that the indicators are most helpful during periods of large swings in
world growth. However, their usefulness fluctuates greatly over time. The only paper which
addresses turning points directly [...] dependent variables used. Following this, section 3 introduces the Probit
models and presents their results. Section 4 summarises and concludes.
2. Data
We use seasonally-adjusted quarterly
of manufacturing companies increases
and the companies want to differentiate themselves with their service offerings
and exploit revenue opportunities. The implemention is often mediocre. This
implement the communication requirements and tasks in leadership positions
• To assess strategies and their characteristics in the digital market and the leadership standards as the basis of economic trade
Note:
Please take special note of the Program and Examination Regulations of this degree program in their current version.
Study structure:
The program comprises a standard duration of 3 semesters [...] business environment.
• Personal competence (self-competence): Students learn to self-reflect their cultural values and learn strategies how to assume
ethical responsibility in an international context [...] and the careful use of resources and materials. The student can
relate the acquired knowledge to their life situations and directly implement the practical recommendations for action.
• Competence
Evans, 2005, among others).
However, Beck & Wieland actually base their assumption on a couple of studies
supporting their view of relatively long-lasting misperceptions (see, e.g., Orphanides [...] highlight financial intermediaries' role in determining the price of risk. As these
expand their balance sheets, their risk-bearing capacity increases and risk premiums
fall. Thus, balance sheet quantities [...] various financial intermediaries and their respective balance sheet
quantities. First, the information provided by institutions that are marking-to-market
their balance sheet items is of superior
hiness
is approximated by firm–specific factors, e.g. the firms’ assessment of
their current business situation and their business expectations. After
controlling for the banks’ refinancing costs, which [...] problem by looking at the characteristics of
firms that observed reductions in their bank credit volumes. However, since
their dependent variable was credit volume, the identification problem still re- [...] business (statebus) and
their business expectations for the next six months (comexp) as a proxy for the
quality of the borrower. The survey respondents can characterize their state
of the business
finance) to fund investment for their project. However, this model variant only allows for a
constant investment level.
The second variant allows firms to choose their optimal investment level. Each [...] together with their labour supply (lt). Final good producers assemble intermediate products into the
final good. Agents receive a capital income and a labour income which increases their net wealth.
Households [...] monitors.
their project.
9
page
Finally, we require that banks are not too leveraged and, in particular, that lending by
bankers does not exceed a regulatory threshold levt of their bank equity
is especially high in countries that do not have significant proportions of their currency
stock circulating outside their borders. This suggests a persistent role for cash as a store of
wealth [...] of 2008
until the second quarter of 2009 to their baseline model. Second, they introduce confidence,
financial market and wealth variables to their model. They expect increases in the stock of
[...] small share –
approximately 30% – was used for transaction purposes and hoarding in Germany.1 In their
opinion, 20% is a realistic figure for banknotes hoarded in Germany. Consequently, only
around
When leaders keep harmony in mind and take care of their subordinates, employees feel
concord in their company. Leaders express harmony by their behavior and set a good
example which influences [...] , they generally have
cooperated and shared ideas, which they would usually incorporate with their own.
During the Industrial and Modern Ages, Chinese philosophy began to integrate the
concepts [...] harmonious corporate culture
Wujin (Wang, 2007); corporation should be concerned about employees and their families
(Renbo Chen, 2007). Some viewpoints relate to institutional culture, for example, building
different types of crises (technological crises, financial market
crises, natural disasters) and their effects on the demand for cash in an international context. It
becomes evident that over the past [...] of Cash" Conference Asia and the 10th Economics of Payments Conference of the Bank of Finland for their
valuable comments.
annotation mailto:gerhard.roesl@oth-regensburg.de mailto:gerhard.roesl [...] (geo-) political crisis
after 9/11 in 2001 or the Euro crisis in 2010/11 could also be analysed. In their nature, however, these crises
were effectively confidence crises and, hence, do not differ too much
Evans, 2005, among others).
However, Beck & Wieland actually base their assumption on a couple of studies
supporting their view of relatively long-lasting misperceptions (see, e.g., Orphanides [...] highlight financial intermediaries' role in determining the price of risk. As these
expand their balance sheets, their risk-bearing capacity increases and risk premiums
fall. Thus, balance sheet quantities [...] various financial intermediaries and their respective balance sheet
quantities. First, the information provided by institutions that are marking-to-market
their balance sheet items is of superior
ESG score as a control variable in their analysis of cumulative
stock returns. Their results for Europe are consistent with ours reported in table C5. Since their study has a
different focus, they do [...] the portfolio with the highest Sharpe ratio for their preferred ESG score. In contrast,
unaware investors do not incorporate ESG information into their decision-making.
2. Gillan, Koch, and Starks (2021) [...] March
20, 2020, which was triggered by the pandemic. Their findings are in line with those
of Demers et al. (2021), who document in their US sample that, after controlling for
industry affiliation
Ours (2004) Does the Recent Success of Some OECD Countries in
Lowering their Unemployment Rates Lie in the Clever Design of their Labour Market
Reforms?, Oxford Economic Papers, 56, 621 - 642.
