Patientin erstickt – Krankenschwester verurteilt

Ambulante Intensivpflege - Wer die intensivpflegerische ambulante Betreuung eines Patienten ubernimmt, muss jederzeit sicherstellen, das er die Warnsignale lebensnotwendiger Gerate hort. Sonst macht er sich gegebenenfalls der fahrlassigen Totung schuldig.     

Rating model arbitrage in CDO markets: An empirical analysis

We analyze whether information asymmetry between issuers and investors leads to rating model arbitrage in Collateralized Debt Obligation markets. Rating model arbitrage is defined as the issuer's deliberate capitalization of information asymmetry at the investor's cost on the basis of different rating processes. Using data from CDO transactions grouped by both rating agencies and underlying rating methodologies, we test for homogeneity of characteristic transaction features within the group and heterogeneity between the different groups. We find that the hypothesis stating non-existence of rating model arbitrage on the basis of information asymmetry does not hold as individual patterns of transaction characteristics within each group could be identified.     

Family background and income during the rise of the welfare state: Brother correlations in income for Swedish men born 1932–1968

We investigate if the association between family background and income in Sweden has changed for men born between 1932 and 1968. Our main finding is that the share of the variance in long-run income that is attributable to family background, the so-called brother correlation in income, has fallen by some 17% from 0.49 for the cohorts of brothers born in the early 1930s to below 0.32 for the cohorts born around 1950. From then on, the correlations have inched back up to around 0.37. We report suggestive evidence that the decline is driven by changes in education.     

Wealth Concentration over the Path of Development: Sweden, 1873–2006*

We study wealth concentration in Sweden over 130 years, from the beginning of industrialization until the present day. Our series are based on new evidence from estate and wealth tax data, foreign and domestic family firm‐wealth, and pension wealth estimates. We find that Swedish wealth concentration was high in the agrarian state, and changed little during early industrialization. From World War I until about 1950, the richest percentile lost ground to high‐income earners in the rest of the top‐wealth decile. This equalization continued postwar; the entire top decile lost‐out relative to the rest of the population. Around 1980, wealth compression stopped and inequality increased. We approximate the effects of international flows and find that the recent increase in wealth inequality is probably larger than what official estimates suggest.     

Effects of the Southward extension on the EC—Labour market

The European Community will be enlarged in the next few years by the accession of Greece, Portugal and Spain. Which will be the consequences for the labour market of the EC and the Federal Republic of Germany in particular?     

PORTFOLIO LIQUIDATION IN DARK POOLS IN CONTINUOUS TIME

We consider an illiquid financial market where a risk averse investor has to liquidate a portfolio within a finite time horizon [0, T] and can trade continuously at a traditional exchange (the “primary venue”) and in a dark pool. At the primary venue, trading yields a linear price impact. In the dark pool, no price impact costs arise but order execution is uncertain, modeled by a multidimensional Poisson process. We characterize the costs of trading by a linear‐quadratic functional which incorporates both the price impact costs of trading at the primary exchange and the market risk of the position. The solution of the cost minimization problem is characterized by a matrix differential equation with singular boundary condition; by means of stochastic control theory, we provide a verification argument. If a single‐asset position is to be liquidated, the investor slowly trades out of her position at the primary venue, with the remainder being placed in the dark pool at any point in time. For multi‐asset liquidations this is generally not the case; for example, it can be optimal to oversize orders in the dark pool in order to turn a poorly balanced portfolio into a portfolio bearing less risk.