Gebieten internationale Gründe die abschaffung der mindestreserve?

Zusammenfassung Damit kann die Analyse abgeschlossen werden. Es bleibt nur noch, ein doppeltes Fazit zu ziehen, zun?chst das Fazit aus den überlegungen im Teil III. Es lautet: Ein Verzicht auf das Mindestreserveinstrument mag zwar die von externen Finanzm?rkten auf die Geldpolitik ausgehenden St?rungen verkleinern, würde aber zugleich die Wirksamkeit der Geldpolitik einer “Führungsnotenbank” derart schw?chen, da\ per saldo ein nicht unerheblicher Nachteil bliebe. Diese per saldo verbleibende Minderung der geldpolitischen Wirksamkeit ist abzuw?gen gegen den m?glichen Vorteil aus allokationspolitischer Sicht, den man bei einem Verzicht auf die Mindestreserve erlangen k?nnte. Dabei ist zu beachten, da\ dieser Vorteil in seinem Ausma\ auch davon abh?ngt, da\ es der Geldpolitik gelingt, den Wert der W?hrung zu sichern. Zieht man in dieser Hinsicht das Fazit aus allem, was vorgetragen worden ist, so lautet es: Eine Abschaffung der Mindestreserve aus internationalen Gründen ist nicht anzuraten. Summary Should the minimum reserve requirements be abolished for international reasons? — In this article, the author analyzes the hypothesis that the minimum reserve requirements deteriorate the international competitiveness of the German financial system and that these requirements favor external money markets and thus reduce the effectiveness of monetary policy in Germany. The result of the analysis is that abolishing the minimum reserve requirements would admittedly reduce the disturbances coming from abroad, but that at the same time it would abate the effectiveness of a central bank with an internationally dominant position. Thus, the author does not recommend to abolish the minimum reserve requirements for international reasons.

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Résumé Est-ce que des raisons internationales exigent l’abolition des réserves de caisse obligatoires? — Dans cette étude l’auteur examine la thèse que l’existence des réserves de caisse obligatoires diminue la compétitivité de la place financière allemande et favorise l’accroissement des marchés monétaires externes et par conséquence affaiblit l’efficacité de la politique monétaire allemande. Le résultat est qu’un renoncement à l’instrument des réserves de caisse obligatoires diminuerait en effet les dérangements partant des places financières externes, mais qu’il affaiblirait aussi la politique monétaire d’une banque centrale avec un r?le dirigeant. Par conséquence, l’auteur ne recommande pas à abolir l’instrument des réserves de caisse obligatoires à cause des raisons internationales.

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Resumen ?Sugieren razones internationales la abolición del encaje minimo? — En este trabajo se estudia la tésis que sostiene que el encaje obligatorio reduce la competitividad de la plaza financiera alemana, que contribuye al crecimiento de mercados de dinero externos y que, con ello, débilita la eflcacia de la politica monetaria alemana. Se concluye que si bien la renuncia al encaje como instrumento reduciria las interferencias en el mercado nacional que parten de los mercados financieros externos, al mismo tiempo debilitaria la eflcacia de la política monetaria de un banco central lider. Por ello, no se recomienda la abolición del encaje mínimo por razones internationales.

     

To live or let die? An empirical analysis of piecemeal voluntary corporate liquidations

This paper is an in-depth investigation of 61 publicly-traded firms that chose to liquidate voluntarily on a piecemeal basis during the 1970s and 1980s. In comparison with their industry peers, these firms have lower Tobin's Q, a higher percentage of equity ownership by management and the board, a higher incidence of a member of the corporation's founding family in a key executive position or on the board, and a higher incidence of asset sales and prior attempts to transfer control of the firm. The average excess stock return of 20% around liquidation announcements is positively correlated with the fraction of stock owned by management and the board. These results suggest that firms that make the value enhancing decision to voluntarily liquidate confront low future growth opportunities, but the absence of future growth opportunities is not sufficient to bring about this decision. It is also necessary that decision makers have a vested interest in the outcome, either because of their ownership stake or because of their family affiliation with the business, and that the valuation consequences of the decision are greater, the more closely aligned are managerial and shareholder interests.     

Alternative growth patterns of university spin-offs: why so many remain small?

The aim of this paper is to provide explanations for alternative growth patterns of university spin-offs using qualitative research methods. By matching the willingness of academic entrepreneurs to the ability of university spin-offs to grow, four basic types of university spin-offs are derived: ambitious, unwilling, saturated and impeded university spin-offs. By combining theoretical considerations from a specific concept of growth phases and empirical regularities from 68 university spin-offs we construct eight different subtypes of university spin-offs. The results show that the majority of university spin-offs either lacks entrepreneurial growth intentions or is impeded by reasons caused by personal characteristics of the academic entrepreneur, the university spin-off or the external environment. Some subtypes like life stylists, entrepreneurial academics and late bloomers face problems or share attitudes that are very specific in the context of university spin-offs. This paper contributes to the literature on university spin-off growth by providing an in-depth analysis of the underlying reasons for the founders’ willingness and ability to grow or not to grow. This study also reflects the heterogeneity of university spin-off growth and considers the evolutionary perspective. Growth is not only understood as a consequence of an economic process but also a personal and social process. In this way, this study augments the existing concepts of growth phases.     

