Estimating discrete dividends by no-arbitrage

We develop and showcase a simple no-arbitrage methodology for the valuation of discrete dividend payments, based exclusively on market prices of options via the put-call parity. Our approach integrates all available option market data and simultaneously calibrates the market-implied discount curve, thus ensuring consistency across spot and derivative markets. We illustrate our method using stocks of European blue-chip companies.     

The Role and Current Status of IFRS in the Completion of National Accounting Rules – Evidence from Denmark

Abstract

I analyse the influence of IFRS on the Danish accounting regulation based on the EU Accounting Directive. In Denmark, the EU Accounting Directive is brought into force through the Danish Financial Statements Act. The analysis shows that the provisions in the Act are aligned with the IFRS to a great extent. It also shows that the Danish legislators extensively refer to IFRS and that they consider the IFRS to be the source to use for completing the national rules. I additionally show that the enforcers of the Danish Financial Statements Act look to the IFRS for guidance when they interpret the provisions, and that many important stakeholders have a positive attitude towards the use of IFRS for non-listed companies. The conclusion is that IFRS standards play a decisive role and have strong legitimacy in Denmark.     

A Very Simple Model for Declining Mean Fitness

We describe a large-population one-locus, two-allele model that, for certain values of viability and fertility selection parameters, displays a substantial monotonic decline in population mean fitness, concurrent with complete replacement of the allele associated with higher fitness by the allele associated with lower fitness.     

Testing theoretical explanations for investment behaviour in the Dutch beam trawler fishery in the North Sea

In this study, we investigate whether the neoclassical economic theory, capital market frictions or preference-based theory can explain investment behaviour in the Dutch beam trawler fishery in the North Sea. By presenting a number of estimations, we show that vessels conducting pulse fishing invest substantially more than similar vessels undertaking conventional fishing, even after controlling for differences in such variables as capital stock, prices, profits and quotas. One possible explanation for this result is that vessel owners may obtain a separate benefit from investing in pulse fishing.     

Zur Übertragung biologischer Konzepte in die Betriebswirtschaft

Unternehmen sind — wie Organismen — offene und komplexe Systeme, die in st?ndiger Wechselbeziehung zu ihrer Umwelt stehen. Vor diesem Hintergrund werden im Beitrag die M?glichkeiten der übertragung biologischer Konzepte in die Betriebswirtschaft analysiert. Die Gegenüberstellung beider Wissenschaftsdisziplinen erfolgt dabei auf einer abstrakten Ebene und stellt eine metaphorische Beziehung her, damit die zwei an sich v?llig unterschiedlichen Disziplinen einem Vergleich überhaupt erst zug?nglich werden. Hierbei werden zahlreiche Parallelen deutlich. Die Grenzen der übertragung biologischer Konzepte ergeben sich allerdings im Hinblick auf die mangelnde Ableitung konkreter Handlungsempfehlungen, weil lediglich analysiert werden kann, was sich bew?hrt hat, jedoch nicht, was sich bew?hren wird.     

Sustainability with Uncertain Future Preferences

A feature of the sustainability problem is that the preferences of future generations are uncertain. In this paper, we put forward a fairness-based definition of sustainability that takes this uncertainty into account. We analyze the implications of this definition in the context of a model of project evaluation. We show that our definition encompasses the concepts of non-declining welfare and of weak and strong sustainability. Furthermore, we show that preference uncertainty has a substantial influence on the implications of sustainability. We are indebted to two anonymous referees whose comments helped considerably to improve the paper. All remaining errors are ours.     

Benefit Transfer in Europe: How Reliable Are Transfers between Countries?

The benefits for specific health impacts related to air and water quality were measured in simultaneous contingent valuation surveys conducted in five different European countries. Consistent inter-country differences in willingness to pay to avoid ill health episodes could not be explained by measurable differences in individual characteristics. International transfer of unit values resulted in an average transfer error of 38%. Accounting for measurable differences among countries in health status, income and other demographic measures, either through ad hoc adjustments to the transferred values or through value function transfer, did not improve transfer performance.