Unternehmensbewertung, Rating und Risikobewältigung
Ulrich Blum, Werner Gleißner
Wissenschaftliche Zeitschrift der Technischen Universität Dresden,
2006
Abstract
We inquire into the possibilities to improve the stability of the firms by better managing risk. We propose to directly link risk management to rating, i.e. the ability to meet future financial obligations. Principal elements of rating methodology are discussed against the background of risk management. Next to the rating mark the risk-related requirements for equity become the central measure for risk. Firms must balance the costs of improving their rating against the gains of an improved rating. Risk management is a major driver to improve shareholder value. Risk aggregation is the dominant method that uses information from risk management and synthesizes unique measure of value.
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Armut von jungen Erwachsenen in der Bundesrepublik
Eva Reinowski, Christine Steiner
Vierteljahreshefte zur Wirtschaftsforschung,
No. 1,
2006
Abstract
In recent years the youth unemployment rate increased rapidly in Germany and reached the European average. Unemployment is considered as the main poverty risk. But even though the share of social benefit receivers among the youths is above average, youth poverty - unlike child poverty - has been neglected in recent research. Regarding youth, poverty is seen more as a temporary phenomenon. Considering only the standard poverty measure is not enough to figure youth poverty, because one would neglect the personal income situation of the youths. The article´s aim is to combine the equivalised household income and the individual income to find most effected young people. In a further step the socio-demographic factors of those persons are included to draw a more precise picture of the circumstances of poor young people in Germany. The analysis is based on the German Micro Census 2002.
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Optimierung der Geldpolitik in Schwellenländern durch einen International-Lender-of-Last-Resort
Tobias Knedlik
Europäische Hochschulschriften, Reihe 5 Volks- und Betriebswirtschaft, Band 3202,
2006
Abstract
Current currency crises in emerging market economies show the insufficiency of preventive measures on national, regional and international level. The task of the book is therefore to analyze systematically which conditions monetary policy has to fulfill in order to prevent currency crises. In a first step optimal, crises-preventing monetary policy is modeled. Further the chances for overcoming the limitations of national policy are discussed on the regional and international level. The main result of the descriptive, theoretical and econometric analysis is the construction of an instrument for international monetary policy: the International Lender of Last Resort.
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The Magnitude of Distortions when Measuring Bank Efficiency with Misspecified Input Prices
Michael Koetter
Competition and Profitability in European Financial Services: Strategic, Systemic and Policy Issues,
2006
Abstract
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Prekäre Einkommenslagen in Deutschland: Ein Ost-West-Vergleich 1996 bis 2002
Herbert S. Buscher, Juliane Parys
IWH Discussion Papers,
No. 2,
2006
Abstract
The paper investigates the distribution of equivalence-weighted net household income for West and East Germany, covering the period from 1996 to 2002. The data set used is the annual cross section data set “Mikrozensus”. The main issues of the paper are twofold. First, we analyze standard measures of income distributions as well as measures of inequality. Second, we set up a Logit model to explain relative poorness in East and West Germany using Mikrozensus data to capture household characteristics. The main focus in this section deals with the question how different types of forms of living and the number of children will affect the risk of falling into precarious income situations. The results show that the risk of getting poor is higher for families with children as well as for single persons with children.
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Measuring the Efficiency of Regional Innovation Systems – An Empirical Assessment
Michael Fritsch, Viktor Slavtchev
Freiberg Working Papers, Nr. 08-2006,
No. 8,
2006
Abstract
We measure the efficiency of regional innovation systems (RIS) in Germany by means of a knowledge production function. This function relates private sector Research and Development (R&D) in a region to the number of inventions that have been registered by residents of that region. Two approaches are followed. First, it is assumed that differences in the productivity of private sector R&D between regions affect the slope of the KPF, which represents the marginal productivity of R&D input. The second approach assesses regional differences within the framework of a stochastic frontier knowledge production function. This approach mainly reveals differences with regard to the intercept of the knowledge production function and, therefore, with regard to the average productivity. We compare the results of both approaches and discuss a number of critical issues such as the properties of the distribution of efficiencies, the appropriate size of RIS, and how to deal with the issue of spatial autocorrelation.
