concept of service quality in private banking theoretically and empirically and identifies factors which contribute to service quality. A multidimensional and hierarchical model is developed based on the work of Rust and Oliver (in Service Quality, pp. 1–20, 1994) and...

How do the risk factors that drive asset prices influence exchange rates? Are the parameters of asset price processes relevant for specifying exchange rate processes? Since most international asset pricing models focus on the analysis of asset returns given exchange rate processes, there is only...

In this paper, we evaluate growth stocks by modeling a company's customer equity. We start with the observation that the number of customers in successful start-ups increases very quickly (exponentially) in the first few years. Then the customer base converges towards an industry average. On the...

Many commodity markets contain a strong seasonal component not only at the price level, but also in volatility. In this paper, the importance of seasonal behavior in the volatility for the pricing of commodity options is analyzed. We propose a seasonally varying long-run mean variance process...

Feedback trading strategies have gained much popularity among researchers in the last decadesand are used to illustrate how new information based on returns is reflected in the markets. This paper extends previous studies by decomposing the overall return premium and introducing the global...