446 research outputs found
Initial public offerings and venture capital in Germany
No full textWe present a survey on the role of initial public offerings (Epos) and venture capital (VC) in Germany after the Second World War. Between 1945 and 1983 IPOs hardly played a role at all and only a minor role thereafter. In addition, companies that chose an IPO were much older and larger than the average companies going public for the first time in the US or the UK. The level of IPO underpricing in Germany, in contrast, has not been fundamentally different from that in other countries. The picture for venture capital financing is not much different from that provided by IPOs in Germany. For a long time venture capital financing was hardly significant, particularly as a source of early stage financing. The unprecedented boom on the Neuer Markt between 1997 and 2000, when many small venture capital financed firms entered the market, provides a striking contrast to the preceding era. However, by US standards, the levels of both IPO and venture capital activities remained rather low even in this boom phase. The extent to which recent developments will have a lasting impact on the financing of German firms, the level of IPO activity, and venture capital financing, remains to be seen. At the time of writing, activity has come to a near stand still and the Neuer Markt has just been dissolved. The low number of IPOs and the fairly low volume of VC financing in Germany before the introduction of the Neuer Markt are a striking and much debated phenomenon. Understanding the reasons for these apparent peculiarities is vital to understanding the German financial system. The potential explanations that have been put forward range from differentces in mentality to legal and institutional impediments and the availability of alternative sources of financing. Moreover the recent literature discusses how interest groups may have benefited and influenced the situation. These groups include politicians, unions/workers, managers/controlling-owners of established firms as well as banks. Revised version forthcoming in "The German Financial System", edited by Jan P. Krahnen and Reinhard H. Schmidt, Oxford University Press
"I had to give up so, so much": a narrative study to investigate the impact of Chronic Fatigue Syndrome (CFS) on the lives of young people.
No full textThe aim of this research was to explore the experiences of Chronic Fatigue Syndrome among a small group of adolescents, through three research questions: What are the personal experiences of young people with CFS – how does the condition affect their daily lives – including educational, social and psychological perspectives. Secondly, how does CFS impact family life – how does the condition influence not only the lives of sufferers but also those closest to them? Finally, can the knowledge base be deepened to help guide practice for those caring for the needs of adolescent CFS sufferers and their families?
The study used a narrative approach in an attempt to capture young people‘s stories, and to provide a window of insight into the personal impacts of CFS on the lives of individuals. Open-ended interviews with eight young CFS sufferers (11 to 18 year olds) were employed that explored personal experiences of CFS. In addition four email interviews were conducted with primary caregivers to explore the impacts of CFS from a carers perspective.
Five themes arose from a generic qualitative analysis of data - adolescent CFS is experienced as: (1) having to adapt to debilitating physical symptoms; (2) living with changes in family relationships and loved one‟s life experiences; (3) living with isolation and a disruption to a full and satisfying teenage life; and (4) feeling misunderstood and judged. Also a fifth and universal overarching theme, that CFS in adolescents is experienced as having to put life on hold. This is a major life adjustment, not only for the individual sufferers but for their family members also, who have to adapt to a new way of life accommodating for the limitations of one member.
The implications for clinical practice and further research are discussed
Money-back guarantees in individual pension accounts : evidence from the German pension reform
No full textThe German Retirement Saving Act instituted a new funded system of supplementary pensions coupled with a general reduction in the level of state pay-as-you-go old-age pensions. In order to qualify for tax relief, the providers of supplementary savings products must offer a guarantee of the nominal value at retirement of contributions paid into these saving accounts. This paper explores how this "money-back" guarantee works and evaluates alternative designs for guarantee structures, including a life cycle model (dynamic asset allocation), a plan with a pre-specified blend of equity and bond investments (static asset allocation), and some type of portfolio insurance. We use a simulation methodology to compare hedging effectiveness and hedging costs associated with the provision of the money-back guarantee. In addition, the guarantee has important implications for regulators who must find an appropriate solvency system for such saving schemes. This version June 17, 2002 . Klassifikation: G11, G23, G2
Planning and financial literacy : how do women fare?
No full textMany older US households have done little or no planning for retirement, and there is a substantial population that seems to undersave for retirement. Of particular concern is the relative position of older women, who are more vulnerable to old-age poverty due to their longer longevity. This paper uses data from a special module we devised on planning and financial literacy in the 2004 Health and Retirement Study. It shows that women display much lower levels of financial literacy than the older population as a whole. In addition, women who are less financially literate are also less likely to plan for retirement and be successful planners. These findings have important implications for policy and for programs aimed at fostering financial security at older ages
Privacy or publicity - who drives the wheel?
