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Almost Consistent Estimation of Panel Probit Models with 'Small' Fixed Effects

We propose four different GMM estimators that allow almost consistent estimation of the structural parameters of panel probit models with fixed effects for the case of small T and large N. The moments used are derived for each period from a first order approximation of the mean of the dependent variable conditional on explanatory variables and on the fixed effect. The estimators...

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English / 01/02/2003

Wie wird ein Unternehmen zum Good Corporate Citizen?

Der Beitrag zeigt in knapper und leicht verständlicher Form auf, worauf es für "Good Corporate Citizenship" wirklich ankommt.

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Deutsch / 01/02/2003

Statistically Assisted Programme Selection - International Experiences and Potential Benefits for Switzerland

Allocating people into social programmes on the basis of statistical tools has gained increasing acceptance in recent years. The need for better targeting of active labour market programmes recently has arisen in Switzerland, too. Statistically assisted programme allocation could be an effective tool to increase the effectiveness of labour market policies. It is a software tool that...

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English / 01/01/2003

Using recruiter assessments of applicants' resume information to predict applicant mental ability and big five personality dimensions

Information provided on applicants' resumes provides a convenient, cost-effective means for applicant screening. We sought to determine if recruiters' assessments of the presence of certain types of information on job applicants' resumes was related to applicants' general mental ability and personality traits. Forty recruiters from 35 organizations assessed the...

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English / 01/01/2003

Tax Policy, Venture Capital, and Entrepreneurship

The paper studies the effects of tax policy on venture capital activity. Entrepreneurs pursue a single high risk project each but have no own resources. Financiers provide funds, covering investment cost plus an upfront payment, in exchange for a share in the firm. The contract must include incentives to enlist full effort of entrepreneurs. Venture capitalists also assist with...

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English / 01/01/2003

Taxes and Venture Capital Support

In this paper we set up a model of start-up finance under double moral hazard. Entrepreneurs lack own resources and business experience to develop their ideas. Venture capitalists can provide start-up finance and commercial support. The effort put forth by either agent contributes to the firm's success, but is not verifiable. As a result, the market equilibrium is biased towards...

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English / 01/01/2003

Mikroökonometrische Evaluation arbeitsmarktpolitischer Massnahmen

Viele europäische Länder verwenden neben einer passiven Einkommensabsicherung der Arbeitslosen die aktive Arbeitsmarktpolitik, um deren Wiederbeschäftigung zu beschleunigen. Zunehmend setzt sich dabei die Erkenntnis durch, dass diese kostenintensive Politik dem Steuerzahler nur bei nachweisbarem Nutzen langfristig zu vermitteln ist. Auch wenn die Bereitstellung der für seriöse...

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English / 01/01/2003

The Effect of Disability on Labour Market Outcomes in Germany: Evidence from Matching

If labour market policies aimed at people with disabilities are effective, we should observe no significant difference in labour market outcomes between disabled and non-disabled individuals. This Paper examines the impact of disability status on labour market outcomes using matching methods associated with treatment effect techniques for programme evaluation. Such techniques are...

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English / 01/01/2003

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

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