@book{Wildmann2010, author = {Wildmann, Christian}, title = {What drives portfolio investments of german banks in emerging capital markets?}, series = {Discussions Paper. Series 2, Banking and Financial Studies}, volume = {2010,04}, journal = {Discussions Paper. Series 2, Banking and Financial Studies}, publisher = {Deutsche Bundesbank}, address = {Frankfurt am Main}, isbn = {978-3-86558-616-2}, pages = {59 S.}, year = {2010}, language = {en} } @book{KunzeStrohe2010, author = {Kunze, Karl-Kuno and Strohe, Hans Gerhard}, title = {Time-varying persistence in the German stock market}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus-42046}, publisher = {Universit{\"a}t Potsdam}, year = {2010}, abstract = {This paper studies the persistence of daily returns of 21 German stocks from 1960 to 2008. We apply a widely used test based upon the modified R/S-Method by Lo [1991]. As an extension to Lux [1996] and Carbone et al. [2004] and in analogy to moving average or moving volatility, the statistics is calculated for moving windows of length 4, 8, and 16 years for every time series. Periods of persistence or long memory in returns can be found in some but not all time series. Robustness of results is verified by investigating stationarity and short memory effects.}, language = {en} } @article{AbelerCalakiAndreeetal.2010, author = {Abeler, Johannes and Calaki, Juljana and Andree, Kai and Basek, Christoph}, title = {The power of apology}, issn = {0165-1765}, doi = {10.1016/j.econlet.2010.01.033}, year = {2010}, abstract = {How should firms react to customer complaints after an unsatisfactory purchase? In a field experiment, we test the effect of different reactions and find that a cheap-talk apology yields significantly better outcomes for the firm than offering a monetary compensation.}, language = {en} } @article{CaliendoFossenKritikos2010, author = {Caliendo, Marco and Fossen, Frank and Kritikos, Alexander}, title = {The impact of risk attitudes on entrepreneurial survival}, issn = {0167-2681}, doi = {10.1016/j.jebo.2010.02.012}, year = {2010}, abstract = {Risk attitudes influence the complete life cycle of entrepreneurs. Whereas recent research underpins the theoretical proposition of a positive correlation between risk attitudes and the decision to become self-employed, the effects on survival are not as straightforward. Psychological research posits an inverse U-shaped relationship between risk attitudes and entrepreneurial survival. On the basis of experimentally validated data of the German Socio-Economic Panel (SOEP), we examine the extent to which risk attitudes influence survival rates in self-employment in Germany. The empirical results confirm that persons whose risk attitudes are in the medium range survive significantly longer as entrepreneurs than do persons with particularly low or high risk attitudes.}, language = {en} } @book{NastanskyStrohe2010, author = {Nastansky, Andreas and Strohe, Hans Gerhard}, title = {The impact of changes in asset prices on real economic activity : a cointegration analysis for Germany}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus-43762}, publisher = {Universit{\"a}t Potsdam}, year = {2010}, abstract = {This paper reviews theoretical and empirical evidence of asset price movements impact on the real economic activity. A key channel is the wealth effect on consumption. Fluctuations in stock prices and housing prices influence the households wealth and could have important impacts on households consumption. In addition, stock prices may affect corporate sector investments and property prices may affect building activity. Here, the method of cointegration is used to estimate the wealth effect and the investment effect in aggregate time series for Germany after the Reunification in 1990. Moreover, we discuss the role of asset prices in the monetary policy strategy of the ECB.}, language = {en} } @phdthesis{Schmidt2010, author = {Schmidt, Bj{\"o}rn B.}, title = {The Dynamics of M\&A Strategy}, series = {Europ{\"a}ische Hochschulschriften : Series V}, volume = {3366}, journal = {Europ{\"a}ische Hochschulschriften : Series V}, publisher = {Lang Peter GmbH Internationaler Verlag der Wissenschaften}, address = {Frankfurt}, isbn = {978-3-631-60093-1}, issn = {0531-7339}, pages = {337 S.