发布求助
文献互助 智能选刊 最新文献

Kredit Und Kapital最新文献

筛选
英文 中文
42. Konstanzer Seminar zur Geldtheorie und Geldpolitik 2011 42. 君士坦丁堡货币与货币政策2011年研讨会
Kredit Und Kapital Pub Date : 2012-08-15 DOI: 10.3790/KUK.45.2.267
M. Evers
{"title":"42. Konstanzer Seminar zur Geldtheorie und Geldpolitik 2011","authors":"M. Evers","doi":"10.3790/KUK.45.2.267","DOIUrl":"https://doi.org/10.3790/KUK.45.2.267","url":null,"abstract":"","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"46 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128018693","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Vorschlag eines Bewertungskonzepts von Zertifikaten 凭证凭证的评估方法
Kredit Und Kapital Pub Date : 2012-08-15 DOI: 10.3790/KUK.45.2.243
Armin Varmaz, C. Fieberg
{"title":"Vorschlag eines Bewertungskonzepts von Zertifikaten","authors":"Armin Varmaz, C. Fieberg","doi":"10.3790/KUK.45.2.243","DOIUrl":"https://doi.org/10.3790/KUK.45.2.243","url":null,"abstract":"The literature has paid limited attention to approaches to analytical certificate valuation. This article proposes a concept, which roots in the Black/Scholes model, in order to analytically value the certificates. The implementation of the proposed concept requires the knowledge of the components of the certificates. Based on a classification of certificates in uniformly constructed classes, we identify the components. Based on formulas for barrier options proposed by Haug (2007) we develop an analytical approach to value virtually all existing certificates. Valuation errors which may occur due to non-observation of the volatility surface or due to market imperfections are analyzed in case studies.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"197 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133751483","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Risk Measurement with a Safety Belt: Pareto Meets Chebyshev 用安全带衡量风险:帕累托与切比雪夫
Kredit Und Kapital Pub Date : 2012-08-15 DOI: 10.3790/KUK.45.2.175
Karl-Heinz Tödter
{"title":"Risk Measurement with a Safety Belt: Pareto Meets Chebyshev","authors":"Karl-Heinz Tödter","doi":"10.3790/KUK.45.2.175","DOIUrl":"https://doi.org/10.3790/KUK.45.2.175","url":null,"abstract":"Risk measures based on the Gaussian distribution are prone to understate the probability of extreme events. To capture fat tails and extreme events, we combine the Pareto law with finite variance bounds of Chebyshev. This density encompasses the tail behaviour of a wide range of random variables with unknown distribution. It provides a well-defined conservative measure of risks. Applications to measurement of forecast uncertainty and to value at risk and expected shortfall illustrate the approach empirically.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"75 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124669234","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Prognosen von Metallpreisen: Asymmetrische Verlustfunktionen und Rationalität 金属价格预测:不对称损失函数和理性
Kredit Und Kapital Pub Date : 2012-07-01 DOI: 10.3790/KUK.45.3.407
Christian Pierdzioch, Jan-Christoph Rülke, Georg Stadtmann
{"title":"Prognosen von Metallpreisen: Asymmetrische Verlustfunktionen und Rationalität","authors":"Christian Pierdzioch, Jan-Christoph Rülke, Georg Stadtmann","doi":"10.3790/KUK.45.3.407","DOIUrl":"https://doi.org/10.3790/KUK.45.3.407","url":null,"abstract":"Metals are important industrial raw and basic materials. Owing to the extremely strong fluctuations of metal prices, forecasts of future price developments are often in the focus of reporting by the media. This article analyses forecasts of six different metal prices, where the discussion focuses in particular on the form of forecasters’ loss function and the rationality of forecasts. The micro data we have used show a marked heterogeneity with respect to both aspects both across the analysed metal prices and across the forecasters for some of the metals studied.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"128998196","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Internet Bondholder Relations: Explaining Differences in Transparency among German Issuers of Corporate Bonds 互联网债券持有人关系:解释德国公司债券发行人透明度差异
Kredit Und Kapital Pub Date : 2012-07-01 DOI: 10.3790/KUK.45.3.313
Heinrich Degenhart, Steve Janner
