Unrealistische Einnahmeplanung durch Geber und Nehmer: das Beispiel Bremen

A long-term analysis of incorrect revenue forecasts for the state of Bremen shows the importance of these forecasts for the failure of budgetary rehabilitation programmes. The findings contradict those analysts who blame misleading incentives in the federal distribution system of common taxes and advocate expenditure cutting. Looking forward, this development may reoccur, not only in Bremen but in other states as well, which would jeopardise the constitutional limit on deficits. This paper discusses the fiscal policy conclusions to draw from this unrealistic planning, addressing both the problems of states in a budgetary crisis and the system of tax distribution in Germany, which has to be reorganized in 2020     

The Emerging Position of the Internet as an Advertising Medium

This paper examines the emerging position of the Internet as an advertising medium. The nature and time path of its evolution is subject to considerable uncertainty arising from issues relating to expansion of the Internet's penetration of households; consumer demand for information; development of pricing policies and measurement capabilities; and its attractiveness to advertisers in different product/service categories. Our analyses of these issues suggest that its long-term impact on intermedia rivalry will be broad and substantial. The Internet is emerging as an adaptive, hybrid medium with respect to the factors hypothesized to affect intermedia substitutability, namely, audience addressability, audience control, and contractual flexibility. Possessing such capabilities, it looms as a potential substitute or complement for all of the major categories of existing media and appears capable of serving a wide range of communications objectives for a broad array of advertisers.     

Die betriebswirtschaftliche Bedeutung der Umstellungsverordnung

Ohne Zusammenfassung     

Business Responses to Climate Change Regulation in Canada and Germany: Lessons for MNCs from Emerging Economies

This article proposes a novel mapping of the complex relationship between business ethics and regulation, by suggesting five distinct ways in which business ethics and regulation may intersect. The framework is applied to a comparative case study of business responses to climate change regulation in Canada and Germany, both signatories to the Kyoto Protocol. Both countries represent distinctly different approaches which yield significant lessons for emerging economies. We also analyze the specific role of large multinational corporations in this process.     

Ursachen für die deutsche Wachstumsschwäche und Arbeitslosigkeit

Schon seit langem sehen Experten in verschiedenen Bereichen der Wirtschaft „strukturelle Verwerfungen“. Allerdings lassen sich strukturelle nicht so leicht von konjunkturellen Problemen unterscheiden, wie manche politischen Berater vorgeben. Ernst Niemeier analysiert die wirtschaftliche Entwicklung des letzten Jahrzehnts und kommt zu dem Ergebnis, dass die Wachstumsschw?che und die Arbeitslosigkeit nicht prim?r strukturell bedingt waren, sondern durch eine ungeeignete Wirtschaftspolitik verursacht wurden.     

VALUATION OF FLOATING RANGE NOTES IN LÉVY TERM-STRUCTURE MODELS

Turnbull (1995) as well as Navatte and Quittard-Pinon (1999) derived explicit pricing formulae for digital options and range notes in a one-factor Gaussian Heath–Jarrow–Morton (henceforth HJM) model. Nunes (2004) extended their results to a multifactor Gaussian HJM framework. In this paper, we generalize these results by providing explicit pricing solutions for digital options and range notes in the multivariate Lévy term-structure model of Eberlein and Raible (1999) , that is, an HJM-type model driven by a d -dimensional (possibly nonhomogeneous) Lévy process. As a byproduct, we obtain a pricing formula for floating range notes in the special case of a multifactor Gaussian HJM model that is simpler than the one provided by Nunes (2004) .