Journal articles on the topic 'Futures market Germany'
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Fianu, Emmanuel Senyo. "Portfolio optimization of power futures market: Evidence from France and Germany." International Journal of Public Policy 1, no. 1 (2016): 1. http://dx.doi.org/10.1504/ijpp.2016.10002500.
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Fianu, Emmanuel Senyo. "Portfolio optimisation of power futures market: evidence from France and Germany." International Journal of Public Policy 14, no. 1/2 (2018): 120. http://dx.doi.org/10.1504/ijpp.2018.090690.
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Łęt, Blanka. "Oil Prices and Stock Markets in Europe: Detection of Extreme Risk Spillover." Financial Assets and Investing 10, no. 1 (October 1, 2019): 40–53. http://dx.doi.org/10.5817/fai2019-1-3.
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The goal of this paper is to check existence of Granger causality in risk between eleven European stock markets and crude oil market. We analyze bidirectional instantaneous and delayed Granger causality in tails test results, i.e. whether occurrence of the extreme returns on the crude oil market precede similar events on the main European stock markets and vice versa. Using Brent futures prices and main stock indices in Europe (Belgium, France, Germany, Greece, Italy, Netherlands, Norway, Poland, Spain, Sweden and United Kingdom), we apply testing procedure developed by Candelon and Tokpavi (2016). The main conclusion is that in the vast majority of cases instantaneous causality in tails was symmetrical. We also found that more long-lived reaction appeared as a result to the negative news from the oil market and from the stock markets.
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Candra, Dodiek, Kilian Hartmann, and Michael Nelles. "Economic Optimal Implementation of Virtual Power Plants in the German Power Market." Energies 11, no. 9 (September 7, 2018): 2365. http://dx.doi.org/10.3390/en11092365.
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The burden of excess energy from the high renewable energy sources (RES) share creates a significant reduction of residual load for the future, resulting in reduced market prices. The higher the share of stochastic RES, the more often the price will be 0 €/MWh. The power market needs new methods to solve these problems. The development of virtual power plants (VPPs) is aimed at solving techno-economic problems with an increasing share of RES in the power market. This study analyses a possible implementation of stochastic and deterministic RES in a VPP to generate secured power, which can be implemented in the European Power Exchange (EPEX)/European Energy Exchange (EEX) power market using existing market products. In this study, the optimal economic VPP configuration for an RES-based power plant is investigated and implemented into standard power market products. The results show that the optimal economic VPP configuration for different market products varies, depending on the energy availability and the marginal costs of the VPP components. The size of the VPP components is positively correlated to the components’ share of the energy generated. It was also found that projecting or implementing VPPs in Germany at current market prices (EPEX/EEX prices) is not yet economically feasible for a small share of market products. However, the secured power can be marketed on the SPOT and in the futures market with higher and more stable prices compared with the status quo.
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Donald, David C. "Applying Germany's Market Manipulation Rules to Disruptive Trades on the Eurex and MTS Platforms." German Law Journal 6, no. 3 (March 1, 2005): 649–66. http://dx.doi.org/10.1017/s2071832200013845.
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Until recently, cheap fiction and corporate finance most famously met in the creative accounting of companies like WorldCom and Enron. Now, however, both the spoof James Bond, Austin Powers, and the securities regulators of Germany, the United Kingdom, Italy and France face common, twin malevolence:Doctor Evil and Mini Me.These reportedly were the names of a trading strategy devised at the London based European government bond desk of Citigroup Inc. to correct – as reported in theThe Wall Street Journal Europe– what a senior bank executive had referred to as their not “making enough money for the firm.” According to theJournal, “Citigroup wanted to use the futures market to push up prices for bonds traded on the cash market, which tend to follow futures prices. Then they would dump a large amount of bonds in the cash market, reaping profits from their holdings and forcing down prices, to the detriment of other market participants.” At 10:00 am on August 2, 2004, six Citigroup traders launched “Mini Mi” by building up positions in the Eurex futures market, then at 11:29 am they unleashed the “Dr. Evil” trading program, which placed sell orders for various European government bonds, with a total aggregate value of € 83 billion, of which only € 12.4 found buyers; once “the price of the bonds had fallen because of the flood of sell orders, Citigroup bought back € 3.8 billion in bonds … and is estimated to have made around € 15 million in profit.” The spot sales were primarily conducted on the MTS fixed-income trading platform, and constituted 42% of the platform's total value for the day; the traders had cash positions of only about € 8 billion in the securities for which they placed sell orders of up to € 83 billion, which could have left them with a much larger short position than the € 4.4 billion they eventually had.
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Nahm, Jonas. "Renewable futures and industrial legacies: Wind and solar sectors in China, Germany, and the United States." Business and Politics 19, no. 1 (March 2017): 68–106. http://dx.doi.org/10.1017/bap.2016.5.
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AbstractThis article develops an explanation for patterns of industrial specialization in emerging high-technology industries through a comparative analysis of wind and solar sectors in China, Germany, and the United States. Although governments have held similar industrial policy goals in the support of renewable energy industries, firms in all three economies have established distinct innovative capabilities in response to the policies of the state. This article shows that firms utilize both legacy institutions and engage in relational learning in global networks to carve out distinct niches in emerging industries. Based on an original dataset of more than 200 firm-level interviews, the article suggests that the rise of global value chains has widened the space for national diversity in industrial specialization. Firms no longer have to establish the full range of skills required to bring an idea from lab to market, but can specialize and collaborate with others. In this context, firms respond to industrial policy by incrementally building on existing industrial capabilities and by relying on familiar public resources and institutions, even in emerging industries. These findings point to the role of industrial legacies in shaping firms' positions in global value chains and show that firms are active agents in maintaining distinct industrial specializations and domestic institutions under conditions of globalization.
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Kalantzis, Fotis G., and Nikolaos T. Milonas. "Analyzing the impact of futures trading on spot price volatility: Evidence from the spot electricity market in France and Germany." Energy Economics 36 (March 2013): 454–63. http://dx.doi.org/10.1016/j.eneco.2012.09.017.
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Keefe, Helena G., and Erick W. Rengifo. "Currency Options, Implied Interest Rates and Inflation Targeting." International Journal of Economics and Finance 11, no. 2 (January 15, 2019): 119. http://dx.doi.org/10.5539/ijef.v11n2p119.
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The currency option price is a powerful tool used regularly to determine market expectations on volatility in currencies using the implied volatility measure. This research tests and analyzes whether similar inferences can be made regarding interest rate and inflation expectations. Using historical options data, we derive and analyze implied interest rates during non-inflation targeting (non-IT) and inflation targeting (IT) periods for Australia, Canada, and the United Kingdom. We compare the results to a control group of countries that had not yet adopted inflation targeting during the period under study: Germany, Japan and Switzerland. Our results show that options prices can provide insights on market expectations on interest rates, that the adoption of inflation targeting strengthens the relationship between market expectations and inflation, and that shocks in interest rates and inflation lead to higher implied interest rates. In determining the potential uses of implied interest rates derived from currency options prices, our goal is not to replace the Federal Funds futures or equivalent tools in advanced economies, rather to present the usefulness of currency options as a tool to provide information to policymakers in emerging market economies. Central banks, such as the Banco Central de Colombia and Banco de Mexico, have been using currency options as tools for foreign exchange intervention or reserve accumulation/decumulation since the early 2000’s, and options markets in these economies have grown rapidly since then. Therefore, establishing the usefulness of implied interest rate measures derived from currency options prices may provide insights to policymakers and practitioners alike.
