Herding in the German Mutual Fund Industry

This paper analyses the trading activity of German mutual funds in the 1998–2002 period to investigate whether German mutual fund managers are engaged in herding behaviour. Another objective of the study is to determine the impact of this herd‐like trading on stock prices. Our results provide evidence of herding and positive feedback trading by German mutual fund managers. We show that a significant portion of herding detected in the German market is associated with spurious herding as a consequence of changes in benchmark index composition. Investigating the impact of mutual fund herding on stock prices, we find that herding seems to neither destabilise nor stabilise stock prices.     

德国财政学、英美财政学与中国财政学

本文研究财政学主流从德国范式到美国范式的演变史。文章通过对不同语言的“财政”一词进行文献研究,认为财政学产生于德国而非英国;然后在马克思主义唯物史观的指导下,还原经济学如何一步步取代财政学的历史过程。本文的研究表明:第一,财政学并非经济学的分支,二者产生的土壤与哲学根基都不相同;第二,经济学的几次变革反映出其内在逻辑的不一致,无法作为财政学的理论基础;第三,当代主流财政学与现实脱节的原因在于实践和理论的发展方向是矛盾的,即19世纪末20世纪初,英美的财政实践在向德国学习,而英美的公共经济学却取代德国财政学,成为财政学的主流。     

Adolph Wagner’s economic thought in Brazil: money and public finance in the turn of the 20th century

This paper addresses the dissemination of German economist Adolph Wagner’s ideas in Brazil. It shows that his monetary thinking, inspired by Thomas Tooke and the Banking School, as well as his ideas on public finance, particularly the law of increasing state spending, were assimilated by two Brazilian economic thinkers: Rui Barbosa and Vieira Souto. The way these policymakers incorporated Wagner’s ideas into their texts and the arguments with which they chose to engage show the kind of economic discourse they were shaping in Brazil. This analysis reveals the different functions that the original ideas could perform in another national context.     

Private equity deal success and pre-acquisition determinants – empirical evidence from Germany

Shortly after a fall-back linked to recent financial crises, private equity investing has been undergoing a strong revival, especially in Germany. In a country known for the large number of small- and medium-sized companies, private equity investors can profit from a large choice of potential targets. Researchers have been broadly studying the field of private equity for many years, especially exploring post-investment value creation. But most articles missed to address the importance of pre-acquisition determinants such as target characteristics. Under these circumstances, this study focuses on exploring the relationship between pre-acquisition target characteristics and deal performance by analysing a sample of 125 transactions in Germany using an ordinal logistic regression analysis.

The findings suggest that asset lightness, management experience and the healthcare industry are positively linked to the deal success by increasing the likelihood of achieving a higher return category.

This implies that private equity investors active in Germany could outperform if they set according to investment preferences. Similarly, investors are likely to get a higher return from general partners who invest in companies presenting such characteristics.     

中德应用型人才培养的差异和启示

本文就中国普通高等学校和德国应用科学大学在应用型人才培养的指导思想、专业设置、教学要素等方面进行了分析比较,获得了一些启示,为改革应用型人才培养提供了参考意见。     

市场营销·人才培训·业务拓展--赴德学习考察的收获与体会

2005年4月下旬,笔者有幸赴德国法兰克福考察和了解了德国银行业在市场营销方面的经验和做法。德国是世界上第三大经济体,中国是世界上最大的经济转型国家,虽然两国在政治、经济、文化、制度等方面差异明显,但作为同业者,他们的一些做法可以给我国银行业些许启发和借鉴。德方专家不仅熟悉相关理论,而且由于一部分人有在银行、企业和咨询公司等多部门工作的背景,加之个别人曾与中国有关方面进行过交往与合作,因此,交流研讨的大部分时间及内容是沿着客户对银行的需求和银行对客户的服务这一形式和逻辑展开的,因而较好地克服了因研讨参与人职业单一性而导致讨论问题单向性的局限。     

比较法视野下的我国可持续水治理(上)——对水和水情的法律理解

当代的中国水危机需要现代水管理理念。通过对水和水情多角度、多层面的深入分析,指出水不仅是经济物质,同时更是人类生存基础、动植物生存空间和生态系统的组成部分。通过对国际法、欧盟和德国水法中的管理理念比较分析,明确其总的发展趋势,即在生态保护理念下,以环境目标为导向,通过规划措施和综合手段提高水体保护水平。在此基础上,对我国新时期的水管理和水体保护进行法律分析,指出可持续水治理只能以法治为原则,以环境目标为导向,实施综合水体管理。     

不同国家公司治理结构及期比较

美国、德国、日本的公司治理结构在股权结构、治理制度、治理手段以及对公司经理人员的激励和约束机制方面的特点不同。这些不同特点反映在公司持股结构、公司治理机制对公司治理的力度、对经理人员的激励和约束机制等方面的差异。通过比较分析揭示不同公司治理结构的优点和缺点。     

上市公司退市时小股东利益之保护

公司退市将因为对股票的流通能力产生明显的损害而影响股票的财产价值。以德国法为基础，本文认为，为了充分保护少数股东的利益，公司申请退市时须由股东大会做出是否退市的决议，股份公司或大股东有义务向少数股东发出全值收购股票的要约，并且少数股东可以要求在诉讼程序中审沓要约价格的适当性。     

U.S.-American and German Business Ethics:An Intercultural Comparison

The differences between the "habits of the heart" in German and U.S.-American corporations can be described by analyzing the way corporations deal with norms and values within their organizations. Whereas many U.S. corporations have introduced formal business ethics programs, German companies are very reluctant to address normative questions publicly. This can be explained by the different cultural backgrounds in both countries. By defining these different "habits of the heart" underlying German and American business ethics it is possible to show the problems and questions within the intercultural management of values, but also the possible solutions.