Die Begriffe Prozeßorientierung, Prozeßmanagement, Workflow Management und Workflow-Management-Systeme sind noch immer nicht klar definiert und voneinander abgegrenzt. Ausgehend von einem speziellen Verständnis der Prozeßorientierung (Arbeitspapier WI Nr. 9/1996) wird Prozeßmanagement als...

A conditional cooperator in a public goods game wants to match hispartners' expected contribution. We investigate theoretically and empiricallywhether (and to what extent) conditional cooperation can explainhow individual contributions evolve in a repeated two-person public goodsexperiment using...

A large literature studies the predictability of stock returns by other lagged nancialvariables in a predictive regression setting. A common feature of widely used testingprocedures is a failing robustness, which may lead to misleading conclusions determinedby the particular features of a small...

We examine whether consumer confidence – as a proxy for individual investor sentiment –affects expected stock returns internationally in 18 industrialized countries. In line with recentevidence for the U.S., we find that sentiment negatively forecasts aggregate stock marketreturns on average...

Using a new data set on investor sentiment we show that institutional and individualsentiment proxy for smart money and noise trader risk, respectively. First, usingbias-adjusted long-horizon regressions, we document that institutional sentiment forecastsstock market returns at intermediate...