This work provides a descriptive overview of Russian markets for financialderivatives. Available figures for the exchange-traded and over-the-counter-tradedderivatives in Russia show that the Russian derivatives markets experiencedenormous growth rates since the financial crisis in 1998....

Furthering equity as an achievable public policy objective is based on theability to assess needs accurately, and distribute resources accordingly.The purpose of this paper is to plot the development of the formulaegoverning resource allocation in education, health and social housingand to chart...

Land is an essential but limited natural resource. We employ the concept of stocks to analysedriving forces for land-use conversion and to assess, whether the German political “30-hectares-goal” is feasible given the current institutional setting. In this paper major drivingforces for...

Tse (1998) proposes a model which combines the fractionally integrated GARCH formulationof Baillie, Bollerslev and Mikkelsen (1996) with the asymmetric power ARCH specification of Ding,Granger and Engle (1993). This paper analyzes the applicability of a multivariate constant...

We explore the pricing of variance risk by decomposing stocks' total variance into systematicand idiosyncratic return variances. While systematic variance risk exhibits a negative priceof risk, common shocks to the variances of idiosyncratic returns carry a large positive riskpremium. This...

This paper presents an equilibrium model that provides a rational explanation for twofeatures of data that have been considered puzzling: The positive relation between USdividend yields and nominal interest rates, often called the Fed-model, and the time-varying correlation of US stock and bond...

We present a rigorous, yet elementary, demonstration of the existence of a uniqueLindahl equilibrium under the assumptions that characterize the standard n-player public goodmodel. Indeed, our approach, which exploits the aggregative structure of the public goodmodel, lends itself to a...

Seit dem Frühjahr 2002 stellen Turbo- und Short-Zertifikate die Verkaufsrenner auf den deutschen Optionsscheinemärkten dar. In dieser Arbeit wird gezeigt, wie Turbo-Zertifikate in der Praxis beschrieben und mit welchen Verkaufsargumen-ten sie beworben werden. Des weiteren werden diese...

Short- und Turbo-Zertifikate eignen sich zur Spekulation mit großer Hebelwir-kung auf sinkende bzw. steigende Werte von Basisobjekten. Analog zur Arbeit über Turbo-Zertifikate in Fischer/Greistorfer/Sommersguter-Reichmann (2002) wird in der vorliegenden Studie gezeigt, wie Short-Zertifikate in...

We conducted a survey on risk perception of investment products in the German-speakingarea of Switzerland. Unlike the typical two-factor structure documented in the previousliterature, we found that the knowledge-related scales were highly correlated with the riskrelatedscales, whereas the...