4,375 research outputs found
Markus Stock: Kombinationssinn. 2002
No full textSeelbach U. Markus Stock: Kombinationssinn. 2002. Jahrbuch für Internationale Germanistik . 2008;40:189-193
Margreth Egidi, Höfische Liebe: Entwürfe der Sangspruchdichtung. Literarische Verfahrensweisen von Reinmar von Zweter bis Frauenlob. 2002
No full textAnreizwirkungen von Stock Options – Agencytheoretische Analyse von Motivations-, Investitions- und Diversifikationsproblemen
No full textDie Entlohnung von Managern mit Stock Options ist in der Wissenschaft wie in der Öffentlichkeit Gegenstand kontroverser Diskussionen. Die grundlegenden Anreizwirkungen dieses Entlohnungsinstruments sind bislang allerdings nur unzureichend erforscht. Markus C. Arnold untersucht, ob und wie gut Stock Options geeignet sind, Interessenkonflikte zwischen Aktionären und Managern zu entschärfen. Er analysiert zunächst Motivationsprobleme hinsichtlich des Arbeitseinsatzes von Managern und betrachtet anschließend insbesondere Investitions- und Diversifikationsanreize. Aufgrund der realitätsnahen Modellierung werden Empfehlungen für die Gestaltung von Anreizverträgen abgeleitet und grundlegende Probleme aufgezeigt, die sich aus jüngsten Forderungen aus Theorie und Praxis zur Gestaltung von aktienkursbasierten Entlohnungssystemen ergeben. Zudem werden komparativ-statische Zusammenhänge zwischen den verschiedenen Gestaltungsvariablen solcher Verträge abgeleitet
Spatial Practices. Medieval/Modern, hrsg. v. Markus Stock u. Nicola Vöhringer, Göttingen: V & R unipress, 2014
No full textBenz M. Spatial Practices. Medieval/Modern, hrsg. v. Markus Stock u. Nicola Vöhringer, Göttingen: V & R unipress, 2014. Seminar. A Journal of Germanic Studies . 2015;51(3):281-283
Asymptotics of Asynchronicity
No full textIn this article we focus on estimating the quadratic covariation of continuous semimartingales from discrete observations that take place at asynchronous observation times. The Hayashi-Yoshida estimator serves as synchronized realized covolatility for that we give our own distinct illustration based on an iterative synchronization algorithm. We consider high-frequency asymptotics and prove a feasible stable central limit theorem. The characteristics of non-synchronous observation schemes affecting the asymptotic variance are captured by a notion of asymptotic covariations of times. These are precisely illuminated and explicitly deduced for the important case of independent time-homogeneous Poisson sampling.non-synchronous observations, quadratic covariation, Hayashi-Yoshida estimator, stable limit theorem, asymptotic distribution
Estimating the Cost of Executive Stock Options: Evidence from Switzerland
No full textIt is often argued that Black-Scholes (1973) values overstate the subjective value of stock options granted to risk-averse and under-diversified executives. We construct a “representative” Swiss executive and extend the certainty- equivalence approach presented by Hall and Murphy (2002) to assess the value-cost wedge of executive stock options. Even with low coefficients of relative risk aversion, the discount can be above 50% compared to the Black-Scholes values. Regression analysis reveals that the equilibrium level of executive compensation is explained by economic determinant variables such as firm size and growth opportunities, whereas the managers’ pay-forperformance sensitivity remains largely unexplained. Firms with larger boards of directors pay higher wages, indicating potentially unresolved agency conflicts. We reject the hypothesis that cross-sectional differences in the amount of executive pay vanish when risk-adjusted values are used as the dependent variable.Managerial compensation, incentives, executive stock options, option valuation, risk aversion
Short Interest and Stock Returns
No full textUsing a longer time period and both NYSE-Amex and Nasdaq stocks, this paper examines short interest and stock returns in more detail than any previous study and finds that many documented patterns are not robust. While equally weighted high short interest portfolios generally underperform, value weighted portfolios do not. In addition, there is a negative correlation between market returns and short interest over our whole period. Finally, inferences from short time periods, such as 1988-1994 when the underperformance of high short interest stocks was exceptional or 1995-2002, when high short interest Nasdaq stocks did not underperform, are misleading.
Vienna stock exchange
No full textMarkus SeidlAbweichender Titel laut Übersetzung der Verfasserin/des VerfassersGraz, Univ., Masterarb., 200
How does investor sentiment affect stock market crises? Evidence from panel data
No full textWe test the impact of investor sentiment on a panel of international stock markets. Specifically, we examine the influence of investor sentiment on the probability of stock market crises. We find that investor sentiment increases the probability of occurrence of stock market crises within a one-year horizon. The impact of investor sentiment on stock markets is more pronounced in countries that are culturally more prone to herd-like behavior and overreaction or in countries with low institutional involvement. Results also suggest that investors' sentiment is not a reliable predictor of stock market reversal pointsInvestor sentiment ; stock market crises ; reversal points
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