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Currency Competition in China Between 1850 and 1950 A Case Study on Hayek’s Denationalised Money? 1850 - 1950年间中国的货币竞争——以哈耶克的非国有化货币理论为例?
Kredit Und Kapital Pub Date : 2009-07-01 DOI: 10.3790/KUK.42.3.327
David Denzer-Speck
{"title":"Currency Competition in China Between 1850 and 1950 A Case Study on Hayek’s Denationalised Money?","authors":"David Denzer-Speck","doi":"10.3790/KUK.42.3.327","DOIUrl":"https://doi.org/10.3790/KUK.42.3.327","url":null,"abstract":"In this article, we analyse whether China’s monetary system between 1850 and 1950 can be compared to F. A. von Hayek’s idea of denationalised money. While different currencies existed and competed during the whole period, we find that only the first part, until the beginning of the 20th century can be characterised as a one of denationalised money. We furthermore find evidence that the decentralised supply of competing monies acted as a protection against money induced inflation as it helped to preserve the convertibility of banknotes in precious metal. However, this advantage of currency competition came along with considerable transaction and information costs.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126130291","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: 5
Compensation and Transparency of Compensation of Management Boards in Germany 德国管理委员会薪酬与透明度
Kredit Und Kapital Pub Date : 2009-07-01 DOI: 10.3790/KUK.42.3.435
G. Stadtmann
{"title":"Compensation and Transparency of Compensation of Management Boards in Germany","authors":"G. Stadtmann","doi":"10.3790/KUK.42.3.435","DOIUrl":"https://doi.org/10.3790/KUK.42.3.435","url":null,"abstract":"The transparency of compensation of the members of the management board has become a central element of the German corporate governance system. We perform an empirical examination with respect to the structure of the compensation of the management board of DAX-30 companies. Some companies show a strong differentiation among the compensation of their board members while others do not. Furthermore, the proportion of fixed to overall compensation varies between companies. We identify those company as well as person specific variables that explain individual compensation levels. Additionally, we check which factors influence the change in compensation. Thereby, we test whether a bidding-up effect is present as suggested by some theoretical considerations. Nevertheless, the empirical results show that we are unable to detect a bidding-up effect.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"45 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127930633","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
Der optimale Bezugspreis bei Kapitalerhöhungen mit Bezugsrechten 筹集资金时最优选择价格
Kredit Und Kapital Pub Date : 2009-07-01 DOI: 10.3790/KUK.42.3.353
Sven Meincke, Peter Nippel
{"title":"Der optimale Bezugspreis bei Kapitalerhöhungen mit Bezugsrechten","authors":"Sven Meincke, Peter Nippel","doi":"10.3790/KUK.42.3.353","DOIUrl":"https://doi.org/10.3790/KUK.42.3.353","url":null,"abstract":"When planning to raise new equity capital listed firms in Germany almost always buy insurance against the risk of failure by signing an underwriting agreement with a bank, even in case of rights offerings. We calculate the fair price for this insurance and for the rights which can be considered as call options. We show that for arbitrage free valuation of the underwriting contract and the rights the subscription price is irrelevant for shareholders wealth. This holds notwithstanding the fact that the fair value of the underwriting contract rises with an increasing rate if a higher subscription price is chosen. Not until the analysis is extended by considering some market imperfections and taxes we make a case for a “high” subscription price.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"39 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117185085","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
Market Maker unter Wolken – Wettereffekte am deutschen Aktienmarkt
Kredit Und Kapital Pub Date : 2009-07-01 DOI: 10.3790/KUK.42.3.413
Marcus Flemisch, A. Hackethal, D. Schiereck
