In jüngerer Zeit ist die Deutsche Bahn AG erneut verstärkt in die Diskussion geraten. Hat sich die Umwandlung der Deutschen Bundesbahn vor knapp fünf Jahren in ein eigenverantwortliches Unternehmen, dessen öffentliche Aufgaben und gemeinwirtschaftliche Leistungen vom Staat finanziert werden,...

We review recent progress in modeling credit risk for correlated assets. We employ a new interpretation of the Wishart model for random correlation matrices to model non-stationary effects. We then use the Merton model in which default events and losses are derived from the asset values at...

The stability of the financial system is associated with systemic risk factors such as the concurrent default of numerous small obligors. Hence, it is of utmost importance to study the mutual dependence of losses for different creditors in the case of large, overlapping credit portfolios. We...

The purpose of this study is to deepen our understanding of government directors' impact on firm performance. This study strives to answer whether government directors have different effects on accounting- and market-based performance. To correct for the endogeneity of government directors...

Recently, various environmental problems have been generated with the rapid economic development in China. That's because China currently over-emphasized economic development beyond environmental issues; therefore, now it is important to enforce optimal environmental policies in order to achieve...

Increasing scarcity of freshwater resources and growing environmental awareness give rise to the use of reclaimed wastewater as an additional source of water supply. However, the amount of wastewater that can be reclaimed for reuse is subject to many factors, ranging from technical possibility...