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Malkina, Marina, and Anton Ovcharov. "TOURISM INDUSTRY STRESS INDEX AND ITS RELATIONSHIP TO THE FINANCIAL STRESS INDEX." Tourism and hospitality management 27, no. 2 (2021): 363–83. http://dx.doi.org/10.20867/thm.27.2.8.
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Purpose – development of the Tourism Industry Stress Index (TSI) and the Financial Stress Index (FSI) followed by an examination of their interaction. Design – The TSI, which aggregates tourist arrivals, overnight stays and net occupancy, was tested on data for Finland, Italy, Germany and Spain between 1993 and 2020. The FSI was composed of the S&P500 index, Brent oil futures, and the real effective exchange rate of the euro. Methodology / Approach – Both stress indices were calculated as the difference between the moving standard deviation and the moving average of the monthly growth rate of the selected indicators. We aggregated them by applying two alternative techniques: arithmetic mean and nonnormalized principal component analysis. The Granger causality test was utilised to assess the dependence between the indices. Findings – We identified periods of increased volatility in the European tourism market and described its connection to financial crises. The causality test of the FSI-TSI model showed that financial turmoil led to increased tourism market stress with an average lag of three months and a marginal effect of 0.2. Originality of the research – We recommend the Financial Stress Index as a predictor of the Tourism Industry Stress Index in the business cycle.
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Chang, McAleer, and Tian. "Modeling and Testing Volatility Spillovers in Oil and Financial Markets for the USA, the UK, and China." Energies 12, no. 8 (April 18, 2019): 1475. http://dx.doi.org/10.3390/en12081475.
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The main purpose of the paper is to analyze the conditional correlations, conditional covariances, and co-volatility spillovers between international crude oil and associated financial markets. The prices of oil and its interactions with financial markets make it possible to determine the associated prices of financial derivatives, such as carbon emission prices. The approach taken in the paper is different from others in the literature; the purpose is to examine the usefulness of modeling and testing volatility spillovers in the oil and financial markets. The paper investigates co-volatility spillovers (namely, the delayed effect of a returns shock in one physical or financial asset on the subsequent volatility or co-volatility in another physical or financial asset) between the oil and financial markets. The oil industry has four major regions, namely North Sea, the USA, Middle East, and South-East Asia. Associated with these regions are two major financial centers, namely the UK and the USA. For these reasons, the data to be used are the returns on alternative crude oil markets, returns on crude oil derivatives, specifically futures, and stock index returns in the UK and the USA. Given the importance of the Chinese financial and economic systems, the paper also analyzes Chinese financial markets, where the data are more recent. The USA and China are the world's two largest economies and the UK is the world's sixth largest economy (and second in the existing EU) behind the USA, China, Japan, Germany, and India. Moreover, the USA and the UK are associated with WTI and Brent oil, respectively. One of the purposes of the paper is to examine how China might be different from the USA and the UK, which seems to be borne out in the empirical analysis. Based on the conditional covariances to test the co-volatility spillovers, dynamic hedging strategies will be suggested to analyze market fluctuations in crude oil prices and associated financial markets.
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Kulawczuk, Przemysław, Andrzej Poszewiecki, and Adam Szczęch. "The Needs of Youth and Spatial Justice. How the Inclusion of Youth Preferences Can Support Targeted Regional Policies." Europa XXI 37 (2019): 71–88. http://dx.doi.org/10.7163/eu21.2019.37.5.
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Euroregion Baltic faces strong depopulation pressure, with Poland and Lithuania both experiencing marked population declines, especially in rural areas, in the last 20 years – thanks to immigration abroad. Internal immigration to these countries’ cities is also taking place. While Germany, Sweden, Russia and Denmark have achieved temporary improvements in population indicators, this was thanks to their willingness to take in war refugees – a factor therefore incidental in nature, and not impacting upon an overall trend seeing people move out of rural areas in large numbers. With a view to this challenge being addressed in a more permanent way, research described here assessed whether the introduction of youth-policy measures might allow for better revamping of regional policies so as to persuade young people to remain in their regions. An assumption underpinning this work was that departure from a region reflects deficits in spatial justice, first and foremost an unequal distribution of infrastructure vis-à-vis education, housing, recreation, jobs, and so on. To determine which spheres critically underpin a decision to leave, young people’s preferences for their futures were studied under the CASYPOT project, involving 6 localities in four of the Euroregion’s states. In the event, the research was able to confirm a capacity on the part of youth surveys to deliver information on factors critical to decision-making that can be regarded as of value as regional policies are reorientated to try and ensure a higher level of spatial justice. The survey showed that factors most likely to prompt out-migration among young people relate to insufficient educational services and the inadequacy of the labour market.
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Rösch, Tobias, Peter Treffinger, and Barbara Koch. "Regional Flexibility Markets—Solutions to the European Energy Distribution Grid—A Systematic Review and Research Agenda." Energies 14, no. 9 (April 23, 2021): 2403. http://dx.doi.org/10.3390/en14092403.
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The German government is aiming to increase the share of renewable energies in the electricity supply to 80% in 2050. To date, however, neither the technical requirements nor the market requirements to implement this aim are provided: Germany is struggling to establish the technical requirements and the market requirements to meet this goal. As an important incentive mechanism, the German government has used and continues to use support measures, such as guaranteed feed-in tariffs, and continuously adapts these to market developments and requirements of the European Union. The purpose of the study is to outline a concept for the implementation of regional flexibility markets in Europe based on a thorough review of technical solutions. The method of a comprehensive review of research in regional flexibility markets of electricity, distribution, and pricing from the study is applied to summarize and discuss the opportunities, risks, and future potentials of grid distribution technology. Based on the insights, a new market-based supply and distribution scheme for electricity, which is aimed to benefit of a fully regenerative, decentral and fairly priced electricity markets on the European level is presented. The study suggests a blockchain based pricing mechanism which shall allow equal market access for consumer, providers, and grid operators and rewards regenerative production and short-distance transmission.
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Belinskaya, Elena, Tatiana Martsinkovskaya, Vasilisa Orestova, Ekaterina Kiseleva, and Evgenia Kriger. "Dynamics of sociocultural and linguistic identity in the process of socialisation in a multicultural society." Global Journal of Sociology: Current Issues 10, no. 1 (April 30, 2020): 15–22. http://dx.doi.org/10.18844/gjs.v10i1.4752.
