Prävention und Management von Staatsinsolvenzen in der Europäischen Währungsunion
Oliver Holtemöller, Tobias Knedlik
Wirtschaftsdienst,
2011
Abstract
EU institutions are currently dealing with the management of debt crises in European countries. The instruments of crisis management are, however, timely restricted and expire in 2013. It is planned to install a permanent crisis prevention and resolution mechanism for the time after. In this contribution the authors develop such a permanent crisis prevention and resolution mechanism.
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Konjunktur aktuell: Aufschwung in Deutschland geht weiter – Krisenprävention und Krisenmanagement in Europa unter Reformdruck
Wirtschaft im Wandel,
No. 1,
2011
Abstract
We estimate that in 2010, the German GDP has expanded by 3.7%. In all probability, growth will continue in the two following years, with output rising by 2.3% in 2011 and by 1.7% in 2012. Thus, we see the recovery of the German economy after the Great Recession as a starting point for a strong upswing. In case the fiscal crisis of peripheral euro area countries intensified, however, or if confidence in the US dollar waned due to the extremely expansive policy in the US, expectations would quickly turn pessimistic. The key task for the European economic policy is improving its ability to manage and prevent financial and fiscal crises.
The recovery of the world economy continues. This is particularly true for the US, but for the European Union as well, in spite of drastic fiscal adjustment programs in Britain and Spain. In most of emerging markets economies, economic policy has been trying to dampen frothy upswings without damaging the high growth dynamics. As a consequence, growth slowed down in Asia after last spring. Leading indicators for China and India, however, point to an acceleration of economic activity during this winter. Neighboring economies, not least the Japanese, will soon benefit from higher exports.
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Incubation Time, Incubator Age, and Firm Survival after Graduation
Michael Schwartz
International Journal of Entrepreneurship and Innovation Management,
2012
Abstract
On the basis of a sample of 149 graduate firms from five German business incubators, this article contributes to incubator/incubation literature by investigating the effects of the age of the incubators and the firms´ incubation time in securing long-term survival of the firms after leaving the incubator facilities. The empirical findings from Cox proportional hazards regression and parametric accelerated failure time models reveal a statistically significant negative impact for both variables incubator age and incubation time on post-graduation firm survival. One important implication that follows from the empirical results for policy makers and managers of those initiatives is that, when incubator managers become increasingly involved in various regional development activities, this may reduce the effectiveness of incubator support. Also, our finding speaks in favour of a strict limitation of incubation times and reinforces arguments of the supporters of maximum tenancy.
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Klimarisikomanagement mit dem CO2-Navigator
Edeltraud Günther, C. Manthey, G. Weber, M. Nowack, Wilfried Ehrenfeld, Henry Dannenberg
HMD - Praxis der Wirtschaftsinformatik,
2010
Abstract
Die Software CO2-Navigator wendet den Realoptionsansatz und den Risikomanagementprozess auf den unternehmerischen Umgang mit dem Klimawandel an. Er richtet sich in erster Linie an emissionsintensive, kleine und mittlere Unternehmen ist jedoch auch in größeren Unternehmen, die beispielsweise eine eigene „Sustainability“-Abteilung unterhalten, anwendbar. Der Wertbeitrag des Softwaretools besteht darin, dass es die Aspekte Klimastrategie, quantitative Bewertung von Klimaschutzinvestitionen sowie Emissionsrechtemanagement vereint. Es kann im Unternehmen in Bereichen strategisches Management, regulatorisches Management, Energie- und Umweltmanagement, Technologiemanagement sowie Controlling Anwendung finden. Der spezielle Wertbeitrag dieses Artikels liegt in der Verknüpfung von Klimarisikomanagement und Realoptionsansatz sowie in der Darstellung des CO2-NAVIGATORs vor dem Hintergrund seiner Entwicklung im Sinne konstruktionsorientierter Forschung.
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Innovation and Skills from a Sectoral Perspective: A Linked Employer-Employee Analysis
Lutz Schneider, Jutta Günther, Bianca Brandenburg
Economics of Innovation and New Technology,
2010
Abstract
Science and engineering skills as well as management and leadership skills are often referred to as sources of innovative activities within companies. Broken down into sectoral innovation patterns, this article examines the role of formal education, actual occupation and work experience in the innovation performance in manufacturing firms within a probit model. It uses unique micro data for Germany (LIAB) that contain information about corporate innovation activities and the qualification of employees in terms of formal education, actual professional status and work experience. We find clear differences in the human capital endowment between sectors according to the Pavitt classification. Sectors with a high share of highly skilled employees engage in above average product innovation (specialized suppliers and science-based industries). However, according to our estimation results, across as well as within these sectors a large share of highly skilled employees does not substantially increase the probability of a firm being innovative.
