Herausforderung Organisations-Controlling — Entwicklung von Bewertungskriterien für die Aufbau- und Führungsorganisation

Ohne Zusammenfassung Prof. Dr. habil. Jens Grundei Professor für Betriebswirtschaftslehre, insb. Organisation und Personal, Fachhochschule für Oekonomie und Management (FOM), und selbstst?ndiger Berater. Dipl.-Vw. Ludger Becker Leiter Corporate Organization der Bayer AG und Lehrbeauftragter an der Technischen Universit?t Berlin. Bayer AG, Corporate Human Resources & Organization, 51368 Leverkusen     

Search frictions and labor market participation

Cross-country differences in labor market participation are often larger than differences in unemployment rates. The same holds true across demographic groups within a given economy. We argue that the interaction between labor force participation decisions and labor market frictions can help us understand these patterns. This interaction highlights dynamic aspects of the participation decision, in contrast to standard textbook treatments that emphasize static costs and benefits of participation. We extend the standard labor market search problem to allow for a third state—non-participation—and assumes that stochastic participation costs precipitate flows into and out of non-participation. We fully characterize the worker's decision problem and use numerical simulations to demonstrate how participation patterns vary with individual characteristics and with labor market conditions.     

Schooling Resources, Educational Institutions and Student Performance: the International Evidence

This paper estimates the effects of family background, resources and institutions on mathematics and science performance using an international database of more than 260,000 students from 39 countries which includes extensive background information at the student, teacher, school and system level. The student-level estimations show that international differences in student performance cannot be attributed to resource differences but are considerably related to institutional differences. Among the many institutions which combine to yield major positive effects on student performance are centralized examinations and control mechanisms, school autonomy in personnel and process decisions, individual teacher influence over teaching methods, limits to teacher unions' influence on curriculum scope, scrutiny of students' achievement and competition from private schools.     

Das Wissenskapital der Nationen: gute Bildung als Wachstumsmotor

The long run prosperity of nations is directly related to the skills of their population. The relevant cognitive skills — the “knowledge capital” of a nation — can be measured well by international math and science tests. The consideration of knowledge capital can completely account for the Latin American growth puzzle and the East Asian growth miracle. Several analyses suggest that the relationship depicts a causal effect of skills. According to the evidence, an understanding of long run growth ultimately has to rest on the knowledge capital of nations. To further long run prosperity, policies should focus on education. Effective education systems align incentives with achievement through better educational practices such as external exams, school autonomy, choice and competition.     

Educational Production in East Asia: The Impact of Family Background and Schooling Policies on Student Performance

Abstract. East Asian students regularly take top positions in international league tables of educational performance. Using internationally comparable student-level data, I estimate how family background and schooling policies affect student performance in five high-performing East Asian economies. Family background is a strong predictor of student performance in Korea and Singapore, while Hong Kong and Thailand achieve more equalized outcomes. There is no evidence that smaller classes improve student performance in East Asia. But other schooling policies such as school autonomy over salaries and regular homework assignments are related to higher student performance in several of the considered countries.     

DEBT NONNEUTRALITY,POLICY INTERACTIONS,AND MACROECONOMIC STABILITY*

We study the consequences of nonneutrality of government debt for macroeconomic stabilization policy in a sticky‐price model. Ricardian equivalence fails because debt has a negative impact on its rate of return and on private savings, which is induced by assuming transaction services of bonds. Under aggressive monetary policy regimes, macroeconomic fluctuations tend to be stabilized if nominal budget deficits are low. A smooth debt path limits inflation expectations, such that inflation variances can be reduced. Under a balanced budget policy, the central bank's output gap–inflation volatility trade‐off is improved relative to an environment where debt is neutral.     

Comparison of Option Prices in Semimartingale Models

In this paper we generalize the recent comparison results of El Karoui et al. (Math Finance 8:93–126, 1998), Bellamy and Jeanblanc (Finance Stoch 4:209–222, 2000) and Gushchin and Mordecki (Proc Steklov Inst Math 237:73–113, 2002) to d-dimensional exponential semimartingales. Our main result gives sufficient conditions for the comparison of European options with respect to martingale pricing measures. The comparison is with respect to convex and also with respect to directionally convex functions. Sufficient conditions for these orderings are formulated in terms of the predictable characteristics of the stochastic logarithm of the stock price processes. As examples we discuss the comparison of exponential semimartingales to multivariate diffusion processes, to stochastic volatility models, to Lévy processes, and to diffusions with jumps. We obtain extensions of several recent results on nontrivial price intervals. A crucial property in this approach is the propagation of convexity property. We develop a new approach to establish this property for several further examples of univariate and multivariate processes.     

Optimal payoffs under state-dependent preferences

Most decision theories, including expected utility theory, rank-dependent utility theory and cumulative prospect theory, assume that investors are only interested in the distribution of returns and not in the states of the economy in which income is received. Optimal payoffs have their lowest outcomes when the economy is in a downturn, and this feature is often at odds with the needs of many investors. We introduce a framework for portfolio selection within which state-dependent preferences can be accommodated. Specifically, we assume that investors care about the distribution of final wealth and its interaction with some benchmark. In this context, we are able to characterize optimal payoffs in explicit form. Furthermore, we extend the classical expected utility optimization problem of Merton to the state-dependent situation. Some applications in security design are discussed in detail and we also solve some stochastic extensions of the target probability optimization problem.