{"title":"Market Maker unter Wolken – Wettereffekte am deutschen Aktienmarkt","authors":"Marcus Flemisch, A. Hackethal, D. Schiereck","doi":"10.3790/KUK.42.3.413","DOIUrl":"https://doi.org/10.3790/KUK.42.3.413","url":null,"abstract":"It is known from the literature on the psychology of modes of behavior in stock markets that – besides other parameters – moods and emotions as personal influencing factors affect yield expectations and the risk-awareness of market participants. The constructs that may influence moods include the weather as well. Studies of the US market show that the yields recorded by the New York Stock Exchange correlate in a negative sense with the population density. By way of explanation, mention has been made of market makers’ bid/offer spread fixing behaviour for which systematic correlations with the weather have been observed. So far, no studies have hitherto been made of the influence of the weather on the bid/offer spread fixing behaviour of market makers in the German capital market. There are plans to close this knowledge gap insofar as stocks are concerned listed by the German electronic trading system Xetra, for each of which just one designated sponsor acts as a market maker. It has turned out in this context that a systematic weather effect is to be observed in Germany as well, though with a surprising operating sign.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"40 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122075610","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: 3
Who Listened? Unappreciated Teachings of New Institutional Economics Related to the Financial Crisis of 2008 谁听?与2008年金融危机相关的新制度经济学未被重视的教导
Kredit Und Kapital Pub Date : 2009-05-14 DOI: 10.3790/KUK.42.4.473
R. Richter
{"title":"Who Listened? Unappreciated Teachings of New Institutional Economics Related to the Financial Crisis of 2008","authors":"R. Richter","doi":"10.3790/KUK.42.4.473","DOIUrl":"https://doi.org/10.3790/KUK.42.4.473","url":null,"abstract":"Who was listening before the Financial Crisis of 2008 to Arrow’s warnings and the teachings of Coase? Due to transaction costs, incomplete foresight and bounded rationality not all risks that would be desirable to shift can be shifted through the market. Financial firms and other institutions take on part of the burden. To expand the frontier of risk trading requires institutional answers – in particular new forms of credible commitments. Improvements in information technology alone do not do the trick.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"112 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-05-14","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117134086","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: 5
Finanzmarktkrise und EURO-Zone – Gefahr des Zerfalls und Folgen des Austritts einzelner Mitglieder 金融市场危机及欧元区成员国的退出带来的危机及后果
Kredit Und Kapital Pub Date : 2009-05-01 DOI: 10.3790/KUK.42.2.173
D. Meyer
{"title":"Finanzmarktkrise und EURO-Zone – Gefahr des Zerfalls und Folgen des Austritts einzelner Mitglieder","authors":"D. Meyer","doi":"10.3790/KUK.42.2.173","DOIUrl":"https://doi.org/10.3790/KUK.42.2.173","url":null,"abstract":"Zusammenfassung/Summary Finanzmarktkrise und EURO-Zone – Gefahr des Zerfalls und Folgen des Austritts einzelner Mitglieder Die Defizite staatlicher Haushalte durch Ausgaben(-verpflichtungen) infolge von Bankenrettungen, konjunkturellen Unterstutzungen und krisenbelasteten Sozialbudgets bedrohen die Zahlungsfahigkeit verschiedener EURO-Lander. Zugleich tragen die stabileren Mitgliedstaaten uberwalzte Anpassungslasten durch Zinssatzsteigerungen, ein geringeres Wachstum und eine vermeintlich steigende Geldentwertung in den nachsten Jahren. Beide Rahmenbedingungen bilden die Grundlage fur zwei hypothetische Austrittsszenarien, die am Beispiel Italiens und Deutschlands illustriert werden. Neben der Wahl des zukunftigen Wechselkurssystems sowie der Produktion und der Bereitstellung der neuen Wahrung ist ein gespaltener Umtauschkurs zwecks staatlicher Entschuldung in Betracht zu ziehen. Gefahren einer Desintegrationsinflation bestehen bei einer unvollstandigen Ruckfuhrung der EURO-Geldbestande sowie durch einen ...","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"66 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"117300845","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: 4
Real Exchange Rates, Structural Reforms and Monetary Union 实际汇率、结构改革与货币联盟
Kredit Und Kapital Pub Date : 2009-05-01 DOI: 10.3790/KUK.42.2.195
C. Hefeker
{"title":"Real Exchange Rates, Structural Reforms and Monetary Union","authors":"C. Hefeker","doi":"10.3790/KUK.42.2.195","DOIUrl":"https://doi.org/10.3790/KUK.42.2.195","url":null,"abstract":"The paper addresses the question what effects the enlargement of a monetary union will have on necessary structural reforms in member countries with high and low degrees of distortions. I show that monetary union has asymmetric effects on reform efforts and under what circumstances governments increase their reform efforts. Depending on asymmetries in the degrees of distortions, the stance of monetary policy, and countries’ openness, one could expect convergence or divergence in reform efforts.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"10 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"133199906","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
Market Timing und Finanzierungsentscheidungen: Unterscheidet sich Europa von den USA? 市场时间和融资决定:欧洲与美国的不同吗?