}, year = {2010}, language = {en} } @techreport{OPUS4-4236, type = {Working Paper}, title = {Tax systems and tax harmonisation in the East African Community (EAC)}, series = {Finanzwissenschaftliche Diskussionsbeitr{\"a}ge}, journal = {Finanzwissenschaftliche Diskussionsbeitr{\"a}ge}, number = {60}, editor = {Petersen, Hans-Georg}, issn = {1864-1431}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus-44693}, pages = {128}, year = {2010}, abstract = {In the first part of the report of the GTZ expert group an overview on the basics of integration and tax harmonisation within a common market is given. Chapter II. concentrates on the problems of national and international tax law regarding double taxation before the harmonisation process within the EU is described in detail. This process is not a best practice example but at least the experiences made in the course of the last five decades are interesting enough and might contribute important information for regions, which more or less recently have started a similar endeavour. The harmonisation needs are discussed for value added taxation (VAT), excise taxation, and income taxation. The problems of tax administrations, procedures laws, taxpayers' rights and obligations as well as tax compliance are also taken into consideration. The second part of the study reviews the national tax systems within the EAC member countries. Before the single taxes are described in more detail, the macroeconomic situation is illuminated by some basic figures and the current stand of the inner-community integration analysed. Then the single tax bases and tax rates are confronted to shed some light on the necessities for the development of a common market within the near future. Again the value added tax laws, excise taxes and income taxes are discussed in detail, while regarding the latter the focus is on company taxation. For a better systematic analysis the national tax laws are confronted within an overview. The chapter is closed with a summary of the tax rates applied and a rough estimation of the tax burdens within the Partner States. The third part of this report contains the policy recommendations of the expert group following the same structures as the chapters before and presenting the results for the VAT, the excises and the corporate income tax (CIT). Additionally the requirements for tax procedures and administration as well as problems of transparency and information exchange are discussed in detail before the strategic recommendations are derived in close relation to the experiences made within the EU harmonisation process. The recommendations are based on the following normative arguments: (1) Tax harmonisation is a basic requirement for economic integration. (2) Equality of taxation is an imperative of tax justice and demands the avoidance of double taxation as well as the combat of tax evasion and corruption. (3) The avoidance of harmful tax competition between the Partner States. (4) The strengthening of taxpayers' rights in tax procedures. Hence, all kinds of income, goods and services should be taxed once and only once.}, language = {en} } @techreport{Andree2010, type = {Working Paper}, author = {Andree, Kai}, title = {Spatial discrimination, nations' size and transportation costs}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus-48117}, year = {2010}, abstract = {In this paper we develop a spatial Cournot trade model with two unequally sized countries, using the geographical interpretation of the Hotelling line. We analyze the trade and welfare effects of international trade between these two countries. The welfare analysis indicates that in this framework the large country benefits from free trade and the small country may be hurt by opening to trade. This finding is contrary to the results of Shachmurove and Spiegel (1995) as well as Tharakan and Thisse (2002), who use related models to analyze size effects in international trade, where the small country usually gains from trade and the large country may lose.}, language = {en} } @article{KupkeLattemannStieglitz2010, author = {Kupke, S{\"o}ren and Lattemann, Christoph and Stieglitz, Stefan}, title = {Knowledge governance in virtual corporations}, isbn = {978-3-86573-532-4}, year = {2010}, language = {en} } @book{OPUS4-30965, title = {International and inter-organizational governance}, editor = {Lattemann, Christoph and Kupke, S{\"o}ren}, publisher = {wvb Wiss. Verl.}, address = {Berlin}, isbn = {978-3-86573-532-4}, pages = {145 S.}, year = {2010}, language = {en} } @article{Humborg2010, author = {Humborg, Christian Ludwig}, title = {Highways in Europe - between public and private provision}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus-46071}, year = {2010}, abstract = {This paper discusses different options for institutional arrangements providing network infrastructure on the basis of the 'transaction cost economic' approach using the example of highway infrastructure. Drawing on lessons learned from highway provision in three European countries (Italy, Poland and Spain), five models of highway provision are discussed: public authorities, public enterprises, user clubs, private partnerships or a regulated private market. Three options to regulate the private market are presented: a rate-of-return regulation, a price-cap-regulation and franchise bidding. The main factor that makes private construction and provision expensive are the risk premiums of private companies that are incorporated for political risks. It is argued that the optimal model of highway provision depends on each country-specific situation. This is mainly influenced by the regulatory experience within the country on one hand and by the stage of highway development on the other.