A note on the existence of unique equivalent martingale measures in a Markovian setting

Simple sufficient conditions for the existence of a unique equivalent martingale measure are provided. Furthermore, these conditions give us a handle on situations where an equivalent martingale measure cannot exist. The existence of a unique equivalent martingale measure is of relevance to problems in mathematical finance. Two examples of models for which the question of existence was unresolved are studied. By means of our results existence of a unique equivalent measure up to an explosion time is proved.     

Mehr Durchblick durch Ausbildungspläne

Rahmenpl?ne für die Altenpflege - Seit der Einführung des bundeseinheitlichen Altenpflegegesetzes 2003 sind Pflegeeinrichtungen verpflichtet, die Ausbildung ihrer Auszubildenden in der Altenpflege auf der Grundlage eines Ausbildungsplanes sicherzustellen. Was sollte er beinhalten und wie wird er erstellt?     

An Integrative Model of the Influence of Parental and Peer Support on Consumer Ethical Beliefs: The Mediating Role of Self-Esteem,Power, and Materialism

What causes adolescents to develop consumer’ ethical beliefs? Prior research has largely focused on the negative influence of peers and negative patterns of parent–child interactions to explain risky and unethical consumer behaviors. We take a different perspective by focusing on the positive support of parents and peers in adolescent social development. An integrative model is developed that links parental and peer support with adolescents’ self-worth motives, their materialistic tendencies, and their consumer ethical beliefs. In a study of 984 adolescents, we demonstrate support for a sequential mediation model in which peer and parental support is positively related to adolescents’ self-esteem and feelings of power, which are each associated with decreased materialism as a means of compensating for low self-worth. This reduced materialism is, in turn, associated with more ethical consumer beliefs.     

A measure of regional influence with the analytic network process

The metropolitan region is commonly defined by a socio-spatial network of urban nodes that are linked in territory and function. Such a network is differentiated by size and dominance of the linked nodes, characterized by physical or virtual flows of a wide-ranging variety. The analytic network process (ANP) is a multi-criteria analytic method that measures the influence or dominance of the nodes in a network with feedback. We illustrate how ANP determines county rank as a measure of influence in a metropolitan statistical area (MSA) defined by its interrelated socio-economic and spatial elements qualitatively and quantitatively. We compare the ANP results to similar measures of regional influence in the literature.     

Interest Income Tax Evasion,the EU Savings Directive and Capital Market Effects*

The EU Savings Directive has been celebrated as a major political breakthrough in coordinating taxation in Europe. Against this background, the present paper evaluates the real‐world effects of this directive. The directive has left a loophole by providing grandfathering (exemption from withholding tax) for some securities. In this paper, we compare the pre‐tax returns of exempt bonds and comparable taxable bonds. If working around the Savings Directive is difficult for income tax evaders in Europe, then investors should be willing to pay a premium for bonds that are exempt from the withholding rate. Conversely, if such a premium is absent, then this suggests that the supply of existing loopholes (exempt bonds included) is large enough to allow tax evaders to continue evasion at no additional cost. The findings of our study are in line with this latter interpretation.     

Assessing social support networks in cross-national comparative surveys: Measurement issues

In recent years many cross-national comparative surveys, such as Gender and Generation Programme, International Social Survey Programme, European Quality of Life Survey, or General Social Survey, have included assessment of social support networks. Generally, two approaches were used; the name generator approach and the role relation approach. As more cross-country surveys are conducted every year, it may seem reasonable to use such data sets, since they provide high quality comparisons across countries. However, one should pay close attention to the measurement instruments, as these may cause unintentional but systematic variability in the observed data. While the data from each survey can be of high quality ??per se??, we claim that results from these surveys are not comparable, owing to their different measurement approaches and survey instruments. In this paper we present data from several experiments which show that scientific findings from these surveys depend significantly on questionnaire design.     

The rapid internationalization of high technology firms created through the commercialization of academic research

This article uses the international entrepreneurship framework developed by Jones, M. V., & Coviello, N. E. (2005). Internationalization: Conceptualizing an entrepreneurial process of behavior in time. Journal of International Business Studies, 36(3): 284–303, to explore the internationalization of high technology firms created through the commercialization of academic research. In particular, the effect of networks and entrepreneurial orientation is explored. Theoretical sampling resulted in four cases being studied. The data suggests that the “fundamental” networks of the academics involved in the firms assisted in the identification and exploitation of initial opportunities to internationalize. The research also suggests that only certain dimensions of entrepreneurial orientation impacted the internationalization of firms. Specifically, risk taking, technological innovativeness, and autonomy in certain parts of the organization assist in the entrepreneurial stages, while proactiveness and product–market innovativeness assist the success of firms internationally.