{"title":"Internet Bondholder Relations: Explaining Differences in Transparency among German Issuers of Corporate Bonds","authors":"Heinrich Degenhart, Steve Janner","doi":"10.3790/KUK.45.3.313","DOIUrl":"https://doi.org/10.3790/KUK.45.3.313","url":null,"abstract":"Bondholder relations gains importance for German non-financial firms as the debt market environment is changing significantly. Beyond an unprecedented increase in the amount of outstanding securities, there are two other effects that we observe in the German market for corporate bonds: an increasing focus on retail investors and a growing number of small to medium-sized firms entering the market. Both developments underline the need to explore bondholder relations, its implementation and effectiveness. In the course of this study, we intend to promote the understanding of why some firms disclose more to their bondholders than others. Following the information, agency, and related frameworks, we assume that Internet financial reporting helps reduce information asymmetries between bond issuers and dispersed investors. We devote this study to identifying main factors that determine cross-sectional heterogeneity. Conducting a multivariate analysis, we test hypotheses on the influence of capital market orientation, investors’ informational needs, firm complexity, default risk, and family ownership. We find that all constructs, except for the default risk, are at least partly relevant in explaining the extent of information that bond issuers disclose on their websites.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"22 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121746794","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
The Financial Crisis from a Forecaster's Perspective 从预测者的角度看金融危机
Kredit Und Kapital Pub Date : 2012-04-23 DOI: 10.3790/KUK.45.1.1
K. Drechsel, Rolf Scheufele
{"title":"The Financial Crisis from a Forecaster's Perspective","authors":"K. Drechsel, Rolf Scheufele","doi":"10.3790/KUK.45.1.1","DOIUrl":"https://doi.org/10.3790/KUK.45.1.1","url":null,"abstract":"This paper analyses the recession in 2008/2009 in Germany, which is very different from previous recessions, in particular regarding its cause and magnitude. We show to what extent forecasters and forecasts based on leading indicators fail to detect the timing and the magnitude of the recession. This study shows that large forecast errors for both expert forecasts and forecasts based on leading indicators resulted during this recession which implies that the recession was very difficult to forecast. However, some leading indicators (survey data, risk spreads, stock prices) have indicated an economic downturn and hence, beat univariate time series models. Although the combination of individual forecasts provides an improvement compared to the benchmark model, the combined forecasts are worse than several individual models. A comparison of expert forecasts with the best forecasts based on leading indicators shows only minor deviations. Overall, the range for an improvement of expert forecasts during the crisis compared to indicator forecasts is relatively small.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126085773","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 13
Internationale Finanzforschung in Krisenzeiten – Eine Untersuchung auf Basis der Jahrestagung 2011 der European Finance Association in Stockholm, Schweden 在危机时期开展的国际金融研究——这是在瑞典斯德哥尔摩欧洲金融协会2011年年会召开的一项研究
Kredit Und Kapital Pub Date : 2012-04-23 DOI: 10.3790/KUK.45.1.115
C. Breuer, W. Breuer
{"title":"Internationale Finanzforschung in Krisenzeiten – Eine Untersuchung auf Basis der Jahrestagung 2011 der European Finance Association in Stockholm, Schweden","authors":"C. Breuer, W. Breuer","doi":"10.3790/KUK.45.1.115","DOIUrl":"https://doi.org/10.3790/KUK.45.1.115","url":null,"abstract":"Vom 17. bis 20. August 2011 fand die 38. Jahrestagung der European Finance Association (EFA) in Stockholm, Schweden, statt. Die Tagung unter der Leitung von Ingrid M. Werner wurde bereits zum zweiten Mal (nach zum ersten Mal 1989) in Stockholm durchgefuhrt. Zur Tagung wurden ca. 1.600 Aufsatze eingereicht, von denen nach einem doppelt verdeckten Begutachtungsverfahren 201 Aufsatze zur Prasentation ausgewahlt wurden. Auf diese Basis beziehen sich alle folgenden Auswertungen. Als Keynote Speaker konnte John Campbell von der Harvard University zum Thema „Mortgage Market Design“ gewonnen werden.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"262 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-04-23","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121215731","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Optimale Darlehensbündel in der privaten Immobilienfinanzierung bei steigender Zinsstrukturkurve 在上升的利率曲线中最优的私人住房贷款
Kredit Und Kapital Pub Date : 2012-02-01 DOI: 10.3790/KUK.45.2.219
Frank Schuhmacher