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Die Bedeutung der Besitzverflechtung von Kapitalgesellschaften für die Finanzkrise
Makram El-Shagi, C. Ilgmann
ORDO,
2010
Abstract
Im vorliegenden Papier wird die Bedeutung der Besitzverflechtungen zwischen Aktiengesellschaften (bzw. Kapitalgesellschaften im Allgemeinen) für die gegenwärtige Finanzmarktkrise herausgearbeitet. Durch den wechselseitigen Besitz von Firmen untereinander ist eine Situation entstanden, in denen bestellte Manager sich lediglich kontrollieren. Durch entstehende Abhängigkeiten und die innerhalb der verhältnismäßig kleinen Gruppe von Topmanagern mögliche implizite Koordination konnten Vorstände über die Entlohnungs- und damit auch über die Anreizsysteme, denen sie ausgesetzt sind, wesentlich mitentscheiden. Dies hat, wie gezeigt wird, erheblich zur Entstehung von Anreizsystemen beigetragen, die sich im Kern an kurzfristigen Erfolgen orientieren. Da insbesondere in der Finanzintermediation kurz- und langfristige Gewinnoptimierung durch die starke Korrelation von Risiko und Gewinnmöglichkeiten einem starken Trade- off unterliegen, haben diese Anreizsysteme wiederum eine erhebliche Rolle in der verfehlten Risikopolitik der Banken gespielt, die ein wesentliche Ursache der Krise war.
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CO2-Navigator – ein Softwaretool zur Unterstützung von Investitionsoptionen zur Emissionsreduktion und zum Management von Klimarisiken
Edeltraud Günther, G. Weber, M. Nowack, Wilfried Ehrenfeld
Klimaschutz und Anpassung an die Klimafolgen: Strategien, Maßnahmen und Anwendungsbeispiele,
2009
Abstract
Global warming and increased climate policies are associated with risks for many companies, but also with opportunities.The chair of Business Administration, esp. Environmental Management at the TU Dresden and the Halle Institute for Economic Research studied the question of how companies can deal with these challenges funded by the BMBF project “Corporate Management under the Constraints of Climate Change Policy (CO2 Navigator)“.Specific concern of the project network was to provide companies assistance to develop a) potential emission reduction strategies and medium-term adjustments to changing environmental conditions, b) assess the economic impact and c) derive decisions for practical use on this basis.The core elements of the research, risk management and assessment of adaptation strategies with the real option approach and the CO2-Navigator software resulting from the project are described in this article.
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Book Review on: Ahmed Bahagat, Fostering the use of Financial Risk Management Products in Developing Countries, 2002, Economic Research Papers No. 69, Abidjan: African Development Bank
Tobias Knedlik
African Development Perspectives Yearbook: Private and Public Sectors: Towards a Balance,
2004
Abstract
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Will there be a shortage of skilled labor? An East German perspective to 2015
Herbert S. Buscher, Eva Dettmann, Marco Sunder, Dirk Trocka
Applied Economics Quarterly Supplement,
2009
Abstract
We analyze the supply and demand of skilled labor in an East German federal state, Thuringia. This state has been facing high unemployment in the course of economic transformation and experiences population aging and shrinking more rapidly than most West European regions. In a first step, we use extrapolation techniques to forecast labor supply and demand for the period from 2009 to 2015, disaggregated by type of qualification. The analysis does not corroborate the notion of an imminent skilled-labor shortage but provides hints for a tightening labor market for skilled workers. In a second step, we ask firms about their appraisal of future recruitment conditions, and both current and planned strategies in the context of personnel management. The majority of firms plans to expand further education efforts and to hire older workers. The study closes with policy recommendations to prevent occupational mismatch.
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Size and Focus of a Venture Capitalist's Portfolio
Paolo Fulghieri, Merih Sevilir
Review of Financial Studies,
No. 11,
2009
Abstract
We take a portfolio approach to analyze the investment strategy of a venture capitalist (VC) and show that portfolio size and scope affect both the entrepreneurs' and the VC's incentives to exert effort. A small portfolio improves entrepreneurial incentives because it allows the VC to concentrate the limited human capital on a smaller number of startups, adding more value. A large and focused portfolio is beneficial because it allows the VC to reallocate the limited resources and human capital in the case of startup failure and allows the VC to extract greater rents from the entrepreneurs. We show that the VC finds it optimal to limit portfolio size when startups have higher payoff potential - that is, when providing strong entrepreneurial incentives is most valuable. The VC expands portfolio size only when startup fundamentals are more moderate and when he can form a sufficiently focused portfolio. Finally, we show that the VC may find it optimal to engage in portfolio management by divesting some of the startups early since this strategy allows him to extract a greater surplus.
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