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The relevance of the problem of socialisation in multicultural space is extremely high. Its significance is connected with the processes of globalisation and increasing migration. In this situation, the sociocultural and, especially, linguistic identity can be analysed as a bonding and bridging social capital that helps or complicates socialisation, depending on the specifics of the social situation. These assumptions were checked in the empirical research of the sociocultural and linguistic identity of the three groups of ethnic Germans: living in Russia, in the CIS and those who moved to Germany. The obtained data showed the bilingualism of the majority of respondents. At the same time, respondents from Russia and Germany consider both Russian and German languages as native, while respondents from the CIS no longer regard German as their mother language. For them, ethnic, not linguistic, identity is the most essential for socialisation in a multicultural society. For Germans living in Russia, on the contrary, both languages help in communication and in professional activity. For the Germans, who now live in Germany, the Russian language helps in understanding their sociocultural specifics. The future is associated with the German language. Our respondents answer that the main group of socialisation for them is the family. This was especially marked in the answers of respondents living in Russia and Germany. So, we can state that in a complex multicultural environment, the family for them is not only a group for socialisation, but also an object of identity, partly playing the role of psychological defence and support in a changing world. The obtained results also showed a tendency towards individualisation. For the respondents from Russia and Germany, the main identity groups, besides family, are professional groups and groups with common interests. Thus, it can be concluded that linguistic identity plays the role of both bonding and bridging social capital. In positive socialisation, sociocultural identity plays the role of a bridging rather than a connecting capital. Mixed linguistic identity is predominantly a positive moment, increasing socialisation in a multicultural environment.
Keywords: Socialisation, transitivity, identity, multicultural world.
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Fear, Jeffrey, and Christopher Kobrak. "Diverging Paths: Accounting for Corporate Governance in America and Germany." Business History Review 80, no. 1 (2006): 1–48. http://dx.doi.org/10.1017/s0007680500080971.
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American and German accountancy took different paths in the early part of the twentieth century. In Germany, a persistent disconnect arose between relatively sophisticated managerial accounting practices for insiders and the methods used in public financial accounting. The “equity revolution” America experienced—an enormous shift in the number and expectations of shareholders—prompted new demands for financial statements designed to help evaluate the future earning power of companies. In contrast, the effects of World War I retarded equity–market development in Germany. Political frictions reinforced the Germans's; discomfort with equity markets and increased their resistance to revising accounting principles. Banks, tax law, courts, and lawyers, instead of professional accountants, became the primary source of accounting principles. Only in past decades, under pressure from the European Union and global capital markets, have the accounting systems begun to reconverge.
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Morrison, Alastair M., Constantinos S. Verginis, and Joseph T. O'Leary. "Reaching the Unwanted and Unreachable: An Analysis of the Outbound, Long-Haul German and British Visiting Friends and Relatives Market." Tourism and Hospitality Research 2, no. 3 (October 2000): 214–31. http://dx.doi.org/10.1177/146735840000200303.
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Several researchers have suggested that practitioners underappreciate the value and significance of the visiting friends and relatives (VFR) market in tourism. In part, this has been attributed to a lack of accurate data and research on this segment of the pleasure travel market. Based upon two large-scale surveys of the German and British outbound, long-haul markets, the overall objectives of this study were to examine the expenditure patterns and levels of German and British long-haul VFR travellers, and to compare VFR traveller characteristics with other pleasure travel trip-purpose segments. The study clearly indicated that VFR travellers from Germany and the UK spent significant amounts at their destinations, and had different demographics, trip characteristics, trip satisfaction levels, value for money perceptions and future intentions for return visits than other types of pleasure travellers.
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Welter, Friederike. "The Mittelstand: a Specific Entrepreneurial Profile of the Social Market Economy." Journal for Markets and Ethics 6, no. 1 (June 1, 2018): 99–106. http://dx.doi.org/10.2478/jome-2018-0029.
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Abstract Mittelstand companies are the backbone of the German economy: they constitute the vast majority of enterprises in Germany, contribute to employment, and are a pillar of the German apprenticeship system. The specific ownership–management structure of the Mittelstand used to go hand in hand with social, intergenerational, and regional responsibility. However, today’s very small and young entrepreneurs do not perceive themselves as Mittelstand; many entrepreneurs do not intend to employ others, and structural changes in the economy have also resulted in fundamental changes of the Mittelstand. This paper explores the characteristics of the Mittelstand and its future, asking whether Mittelstand will continue to play a fundamental role in the social market economy in Germany.
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Mo, Di, Neda Todorova, and Rakesh Gupta. "Implied volatility smirk and future stock returns: evidence from the German market." Managerial Finance 41, no. 12 (December 7, 2015): 1357–79. http://dx.doi.org/10.1108/mf-04-2015-0097.
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Purpose – The purpose of this paper is to investigate the relationship between option’s implied volatility smirk (IVS) and excess returns in the Germany’s leading stock index Deutscher-Aktien Index (DAX) 30. Design/methodology/approach – The study defines the IVS as the difference in implied volatility derived from out-of-the-money put options and at-the-money call options. This study employs the ordinary least square regression with Newey-West correction to analyse the relationship between IVS and excess DAX 30 index returns in Germany. Findings – The authors find that the German market adjusts information in an efficient way. Consequently, there is no information linkage between option volatility smirk and market index returns over the nine years sample period after considering the control variables, global financial crisis dummies, and the subsample test. Research limitations/implications – This study finds that the option market and the DAX 30 index are informationally efficient. Implications of the findings are that the investors cannot profit from the information contained in the IVS since the information is simultaneously incorporated into option prices and the stock index prices. The findings of this study are applicable to other markets with European options and for market participants who seek to exploit short-term market divergence from efficiency. Originality/value – The relationship between IVS and stock price changes has not been investigated sufficiently in academic literature. This study looks at this relationship in the context of European options using high-frequency transactions data. Prior studies look at this relationship for only American options using daily data. Pricing efficiency of the European option market using high-frequency data have not been studied in the prior literature. The authors find different results for the German market based on this high-frequency data set.
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Jorg Michael, Dostal. "The German Political Economy between Deregulation and Re-regulation: Party Discourses on Minimum Wage Policies." Korean Journal of Policy Studies 27, no. 2 (August 31, 2012): 91–120. http://dx.doi.org/10.52372/kjps27205.
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In the German political economy of the early 21st century, labor market policymaking has shifted toward deregulation and liberalization. In particular, the so-called Hartz labor market reforms of the Social Democratic Party and Green Party government, introduced in 2002 and 2003, pushed for employment growth in low-wage and deregulated employment sectors. This article focuses on one of the key debates triggered by Germany`s labor market deregulation after 2002, namely whether the introduction of a statutory minimum wage is required to re-regulate the country`s labor market. Based on interviews with members of the five political parties in the German federal parliament and analysis of each party`s policy-making discourses over time (2002-2012), the article suggests that the deregulation of the last decade has triggered demand for new policies of reregulation. This would include the introduction of a statutory minimum wage in Germany at some future point in time. However, such re-regulation does not question earlier labor market liberalization but serves as a political side-payment to ingrain the shift of the German political economy toward a more liberal regime.
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GEYER, JOHANNES, and VIKTOR STEINER. "Future public pensions and changing employment patterns across birth cohorts." Journal of Pension Economics and Finance 13, no. 2 (November 12, 2013): 172–209. http://dx.doi.org/10.1017/s1474747213000334.