}, language = {en} } @phdthesis{Wienges2010, author = {Wienges, Sebastian}, title = {Governance in global policy networks : individual strategies and collective action in five sustainable energy- realed type II Partnership}, publisher = {Lang}, address = {Frankfurt am Main}, isbn = {978-3-631-60311-6}, pages = {350 S.}, year = {2010}, language = {en} } @book{Lkhagvadorj2010, author = {Lkhagvadorj, Ariunaa}, title = {Fiscal federalism and decentralization in Mongolia}, publisher = {Universit{\"a}tsverlag Potsdam}, address = {Potsdam}, isbn = {978-3-86956-053-3}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus-41768}, publisher = {Universit{\"a}t Potsdam}, pages = {178}, year = {2010}, abstract = {Fiscal federalism has been an important topic among public finance theorists in the last four decades. There is a series of arguments that decentralization of governments enhances growth by improving allocation efficiency. However, the empirical studies have shown mixed results for industrialized and developing countries and some of them have demonstrated that there might be a threshold level of economic development below which decentralization is not effective. Developing and transition countries have developed a variety of forms of fiscal decentralization as a possible strategy to achieve effective and efficient governmental structures. A generalized principle of decentralization due to the country specific circumstances does not exist. Therefore, decentralization has taken place in different forms in various countries at different times, and even exactly the same extent of decentralization may have had different impacts under different conditions. The purpose of this study is to investigate the current state of the fiscal decentralization in Mongolia and to develop policy recommendations for the efficient and effective intergovernmental fiscal relations system for Mongolia. Within this perspective the analysis concentrates on the scope and structure of the public sector, the expenditure and revenue assignment as well as on the design of the intergovernmental transfer and sub-national borrowing. The study is based on data for twenty-one provinces and the capital city of Mongolia for the period from 2000 to 2009. As a former socialist country Mongolia has had a highly centralized governmental sector. The result of the analysis below revealed that the Mongolia has introduced a number of decentralization measures, which followed a top down approach and were slowly implemented without any integrated decentralization strategy in the last decade. As a result Mongolia became de-concentrated state with fiscal centralization. The revenue assignment is lacking a very important element, for instance significant revenue autonomy given to sub-national governments, which is vital for the efficient service delivery at the local level. According to the current assignments of the expenditure and revenue responsibilities most of the provinces are unable to provide a certain national standard of public goods supply. Hence, intergovernmental transfers from the central jurisdiction to the sub-national jurisdictions play an important role for the equalization of the vertical and horizontal imbalances in Mongolia. The critical problem associated with intergovernmental transfers is that there is not a stable, predictable and transparent system of transfer allocation. The amount of transfers to sub-national governments is determined largely by political decisions on ad hoc basis and disregards local differences in needs and fiscal capacity. Thus a fiscal equalization system based on the fiscal needs of the provinces should be implemented. The equalization transfers will at least partly offset the regional disparities in revenues and enable the sub-national governments to provide a national minimum standard of local public goods.