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Tactical Asset Allocation mit genetischen Algorithmen

In this study of tactical asset allocation, we use a genetic algorithm to implement a market timing strategy. The algorithm makes a daily decision whether to invest in the market index or in a riskless asset. The market index is represented by the S&P500 Composite Index, the riskless asset by a 3-month T-Bill. The decision of the genetic algorithm is based on fundamental…

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Deutsch / 01/01/2003

Inflation Forecast Uncertainty

We study the inflation uncertainty reported by individual forecasters in the Survey of Professional Forecasters 1969-2001. Three popular measures of uncertainty built from survey data are analyzed in the context of models for forecasting and asset pricing, and improved estimation methods are suggested. Popular time series models are evaluated for their ability to reproduce survey…

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English / 01/01/2003

Asset Pricing in Macroeconomic Models

Analysis of financial prices in macroeconomic models rests on two building blocks: the consumption-based asset pricing model and the structure of payoffs. This chapter studies how different modelling choices affect yield curves (real and nominal), risk premia on equity (levered or not), and options. The emphasis is on surveying existing models and to bring out the basic mechanisms…

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English / 01/01/2003

Organizational Culture

English / 01/01/2003

Lernen in der Kampfarena - Interaktionsthemen im Change Management als reichhaltige Lernplattformen nutzen

Wie lassen sich die in der Organisation «liegenden» Interaktionsthemen für eine lernunterstützende «organisierte Komplexität» nutzen? Wie können die Tagesgeschäft-Themen zum interessierenden Konfrontationsfeld für Mitarbeiter/-innen und Führungskräfte werden? Veränderung ­ so unsere These ­ vollzieht sich in der konkurrierenden Auseinandersetzung der dominierenden «alten» Logik mit…

Deutsch / 01/01/2003

Organizational Learning and Learning Organizations. Theory and empirical findings

Presents a survey of the concepts and empirical evidence of the effects of organizational learning (OL) and learning organizations (LO). It summarizes and compares theories, empirical studies, and practical implications from 4 main research perspectives: information processing (IP), knowledge management (KM), strategic management (SM), and organizational culture (OC). The IP…

English / 01/01/2003

Qualifying Otherness

English / 01/01/2003

The Deterrent Effect of National Anti-Cartel Laws: Evidence from the International Vitamins Cartel

During the 1990s the European Commission and the United States Department of Justice between them prosecuted over 40 cartels that involved private firms and whose effects went beyond national borders. These private international cartels were found in a wide range of products - from citric acid, vitamins, newsprint, and fax paper to shipping and chemicals such as aluminium phosphide…

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English / 01/01/2003

Can Developing Countries Benefit from Negotiations on Transparency in Government Procurement in the Doha Round?

It is important to appreciate how large the world's government procurement markets are. Although precise estimates are hard to come by, a recent analysis by the Organisation for Economic Co-operation and Development (OECD) indicates that total central government expenditures of its members, excluding military spending and the compensation of state employees, was just under $2…

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English / 01/01/2003

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