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AbstractWe analyse the impacts of changing employment patterns and pension reforms on the future level of public pensions across birth cohorts in Germany. The analysis is based on a microsimulation model and a rich data set that combines household survey data from the German Socio-Economic Panel Study (SOEP) and process-produced microdata from the German pension insurance. We account for cohort effects in individual employment and unemployment affecting earnings over the life cycle as well as the differential impact of recent pension reforms. For individuals born between 1937 and 1971, cohort effects vary greatly by region, gender and education, and strongly affect life cycle earnings profiles. The largest effects can be observed for younger cohorts in East Germany and for the low educated. Using simulated life cycle employment and income profiles, we project gross future pensions across cohorts taking into account changing demographics and recent pension reforms. Simulations show that pension levels for East German men and women will fall dramatically among younger birth cohorts, not only because of policy reforms but also due to higher cumulated unemployment. For West German men, the small reduction of average pension levels among younger birth cohorts is mainly driven by the impact of pension reforms, while future pension levels of West German women are increasing or stable due to rising labour market participation of younger birth cohorts.
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Woś, Karolina, Lisa Marie Borghoff, Andrijana Horvat, Flavio Paoletti, Eleonora Saggia Civitelli, and Ewa Rembiałkowska. "Preliminary Analysis of Voluntary Information on Organic Milk Labels in Four European Union Countries." Sustainability 14, no. 24 (December 16, 2022): 16901. http://dx.doi.org/10.3390/su142416901.
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The concern for the environment among European consumers is growing and in the future the need for sustainable shopping is expected to increase. Through transparent on-packaging communication with consumers, organic producers have the opportunity to show attributes of organic production system and build a strong market position. The aim of the study was to analyse voluntary packaging information on organic milk from four European markets in the context of organic food quality, i.e., Germany, the Netherlands, Italy and Poland. More specifically, the textual content of 106 organic milk packages was analysed and voluntary information on each package was categorized according to process- and product-related organic milk attributes. The assortment and content of voluntary packaging information varied across the four countries. The largest number of products was found on the German market (37) and the smallest on the Polish market (14). Dutch milk had the greatest amount of voluntary information on animal welfare, product locality, environmental protection, quality confirmation, naturalness and nutritional value. German milk had the most information on enjoyment and conditions of processing, while the Italian milk on the social perspective. The products available on the Polish market had the least voluntary information. Pasteurized organic milk had noticeably more information about organic quality attributes than micro filtrated and UHT milk.
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Feyerlein, Daniel. "Strengthening Competitiveness of Multinationals through Relocation of Production to Asia." Asian Social Science 11, no. 27 (November 22, 2015): 99. http://dx.doi.org/10.5539/ass.v11n27p99.
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<p>This article asks whether a strategic opportunity exists for a company producing products with the label ‘Made in Germany’ to relocate production to Asia while retaining German engineering. This article focuses on the prevailing market situations of several multinational corporations based in Germany, which are encountering growing competition from Asia due to disadvantages in product price, delivery costs and transportation time that are related to a non-adapted and non-future oriented sourcing concept. Through an empirical research study, respondents from Asia were asked about their willingness to accept the price of a ‘Made in Germany’ product, the importance of price, their opinion about delivery issues, and their acceptance of local production in Asia. Total responses of N = 636 (100.0%) were collected, including n = 108 (17.0%) responses from Asia. The results are addressed to strategic management for German companies that can gain competitiveness through a relocation of production to Asia while considering long-term requirements. The results of the study suggest that the fundamental strategy of pairing German engineering with local production in Asia is worth pursuing in which the market conditions of tomorrow are considered.</p>
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Beber, Caetano Luiz, Greta Langer, and Johannes Meyer. "Strategic Actions for a Sustainable Internationalization of Agri-Food Supply Chains: The Case of the Dairy Industries from Brazil and Germany." Sustainability 13, no. 19 (September 30, 2021): 10873. http://dx.doi.org/10.3390/su131910873.
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While facing a growing domestic demand of milk and milk products, the Brazilian dairy industry is far behind in terms of competitiveness and sustainability when compared to other national agricultural sectors. Nonetheless, in Germany the leading dairy companies mainly pushed by a saturated domestic market, EU agriculture policy oriented to liberalization of markets, and increasing political and social demands are looking at markets beyond EU. In the context of the increasing globalization of agricultural supply chains, the issue of sustainability gains particular importance in companies’ internationalization strategies. By using expert interviews, this paper investigates strategies for integrating Brazilian and German dairy supply chains and how both sides can benefit from this situation also in terms of sustainability. The analyses show that problems of the industries in both countries basically complement each other at different levels and positive synergies for both sides exist when it comes to sustainable issues, positioning themselves competitively for the future and creating a good position for conquering market shares in a globally growing milk market. This paper proposes an approach for the challenges of such integration, as well as viable solutions to sustainability issues.
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Diederich, Freya, Hans-Helmut König, and Christian Brettschneider. "HOW POLITICO-ECONOMIC SYSTEMS CAN SHAPE THE ATTITUDE TOWARD ELDERLY CARE: LESSONS FROM THE GERMAN REUNIFICATION." Innovation in Aging 3, Supplement_1 (November 2019): S675—S676. http://dx.doi.org/10.1093/geroni/igz038.2496.
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Abstract Migration flows have been rising over the past decades and are not expected to mitigate in the future. Migrants brings along values and preferences that were shaped by their origin countries, among those, their perceptions of how societies should care for the elderly. In this study, we examine how the attitude towards informal care is shaped by the politico-economic system an individual grew up in and if this attitude adjusts over time once an individual lives in a different system. After the fall of the Berlin Wall, Eastern Germans were exposed to the market-oriented western economy, a natural experiment that allows us to address these issues. By analyzing data from the German Family Panel (2009/10-2015/16), we assess differences in attitudes towards informal care among four birth cohorts that were born during the German separation (N=11,966) using random-effects models. We control for socio-demographic factors as well as the institutional and economic environment an individual lives in. The results reveal that, on average, older generations that grew up in East Germany exhibit up to a 6.7% (95% CI, 0.03-0.1) higher willingness to provide informal care to their parents than older generations that grew up in West Germany. There is no significant difference in younger birth cohorts. Attitudes do not significantly converge over the observed time horizon. The results provide evidence that individuals’ attitude towards informal care is deeply shaped by the system they grew up in such that migration flows can influence the supply of informal care in the future.
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Ringel, Marc. "Energy advice in Germany: a market actors’ perspective." International Journal of Energy Sector Management 12, no. 4 (November 5, 2018): 656–74. http://dx.doi.org/10.1108/ijesm-04-2018-0002.
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PurposeThis study reviews present trends, barriers and outlooks for the future as seen by actors in the energy advice services market in Germany. As Germany is one of Europe’s leading markets for energy services, this review aims to highlight energy sector management issues that exist throughout Europe.Design/methodology/approachThis study combines qualitative and quantitative research approaches, using seven qualitative stakeholder interviews and a semi-structured survey covering over 500 energy advisors. Based on the present market, this study seeks to identify barriers against further market development, regulatory measures that can promote market development and business models for energy services likely to emerge in the future.FindingsSignificant barriers persist, despite a strong government commitment to support development of the energy services markets. The barriers encourage market actors to maintain thestatus quorather than use innovate new service models. To support innovative business models, action is needed by both industry associations and the government to create a stronger demand pull for advice services.Originality/valueThis paper provides a new sectoral overview of Europe’s biggest energy service market as seen from a market actor perspective. It focuses on the analysis of barriers and business models to derive needs for further capacity building within the sector and for political governance to trigger further market dynamics.
