Veränderungen in der Erwerbslandschaft, der demographische Wandel und die Globalisierunggelten neben anderen Einfl ussfaktoren wie derErosion der Finanzierungsbasis der sozialen Sicherungssystemeund der Staatsverschuldung als wesentlicheGründe für eine Neuausrichtung desSozialstaats. Diese...

Many developing and emerging markets have high degrees of state bank ownership. In addition, therecent global financial crisis has led to significant state ownership of banking assets in developedcountries such as the United Kingdom. These observations beg the question of whether...

How do financial markets price new information? This paper analyzes price setting atthe intersection of private and public information, by testing whether and how thereaction of financial markets to public signals depends on the relative importance ofprivate information in agents’ information...