No full textFinancial markets are to a very large extent influenced by the advent of information. Such disclosures, however, do not only contain information about fundamentals underlying the markets, but they also serve as a focal point for the beliefs of market participants. This dual role of information gains further importance for explaining the development of asset valuations when taking into account that information may be perceived individually (private information), or may be commonly shared by all traders (public information). This study investigates into the recently developed theoretical structures explaining the operating mechanism of the two types of information and emphasizes the empirical testability and differentiation between the role of private and public information. Concluding from a survey of experimental studies and own econometric analyses, it is argued that most often public information dominates private information. This finding justifies central bankers´ unease when disseminating news to the markets and argues against the recent trend of demanding full transparency both for financial institutions and financial markets themselves
Assessing the impact of algorithmic trading on markets: a simulation approach
No full textInnovative automated execution strategies like Algorithmic Trading gain significant market share on electronic market venues worldwide, although their impact on market outcome has not been investigated in depth yet. In order to assess the impact of such concepts, e.g. effects on the price formation or the volatility of prices, a simulation environment is presented that provides stylized implementations of algorithmic trading behavior and allows for modeling latency. As simulations allow for reproducing exactly the same basic situation, an assessment of the impact of algorithmic trading models can be conducted by comparing different simulation runs including and excluding a trader constituting an algorithmic trading model in its trading behavior. By this means the impact of Algorithmic Trading on different characteristics of market outcome can be assessed. The results indicate that large volumes to execute by the algorithmic trader have an increasing impact on market prices. On the other hand, lower latency appears to lower market volatility
Test of the German Resilience
No full textFrom its early post-war catch-up phase, Germany’s formidable export engine has been its consistent driver of growth. But Germany has almost equally consistently run current account surpluses. Exports have powered the dynamic phases and helped emerge from stagnation. Volatile external demand, in turn, has elevated German GDP growth volatility by advanced countries’ standards, keeping domestic consumption growth at surprisingly low levels. As a consequence, despite the size of its economy and important labor market reforms, Germany’s ability to act as global locomotive has been limited. With increasing competition in its traditional areas of manufacturing, a more domestically-driven growth dynamic, especially in the production and delivery of services, will be good for Germany and for the global economy. Absent such an effort, German growth will remain constrained, and Germany will play only a modest role in spurring growth elsewhere
Mergers and acquisitions in Germany: social setting and regulatory framework
No full textThe paper describes the legal and economic environment of mergers and acquisitions in Germany and explores barriers to obtaining and executing corporate control. Various cases are used to demonstrate that resistance by different stakeholders including minority shareholders, organized labour and the government may present powerful obstacles to takeovers in Germany. In spite of the overall convergence of European takeover and securities trading laws, Germany still shows many peculiarities that make its market for corporate control distinct from other countries. Concentrated share ownership, cross shareholdings and pyramidal ownership structures are frequent barriers to acquiring majority stakes. Codetermination laws, the supervisory board structure and supermajority requirements for important corporate decisions limit the execution of control by majority shareholders. Bidders that disregard the German preference for consensual solutions and the specific balance of powers will risk their takeover attempt be frustrated by opposing influence groups. Revised version forthcoming in "The German Financial System", edited by Jan P. Krahnen and Reinhard H. Schmidt, Oxford University Press
The psychological aspects and management of chronic fatigue syndrome
No full textThis thesis was submitted for the degree of Doctor of Philosophy and awarded by Brunel University.Chronic fatigue syndrome (CFS) describes a condition characterised by severe fatigue of at least six months' duration. In this thesis, it is argued that the complexity of CFS with respect to other symptoms, the patients' response to their illness and the determinants of emotional distress, has yet to be fully recognised. This may have narrowed the focus of research and limited the range of treatments available. The first of the three studies investigated CFS from the patients' perspective. The findings challenge some of the generalisations concerning CFS, particularly those relating to the patients' attributions and their choice of coping strategies. They also suggest that the effects of the condition may have been underestimated and that certain influences on emotional distress may have been overlooked. The second study assessed a number of variables thought to be associated with emotional distress and psychological adjustment. The results show that uncertainty and lack of social support were significantly correlated with anxiety and depression while functional impairment was more closely linked to cognitive difficulties and other illness-related measures. The third study evaluated a management programme which acknowledges the complexity of CFS. After six months, significant differences between the treated patients and waiting-list controls were found for a number of variables, including fatigue, somatic symptoms, anxiety and perceived self-efficacy. However, many patients continued to record high levels of emotional distress, showing that the programme was not sufficient to deal with all the problems experienced
Streamlining the Processes of the Logistics Center CFS Česká Třebová
No full textTato bakalářská práce je zaměřena na zlepšení procesů na překladišti firmy CFS Česká Třebová, což bylo i cílem této práce. V teoretické části se autorka zaobírá základními pojmy, dělením, a také se zaměřuje na výhody a nevýhody u druhů automatické identifikace dat. Hlavní metodou použitou v praktické části je layout a na to navazující špagetový diagram. Dále je také použit ishikawa diagram a řízený rozhovor s pracovníkem firmy. Díky tomuto autorka vymyslela zavedení automatické identifikace.This bachelor thesis focuses on improving processes at the CFS Česká Třebová transshipment yard, which was also the aim of this work. In the theoretical part, the author deals with basic concepts, classifications, and also focuses on the advantages and disadvantages of different types of automatic data identification. The main method used in the practical part is layout, followed by spaghetti diagram. Additionally, an Ishikawa diagram and controlled interviews with company employees were utilized. Thanks to these methods, the author devised the implementation of automatic identification.Ústav logistik
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