Digitalkompetenzen im öffentlichen Dienst -Herausforderungen und Rolle der Weiterbildung: Praxisbeispiel Deutsche Bundesbank

2021 ◽  
pp. 591-639
Author(s):  
Annika Müller de Vries
Keyword(s):  
Deutsche Bundesbank

Corporate Finance in Germany and France. A Joint Research Project of the Deutsche Bundesbank and the Banque de France

1999 ◽  
Author(s):  
Hans Friderichs ◽  
Dieter Gerdesmeier ◽  
Elisabeth M. Kremp ◽  
Bernard Paranque ◽  
Annie Sauve ◽  
...  
Keyword(s):  
Corporate Finance ◽  
Research Project ◽  
Joint Research ◽  
Joint Research Project ◽  
Deutsche Bundesbank

Estimating the Borrowing Behavior of French and German Firms. An Econometric Analysis / Verschuldungsverhalten französischer und deutscher Unternehmen. Eine ökonometrische Analyse

2001 ◽  
Vol 221 (5-6) ◽  
Author(s):  
Elizabeth Kremp ◽  
Elmar Stöß
Keyword(s):  
Firm Growth ◽  
Negative Impact ◽  
Positive Impact ◽  
Size Class ◽  
Monetary Transmission ◽  
Data Sets ◽  
Pecking Order ◽  
Trends Over Time ◽  
Deutsche Bundesbank ◽  
The Cost

SummaryThis paper investigates the borrowing behavior of 2,900 French and 1,300 German firms over the 1987-95 period. Both samples based on data sets of the Banque de France and the Deutsche Bundesbank not only include large but also small and medium-sized enterprises. Applying GMM techniques, we estimate identical debt equations for the two total samples and by size class. Despite the large differences between the two countries in term of debt trends over time and size class the main result is the similarity of a few determinants between France and Germany. E.g. we find that firm growth has a positive impact on borrowing according to the theory of signalling whereas the negative correlation of profit and debt supports pecking order approach and the cost of finance has a negative impact on leverage, too. Additionally, the study can provide some insights for the monetary transmission mechanism in both EMU member countries.

scholarly journals Automated portfolio rebalancing: Automatic erosion of investment performance?

2020 ◽  
Vol 21 (6) ◽  
pp. 489-505
Author(s):  
Matthias Horn ◽  
Andreas Oehler
Keyword(s):  
Real Estate ◽  
Empirical Analysis ◽  
Real World ◽  
Portfolio Performance ◽  
Investment Performance ◽  
Portfolio Rebalancing ◽  
Socioeconomic Characteristics ◽  
Household Finances ◽  
Deutsche Bundesbank ◽  
The Empirical Analysis

Abstract Robo-advisers enable investors to establish an automated rebalancing strategy for a portfolio usually consisting of stocks and bonds. Since households’ portfolios additionally include further frequently tradable assets like real estate funds, articles of great value and cash(-equivalents), we analyze whether households would benefit from a service that automatically rebalances a portfolio which additionally includes the latter assets. In contrast to previous studies, this paper relies on real-world household portfolios, which are derived from the German central bank’s (Deutsche Bundesbank) Panel on Household Finances (PHF)-Survey. We compute the portfolio performance increase/decrease that households would have achieved by employing rebalancing strategies instead of a buy-and-hold strategy in the period from September 2010 to July 2015 and analyze whether subsamples of households with certain sociodemographic and socioeconomic characteristics would have benefited more from portfolio rebalancing than other household subsamples. The empirical analysis shows that the analyzed German households would not have benefited from an automated rebalancing service and that no subgroup of households would have significantly outperformed another subgroup in the presence of rebalancing strategies.

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