Die Arbeit geht auf die Frage ein, ob behaviorale Modelle empirisch überprüft werden können, weil die weichen Faktoren der Marktteilnehmer (ihr Behavior) sowie die Transzendenz dieser Begriffe mit einer wissenschaftlichen Unsicherheit assoziiert sind...

Today's primarily mathematically oriented arbitrage theory does not address some economicallyimportant aspects of pricing. These are, rst, the implicit conjecture that thereis \the" price of a portfolio, second, the exact formulation of no{arbitrage, price reproduction,and positivity of the...

This analysis reveals the restricted scope of approaches which utilise arbitrage based arguments toprice contingent claims whose payoffs are determined by the outcome of non-zero-sum valuationgames between financial market participants. Many examples of such model formulations can befound, for...

We use a cohort based model to analyse determinants of labour force participation fordisaggregated groups of workers in the euro area and the five largest euro areacountries. The model captures age and cohort effects as indicators of (unobserved)determinants of participation behaviour. We use...

This article provides an overview and comparison of risk-based capital (RBC) requirements as they currently exist in the United States, the European Union, Switzerland, and New Zealand. These four systems are representative of different ways capital standards are implemented around the globe....

Academic entrepreneurship has become an increasingly important channel through whichuniversities contribute to economic development. This paper studies academic entrepreneursusing a comprehensive venture capital database...

Existing literature suggests that entrepreneurs with prior firm-founding experience have moreskills and social connections than novice entrepreneurs. Such skills and social connectionscould give experienced founders some advantage in the process of raising venture capital.This paper uses a large...

Der Vertreibungsgrad der betrieblichen Altersvorsorge unter westdeutschen Arbeitnehmern nimmt seit Jahren tendenziell ab. Dieser Abwärtstrend wird vor dem Hintergrund des tiefgreifenden Wandels im unternehmerischen Denken verständlich. Die Globalisierung der Finanzmärkte hat viele Unternehmen...

Die Messung und Bewertung von Katastrophenrisiken stellt sich als sehr bedeutsamesGebiet dar, da sie einen großen Teil des gesamten Risikokapitals der Unternehmenbinden. Aus diesem Grund soll der vorliegende Aufsatz zwei konkrete Ansätzezur Modellierung von Katastrophenschäden am Beispiel der...

Using a comprehensive database of European firms, we study how private equityaffects the rate of firm entry. We find that private equity investment benefits newbusiness incorporation, especially in industries with naturally higher entry rates andR&D intensity. A two standard deviation increase...