Immobiliencontrolling — Optimierung der immobilienbezogenen Kosten durch Gründung einer Generalmietgesellschaft

Ohne Zusammenfassung Dipl.-Ing. (univ.) Michael Belau ist Director und Head of Rental Management Dipl.-Wirtschaftsing. (FH) Michael Schildger ist Vice President und Head of Finance Dr. Verena Sturm ist Manager Corporate Real Estate Services     

Experiments in Environmental Economics and Some Close Relatives

Abstract.  It is not only the great number of papers written on environment economics that make it worth dealing with this special branch of experimental research, but the environmental problem in all its facets seems to serve as a catalyst for identifying some methodological problems of the experimental method. For this reason, we will not only try to give an overview of recent experiments in environmental economics but also add some thoughts on the methodological implications of this work. We identify three direct connecting factors for the experimental method and environmental economics. First, social dilemmas are, in many cases, at the core of environmental problems. Experiments are able to test theoretical hypotheses for individual behavior in such social dilemma situations. The second connecting factor comes from the field of applied experimental work and can be characterized as the testbedding of institutional arrangements for the solution of environmental problems. The last direct application of experimental methods to environmental economics concerns the individual evaluation of environmental resources.     

Die reale Zahlungsbereitschaft für Klimaschutz

Der Klimawandel und das globale ?ffentliche Gut Klimaschutz genie?en gro?e Aufmerksamkeit in der ?ffentlichen Debatte. Klimaschutz verursacht jedoch Kosten und es stellt sich die Frage, was die Menschen in Deutschland tats?chlich für Klimaschutz bereit sind zu zahlen. Dieser Beitrag stellt eine neue Studie zur Ermittlung der realen Zahlungsbereitschaft für Klimaschutz vor und diskutiert die Ergebnisse aus der Perspektive der Klimapolitik.     

Integriertes Innovationscontrolling

Die Kosten für Innovationen nehmen immer bedeutendere Ausma?e an, die immer weniger mit den erst in der Projektdurchführung ansetzenden traditionellen Instrumenten des Innovations- und Projektcontrollings in den Griff zu bekommen sind.     

Characteristics determining the efficiency of foreign banks in Australia

The factors determining foreign bank efficiency are investigated using a three stage research method. It is found that host market incumbency reduces efficiency of foreign banks in Australia, resulting in over use of inputs. Factors underlying the limited global advantage hypothesis of Berger et al. [Berger, Allen N., DeYoung, Robert, Genay, Hesna, Udell, Gregory F., 2000. Globalisation of financial institutions: Evidence from cross-border banking performance. Brookings-Wharton Papers on Financial Service 3, 23–120] are identified, in that nationality specific factors represented by dummy variables are not significant once other relevant effects are controlled for. Parent profitability is not found to result in increased host nation efficiency, while parent credit rating effects are mixed. Some evidence is presented that banks from more financially sophisticated nations are more efficient. The implications of these results are explored from the perspectives of bank management and bank regulators.     

Product standards, trade disputes, and protectionism

Abstract.  Disputes over national product standards are a major source of tension in international trade negotiations. The usual pattern is that exporters challenge new product standards as a 'disguised barrier to trade.' The paper develops a two‐country political agency model of standard setting. It is shown that there exists a political equilibrium in which the importing country on average applies a more stringent standard than the exporting country. This difference can be due either to a too lax standard in the exporting country or a too stringent standard in the importing country. JEL classification: F18, F13, D72     

Funktionswandel der EZB?

Die Kernaufgabe der Europ?ischen Zentralbank ist es, die Preisstabilit?t zu gew?hrleisten. Die Finanz- und Staatsschuldenkrise hat der EZB die Rolle aufgezwungen, durch Notma?nahmen die Stabilit?t der W?hrungsunion zu sichern. Ihre Unabh?ngigkeit wird zunehmend dadurch gef?hrdet, dass es in diesem Prozess zu einer Verquickung von Fiskal- und Geldpolitik kommt. W ünschenswert w?re eine Rückkehr der EZB zu ihrer alten Rolle und eine Strategie, die für einen Abbau der weltweiten und europ?ischen Ungleichgewichte sorgen k?nnte.     

Die „Diesel-Debatte“: ökonomische Handlungsempfehlungen an die Politik

Diesel technology and the associated environmental burden of local and global pollutant emissions have long been the focus of environmental policy debates. This article considers various negative external effects resulting from the use of combustion engines. A number of economic policy instruments can help to reduce these effects in the long term, such as the introduction of an urban road pricing scheme that is linked to local pollution levels, a greater focus on CO2 abatement in the sectors included in the EU Emissions Trading Scheme (EU ETS), or the integration of the transport sector into the EU ETS.     

Do Equity Preferences Matter for Climate Negotiators? An Experimental Investigation

This paper investigates whether climate negotiators have preferences for equity and whether these preferences may help to explain different positions in international climate policy. For this purpose we conducted an online experiment with individuals who had been involved in international climate policy. The experiment consisted of two simple non-strategic games suited to measure individual inequality aversion as captured by the equity preference model of Fehr and Schmidt (Quarterly Journal of Economics 114:817–868, 1999). We find that our participants show an aversion to advantageous inequality to a considerable extent while the aversion to disadvantageous inequality is moderate. Regarding the geographical variety in our sample, we cannot confirm significant differences in the degree of inequality aversion between different regions in the world. Our conclusion is that regional differences in addressing climate change are driven more by national interests than by different equity concerns.     

Robust XVA

We introduce an arbitrage‐free framework for robust valuation adjustments. An investor trades a credit default swap portfolio with a risky counterparty, and hedges credit risk by taking a position in defaultable bonds. The investor does not know the exact return rate of her counterparty's bond, but she knows it lies within an uncertainty interval. We derive both upper and lower bounds for the XVA process of the portfolio, and show that these bounds may be recovered as solutions of nonlinear ordinary differential equations. The presence of collateralization and closeout payoffs leads to important differences with respect to classical credit risk valuation. The value of the super‐replicating portfolio cannot be directly obtained by plugging one of the extremes of the uncertainty interval in the valuation equation, but rather depends on the relation between the XVA replicating portfolio and the closeout value throughout the life of the transaction. Our comparative statics analysis indicates that credit contagion has a nonlinear effect on the replication strategies and on the XVA.