Kredit Und Kapital Pub Date : 2009-05-01 DOI: 10.3790/KUK.42.2.245
Zacharias Sautner, J. Spranger
{"title":"Market Timing und Finanzierungsentscheidungen: Unterscheidet sich Europa von den USA?","authors":"Zacharias Sautner, J. Spranger","doi":"10.3790/KUK.42.2.245","DOIUrl":"https://doi.org/10.3790/KUK.42.2.245","url":null,"abstract":"After publication of the Baker/Wurgler study (2002) the Market Timing theory has established itself as an alternative capital structure theory. It implies that the capital market structure of an enterprise represents the accumulated result of Equity Market Timing attempts. Within the framework of this study, it has been examined to what extent it would be possible to generalize the Market Timing hypotheses so that they are also valid for capital markets other than those of the USA. With this in mind, it would be fair to assume that no – or just insignificant – Market Timing effects occur in a European market environment owing to different institutional structures. In line with this hypothesis, the results we have obtained demonstrate that Equity Market Timing cannot be proven to exist for DAX enterprises and for EURO Stoxx 50 companies. It rather appears that the results we have obtained are in conformity with the Dynamic Pecking Order theory.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"14 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126413109","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
Zur Eigenmittelunterlegung von Leistungszusagen in der Auszahlphase bei investmentfondsbasierten Altersvorsorgeverträgen: Ein Gestaltungsvorschlag 关于以投资基金为基础的退休准备金合同支付阶段的福利承诺的资本充足性：设计建议
Kredit Und Kapital Pub Date : 2009-05-01 DOI: 10.3790/KUK.42.2.277
Ivica Dus, R. Maurer
{"title":"Zur Eigenmittelunterlegung von Leistungszusagen in der Auszahlphase bei investmentfondsbasierten Altersvorsorgeverträgen: Ein Gestaltungsvorschlag","authors":"Ivica Dus, R. Maurer","doi":"10.3790/KUK.42.2.277","DOIUrl":"https://doi.org/10.3790/KUK.42.2.277","url":null,"abstract":"The present study focuses on the defined financial benefits capital investors have undertaken to pay to their contracting parties during the withdrawal phase under contracts making provision for old age (also referred to as Riester contracts in Germany). The Alterszertifizierungsgesetz requires product providers to make sure that benefits, equal or even increasing in amount over time, are paid to the holders of such Riester contracts during the entire withdrawal phase. In cases of doubt, investors would be liable in respect of their total assets and therefore be required to hold own funds appropriate in amount. At present, there are not any explicit supervisory-law rules covering own fund requirements during the withdrawal phase under investment-based contracts making provision for old age. The present study is aimed at closing this gap. To this end, it begins by enlisting the special financial and economic characteristics of defined benefits during the withdrawal phase; this is followed by a discussion of a conceptual proposal as well as of specific methodological proposals pertaining to a supervisory law-based own fund system; finally it demonstrates the way such a system would work within the framework of a simulation study.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"24 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-05-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126454059","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
"Home, Sweet Home" - Die Entwicklung des Handelsvolumens deutscher Aktien im Ausland 德国股票在国外市值的发展
Kredit Und Kapital Pub Date : 2009-04-01 DOI: 10.3790/KUK.42.1.25
M. Grote, Florian Kube, Michael Küchen
{"title":"\"Home, Sweet Home\" - Die Entwicklung des Handelsvolumens deutscher Aktien im Ausland","authors":"M. Grote, Florian Kube, Michael Küchen","doi":"10.3790/KUK.42.1.25","DOIUrl":"https://doi.org/10.3790/KUK.42.1.25","url":null,"abstract":"We analyze the extent to which shares of German enterprises are traded at foreign stock exchanges over time. We find that – after a considerable initial trading activity – the flowback effects to Germany gain in importance. Secondary quotations at foreign stock exchanges should broaden the shareholder basis and, thus, decrease capital cost and ultimately increase shareholder value. This presupposes a sufficiently large trading volume in foreign stock markets. Measured by this yardstick quotations of German stocks at foreign stock markets have not been successful. This does not apply to all firms, however: Shares of smaller and growing enterprises with higher proportions of foreign sales trade to a larger extent in foreign stock markets.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"1 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123184218","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
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