}, language = {en} } @phdthesis{Bach2010, author = {Bach, Stefan}, title = {Empirical studies on tax distribution and tax reform in Germany}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus-60289}, school = {Universit{\"a}t Potsdam}, year = {2010}, abstract = {This professorial dissertation thesis collects several empirical studies on tax distribution and tax reform in Germany. Chapter 2 deals with two studies on effective income taxation, based on representative micro data sets from tax statistics. The first study analyses the effective income taxation at the individual level, in particular with respect to the top incomes. It is based on an integrated micro data file of household survey data and income tax statistics, which captures the entire income distribution up to the very top. Despite substantial tax base erosion and reductions of top tax rates, the German personal income tax has remained effectively progressive. The distribution of the tax burden is highly concentrated and the German economic elite is still taxed relatively heavily, even though the effective tax rate for this group has significantly declined. The second study of Chapter 2 highlights the effective income taxation of functional income sources, such as labor income, business and capital income, etc. Using income tax micro data and microsimulation models, we allocate the individual income tax liability to the respective income sources, according to different apportionment schemes accounting for losses. We find that the choice of the apportionment scheme markedly affects the tax shares of income sources and implicit tax rates, in particular those of capital income. Income types without significant losses such as labor income or transfer incomes show higher tax shares and implicit tax rates if we account for losses. The opposite is true for capital income, in particular for income from renting and leasing. Chapter 3 presents two studies on business taxation, based on representative micro data sets from tax statistics and the microsimulation model BizTax. The first part provides a study on fundamental reform options for the German local business tax. We find that today's high concentration of local business tax revenues on corporations with high profits decreases if the tax base is broadened by integrating more taxpayers and by including more elements of business value added. The reform scenarios with a broader tax base distribute the local business tax revenue per capita more equally across regional categories. The second study of Chapter 3 discusses the macroeconomic performance of business taxation against the background of corporate income. A comparison of the tax base reported in tax statistics with the macroeconomic corporate income from national accounts gives hints to considerable tax base erosion. The average implicit tax rate on corporate income was around 20 percent since 2001, and thus falling considerably short of statutory tax rates and effective tax rates discussed in the literature. For lack of detailed accounting data it is hard to give precise reasons for the presumptive tax base erosion. Chapter 4 deals with several assessment studies on the ecological tax reform implemented in Germany as of 1999. First, we describe the scientific, ideological, and political background of the ecological tax reform. Further, we present the main findings of a first systematic impact analysis. We employ two macroeconomic models, an econometric input-output model and a recursive-dynamic computable general equilibrium (CGE) model. Both models show that Germany's ecological tax reform helps to reduce energy consumption and CO2 emissions without having a substantial adverse effect on overall economic growth. It could have a slightly positive effect on employment. The reform's impact on the business sector and the effects of special provisions granted to agriculture and the goods and materials sectors are outlined in a further study. The special provisions avoid higher tax burdens on the energy-intensive production. However, they widely reduce the marginal tax rates and thus the incentives to energy saving. Though the reform of special provisions 2003 increased the overall tax burden of the energy-intensive industry, the enlarged eligibility for tax rebates neutralizes the ecologic incentives. Based on the Income and Consumption Survey of 2003, we have analyzed the distributional impact of the ecological tax reform. The increased energy taxes show a clear regressive impact relative to disposable income. Families with children face a higher tax burden relative to household income. The reduction of pension contributions and the automatic adjustment of social security transfers widely mitigate this regressive impact. Households with low income or with many children nevertheless bear a slight increase in tax burden. Refunding the eco tax revenue by an eco bonus would make the reform clearly progressive.