Effects of Unilateral Climate Policy on Terms of Trade,Capital Accumulation,and Welfare in a World Economy

We present a two-good, two-country overlapping generations model where emissions arise from production and each country has a domestic emission permit system. When one country unilaterally reduces her cap on emissions, her output available for domestic and foreign consumption diminishes more than in the other country. With unchanged consumption expenditure shares for both goods the domestic terms of trade improve, while capital stocks decline in the reducing and less strongly in the non-reducing country. Improving terms of trade in the reducing country and falling capital stocks lead in total to welfare losses in both countries. However, if the country which unilaterally reduces her emission permits is a net creditor to the world economy and the Golden Rule applies, her own welfare loss remains below that of the non-reducing country.     

Reference Data Models for the Strategic Controlling of Waste Management Firms

The paper depicts the development of reference data models for strategic key performance indicator systems specific to waste management firms providing a new comprehensive typology of generic models for data warehouse solutions. Additionally, a development methodology for industry solutions is applied, which, given the empirically founded typification process and the theoretically derived performance measurement systems, is characterized by a high degree of structure and transparency. The new approach thus systematically integrates both inductive-empirical and deductive-analytical elements.     

Price dispersion in OTC markets: A new measure of liquidity

In this paper, we model price dispersion effects in over-the-counter (OTC) markets to show that, in the presence of inventory risk for dealers and search costs for investors, traded prices may deviate from the expected market valuation of an asset. We interpret this deviation as a liquidity effect and develop a new liquidity measure quantifying the price dispersion in the context of the US corporate bond market. This market offers a unique opportunity to study liquidity effects since, from October 2004 onwards, all OTC transactions in this market have to be reported to a common database known as the Trade Reporting and Compliance Engine (TRACE). Furthermore, market-wide average price quotes are available from Markit Group Limited, a financial information provider. Thus, it is possible, for the first time, to directly observe deviations between transaction prices and the expected market valuation of securities. We quantify and analyze our new liquidity measure for this market and find significant price dispersion effects that cannot be simply captured by bid-ask spreads. We show that our new measure is indeed related to liquidity by regressing it on commonly-used liquidity proxies and find a strong relation between our proposed liquidity measure and bond characteristics, as well as trading activity variables. Furthermore, we evaluate the reliability of end-of-day marks that traders use to value their positions. Our evidence suggests that the price deviations from expected market valuations are significantly larger and more volatile than previously assumed. Overall, the results presented here improve our understanding of the drivers of liquidity and are important for many applications in OTC markets, in general.     

The order flow of discount certificates and issuer pricing behavior

We analyze the order flow of discount certificates, its dependence on product age, and the implications for issuer pricing behavior. Based on a unique data set of exchange trades and issuer quotes, we find that for tax reasons investors prefer to buy products that mature in just over 1 year from the date of purchase. Furthermore, they tend to sell products back preferably close to maturity. These patterns in the trade direction allow us to separate the issuer pricing behavior from (i) the life cycle and (ii) the order flow. We find evidence that 7 out of 11 issuers anticipate the order flow and price in an additional margin in phases of positive expected net sales.     

Comparative analysis of global consumer behaviour in the context of different manual dishwashing methods

This laboratory study presents an overview of the global manual dishwashing behaviour. The focus of the investigation was to analyse individual attitudes towards manual dishwashing and to determine the amount of water and energy used, as well as the cleaning performance achieved. Additionally, manual dishwashing was compared with automatic dishwashers. Two hundred eighty-nine participants from 29 countries took part in this investigation. Each consumer had to wash up a complete soiled dishwasher load consisting of 12 place settings based on both international and local performance test standards for automatic dishwashers. Country-specific aspects such as tableware, food residues or washing up equipment were considered. In order to analyse individual consumer's behaviour, each participant was recorded on video and had to fill out a questionnaire. The resource consumption for washing up dishes was measured during the tests. At the end of each trial, the cleaning result of the washed up tableware was assessed. To compare manual with automatic dishwashing, country-specific dishwasher models were tested in parallel with three different programmes with the same soiled dish samples. The study provides comprehensive data about the average resource consumption for manual dishwashing for a specific load for each country. The average water consumption per country reached 34.7 l up to 160.1 l, and individual values ranged from 18.3 l to 472.8 l. The lowest used average heat quantity accounted for 0.9 kWh per country, while the highest amount was five times higher. The cleaning results did not differ much between the countries: the average test results were between 2.2 and 2.8 on a scale between 0 and 5. The automatic dishwasher tests showed differences between both the machines and the programmes. All machines achieved lower water consumption values than the average consumers with about 9.6 l to 26.7 l of water on average. The energy consumption ranged from 0.5 kWh on average up to 2.0 kWh. The cleaning results of the dishwasher tests varied highly ranging from 1.1 in a quick programme to 4.4 in an intensive programme. The study comes to the conclusion that automatic dishwashing is more superior as compared with manual dishwashing in terms of performance and resource consumption under the tested conditions. Furthermore, it points out that washing up dishes under running tap water is the most water-consuming manual dishwashing method of all investigated ones. A high lack of knowledge about the benefits of automatic dishwashing compared with manual dishwashing can still be identified among consumers.