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Mosebach, Kai. "Gesundheit als Ware?" PROKLA. Zeitschrift für kritische Sozialwissenschaft 33, no. 132 (September 1, 2003): 411–31. http://dx.doi.org/10.32387/prokla.v33i132.659.
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The globalization process and national reform policies provoke concerns about the future of the German health care system. The anti-globalist movements are fearing a kind of 'Americanization' of the Bismarckian-style German model. The article shows that such concerns are exaggerated at the moment but nevertheless point correctly to the already started process of the economization of health care delivery on a global level. Although concepts of managed care and integrated delivery systems have begun to be implemented in Germany the institutional context is rather different from the US. But the neo-liberal context of the Single European Market and the General Agreement on Trade in Services (GATS) could pose a threat to the institutional body of the solidarity based health care system in Germany. The politics of fiscal austerity, lowering ancillary wage costs through privatization and competitiondriven reform policies might alter the shape of the German model in future, resembling more the US-model than its Bismarckian-style inheritance.
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Weise, Frank-J. "Auswirkungen der Hartz-Reformen auf den Arbeitsmarkt und auf die Bundesagentur für Arbeit." Perspektiven der Wirtschaftspolitik 14, no. 1-2 (March 1, 2013): 31–40. http://dx.doi.org/10.1111/pers.12002.
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AbstractStarting in 2003, the labour market in Germany underwent major reforms. They introduced new types of employment, reshaped the benefit system, and remodelled active labour market policies. Over the 10 following years, unemployment fell dramatically and participation hit record levels, while rising non-standard employment and wage inequality became causes for concern. The Bundesagentur für Arbeit has developed into a modern service provider whose programmes are scientifically evaluated. Anticipating future trends on the labour market, the Bundesagentur has recently devised a strategy to cope with them. Overall, the German experience with labour market reforms points to the benefits of evidence-based policies.
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Hertrich, Markus. "A Novel Housing Price Misalignment Indicator for Germany." German Economic Review 20, no. 4 (December 1, 2019): e759-e794. http://dx.doi.org/10.1111/geer.12185.
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Abstract From 2014 until present, housing prices in Germany have been rising faster than consumer prices in all quarters except one, raising concerns about an excessive overheating of the housing market. To assess the vulnerability of the German housing market to a future realignment of prices or even a housing bust, this paper develops a housing price misalignment indicator that is composed of seven indicators, which are commonly associated with the fundamental value of residential property. An empirical application to the most recent data suggests that the German housing market exhibits an overvaluation of approximately 11%, where interest rate risk and a relatively advanced stage of the housing cycle are identified as the main factors fueling these imbalances, while a rather solid debt-servicing capacity mitigates these imbalances since end-2009.
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Jangl, Patrik. "A Comparison of the Market Orientation Model in Czech and German High‑Tech Companies." Acta Universitatis Agriculturae et Silviculturae Mendelianae Brunensis 64, no. 5 (2016): 1717–29. http://dx.doi.org/10.11118/actaun201664051717.
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A Market orientation belongs to the permanent factors of success and even in the periods of economic instability it helps to keep a company in a good condition. This article aims to compare the Czech and German model of market‑orientation of high‑tech companies in the manufacturing industry. the overall index of market orientation in the Czech Republic and Germany is almost identical. Subsequently, invariance was tested using the method of Multigroup Confirmatory Factor Analysis. a comparison of absolute terms of the models shows that significant difference among the coefficients exists in the item regarding obtaining information about competitors – i.e. competitor intelligence generation. the research did not demonstrate statistically significant differences between the models. All criteria consistently confirm configural, metric and partial scalar invariance. the only rejected equivalence is scalar invariance. In this study, therefore, no significant differences were demonstrated between the models of market‑orientation of Czech and German high‑tech companies. There are other studies that deal with the measurement invariance models of market‑oriented high‑tech companies. Using Czech and German data, this work has helped to clarify that the two versions of the measuring instruments (English and Czech) are indeed equivalent to each other. Based on the research findings, academics and managers are recommend the use both measuring scales indiscriminately as valid tools for determining the index of market orientation in high‑tech firms in the manufacturing industry. For now, there is no similar or comparable research in the Czech Republic or Germany. For this reason, it seems appropriate to replicate this research in the future, including discussions with authors who deal with the issue of market orientation.
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Hoffmann, Jürgen. "Co-ordinated Continental European Market Economies Under Pressure From Globalisation: Germany's “Rhineland capitalism”." German Law Journal 5, no. 8 (August 1, 2004): 985–1002. http://dx.doi.org/10.1017/s2071832200013018.
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[Editors’ Note: The 22 July 2004 acquittals of all six defendants in the criminal proceedings against former Mannesmann CEO, Klaus Esser; Deutsche Bank's CEO (Vorstandssprecher) and then Member of Mannesmann's supervisory board, Josef Ackermann, and other members of Mannesmann's Supervisory Board have, once more, highlighted to German, European and International observers the particular features of law and politics in “Germany Inc.”, “Rhenish Capitalism”, or “Rhineland Capitalism”. As begun in the aftermath of Josef Ackermann's inthronization at the head of Deutsche Bank and Ackermann's subsequent transformation of the Board's control structure, German Law Journal has published several contributions to the ongoing changes in German corporate governance and its embeddedness within the specific German economic and legal system. In his fine piece, Jürgen Hoffmann, Professor of Sociology in Hamburg, surveys the current interdisciplinary debate over the future fate of so-called Rhineland Capitalism and reconstructs Germany's recent history in an international context. In the next issue, to be published on 1 September 2004, Professor Christopher Allen of the University of Georgia will further deepen this inquiry and place the contemporary debate over the possible end of Rhineland capitalism in the historical context of Germany's development in the 20th Century. The Editors of German Law Journal are very pleased and honored to be able to provide for a further forum for this important debate, bringing together lawyers, economists, political scientists and sociologists, for a much needed exploration of the historical and political origins as well as of the legal framework of Germany's much critizised and, at the same time, ardently praised system of corporate governance and industrial relations. We invite our readers to contribute to this debate, which has so far found too little resonance in Germany itself. The Editors.]
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Leyens, Patrick C. "German Company Law: Recent Developments and Future Challenges." German Law Journal 6, no. 10 (October 1, 2005): 1407–17. http://dx.doi.org/10.1017/s2071832200014395.
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The last decade has been a time of changes in all branches of German company law. Whilst the changes in the law of civil partnerships go to the very fundaments of what was a firm belief for a hundred years in national law, the future of the private limited company is increasingly determined by the competition of regulators in the European common market. The European dimension of modern company law making is even more pervasive in the law of stock corporations where growing convergence can be noted in regard to the national approaches of the European Member States towards internal controls. A common denominator for most of the changes in German company law is the partly court driven, partly legislature driven attempt of a better adjustment of investor and creditor protection to evolving business needs. Looking on the changes from a wider angle that includes capital markets, however, there are signals for a shifting in the traditional approach of German corporate governance towards an increasingly market driven system.
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Troitzsch, Klaus G. "Agentenbasierte Modellierung von Märkten." Schweizerische Zeitschrift fur Forstwesen 163, no. 10 (October 1, 2012): 408–16. http://dx.doi.org/10.3188/szf.2012.0408.