A SURVEY OF U.S. CORPORATE FINANCING INNOVATIONS: 1970–1997

In the past 30 years, major changes have occurred not only in the kinds of securities issued, but also in the way securities are issued and in the national markets where they are issued. Traditional registered offerings have been partly displaced by shelf registered offerings and Rule 144A private offerings. And once exclusively domestic U.S offerings are increasingly being supplemented by foreign market offerings by U.S. companies, and by simultaneously domestic and foreign offerings. In 1997, for example, 11% of all proceeds raised by U.S. corporations were issued in one or more foreign markets. Of the $105 billion raised in these offerings, $31 billion was denominated in currencies other than the U.S. dollar.
While traditional securities still dominate the market, the authors' research indicates that the pace of innovation in the design of securities also increased markedly during the 1980s and has continued strong throughout the 1990s. In 1997, for example, innovative securities accounted for almost 30% of total domestic offerings. Three of the most common objectives of such securities have been (1) to manage the interest rate (and other financial price) risk faced by investors and issuers; (2) to reduce information costs faced by investors when buying securities from issuers with better information about their own prospects (a condition known as "information asymmetry"); and (3) to increase the tradability of financial assets.     

THE INTRA-INDUSTRY EFFECTS OF OPEN MARKET SHARE REPURCHASES: CONTAGION OR COMPETITIVE?

We examine the extent to which announcements of open market share repurchase programs affect the valuation of competing firms in the same industry. On average, although firms announcing open market share repurchase programs experience a significantly positive stock price reaction at announcement, portfolios of rival firms in the same industry experience a significant and contemporaneous negative stock price reaction. This suggests that perceived changes in the competitive positions of the repurchasing firms occur at the expense of rival firms and dominate any signals of favorable industry conditions. Thus, the competitive intra-industry effects of open market repurchases outweigh any contagion effects. In addition, cross-sectional tests indicate that these competitive effects are more pronounced in industries characterized by a lower degree of competition and less correlation between the stock returns of the repurchasing firm and its rivals.     

Marketing communication and corporate identity: are they integrated?

Although corporate identity was originally defined in terms of the visual representation of a company, later writers employed broader definitions, which have highlighted the importance of the various forms of communication in corporate identity management. Recent models of the corporate identity management process have reflected the importance of communication in the management of corporate identity. Corporate communication has been regarded as being composed of three forms: management, marketing and organizational communication. Most organizations are structured such that management and organizational communication are closely aligned with the corporate identity of an organization. However, the conjunction between corporate identity and marketing communication is less discernible. It has been noted that the interaction between corporate and marketing communication is 'tentative and embryonic in nature'. The authors conducted empirical research, which explored the extent to which corporate identity was integrated into the marketing communication campaigns of these practitioners. The conclusions from this exploratory research suggest that there are substantial barriers to the successful integration of corporate identity with marketing communications. Barriers such as the importance of integration not being accepted by clients, the focus of marketing managers on short-term goals, too many people involved with managing the core message of corporate identity and an ad hoc approach towards marketing communication were important. Further research into structural and behavioural ways of overcoming these barriers could prove to be extremely valuable.     

Wildlife management practices at western Canadian airports

A survey of 38 airports in British Columbia, Alberta and Saskatchewan, Canada, is used to document and explore differences in use of Airport Wildlife Management Plans; common wildlife attractants; wildlife countermeasure usage and outcomes; and animal strike record keeping systems. Hazardous activities and practices for managing waste and agricultural crops commonly occurred within 8 km of airports, but also occasionally airside or groundside. Maintaining long grass was the most routinely used countermeasure, but there are conflicting responses regarding the most appropriate grass length to deter wildlife. Removal of diverse habitat had the highest success ranking among listed countermeasures. Over 75% of airports kept strike records, but less than 7% used them to measure the outcomes of countermeasure implementation.     

Has the Byrd Amendment Affected US Imports?

The Continued Dumping and Subsidy Offset Act (CDSOA), also known as the Byrd Amendment, allows the US government to distribute revenues from antidumping duties to domestic firms alleging harm. Prior to the amendment these revenues were not distributed to firms. In this article, we formally test the hypothesis that the Byrd Amendment effectively provides double protection to US firms to the extent that it further restricts US imports, as argued by the EU and 11 other US trading partners. Using a rich panel of 362 US manufacturing industries for the period 1998 to 2003, we find that whether or not the Byrd Amendment restricted US imports depends crucially on the level of competitiveness in the import‐competing industry. Specifically, we find that the Byrd Amendment served to restrict imports only in industries where competition is relatively weak, while the amendment is associated with an increase in imports in more competitive industries.