Can recipients of sales flyers be segmented?

This paper investigates the possibility of identifying clusters among consumers receiving sales flyers from retailers (supermarkets, etc.). First, flyers are defined and then consumers’ perception of flyers is analysed, based on a representative panel. According to the analysis, three clusters are identified. The clusters possess quite different characteristics – not just in relation to their perceptions and attitudes towards flyers, but also when looking at demographic characteristics.     

Relational View

Ohne Zusammenfassung     

浴在奢华里

手拿上好的葡萄美酒，耳边环绕优雅的古典音乐，坐在结合高科技产品、有贵重金属镶嵌的浴盆中，墙上水晶灯发出迷醉的光芒，原来沐浴也可以这样奢侈。     

A Monte Carlo investigation of the accuracy of multivariate CAPM tests

In a multivariate regression model relating individual returns to the market return, CAPM implies non-linear restrictions on the parameters. Several asymptotically valid tests of these restrictions have been suggested. The existing Monte Carlo evidence shows that some of these tests are unreliable for reasonable sample sizes, but does not indicate well which tests are reliable. This paper reports the results of an extensive Monte Carlo experiment. Shanken's CSR test and Jobson and Korkie's corrected likelihood ratio test are quite accurate in all cases we consider.     

Monetary policy implementation and the federal funds rate

This paper investigates how the implementation of monetary policy affects the dynamics and the volatility of the federal funds rate. Since the early 1980s, the most important changes in the Fed’s conduct of monetary policy refer to the role of the federal funds rate target and the reserve requirement system. We show that the improved communication and transparency regarding the federal funds rate target has significantly increased the Fed’s influence on the federal funds rate since 1994. By contrast, the declining role of required reserves in the US has contributed to higher federal funds rate volatility. Our results suggest that the introduction of remunerated required reserves will further enhance the controllability of the federal funds rate.     

Energiesparen: Warum wird Beratung gefördert?

Home renovation is generally asserted to be a highly effective means to increase residential energy efficiency and thereby contribute to climate protection from reduced energy consumption. As part of a larger package of measures in the residential sector, the German government is consequently providing financial support for home audits from recognized energy experts who provide advice on retrofitting options. To date, the question concerning the effectiveness these home audits has largely escaped empirical scrutiny. The present paper fills this void by providing evidence for considerable free-rider effects within the home audit program, yielding serious reservations with respect to both the effectiveness of the program and its fiscal costs. Moreover, given the substantial differences between the gross- and net effects of home audits that are revealed by this analysis, the program’s contribution to climate protection and thereby the central justification for the associated government outlays is called into question. The social benefit of the program emerges only from those retrofits that would not have been undertaken in the absence of the home audit.