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Agent-based modeling of markets The paper gives an overview of agent-based models of markets as they have been published during the past years. Starting from concept-based models which describe the behaviour of market participants in an abstract manner, recent approaches model real markets in order to find out possible future developments and to evaluate strategies to influence real markets. After a short description of two recent applications of agent-based modeling, a housing market in a city in Brazil and the German market for pharmaceutical products, the paper discusses how this technique could be applied to wood markets.
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Mazziotta, Agostino, Michael Zerr, and Anette Rohmann. "The Effects of Multiple Stigmas on Discrimination in the German Housing Market." Social Psychology 46, no. 6 (November 2015): 325–34. http://dx.doi.org/10.1027/1864-9335/a000249.
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Abstract. In two online field-experiments (N1 = 336, N2 = 456) we investigated the effects of belonging to an ethnic minority, a sexual minority, or to both minority groups simultaneously on rental discrimination in Germany. We predicted that a Turkish heterosexual couple and a German gay male couple would receive fewer replies to their inquiries about a rental offering and fewer invitations for viewings than a German heterosexual couple. We also predicted that the intersection of two stigmatized identities would have beneficial effects and thus result in less discrimination of the Turkish gay male couple compared to the Turkish heterosexual couple. Chi-square tests revealed evidence of rental discrimination based on ethnicity, but not for discrimination based on sexual orientation; no evidence for beneficial effects of the intersection of two stigmatized identities was found. Implications for future research on discrimination of ethnic and sexual minorities are discussed.
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Hladik, Dirk, Christoph Fraunholz, Matthias Kühnbach, Pia Manz, and Robert Kunze. "Insights on Germany’s Future Congestion Management from a Multi-Model Approach." Energies 13, no. 16 (August 12, 2020): 4176. http://dx.doi.org/10.3390/en13164176.
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In Germany, the political decision to phase out nuclear and coal-fired power as well as delays in the planned grid extension are expected to intensify the current issue of high grid congestion volumes. In this article, we investigate two instruments which may help to cope with these challenges: market splitting and the introduction of a capacity mechanism. For this purpose, we carry out a comprehensive system analysis by jointly applying the demand side models FORECAST and eLOAD, the electricity market model PowerACE and the optimal power flow model ELMOD. While a German market splitting has a positive short-term impact on the congestion volumes, we find the optimal zonal delimination determined for 2020 to become outdated by 2035 resulting in new grid bottlenecks. Yet, readjusting the zonal configuration would lower the ability of the market split to provide regional investment incentives. Introducing a capacity mechanism with a congestion indicator allows allocating new power plants in regions with higher electricity demand. Consequently, we find the required congestion management to be substantially reduced in this setting. However, given the large amount of design parameters, any capacity mechanism needs to be carefully planned before its introduction to avoid new inefficiences on the market side.
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G Nagarakatte, Sangeetha, and Natchimuthu Natchimuthu. "Impact of Brexit on bond yields and volatility spillover across France, Germany, UK, USA, and India’s debt markets." Investment Management and Financial Innovations 19, no. 3 (August 29, 2022): 189–202. http://dx.doi.org/10.21511/imfi.19(3).2022.16.
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Britain’s decision to exit the EU lead to disruptions in global markets. This study investigates the change in the return and volatility spillover pattern due to the repercussions of the Brexit vote between the US, France, the UK, Germany, and India’s 10-year government bond yields by applying the VAR and GARCH-BEKK models. The findings demonstrate a substantial rise in the return spillover to India and USA 10-year government bond yields following the Brexit vote compared to the pre-Brexit vote era. In addition, the results showed evidence of unidirectional volatility spillover from India to France, bidirectional volatility spillover between the USA and India, and unidirectional volatility spillover from the UK to India 10-year government bond market post-Brexit vote. However, there was no interconnection between these markets before the Brexit vote. Therefore, the Brexit vote did affect and significantly increased the linkage between the US, France, the UK, and India’s 10-year government bond market. The increase in correlation in India-US, India-UK, and India-France’s 10-year government bond markets will help predict and have an important implication for hedgers, decision-makers, and portfolio managers if similar political events occur in the future.
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Flejterski, Stanisław, and Lilianna Jodkowska. "German Economy as a Global Generator of Growth and Development - Trends and Prospects." Folia Oeconomica Stetinensia 10, no. 1 (January 1, 2011): 53–65. http://dx.doi.org/10.2478/v10031-011-0010-5.
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German Economy as a Global Generator of Growth and Development - Trends and Prospects The main objective of this paper is to synthetically present primary sources and agents of Germany's leading position in the global economy at the turn of the I and II decade of the twenty-first century. Economic growth and economic development is the result of many factors of different nature: traditional and modern, objective and subjective, exogenous and endogenous, economic and non-economic, with institutional and cultural to begin with. This universal statement also fully applies to German economy. The German experience in the restructuring of the economy is valuable from the Polish point of view, despite many well-known differences of the two economies. Germany, despite all the economic disruption and the difficulties of a structural nature (with the demographics to begin with), and dilemmas as to the future of the so called social market economy will remain a powerful and rich country. The economic situation of Poland depended, depends and will depend on the global prosperity, and thus the prosperity of our closest partner, i.e. Germany.
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Börsch-Supan, Axel, Alexander Ludwig, Florian Heiss, and Joachim Winter. "Pension Reform, Capital Markets and the Rate of Return." German Economic Review 4, no. 2 (May 1, 2003): 151–81. http://dx.doi.org/10.1111/1468-0475.00077.
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Abstract This paper discusses the consequences of population aging and a fundamental pension reform - that is, a shift towards more pre-funding - for capital markets in Germany. We use a stylized closed-economy, overlapping-generations model to compare the effects of the recent German pension reform with those of a more decisive reform that would freeze the current pay-as-you-go contribution rate and thus result in a larger funded component of the pension system.We predict rates of return to capital under both reform scenarios over a long horizon, taking demographic projections as given. Our main finding is that the future decrease in the rate of return is much smaller than often claimed in the public debate. Our simulations show that the capital stock will decrease once the baby-boom generations enter retirement, even if there were no fundamental pension reform. The corresponding decrease in the rate of return, the direct effect of population aging, is around 0.7 percentage points. While the capital market effects of the recent German pension reform are marginal, the rate of return to capital would decrease by an additional 0.5 percentage points under the more decisive reform proposal.
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Trencher, Gregory, and Achmed Edianto. "Drivers and Barriers to the Adoption of Fuel Cell Passenger Vehicles and Buses in Germany." Energies 14, no. 4 (February 5, 2021): 833. http://dx.doi.org/10.3390/en14040833.
