Eine große Herausforderung der multivariablen Analyse mit bilanziellen Kennzahlen besteht in der Identifikation derjenigen Kennzahlen, die zur besten Modellperformance führen und dabei möglichst leicht interpretierbar und intuitiv bleiben. Die Menge der in Frage kommenden Kennzahlen ist in...

Empirical studies on the earnings effects of tobacco use have found significant wage penalties attached to smoking. We produce evidence that suggests that these estimates are significantly upward biased. The bias arises from a general failure in the literature to control for the past smoking...

Busniess cycle models with sticky prices and endegenous firm entry make novel predictions on the transmission of shocks through the extensive margin of investment. This paper tests some of these predictions using a vector autoregression with model-based sign restrictions. [...]

How is it possible that exchange rates move in the long run towards fundamentals, whileprofessionals form consistently irrational exchange rate expectations? We look at this puzzle from adifferent perspective by analyzing investor sentiment in the US-dollar market. First, long-horizonregressions...

Diese Arbeit untersucht die Determinanten des Wirtschaftswachstums in OECD-Ländern für die Periode von1960 bis 2000. Die geschätzten Wachstumsregressionen ergeben dabei mit überraschender Deutlichkeit, dassdas Wachstum der Staatsquote eine wichtige negative und die grössere Offenheit eine...

This paper analyzes the relationship between management support offered by venture capitalfirms and the performance of entrepreneurial start-ups. An empirical investigation of a sampleof 129 German start-up companies leads to interesting results: Contrary to commonly statedbeliefs management...

Employing a large individual-level administrative dataset from Great Britain, coveringthe period 1999-2005, we analyse the factors inuencing the length of unemployment benetsclaimant periods with subsequent transition to re-employment. To this end, this individual-level data is merged with a...

In this paper we consider the situation where the deterministiccomponents of the processes generating individual series are linear trendsand the individual series are independent I(0) or I(1) processes. We showthat when those time series are used in ordinary least squares regression,the...

„Wer hätte gedacht, dass Biolebensmittel es einmal so weit schaffen würden – bis nachMühlheim an der Ruhr, in die Hauptstadt der Discounter. Dort haben die Handelsketten AldiSüd und Plus ihren Sitz, von hier aus versorgen sie Millionen Haushalte mit Essen. Gut istwas Geld bringt. Öko...