排序方式: 共有14条查询结果,搜索用时 15 毫秒
1.
Gero Geppert 《International Review of Financial Analysis》2008,17(2):330-344
This paper uses a sample of 25 large mergers from 1996 to 2004 to study the effect of mergers on the implied volatilities of equity options. The results indicate a statistically significant increase in volatility beyond the amount predicted if the transaction were effectively nothing more than a portfolio combination of the target and acquirer. The disparity suggests that, at least for the first 18 months after the transaction becomes effective, market participants expect mergers to increase risk. Integration risk and uncertainty about the extent to which efficiency gains and greater market power are realized are possible explanations for the discrepancy. 相似文献
2.
In Germany, a lively debate about the reform of the financial equalisation scheme between the member states (“Länder”) is under way. There is broad consensus that the member states’ financial responsibility has to be strengthened. A reduction of the transfer level of tax receipts from high-income to low-income states could achieve this objective, but at the cost of solidarity between states. To avoid this trade-off, the authors propose an indicator-based risk adjustment scheme. Their aim is to equalise different financial needs, not only differences in tax revenues across states. Risk adjustment schemes are a well-established instrument, especially in social health care systems. 相似文献
3.
In Deutschland wird ein international überdurchschnittlicher Anteil des Bruttoinlandsprodukts für Gesundheitsleistungen aufgewendet. Gleichzeitig ist die Lebenserwartung der Deutschen im Vergleich der entwickelten L?nder allenfalls durchschnittlich. Aus dieser Diskrepanz wird oft der Schluss gezogen, das deutsche Gesundheitssystem sei ineffizient. Bei n?herer Analyse der zugrundeliegenden Daten erscheint diese Schlussfolgerung jedoch fragwürdig. 相似文献
4.
This paper provides a two-factor model for electricity futures that captures the main features of the market and fits the term structure of volatility. The approach extends the one-factor model of Clewlow and Strickland to a two-factor model and modifies it to make it applicable to the electricity market. We will particularly deal with the existence of delivery periods in the underlying futures. Additionally, the model is calibrated to options on electricity futures and its performance for practical application is discussed. 相似文献
5.
Benay Sager Marco Gero Fern ndez Marie Thursby 《Technology Analysis & Strategic Management》2006,18(1):57-69
Functioning well in a global, technology-driven, multi-disciplinary environment necessitates a more robust educational paradigm, especially in science and engineering. For a scientific education to be complete, it can no longer be restricted solely to technical areas. Similarly, law and business students will encounter a slew of technologies throughout the course of their careers. They will be required to comprehend the intricacies and corresponding implications of these technologies in order to impart their perspectives effectively and have an impact. In an effort to address this widely recognized need, a number of multi-disciplinary education and innovation programs have recently surfaced. Although several of these have been documented in the literature, the experiences of participants and the manner in which these will influence their future career plans as well as personal goals are not usually taken into account. Our focus in this paper is to shed light on this 'end effect' of being exposed to a multi-disciplinary education by stressing the importance of understanding social, economic, and legal aspects of science and engineering within the context of a scientific graduate-level education. Specifically, the authors take a closer look at the TI:GER®1(Technological Innovation: Generating Economic Results) program. Based on their experiences, the authors present their learning and insight on multi-disciplinary education in a mixed technical and professional degree setting. 相似文献
6.
Gero Bieser 《International Economics and Economic Policy》2014,11(1-2):251-259
The Smart Grid is crucial for a successful transition to a new energy era in which a high percentage of energy will be provided by renewable energy sources. Many of the necessary ICT technologies are already available and the advances of in-memory computing will enable all actors to process and leverage the massive amount of data delivered by the Smart Grid. The development of the Smart Grid is however slowed down by uncertainties in the regulatory framework and missing standards as well as security and privacy issues. To overcome these challenges, incentives for Smart Grid investment, demonstrations of the benefits and a framework for a truly functioning market are needed. 相似文献
7.
Annals of Finance - We calibrate several advanced stock price models to a time series of real market data of European options on the DAX. Via a Monte Carlo simulation, we price barrier down-and-out... 相似文献
8.
Wirtschaftsdienst - Die Digitalisierung bringt weitreichende Veränderungen für Unternehmen, Beschäftigte und Verbraucher mit sich. Sie hat Auswirkungen auf nahezu alle Bereiche des... 相似文献
9.
Lammi Matthew D. Wells John G. Gero John 《International Journal of Technology and Design Education》2022,32(1):311-331
International Journal of Technology and Design Education - This paper presents the results of a 2-year longitudinal study aimed at characterizing and comparing the design cognition of high school... 相似文献
10.
The understanding of joint asset return distributions is an important ingredient for managing risks of portfolios. Although this is a well‐discussed issue in fixed income and equity markets, it is a challenge for energy commodities. In this study we are concerned with describing the joint return distribution of energy‐related commodities futures, namely power, oil, gas, coal, and carbon. The objective of the study is threefold. First, we conduct a careful analysis of empirical returns and show how the class of multivariate generalized hyperbolic distributions performs in this context. Second, we present how risk measures can be computed for commodity portfolios based on generalized hyperbolic assumptions. And finally, we discuss the implications of our findings for risk management analyzing the exposure of power plants, which represent typical energy portfolios. Our main findings are that risk estimates based on a normal distribution in the context of energy commodities can be statistically improved using generalized hyperbolic distributions. Those distributions are flexible enough to incorporate many characteristics of commodity returns and yield more accurate risk estimates. Our analysis of the market suggests that carbon allowances can be a helpful tool for controlling the risk exposure of a typical energy portfolio representing a power plant. © 2009 Wiley Periodicals, Inc. Jrl Fut Mark 29:197–217, 2009 相似文献