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As policymakers and automotive stakeholders around the world seek to accelerate the electrification of road transport with hydrogen, this study focuses on the experiences of Germany, a world leader in fuel cell technology. Specifically, it identifies and compares the drivers and barriers influencing the production and market penetration of privately-owned fuel cell electric passenger vehicles (FCEVs) and fuel cell electric buses (FCEBs) in public transit fleets. Using original data collected via a survey and 17 interviews, we elicited the opinions of experts to examine opportunities and obstacles in Germany from four perspectives: (i) the supply of vehicles (ii) refuelling infrastructure, (iii) demand for vehicles, and (iv) cross-cutting institutional issues. Findings indicate that despite multiple drivers, there are significant challenges hampering the growth of the hydrogen mobility market. Several are more pronounced in the passenger FCEV market. These include the supply and cost of production, the lack of German automakers producing FCEVs, the profitability and availability of refuelling stations, and low demand for vehicles. In light of these findings, we extract implications for international policymakers and future studies. This study provides a timely update on efforts to spur the deployment of hydrogen mobility in Germany and addresses the underrepresentation of studies examining both buses and passenger vehicles in tandem.
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Schoof, Nicolas, Rainer Luick, Karin Jürgens, and Gwyn Jones. "Dairies in Germany: Key Factors for Grassland Conservation?" Sustainability 12, no. 10 (May 19, 2020): 4139. http://dx.doi.org/10.3390/su12104139.
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Germany is the largest milk producer of the 28 EU Member States (statistically still including Great Britain) and dairying is the most important single sector in German agriculture. Dairies are of central importance in the value chain, but very little is known about their objectives and perspectives in relation to grassland management, feedstuffs deriving from grassland and towards resource conservation issues. This study gives an insight on the way German dairies think about and act in such topics by using a standardized survey method. The survey revealed little to no linkage between the size of dairies and their interest in conservation issues on grassland and very little consideration of extensive grasslands. Dairies are divided over questions of governance for a more sustainable milk market and on the nature of their relationships with farmers. There is evidence that the German dairy industry is willing to contribute to a more sustainable and more robust milk market, but the enterprises mostly regard other market actors as more important. According to this survey, consumers will tend to opt for more sustainable milk products in future and there are possibilities to raise the willingness to pay.
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Andersson, Magnus, Szabolcs Sebestyén, and Lars Jul Overby. "Which News Moves the Euro Area Bond Market?" German Economic Review 10, no. 1 (February 1, 2009): 1–31. http://dx.doi.org/10.1111/j.1468-0475.2008.00439.x.
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AbstractThis paper explores a long dataset (1999-2005) of intraday prices on German long-term bond futures and examines market responses to major macroeconomic announcements and ECB monetary policy releases. German bond markets tend to react more strongly to the surprise component in US macro releases compared with aggregated and national euro area and UK releases, and the strength of those reactions to US releases has increased over the period considered. We also document that the numbers of German unemployed workers consistently have been known to investors before official releases.
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Denzin, Nicolai, Franz J. Conraths, Thomas C. Mettenleiter, Conrad M. Freuling, and Thomas Müller. "Monitoring of Pseudorabies in Wild Boar of Germany—A Spatiotemporal Analysis." Pathogens 9, no. 4 (April 10, 2020): 276. http://dx.doi.org/10.3390/pathogens9040276.
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To evaluate recent developments regarding the epidemiological situation of pseudorabies virus (PRV) infections in wild boar populations in Germany, nationwide serological monitoring was conducted between 2010 and 2015. During this period, a total of 108,748 sera from wild boars were tested for the presence of PRV-specific antibodies using commercial enzyme-linked immunosorbent assays. The overall PRV seroprevalence was estimated at 12.09% for Germany. A significant increase in seroprevalence was observed in recent years indicating both a further spatial spread and strong disease dynamics. For spatiotemporal analysis, data from 1985 to 2009 from previous studies were incorporated. The analysis revealed that PRV infections in wild boar were endemic in all German federal states; the affected area covers at least 48.5% of the German territory. There were marked differences in seroprevalence at district levels as well as in the relative risk (RR) of infection of wild boar throughout Germany. We identified several smaller clusters and one large region, where the RR was two to four times higher as compared to the remaining areas under investigation. Based on the present monitoring intensity and outcome, we provide recommendations with respect to future monitoring efforts concerning PRV infections in wild boar in Germany.
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International Monetary Fund. "Germany: Technical Note on the Future of German Mortgage-Backed Covered Bond (PFandBrief) and Securitization Markets." IMF Staff Country Reports 11, no. 369 (2011): i. http://dx.doi.org/10.5089/9781463928544.002.
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Jürgens, Ulrich, Larissa Klinzing, and Lowell Turner. "The Transformation of Industrial Relations in Eastern Germany." ILR Review 46, no. 2 (January 1993): 229–44. http://dx.doi.org/10.1177/001979399304600202.
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Citing case studies based on interviews they conducted in 1991 and 1992 with labor representatives and managers at six eastern German manufacturing firms, the authors argue that the future could hold either vigor and growth or stagnation and permanent second-class status for the economy and labor movement in eastern Germany, depending largely on actor strategy and choice. The rapid spread of privatization and open markets is tending to undermine unions' influence, on the one hand; but on the other hand, institutional transfer from former West Germany (especially of codetermination law and centralized, regional-level collective bargaining) is giving unions and works councils increased possibilities for leverage.
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Bathelt, H. "Global Competition, International Trade, and Regional Concentration: The Case of the German Chemical Industry during the 1980s." Environment and Planning C: Government and Policy 13, no. 4 (December 1995): 395–424. http://dx.doi.org/10.1068/c130395.
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The present transition from a Fordist to a post-Fordist stage of development is characterized by a structural crisis (the crisis of Fordism). Within the industrial sector, this crisis is associated with economic decline (especially in terms of employment) and substantial reorganization and modernization activities. The way in which the spatial patterns of production will be affected is largely unclear. In the case of the German economy, an increasing number of scholars are worried about the threats which might originate from global restructuring processes of industrial activities. In this context, the economic and spatial structure of the German chemical industry will be analyzed in this paper. It will be argued that the recent economic decline of the chemical industry of western Germany is not indicative of a general deindustrialization trend. The chemical industry is, because of its development path, characterized by a strong tendency to concentrate both economically and regionally. Only a few dominant firms, which form the basis for the spatial development of the industry, have retained, and will retain, technological leadership within the industry (particularly Bayer, Hoechst, and BASF). Their allocation of resources between world regions has remained relatively constant over the past twenty years. It seems unlikely that this geographical distribution will be dramatically changed in the near future through cost-induced relocation activities. Location decisions will, rather, be characterized by a distinct market orientation. This does not, however, imply that chemical production will be shifted away from German locations to other chemical core regions. In contrast to the situation in western Germany, the future existence of chemical production in eastern Germany seems questionable. This is not related to the Fordist crisis but is a consequence of remnants from the previous planned economy and problems associated with German unification.
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Paul Broussard, John, G. Geoffrey Booth, and Otto Loistl. "Price discovery in German stock and futures markets." Managerial Finance 24, no. 4 (April 1998): 3–18. http://dx.doi.org/10.1108/03074359810765444.
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Barrell, Ray. "Risk and Equity Market Weakness: Their Implications for the World Economy." National Institute Economic Review 178 (October 2001): 9–13. http://dx.doi.org/10.1177/002795010117800103.