[...] t insurance system is generous, trade unions may
down weight the disutility of unemployment for their members and prefer higher real wages
for the employed. Employment will be affected negatively. A [...] unemployment benefits must incorporate these
aspects, because the OECD countries differ widely in their taxation and eligibility conditions of unemployment
benefits.
page
7
employers),
output y is produced by employing the input factors labour L and
capital K . If firms minimize their production costs at given input prices and for a given level of
output, there exists under weak
Ours (2004) Does the Recent Success of Some OECD Countries in Lower-
ing their Unemployment Rates Lie in the Clever Design of their Labour Market Reforms?, Ox-
ford Economic Papers, 56, 621 - 642.
Berthold [...] output y is produced by employing the input factors labour L and
capital K . If firms minimize their production costs at given input prices and for a given level of
output, there exists under weak [...]
institutions with the contemporary error terms, we instrument all labour market institutions by their
lagged and second lagged observations. Table 4 presents the results for RW1 and RW2 each with a
cross-border chains of
transactions, criminals are remarkably adept at concealing the origin of their funds.
* We thank C. Miller (Bank [...] Segendorf's (2007)
analysis of the difference between households' incomes and the expenditures. In their view, this
difference captures transactions in the shadow economy which they find to be positively [...] unbalanced panel structure.
The trend behavior of the variables included necessitates an analysis of their stationarity
properties to determine an appropriate specification of the empirical model. However
and the United States, which
aim to reduce the problems of mismatches between the duration of their assets and
liabilities. It is generally perceived that these regulatory changes will favor the [...] level, interest rates should be determined by the supply of and the
demand for loanable funds and their determinants including the production
opportunities in the economy (depending on technological [...] consider the monetary aggregates M1, M2 and MZM and construct growth rates
as well as money gaps as their difference between the actual development and
trend. And finally we take into account the stock
participants of seminars
at the Deutsche Bundesbank and the Oesterreichische Nationalbank for their valuable comments. In
particular, we would like to thank S Arz for his contributions. The opinions [...] central banks in the euro area are connected to TARGET2. There are no constraints on the size of
their balances vis-à-vis the European Central Bank that emerge from the cross-border flow of interbank [...] is again an appropriate reference country as, during the time
when both Germany and France had their national currencies, there were no major differences
between the two with regard to domestic banknote
discussed.
The second section of Chapter II discusses various monetary policy strategies and their adequacy to
the Eurosystem. A monetary policy strategy is defined as the basic thrust of monetary [...] marginal lending facility and the
deposit facility. The individual instruments are described, and their effects characterised, using the
consolidated balance sheet, the "financial statement", of the
Evans, 2005, among others).
However, Beck & Wieland actually base their assumption on a couple of studies
supporting their view of relatively long-lasting misperceptions (see, e.g., Orphanides [...] highlight financial intermediaries' role in determining the price of risk. As these
expand their balance sheets, their risk-bearing capacity increases and risk premiums
fall. Thus, balance sheet quantities [...] various financial intermediaries and their respective balance sheet
quantities. First, the information provided by institutions that are marking-to-market
their balance sheet items is of superior
step, we use the selected monetary and credit variables
within different VAR models, and compare their forecasting properties against a benchmark
VAR model with GDP and the term spread (and univariate [...] Economic Association 2015 and the IBEFA Summer Meeting 2015, as well as two anonymous referees for their suggestions
and comments. We also thank R. Borg for helpful comments on an earlier version of the [...] only holding for
Divisia money; Aksoy and Piskorski (2005, 2006) exclude foreign holdings of cash in their analysis. In contrast, the older
literature on the US economy usually found that official monetary
the
market for government securities. Over time, a few of the Reserve Banks began to coordinate their
purchases and sales. The Banking Act of 1933 formalized the FOMC as an entity, consisting of the [...] relationship of the monetary aggregates to spending, the behavior of the ag-
gregates relative to their annual ranges will likely be of limited use in guiding policy
(...), and the Federal Reserve will
outside the euro area and to allow them to sub-frontload credit institutions having their head or registered office in their jurisdiction from 1 December 2001. Also, national central banks of the euro area [...] institutions, national central banks or dedicated exchange points. National central banks will exchange their respective national banknotes against euro free of charge at least until the end of 2012. The bulk [...] money, bonds and shares, that the “prosperous-economy explanation” of the strong dollar is wrong. In their view there is little reason to expect a country’s profit expectations to translate into the exchange
discussed.
The second section of Chapter II discusses various monetary policy strategies and their adequacy to
the Eurosystem. A monetary policy strategy is defined as the basic thrust of monetary [...] marginal lending facility and the
deposit facility. The individual instruments are described, and their effects characterised, using the
consolidated balance sheet, the "financial statement", of the
could also report that their suppliers usually did not offer discounts at all. It
is not clear how this case should be interpreted. Suppliers may not offer discounts because their
clients are not c [...] average. Additionally
constrained firms have a higher variance of sales growth and both their profitability and their
equity ratio are lower. They are younger, less likely to belong to an industry group [...] criticize that the traditional studies a la Fazzari, Hubbard and Petersen never verified whether
their sample split criteria and hence cash flow sensitivity of investment indeed have something to
do