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The coalition treaty from a fiscal point of view
Kristina vanDeuverden
Wirtschaft im Wandel,
No. 12,
2005
Abstract
After weeks of negotiations the coalition finally agreed on the conditions for their political work. Not surprisingly, the coalition agreement is complex and intransparent – with a multitude of single measures far away from a precise definition. Quantifying the programme and estimating resulting cash flows is currently difficult; official calculations are – if at all – only partly available. Anyhow, the contract will form the basis for economic policy during the next four years; therefore its evaluation by now is indispensable. The thin red line of the agreement – not astonishingly when considering the precarious financial situation of the public sector – is consolidation. However, more than 80% of the consolidation volume results from the revenue side. Though one third of this is due to the cutback of tax exemptions, the lion’s share comes from raising tax rates, mainly the VAT standard rate. In contrast, cutting back public expenditure is minor and the agreement clearly comes short of the Koch/Steinbrück proposal; even new tax reliefs are created. The consolidation is almost completely borne by private households. Enterprises as a whole are barely hit. However, they have to wait until 2008 for a reform of company taxation – one of the most pressing problems in this legislative period. To reduce the companies tax burden until the reform starts the conditions for tax depreciation are temporarily relaxed. Anyway, from an international point of view the statutory tax rate is an important signal to enterprises deciding where to invest. Lowering effective tax rates by changing depreciation conditions is intransparent and, thus, will be less effective. Furthermore savings within the public sector are planned to accomplish consolidation; 10 billion Euro should result from efficiency gains and reduced expenditure. Consolidation measures mainly focus on the budget of the federal government. However, Länder and communities will participate in the additional tax revenues. In contrast, social securities will loose – and therefore also the share of employment that is subject to social insurance contribution. Particularly the unemployment insurance will be burdened by the decrease of its premium rate. Besides, the federal government will reduce its grants to the pension funds and most notably the health system. The contract is dominated by fiscal constraints. Cyclical requirements are considered only cursory and pressing structural reforms are put off. The reforms of company’s taxation, of fiscal federalism, of the health system as well as a proceeding reform of the labour market are only proposed. How and when measures in these fields are realised will determine whether fiscal policy can set a new course.
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The Impact of Institutions on the Employment Performance in European Labour Markets
Herbert S. Buscher, Christian Dreger, Raúl Ramos, Jordi Surinach
Discussion Paper No. 1732,
2005
Abstract
The paper investigates the role of institutions for labor market performance across European countries. As participation rates have been rather stable over the past, the unemployment problem is mainly caused by shortages in labor demand. Labor demand is expressed by its structural parameters, such as the elasticities of employment to output and factor prices. Institutional variables include employment protection legislation, the structure of wage bargaining, measures describing the tax and transfer system and active labor market policies. As cointegration between employment, output and factor prices is detected, labor demand equations are fitted in levels by efficient estimation techniques. Then, labor demand elasticities are explained by institutions using panel fixed effects regressions. The results suggest that higher flexibility and incentives of households to work appear to be appropriate strategies to improve the employment record. The employment response to economic conditions is stronger in a more deregulated environment, and the absorption of shocks can be relieved.
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Quality of Service, Efficiency, and Scale in Network Industries: An Analysis of European Electricity Distribution
Christian Growitsch, Tooraj Jamasb, Michael Pollitt
IWH Discussion Papers,
No. 3,
2005
Abstract
Quality of service is of major economic significance in natural monopoly infrastructure industries and is increasingly addressed in regulatory schemes. However, this important aspect is generally not reflected in efficiency analysis of these industries. In this paper we present an efficiency analysis of electricity distribution networks using a sample of about 500 electricity distribution utilities from seven European countries. We apply the stochastic frontier analysis (SFA) method on multi-output translog input distance function models to estimate cost and scale efficiency with and without incorporating quality of service. We show that introducing the quality dimension into the analysis affects estimated efficiency significantly. In contrast to previous research, smaller utilities seem to indicate lower technical efficiency when incorporating quality. We also show that incorporating quality of service does not alter scale economy measures. Our results emphasise that quality of service should be an integrated part of efficiency analysis and incentive regulation regimes, as well as in the economic review of market concentration in regulated natural monopolies.
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Regionalpolitische Optionen für schrumpfende Städte
Peter Franz
Aus Parlament und Zeitgeschichte,
2005
Abstract
The current policy for the treatment of the problems of shrinking East German cities favours too one-sided the demolition of vacant housing units and the economic recovery of large housing enterprises. In addition to this a pessimism spreads that cities with a shrinking population sooner or later will suffer from economic distress. Such policies and attitudes are not suitable to improve the chances of the cities competing interregionally for business locations. It will be recommended to integrate demolition measures in a local strategy aimed to strengthen the existing economic potentials and to ameliorate the image of the city.
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