Since the crisis of the Metallgesellschaft AG in 1993, their roll over hedging strategy with short-term oil futures has been a subject of controversal debate. Main issues of this controversy are whether a woll…
Finance theory does not provide a comprehensive framework for explaining risk management within the imperfect financial environment in which firms operate. Corporate managers, however, rank risk management as…
This paper investigates empirically the interrelationships between the daily stock market returns of the Nikkei 225, DAX and Dow Jones Industrial index. Contrary to former work this paper uses the succession of…
In this paper, a short survey is given on the contents and some problems of the theory of optimal currency areas. In addition, a new criterion for the assessment of the optimality of a currency area is proposed:…
Angesichts der Risiken in der gesetzlichen Rentenversicherung wird die private Ersparnisbildung mehr und mehr zu einer tragenden Säule unseres Alterssicherungssystems. Ob allerdings die deutschen Sparer darauf…
Eine der herausragenden Entwicklungen auf den internationalen Finanzmärkten in den letzten Jahren ist die Institutionalisierung, d. h. die zunehmende Delegation privater Ersparnisse an professionelle…
This paper investigates the determinants of transaction price changes during BUND-future trading at Deutsche Terminborse (DTB) and London International Financial Futures Exchange (LIFFE). The analysis uses the…
