Efficiency and Stock Performance in European Banking

Abstract:   Recent competitive pressures have progressively driven banks to strategically focus on generating returns to shareholders. Therefore, the investigation of the determinants of bank performance and their relationship with share prices has become increasingly important. This paper extends the literature on market‐based accounting to examine the relationship between stock prices and efficiency. Specifically, it investigates if changes in stock performance can be explained by changes in operating efficiency, derived by parametric and non‐parametric methods. Results seem to suggest that changes in efficiency are reflected in changes in stock prices and that stocks of cost efficient banks tend to outperform their inefficient counterparts.     

Is man doomed to progress?

This paper is dedicated to the empirical exploration of the welfare effect of expectations and progress per se. Using 10 waves of the Russian Longitudinal Monitoring Survey (RLMS), a panel household survey rich in subjective variables, the analysis suggests that for a given total stock of inter-temporal consumption, agents are more satisfied with an increasing time profile of consumption: they seem to have a strong “taste for improvement”. This contributes to qualify the “Easterlin paradox” that income growth does not make people happy.     

Energiewende für die Modernisierung des Industriestandorts Deutschland nutzen

The German industrial sector is a central component of its economic success. However, its investment activities are weak in comparison internationally. There are concerns that the high costs of the energy transition — one major part of climate change policy — could decrease industrial competitiveness and Germany’s allure as an industrial production location. To prevent this, German policymakers offer substantial exemptions for energy intensive industries in order to keep costs low. This study shows that only a few industrial branches have both high energy costs and a high export intensity, however. They generally feature a comparatively old capital stock. Overall, industry benefits from the demand for climate protection technologies. This calls for a shift in current policy, which should focus on incentives for innovative low carbon technologies. Exemptions should be granted to a limited number of energy intensive industries only for a limited time.     

The Impact of the European Emission Trading Scheme on Multiple Measures of Economic Performance

The European Emission Trading Scheme (EU ETS) has introduced a price for carbon, thus generating an additional cost for companies that are regulated by the scheme. The objective of this paper is to provide empirical evidence on the effect of the EU ETS on firm-level economic performance. There is a growing body of empirical literature that investigates the effects of the EU ETS on firm economic performance, with mixed results. Differently from the previous literature, we test the effect of the EU ETS on a larger set of indicators of economic performance: employment, average wages, turnover, value added, markup, investment, labour productivity, total factor productivity and ROI. Our results, based on a large panel of European firms, provide a broad picture of the economic impact of the EU ETS in its first and second phases of implementation. Contrarily to the expectations, the EU ETS did not affect economic performance negatively. Results suggest that firms have reacted to the EU ETS by passing-through costs to their customers on the one hand and improving labour productivity on the other hand.     

A brief instrument to measure health-related quality-of-life in patients with bone metastasis: validation of the German version of Bone Metastases Quality-of-Life-10 (BOMET-QoL-10)

Aims: This prospective, epidemiologic study was designed to translate the original Spanish Bone Metastases Quality-of-Life-10 (BOMET-QoL-10) questionnaire and undertake a validation of the translated German version of BOMET-QoL-10 in Germany to assess health-related quality-of-life (HRQoL) in patients with bone metastases (BM).

Methods: The translation process included forward and backward translations, and a linguistic validation. Patients aged ≥18 years with histological confirmation of cancer, diagnosed with BM, life expectancy ≥6 months, and fluency in German were eligible for this study (enrolled consecutively in 33 outpatient centers in Germany). Patients were given the German version of BOMET-QoL-10, together with the European Organization for Research and Treatment of Cancer (EORTC) Quality of Life Questionnaire QLQ-C30 and EORTC QLQ-BM22 questionnaires at inclusion, 6 weeks, 3 months, and 6 months after inclusion. A debriefing questionnaire was administered at inclusion to determine patient acceptability and understanding.

Results: Data include 364 patients with BM (median age?=?68 years; females?=?71.7%). The BOMET-QoL-10 is brief and clear (median completion time?=?5?minutes; >90% of patients completed the questionnaire without assistance). The BOMET-QoL-10 forms only one overall scale. All 10 items showed a substantial correlation with the first factor (factor loading, range?=?0.58–0.86). BOMET-QoL-10 exhibits high internal consistency and reproducibility (Cronbach’s alpha?=?0.91; intra-class correlation coefficient?=?0.76). BOMET-QoL-10 showed significant correlations (range?=?0.69–0.79) both with EORTC QLQ-C30 and EORTC QLQ-BM22 within the functioning (physical, social, interference) and symptom (fatigue, pain) scales, displayed significant sensitivity to change in EORTC QLQ-BM22 scores, and proved the potential ability to detect change in HRQoL in patients with different disease status.

Limitations: There was a high proportion of females in this study, which might represent a limitation.

Conclusions: The German version of BOMET-QoL-10 is a valid, reliable, brief, and clear instrument able to measure HRQoL in patients with BM.     

(Un)fair Delegation: Exploring the Strategic Use of Equity Rules in International Climate Negotiations

We provide a new approach for identifying a strategic use of equity arguments in international (climate) negotiations. We first develop a theoretical model of strategic delegation which accounts for both environmental as well as equity preferences. We show that the strategic use of equity arguments qualitatively depends on the extent to which environmental preferences can be misrepresented: representatives from different countries may be expected to have similar equity views rather than widely differing perceptions of a fair share. Based on survey data on climate negotiations, we then provide empirical evidence for differences between equity preferences of citizens from Germany, China, and the U.S. and the perceived view on the position of their respective countries.     

Some neglected issues in food demand analysis: retail-level demand, health information and product quality

Food demand analysis is dominated by the econometric estimation of demand systems based on aggregate market data and steady progress has been made in analytical techniques. Yet some issues have been neglected in food demand analysis which are crucial for understanding recent consumption trends in industrialised countries. Three of these issues are dealt with here: analysis of food demand at the retail level; influence of health information on food demand; and importance of product quality for food demand. It is shown that answers to important questions in these areas can be given when large and unconventional data sets are used.     

Mehr Marketingeffizienz mit Kundendaten — Das Beispiel Migros

Zusammenfassung  Der effektive Einsatz von Promotionen zur Verbesserung des Gesch?ftsergebnisses ist eines der zentralen Themen des Einzelhandels. Mit dem Analysetool PROMET entwickelte die Migros ein Instrument zur Bewertung diverser Ma?nahmen. Dabei kommen Transaktionsdaten aus dem Kundenbindungsprogramm M-CUMULUS zum Einsatz. PROMET erlaubt die differenzierte Analyse von Category-Wirkung, Kundenstruktur, Nachhaltigkeit der Angebote und sortimentsbezogener Informationen und klassifiziert die Ma?nahmen nach fünf Wirkungshebeln. Dadurch unterstützt PROMET das Category Management sowohl in der Bewertungs-als auch in der Planungsphase von Promotionen.     

Formen der Nierenersatztherapie

Zusammenfassung  Nierenversagen und Dialyse — Die beiden Nieren sind lebenswichtig. Fallen sie aus, tritt der Tod innerhalb von ein bis zwei Wochen ein. Eine Heilung ist bei einem dauerhaften Nierenversagen nicht m?glich und eine lebenslange Nierenersatztherapie unumg?nglich. Fachgerechte Pflege kann den Patienten vor schwerwiegenden Komplikationen bewahren