Was kann stationäre Pflege bei Morbus Parkinson leisten?

Pflege mit Modellcharakter - Die Parkinson-Erkrankung und das Parkinson-Syndrom z?hlen bundesweit zu den h?ufigsten neurologischen Diagnosen im h?heren Lebensalter. Und durch die zunehmende Lebenserwartung der Menschen werden sie weiter an Relevanz gewinnen. Innovative Pflegekonzepte werden daher gebraucht.     

Corporate Governance and Its Impact on R&D Investment in Emerging Markets

Corporate R&D activities are inherently risky but also difficult to monitor. Against this background, we examine the impact of ownership concentration and legal shareholder rights protection on corporate R&D investments in emerging markets. Based on a comprehensive sample of publicly listed firms from 24 countries, we find that R&D intensity is lower in firms with (strategic) block ownership, and this effect is more pronounced in countries with stronger shareholder rights protection. This suggests that, similar to the situation in developed economies, dispersed ownership, which allows shareholders to diversify their investment risks, is beneficial for corporate R&D and that this effect is intensified by more developed institutions.     

The Discount to NAV of Distressed Open-End Real Estate Funds

The Journal of Real Estate Finance and Economics - This paper examines the discount to NAV in the context of distressed German open-end real estate funds. This is a unique setting to study NAV...     

Mismatches Between Actual and Preferred Work Time: Empirical Evidence of Hours Constraints in 21 Countries

This paper analyses the discrepancy between actual and desired working hours in a multinational setting. Using the latest data of the International Social Survey Program (ISSP) with a focus on work orientations hours constraints in 21 heterogeneous countries are analysed. One major finding is that hours constraints are interrelated with macroeconomic variables such as (a) unemployment rates, (b) GDP per capita as a measure of welfare, (c) average weekly work hours, and (d) income inequality. A subsequent multivariate analysis reveals that, on both macro- and microlevels, sociodemographic variables like prosperity and income, high risk of unemployment, and working conditions play an important role in determining working hours constraints. The results further suggest that, with respect to working conditions, such constraints are also affected by gender issues.     

Real Estate Fund Flows and the Flow-Performance Relationship

Convexity in the flow-performance relationship of traditional asset class mutual funds is widely documented, however it cannot be assumed to hold for alternative asset classes. This paper addresses this shortcoming in the literature by examining the flow-performance relationship for real estate funds, specifically open-end, direct-property funds. This investment vehicle is designed to provide the risk-return benefits of private market real estate and is available to retail investors in many countries across the globe. An understanding of fund flow dynamics associated with this investment vehicle is of particular interest due to the liquidity risk associated with holding an inherently illiquid asset in an open-end structure. Our analysis draws on the theoretical foundations provided in the literature on mutual fund flows, performance chasing, liquidity risk, participation costs and dynamics across market cycles. We focus on German real estate funds from 1990 to 2010 as this is the largest market globally and there is a high level of confidence in the data. The results show that real estate fund investors chase past performance at the aggregate level and the relationship between flows and relative performance is asymmetric (i.e., convex) at the individual fund level. Fund-level liquidity risk tends to weaken convexity, while sensitivity increases with higher participation costs. We find the flow-performance relationship varies across time, though our interpretation is asset and investment vehicle specific. The implications are applicable to investors and fund managers of open-end, direct-property funds and, more broadly, other alternative asset funds where the underlying asset may not be liquid.     

FMA Roundtable on New Developments in European Corporate Governance

In this discussion that took place in Helsinki last June, three European financial economists and a leading authority on U.S. corporate governance consider the relative strengths and weaknesses of the world's two main corporate financing and governance systems: the Anglo‐American market‐based system, with its dispersed share ownership, lots of takeovers, and an otherwise vigorous market for corporate control; and the relationship‐based, or “main bank,” system associated with Japan, Germany, and continental Europe generally. The distinguishing features of the relationship‐based system are large controlling shareholders, including the main banks themselves, and few takeovers or other signs of a well‐functioning corporate control market. Given the steady increase in the globalization of business and international diversification by large institutional investors, the panelists were asked to address the question: can we expect one of these two systems to prevail over time, or will both systems continue to coexist, while seeking to adopt some of the most valuable aspects of the other? The consensus was that, in Germany as well as continental Europe, corporate financing and governance practices have already begun to look much like those in the U.S. and U.K., with much less reliance on bank loans and greater use of bonds and public equity. And these financing changes have resulted in major changes in ownership structures that have seen local main banks largely supplanted by foreign institutional investors—some of whom have demanded a greater voice in how companies are run. Moreover, Finnish economist Tom Berglund may well have provided a blueprint for the dominant European governance system of the future in describing the “Nordic model” as

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Corporate social responsibility as cultural meaning management: a critique of the marketing of ‘ethical’ bottled water

To date, the primary focus of research in the field of corporate social responsibility (CSR) has been on the strategic implications of CSR for corporations and less on an evaluation of CSR from a wider political, economic and social perspective. In this paper, we aim to address this gap by critically engaging with marketing campaigns of so-called ‘ethical’ bottled water. We especially focus on a major CSR strategy of a range of different companies that promise to provide drinking water for (what they name as) ‘poor African people’ by way of Western consumers purchasing bottled water. Following Fairclough's approach, we unfold a three-step critical discourse analysis of the marketing campaigns of 10 such ‘ethical’ brands. Our results show that bottled water companies try to influence consumers' tastes through the management of the cultural meaning of bottled water, producing a more ‘ethical’ and ‘socially responsible’ perception of their products/brands. Theoretically, we base our analysis on McCracken's model of the cultural meaning of consumer goods, which, we argue, offers a critical perspective of the recent emergence of CSR and business ethics initiatives. We discuss how these marketing campaigns can be framed as historical struggles associated with neo-liberal ideology and hegemony. Our analysis demonstrates how such CSR strategies are part of a general process of the reproduction of capitalist modes of accumulation and legitimation through the usage of cultural categories.     

Verteilung energiewendebedingter Netzkosten — allein eine Frage der Fairness?

In Germany there is an intensive debate regarding the allocation of the network costs caused by the German energy transition (“Energiewende”). The discussion is mainly driven by the growing divergence of network tariffs among the federal states. This article analyses the actual reform of the cost allocation for transmission system operators and suggests a possible general change in the system of cost allocation for the calculation of network fees. Furthermore, it shows additional possibilities to increase the cost orientation within the tariffs for electricity distribution.