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The terrorist attack on New York on 11 September 2001 caused considerable disruption to the US economy, and especially to the US financial markets. The initial reaction of the financial markets was to increase the discount factor on future profits and reduce future profit projections, and hence stock market valuations fell markedly, as can be seen from charts 1 and 2. This fall has been largely reversed since the attack, but markets have in general continued their decline from their peaks a year or so ago. Falls have been particularly precipitate since July 2001, with the German and French stock market indices falling by 20 per cent over the last three months, whilst the Canadian markets have fallen even more. Stock market falls of the scale we have seen since July are almost bound to impact on the level of economic activity in the major economies. They are likely to reduce the rate of growth of the world economy over the medium term as well as change the structure of saving and investment.
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G Nagarakatte, Sangeetha, and Natchimuthu Natchimuthu. "Return and volatility spillover between India, UK, USA and European stock markets: The Brexit impact." Investment Management and Financial Innovations 19, no. 1 (February 8, 2022): 121–34. http://dx.doi.org/10.21511/imfi.19(1).2022.09.
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The 2016 Brexit referendum created potential turmoil in financial markets. The purpose of this study is to examine the impact of the Brexit referendum on the return and volatility spillover between the EU, the UK, and the USA stock markets and the Indian stock market during the pre- and post-Brexit referendum period. The VAR and bivariate GARCH BEKK models were employed. The study results suggest that before the Brexit referendum, Indian stock market returns made no significant return spillover on the other markets. On the contrary, following the referendum, Indian stock returns significantly spilled over to France, Germany, the UK, and the USA stock market returns. The study results also identified a substantial increase in the bidirectional volatility spillover between India-France, India-UK, and India-USA during the post-Brexit referendum period. Therefore, the investors’ opportunity to invest simultaneously in India, UK, EU, and US stock markets for portfolio diversification is limited. India was affected mainly by its own past shocks before the Brexit referendum. However, after the Brexit referendum, Indian markets are getting more and more integrated with other markets. In order to reap the diversification benefits, a prudent investment strategy will need to be developed in the future, especially during times of economic and political uncertainty and market crisis.
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Stiglbauer, Markus, and Patrick Velte. "Impact of soft law regulation by corporate governance codes on firm valuation: the case of Germany." Corporate Governance 14, no. 3 (May 27, 2014): 395–406. http://dx.doi.org/10.1108/cg-05-2012-0043.
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Purpose – This paper aims to provide insight whether disclosed compliance with the German Corporate Governance Code (GCGC) leads to higher valuation on the German stock market. Design/methodology/approach – Based on agency theory, stakeholder theory and institutional theory, the authors conduct a meta-analysis and evaluate the value relevance of the compliance with the GCGC. Findings – The research finds that compliance with the GCGC is mainly not a value-relevant factor for German companies listed at the Frankfurt Stock Exchange. Research limitations/implications – The research considered is not fully comparable with regard to observation date, full integration of the GCGC rules and company selection/sample size. Future research is encouraged to research the valuation effects of compliance with the GCGC for a longer time horizon, the use of uniform performance measures and the integration of all GCGC rules. Practical implications – Compliance with the GCGC has not proven to be a value-driver for German listed companies. The authors recommend companies to search for opportunities to make their corporate governance more comprehensive by expanding their corporate governance reporting and thus providing deeper insights on how their processes of management and control work. Originality/value – The paper is the first investigation integrating the results of ten years of “code compliance – market valuation” research in Germany. We detect reasons why soft law regulation by corporate governance codes did not function on the German stock market. We additionally address behavioral aspects why investors do not give enough relevance to companies’ corporate governance statements so far.
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Bremer, Kirsten Friederike, and Sven Ulrich Maertens. "Future Skills of Flight Attendants in Times of COVID-19-Related Job Uncertainty—The Case of Germany." Administrative Sciences 11, no. 4 (December 17, 2021): 154. http://dx.doi.org/10.3390/admsci11040154.
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“Future skills” increase employees’ prospects in the labor market, particularly in dynamic times, such as the current COVID-19 pandemic. (Not only) in Germany, flight attendants represent an occupational group without state-recognized vocational occupation who are particularly affected by the pandemic due to serious and long-lasting declines in air transport volumes. Therefore, it is reasonable to assume that the future skills of flight attendants play an important role when applying for jobs in other industries. An empirical survey (n = 273) from April 2021 indicates that German-speaking flight attendants possess some of the future skills most frequently identified in key studies on future competencies, as well as extensive language skills, but have deficits in “working with computer systems” and “programming”. Pro-active training of employees in future skills, especially in crisis-prone professions, could facilitate future transitions into new professional fields.
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Tutino, Marco. "Which metrics are relevant in European listed companies? Evidence from nineties." Corporate Ownership and Control 8, no. 2-5 (2011): 566–88. http://dx.doi.org/10.22495/cocv8i2c5p6.
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The paper investigates the relation between the Share Price and three performance indicators: Net Operating Profit expressed by EBIT, Cash Flow from Operation and Economic Value Added. The sample includes 42 listed industrial companies chosen in four European financial markets, such as United Kingdom, Germany, France and Italy, all listed in the period 1992-2001. The findings of this paper are consistent with the previous results in assessing the relevance of EVA in predicting future financial performance, but they ought to be interpreted with cautions due to two main limitations: (i) relatively small sample adopted, that is companies chosen are the highest in terms of Market Capitalisation within the markets they are listed in, but they might not be representative of the whole market; (ii) results, when tested for the presence of structural factors in each market might change in significance, due to some specific structural factors within each market. However, investigation of those factors in more depth is outside the scope of this paper.
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Blickwedel, Lucas, Freia Harzendorf, Ralf Schelenz, and Georg Jacobs. "Future economic perspective and potential revenue of non-subsidized wind turbines in Germany." Wind Energy Science 6, no. 1 (February 1, 2021): 177–90. http://dx.doi.org/10.5194/wes-6-177-2021.
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Abstract. Fixed feed-in tariffs based on the Renewable Energy Act grant secure revenues from selling electricity for wind turbine operators in Germany. Anyhow, the level of federal financial support is being reduced consecutively. Plant operators must trade self-sufficiently in the future and hence generate revenue by selling electricity directly on electricity markets. Therefore, uncertain future market price developments will influence investment considerations and may lead to stagnation in the expansion of renewable energies. This study estimates future revenue potentials of non-subsidized wind turbines in Germany to reduce this risk. The paper introduces and analyses a forecasting model that generates electricity price time series suited for revenue estimation of wind turbines based on the electricity exchange market. Revenues from the capacity market are neglected. The model is based on openly accessible data and applies a merit-order approach in combination with a simple agent-based approach to forecast long-term day-ahead prices at an hourly resolution. The hourly generation profile of wind turbines can be mapped over several years in conjunction with fluctuations in the electricity price. Levelized revenue of energy is used to assess both dynamic variables (electricity supply and price). The merit-order effect from the expansion of renewables as well as the phasing out of nuclear energy and coal are assessed in a scenario analysis. Based on the assumptions made, the opposing effects could result in a constant average price level for Germany over the next 20 years. The influence of emission prices is considered in a sensitivity analysis and correlates with the share of fossil generation capacities in the generation mix. In a brief case study, it was observed that current average wind turbines are not able to yield financial profit over their lifetime without additional subsidies for the given case. This underlines a need for technical development and new business models like power purchase agreements. The model results can be used for setting and negotiating appropriate terms, such as energy price schedule or penalties for those agreements.