{"title":"Optimale Darlehensbündel in der privaten Immobilienfinanzierung bei steigender Zinsstrukturkurve","authors":"Frank Schuhmacher","doi":"10.3790/KUK.45.2.219","DOIUrl":"https://doi.org/10.3790/KUK.45.2.219","url":null,"abstract":"This contribution analyzes an optimization potential in the private real estate financing, which is not covered in both the scientific and practical literature, but which is well known to practically orientated scientists. First, it is shown that for a rising yield curve a bundle of annuity loans with different fixed interest periods is optimal. Second, the optimal bundle is characterized. Third, it is shown that the added value of the optimal bundle is on average over the last 15 years about 1%.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"30 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126663545","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Mehrperiodenausfallprognose eines Bankportfolios aus deutschen mittelständischen Unternehmen 一个德国中小企业银行组合的多梦梦
Kredit Und Kapital Pub Date : 2012-02-01 DOI: 10.3790/KUK.45.2.189
M. Wolter, D. Rösch
{"title":"Mehrperiodenausfallprognose eines Bankportfolios aus deutschen mittelständischen Unternehmen","authors":"M. Wolter, D. Rösch","doi":"10.3790/KUK.45.2.189","DOIUrl":"https://doi.org/10.3790/KUK.45.2.189","url":null,"abstract":"This article analyses a comprehensive set of data including annual financial statements and default probability information relating to German small and medium- sized enterprises. This data set, which must be deemed typical of a businesscustomer credit portfolio of a large bank, is used as basis for developing an enterprise- specific default probability forecasting model. This model permits to identify significant company-specific and macroeconomic risk drivers and to forecast default probability risks over a multi-annual horizon. On the basis of the time-specific modes of behaviour of the default probabilities so ascertained, multi-period portfolio loss distributions have been estimated for bank-specific credit portfolios. The analyses are based on a data set relating to 5,930 German small and mediumsized enterprises. For these enterprises, a total of over 23,000 annual financial statements relating to the period 2002/2007 have been analysed. The results may be used as a basis on which to develop action strategies allowing credit portfolio losses to be more realistically estimated for several periods.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-02-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130124748","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Reformen der nationalen und internationalen Finanzarchitektur 国家和国际金融架构的改革
Kredit Und Kapital Pub Date : 2011-12-01 DOI: 10.3790/KUK.44.3.317
H. Rehm
{"title":"Reformen der nationalen und internationalen Finanzarchitektur","authors":"H. Rehm","doi":"10.3790/KUK.44.3.317","DOIUrl":"https://doi.org/10.3790/KUK.44.3.317","url":null,"abstract":"Summary/Zusammenfassung Reformen der nationalen und internationalen Finanzarchitektur Der Ausgangspunkt der Uberlegungen ist die Frage nach den ordnungspolitischen Anforderungen an eine Finanzarchitektur, die dem Wandel der Markte und dem geanderten Verhalten der Akteure Rechnung tragt. Im Mittelpunkt der Analyse stehen die Ansatzpunkte einer makroprudentiellen Bankenaufsicht zur Fruherkennung von systemischen Risiken und die Wurdigung jener Instrumente, mit denen diesen begegnet werden kann. In diesem Zusammenhang werden die Konzepte zur Erhohung der Risikotragfahigkeit, der Einschrankung von Refinanzierungsrisiken sowie die Moglichkeiten zur Vermeidung von Regulierungsarbitrage in „Schattenbanksystemen“ erortert. Schlieslich werden die grundsatzlichen Konzepte vorgestellt, mit denen die Bankordnungspolitik in ihrer Verantwortung fur die Funktionsfahigkeit eines Bankensystems nicht einer dauerhaften Erpressbarkeit durch die Bankwirtschaft ausgeliefert ist, sondern im Falle einer bestands-und systemgefahr...","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"13 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2011-12-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126997196","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 2
首页 上一页 下一页 尾页
0
×
引用
GB/T 7714-2015
复制
MLA
复制
APA
复制
导出至
BibTeX EndNote RefMan NoteFirst NoteExpress
×
提示
您的信息不完整，为了账户安全，请先补充。
现在去补充
×
提示
您因"违规操作"
具体请查看互助需知
我知道了
×
提示
现在去查看 取消
×
提示
确定
请完成安全验证×
相关产品
×
本文献相关产品
联系我们：info@booksci.cn Book学术提供免费学术资源搜索服务，方便国内外学者检索中英文文献。致力于提供最便捷和优质的服务体验。 Copyright © 2023 布克学术 All rights reserved.
京ICP备2023020795号-1
ghs 京公网安备 11010802042870号
Book学术文献互助
Book学术文献互助群
群 号：604180095
Book学术官方微信