Aktienmärkte und Direktanlage in Aktien auf Talfahrt

Ohne Zusammenfassung Bernd Rudolph ist Professor und Vorstand des Instituts für Kapitalmarktforschung und Finanzierung an der Munich School of Management     

Mortgage Markets and Inter-Regional Differences in Conventional Mortgage Terms

One of the purposes of the secondary mortgage market is to move funds from areas of capital surplus to areas of capital shortage. If mortgage funds move freely throughout the economy then the price of mortgage funds (the terms of the mortgage) should be the same everywhere. Thus, if the secondary mortgage market is efficient, mortgage terms should show less geographic variation after the secondary market began in 1970 than they showed before. In this paper, the efficiency of the market is tested in two stages. In the first, the average terms of mortgage loans in 1968 and 1978 are examined to determine whether they became more homogeneous after the secondary market was begun. In the second stage, the terms are modeled as a function of region, year by region interaction variables, foreclosure rates, the usury ceiling and the average cost of funds. This model is estimated and analyzed using a multivariate multiple regression technique.     

The Nature of the Agrarian Land Question in the Republic of South Africa

Abstract . Most of the land in South Africa is dommnated by 4.5 million Whites. A tiny fraction of this key resource is designated for Black occupation in Black townships in White South Africa and for Black ownership in the ten “homelands.” Several interrelated factors account for the lop sided land distribution that exists in South Africa. The two most important factors are the removal of native occupants from the majority of the land, accomplished by early Dutch settlers, and legislative measures that were designed to guarantee a White controlled economy and foster economic development by assuring an abundant supply of disenfranchised and cheap black labor The extent of the inequality in the land distribution suggests that, from the viewpoint of ownership and control, Blacks were better off prior to 1652 when the first Dutch settlers arrived at the Cape.     

THE DEMAND FOR CANADIAN SEAWEEDS WITH SPECIAL REFERENCE TO IRISH MOSS*

The acquisition of a new industry has been the major goal of many rural areas, especially in the Maritimes region of Canada. Faced not only with a marginal possibility of increasing their catch but also with the likelihood of a decline in the catch in many species of fish, the emergence of a seaweed industry, notwithstanding its occurrence in specified areas, provides a welcome feature for some fishermen and farmers. This additional or alternative source of income provides a stability hitherto not experienced in the areas. This article assesses the demand for Canadian seaweeds via a demand model and appraises the policy implications emanating from the forecasts of the model. The conclusions suggest that the almost non-existent management at the resource level (season limits in terms of months harvested are in effect) and the concomitant problems linked to a common property resource could give rise to difficulties for continued growth and the attainment of maximum returns which may be averted. La création ?une nouvelle Industrie est ce que recherchent depuis longtemps de nombreuses régions rurales, particulierement dans la region canadienne des Mart-limes. Enlrevoyant qui! leur est fort peu possible ?accroitre leurs prises et qu'il leur faut plutot envisager une diminution des prises dans le cas de nombreuses espèces de poisson, nombre de pécheurs et cultivateurs vient ?un bon oeil ?apparition ?une induslrie des algues marines, méme si ces dernières ne sont récollees que dans des secteurs particuliers. Ce supplément de revenu ou autre source de revenu offre une chance de stabiliser qu'on n'avait jamais connue dans les secteurs en cause. Dans le prèsent article, ?auteur èvalue à?aide ?un modèle la demande ?algues marines du Canada et ètudie ce qu'implique sur le plan des positions à adopter les réponses obtenues du modèle. Ces réponses incitenl à croire que la quasi-absence de gestion au niveau de la ressource (la saison des récoltes est réglemente) et les problémes de ?exploitation ?une ressource commune, pourraient provoquer sur le plan de ?expansion continue et de la realisation de réndements maximum des difficultes qui! serait possible ?éviler.     

