Rezidivprophylaxe durch Patientenedukation

Patienten mit einem Ulcus cruris ohne eine ad?quate Prophylaxe erlei-den innerhalb des ersten beziehungsweise zweiten Jahres h?ufig ein Rezidivulkus. Deshalb muss allen Patienten vermittelt werden, dass nur eine konsequente Prophylaxe die h?chstm?gliche Sicherheit ge-ben kann, nicht erneut an einem Ulcus cruris venosum zu erkranken.     

GOVERNMENT SIZE AND GROWTH: A SURVEY AND INTERPRETATION OF THE EVIDENCE – A COMMENT

In contrast to the commonly held view, Bergh and Henrekson (2011) conclude that a consensus has almost been reached on the thesis that government size is negatively correlated with economic growth in developed countries. They underpin this by claiming that the only study in the survey to deviate from this consensus view, i.e. Colombier (2009), was rebutted by Bergh and Öhrn (2011). This comment shows that the claim by Bergh and Henrekson (2011) cannot be upheld because the analysis by Bergh and Öhrn (2011) is based on a flawed dataset. The re‐estimation of Colombier's (2009) regressions with time‐fixed effect does not reject his main findings. Moreover, it is demonstrated that recent empirical evidence on the growth impact of government size in rich countries is not as unanimous as the survey by Bergh and Henrekson (2011) suggests. Thus, the claim that a consensus view has been reached is premature.     

Viel Lärm um wenig

Ohne Zusammenfassung Carsten Hefeker ist Inhaber des Lehrstuhls für Europ?ische Wirtschaftspolitik der Universit?t Siegen.     

Folgen des schwachen Dollar

Ohne Zusammenfassung Carsten Hefeker ist Inhaber des Lehrstuhls für Europ?ische Wirtschaftspolitik der Universit?t Siegen     

Dynamic asset allocation with stochastic income and interest rates

We solve for optimal portfolios when interest rates and labor income are stochastic with the expected income growth being affine in the short-term interest rate in order to encompass business cycle variations in wages. Our calibration based on the Panel Study of Income Dynamics (PSID) data supports this relation with substantial variation across individuals in the slope of this affine function. The slope is crucial for the valuation and riskiness of human capital and for the optimal stock/bond/cash allocation both in an unconstrained complete market and in an incomplete market with liquidity and short-sales constraints.     

The choice of ownership structure: Evidence from Russian mass privatization

We use a large data set of Russian manufacturing firms to describe the ownership structure in the Russian industry at the end of the mass privatization program in 1994 and its subsequent evolution. The data shows a high, but gradually decreasing ownership stakes of firm insiders (managers and workers). We estimate the effect of a wide range of firm characteristics on the decision to privatize, the initial ownership structure after privatization, and on subsequent changes of ownership stakes. We test and find support for several predictions of the model by Aghion and Blanchard (1998). For example, collusion among workers makes them more reluctant to sell shares to outsiders. Firms in financial distress show a higher incidence of insiders selecting the option of privatization leading to high insider ownership. This can be explained by their desire to insure against unemployment in the case of restructuring by outsiders. No evidence is found of a sequencing in privatization according to the performance of firms before privatization. A methodological novelty of this paper is the application of a tobit model with sample selection to the choice of ownership stakes.     

Assessing the Effects of Certification Networks on Sustainable Production and Consumption: The Cases of FLO and FSC

Private governance approaches to foster sustainability have gained importance in recent years. The article focuses on such approaches that involve actors from different parts of the value chain, as well as consumers, labour unions, and NGOs. As these approaches rely on the certification mechanism to document the adherence to environmental and social standards, we refer to them as “certification networks.” The main objective of these networks is to realize more sustainable production and consumption patterns from within existing market structures. Concerning their impact on sustainability, however, existing research revealed mixed results. This raises the question, how to systematically assess the success of certification networks. Referring to debates on private governance, this paper proposes to consider structural–material (e.g., altered market and incentive structures) and regulative–normative effects (e.g., altered institutions). Taking this broader perspective, two cases are analysed: The Fairtrade Labelling Organization and the Forest Stewardship Council.     

The Underpricing of Initial Public Offerings at the Berlin Stock Exchange, 1870–96

Abstract. In this article, we evaluate underpricing of initial public offerings at the Berlin Stock Exchange between 1870 and 1896. In contrast to modern data, first‐day returns were extraordinary low and averaged less than 5%, even during the speculative period of the early 1870s. Moreover, standard underpricing theories based on asymmetric information, signalling mechanisms or litigation risk cannot explain underpricing. In contrast to modern markets, underpricing was higher during hot issue markets. Finally, we show that cash‐flow relevant information contained in the corporate charter was readily factored in the first market price. Thus, the historical capital market differed from today's market, but seems to have been efficient.