}, language = {en} } @phdthesis{Fucik2010, author = {Fucik, Markus}, title = {Bayesian risk management : "Frequency does not make you smarter"}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus-53089}, school = {Universit{\"a}t Potsdam}, year = {2010}, abstract = {Within our research group Bayesian Risk Solutions we have coined the idea of a Bayesian Risk Management (BRM). It claims (1) a more transparent and diligent data analysis as well as (2)an open-minded incorporation of human expertise in risk management. In this dissertation we formulize a framework for BRM based on the two pillars Hardcore-Bayesianism (HCB) and Softcore-Bayesianism (SCB) providing solutions for the claims above. For data analysis we favor Bayesian statistics with its Markov Chain Monte Carlo (MCMC) simulation algorithm. It provides a full illustration of data-induced uncertainty beyond classical point-estimates. We calibrate twelve different stochastic processes to four years of CO2 price data. Besides, we calculate derived risk measures (ex ante/ post value-at-risks, capital charges, option prices) and compare them to their classical counterparts. When statistics fails because of a lack of reliable data we propose our integrated Bayesian Risk Analysis (iBRA) concept. It is a basic guideline for an expertise-driven quantification of critical risks. We additionally review elicitation techniques and tools supporting experts to express their uncertainty. Unfortunately, Bayesian thinking is often blamed for its arbitrariness. Therefore, we introduce the idea of a Bayesian due diligence judging expert assessments according to their information content and their inter-subjectivity.}, language = {en} } @book{KunzeStrohe2010, author = {Kunze, Karl-Kuno and Strohe, Hans Gerhard}, title = {Antipersistence in German stock returns}, url = {http://nbn-resolving.de/urn:nbn:de:kobv:517-opus-45582}, publisher = {Universit{\"a}t Potsdam}, year = {2010}, abstract = {Persistence of stock returns is an extensively studied and discussed theme in the analysis of financial markets. Antipersistence is usually attributed to volatilities. However, not only volatilities but also stock returns can exhibit antipersistence. Antipersistent noise has a somewhat rougher appearance than Gaussian noise. Heuristically spoken, price movements are more likely followed by movements in the opposite direction than in the same direction. The pertaining integrated process exhibits a smaller range - prices seem to stay in the vicinity of the initial value. We apply a widely used test based upon the modified R/S-Method by Lo [1991] to daily returns of 21 German stocks from 1960 to 2008. Combining this test with the concept of moving windows by Carbone et al. [2004], we are able to determine periods of antipersistence for some of the series under examination. Our results suggest that antipersistence can be found for stocks and periods where extraordinary corporate actions such as mergers \& acquisitions or financial distress are present. These effects should be properly accounted for when choosing and designing models for inference.}, language = {en} } @book{KunzeStrohe2010, author = {Kunze, Karl-Kuno and Strohe, Hans Gerhard}, title = {Antipersistence in German Stock Returns}, series = {Statistische Diskussionsbeitr{\"a}ge}, volume = {39}, journal = {Statistische Diskussionsbeitr{\"a}ge}, publisher = {Univ.}, address = {Potsdam}, issn = {0949-068x}, pages = {16 S.}, year = {2010}, language = {en} } @article{BachJann2010, author = {Bach, Tobias and Jann, Werner}, title = {Animals in the administrative zoo : organizational change and agency autonomy in Germany}, issn = {0020-8523}, doi = {10.1177/0020852310372448}, year = {2010}, abstract = {Although Germany does not figure among the 'forerunners' of managerial reforms of the public sector, it has a long tradition of agencies and non-departmental bodies at the federal level. Over time, the federal administration has developed into a highly differentiated 'administrative zoo' with a large number of species, questioning the image of a well-ordered German bureaucracy. The article addresses organizational changes among non-ministerial agencies during the past 20 years and ministry-agency relations, drawing on data from a comprehensive survey of the federal administration. The structural changes we observe are neither comprehensive nor planned; they are much more evolutionary than revolutionary, driven by sectoral policies and not by any overall agency policy, supported more by regulatory than by managerial reforms, and most of the changes are horizontal mergers or successions of existing organizations, while we find almost no evidence for hiving-off from ministries to agencies. At the same time, federal agencies report a lot of bureaucratic discretion, whereas they perceive substantial levels of 'red tape' due to administrative regulations. We also find that traditional, hierarchical modes of ministerial oversight are still dominating; only few agencies have performance agreements with measurable goals.}, language = {en} }