Based on a survey conducted among German Mittelstand firms and capital structure data on the Mittelstand, this paper sheds light on the current and future financing situation of the Mittelstand. The paper documents the equity shortage and dependence on bank debt typically associated with the...

Based on a sample of more than eleven thousand unique 10‐K reports of US companies filed with SEC in period 2013 to 2018, this study examines the relationship between actual sustainability performance of companies, evaluated by MSCI ESG performance scores, and the extent and the scope of...

The paper at hand presents a customer satisfaction model for the private banking industry. We empirically assess the postulated model with the help of partial least squares (PLS) and use formative measurement models for the predictors of customer satisfaction and customer loyalty. The results of...

Schiefe in der Portfolioselektion In dieser Arbeit untersuchen wir die Einflüsse von nicht normalverteilten Anlagerenditen auf die Portfoliooptimierung. Dabei konzentrieren wir uns auf die Analyse höherer Momente der Renditeverteilung und hierbei insbesondere auf die Schiefe als drittes Moment...

Surplus-Management Unter Surplus-Management versteht man die Optimierung der Gefahr einer Unterdeckung für eine Vorsorgeeinrichtung. Der vorliegende Artikel erweitert die bestehende Literatur zum Surplus-Management um die Möglichkeit, beliebig viele Anlagen und Anlagerestriktionen bei...

Adopted by the United Nations (UN) General Assembly in December 2018, the Global Compact on Refugees (GCR) and its Comprehensive Refugee Response Framework (CRRF) point to a paradigm shift in international refugee policy. The social and economic independence of refugees in destination countries...

Der im Dezember 2018 von der Generalversammlung der Vereinten Nationen (VN) verabschiedete Globale Flüchtlingspakt (GCR) und der darin enthaltene Comprehensive Refugee Response Framework (CRRF) weisen auf einen Paradigmenwechsel in der internationalen Flüchtlingspolitik hin. Insbesondere soll...

This paper explores the range of experiences of "voluntary" return to Ghana, based on the different positionalities of migrants set against migration and return regimes and broader socio-economic inequalities. The cases illustrate how geopolitical relations shape migrants' mobilities,...

This article reviews several hypotheses that aim at explaining the development of German merchandise exports. Based on cointegration estimation techniques, we examine different determinants for their ability to explain German exports during the period 1992-2016. The estimation results indicate...

In this paper, we study the bias in interest rate projections of five central banks, namely the central banks of the Czech Republic, New Zealand, Norway, Sweden, and the USA. We examine whether central bank projections are based on an asymmetric loss function and report evidence that central...