New Insights in the Moderating Effect of Switching Costs on the Satisfaction–Repurchase Behavior Link

Existing studies on the role of switching costs (SC) as moderator of the relationship between satisfaction and repurchase behavior are inconclusive. We attempt to explain these inconclusive findings by synthesizing an amplifying and a lock-in effect, and hypothesize a nonlinear moderating effect. In Study 1 (a main study and three replications), we find strong evidence for an inverted u-shaped moderating effect of overall SC. Our results suggest that satisfaction is a particularly important predictor of repurchase behavior in situations characterized by medium-levels of SC. Based on Prospect Theory, Study 2 (a main study and one replication) reveals that this inverted u-shaped moderating effect of SC is stronger for positive (relational and financial) SC than for negative (procedural) SC. We conclude with recommendations for satisfaction management of different customer segments, and describe possibilities to influence customer switching costs in various industries.     

WEB-IS (integrated system): an overall view

WEB-IS, Web-based Integrated System, allows remote, interactive visualization of large-scale 3-D data over the Internet, along with data analysis and data mining. In this paper, we discuss the overall structure of WEB-IS. Up until now we have developed three sub-modules geared towards geophysical problems. WEB-IS1 allows geoscientists to navigate through their 3-D geophysical data, such as seismic structures or numerical simulations, and interactively analyze the statistics or apply data-mining techniques, such as cluster analysis. WEB-IS2 lets a user control Amira (a powerful 3-D visualization package) remotely and analyze, render and view large datasets across the Internet. WEB-IS3 is an imaging service that enables the user to control the scale of features to view through interactive zooming. In the near future, we propose to integrate the three components together through a middleware framework called NaradaBrokering (iNtegrated Asynchronous Real-time Adaptive Distributed Architecture, a distributed messaging infrastructure that can be used to intelligently route data between the originators and registered consumers) without regard for time or location. As a result, WEB-IS will improve its scalability and acquire properties of fault-tolerance. WEB-IS uses a combination of Java, C++, and through the use of NaradaBrokering will seamlessly integrate the server-side processing and user interaction utilities on the client. The server takes care of the processor intensive tasks, such as visualization and data mining, and sends either the resulting bitmap image or statistical results to the middleware across the Internet for viewing. WEB-IS is an easy-to-use service, which will eventually help geoscientists collaborate from different sites in a natural manner. It will be very useful in the next 10 years because of the increasing number of space missions and geophysical campaigns.     

范畴帝国主义:置知识于全球化的世界中

范畴帝国主义描述的是在主导性社会文化环境中形成的范畴被输出到从属性社会文化环境中的情形。洛克式的普世主义是范畴帝国主义的形而上基础,而现代化理论、理性选择理论和全球化理论则是其具体的表现。区域研究和后殖民理论都对普世主义的理论进行了反思和批评。替代普世性知识的,应当是情境性知识,这是一种源自柏克的研究取向。对情境性知识的强调意味着美国的那种将洛克强加到世界各处的绝对主义必将遭遇尴尬。     

Public managers’ perception of performance information: the evidence from Polish local governments

ABSTRACT

Performance management requires wise utilization of performance information to generate expected results. The framework of Performance Information Utilization (PIU) explains why and how performance information is used in the public sector, although it does so without recognizing the role of the information user’s perception. This article adapts the information system theories to conceptualize perception of performance information (PPI). Statistical analysis confirmed the validity of the construct and showed a significant relationship between quality and usefulness of performance information, and usefulness of multiple performance information systems. Tested model offers new insights in explaining the use of performance information in local governments.     

Mehrwert durch Transparenz kommunizieren

Die zunehmende Discountausbreitung fordert Hersteller und Detailh?ndler heraus, den Mehrwert ihrer Produkte besser aufzuzeigen. Es braucht Argumente jenseits des Preises. Stellt die Kommunikation transparenzf?rdernde Informationen zur Lieferkette der Produkte in den Vordergrund, werden bislang kaum evidente, aber aus Konsumentensicht entscheidende, Unterschiede aufgezeigt, die Konsumenten helfen, beim Einkauf nicht nur einseitig auf den Preis zu achten.