University of Munich

Displaying 1-40 of 61 results

  • White Papers // Feb 2013

    Applicability of Business Process Model Analysis Approaches - A Case Study in Financial Services Consulting

    The analysis of business process models gains more and more attention in IS research. Several analysis approaches have been developed. All of them provide different features, such as syntax checking or pattern recognition. This paper investigates the applicability and relevance of business process model analysis approaches using a case study...

    Provided By University of Munich

  • White Papers // Nov 2012

    Generalizability and Applicability of Model-Based Business Process Compliance-Checking Approaches - A State-of-the-Art Analysis and Research Roadmap

    With a steady increase of regulatory requirements for business processes, automation support of compliance management is a field garnering increasing attention in Information Systems research. Several approaches have been developed to support compliance checking of process models. One major challenge for such approaches is their ability to handle different modeling...

    Provided By University of Munich

  • White Papers // Aug 2012

    Pricing Approaches for Data Markets

    Currently, multiple data vendors utilize the cloud-computing paradigm for trading raw data, associated analytical services, and analytic results as a commodity good. The authors observe that these vendors often move the functionality of data warehouses to cloud-based platforms. On such platforms, vendors provide services for integrating and analyzing data from...

    Provided By University of Munich

  • White Papers // Apr 2012

    Identifying Business Process Activity Mappings by Optimizing Behavioral Similarity

    This paper describes an approach designed to create a mapping between corresponding activities from two business processes that is geared towards handling noisy similarity values for the labels describing these activities. This is achieved by formulating an optimization problem - maximize the behavioral similarity of the processes as a whole...

    Provided By University of Munich

  • White Papers // Mar 2012

    Signal Processing and Detection for Multi-User Z Channels

    In this paper, the authors investigate how to send space time codes with full diversity and low decoding complexity for Z channels using pre-coders. First, they introduce their channel model and assume that they have 2 transmitters and 2 receivers. Each transmitter sends code words to respective receiver at the...

    Provided By University of Munich

  • White Papers // Jul 2011

    Software-as-a-Service in Small and Medium Enterprises: An Empirical Attitude Assessment

    Cloud service providers praise Software-as-a-Service (SaaS) as very attractive for Small and Medium Enterprises (SMEs). Yet, little research has been done on the SMEs' perspectives on this matter. This paper presents the results of a survey conducted among German enterprises that clarifies their views of SaaS. Starting with the actual...

    Provided By University of Munich

  • White Papers // Jun 2011

    Debt Enforcement And Relational Contracting

    The authors examine how third-party debt enforcement affects the emergence and performance of relational contracts in credit markets. They implement an experiment with finitely repeated credit relationships in which borrowers can default. In their weak enforcement treatment defaulting borrowers can keep their funds invested. In their strong enforcement treatment defaulting...

    Provided By University of Munich

  • White Papers // Apr 2011

    Tempus Fugit: Time Pressure In Risky Decisions

    The authors study the effects of time pressure on risky decisions for pure gain prospects, pure loss prospects, and mixed prospects involving both gains and losses. In an experiment they find that risk aversion for gains is robust under time pressure whereas risk seeking for losses turns into risk aversion...

    Provided By University of Munich

  • White Papers // Apr 2011

    Incidence And Growth Of Patent Thickets - The Impact Of Technological Opportunities And Complexity

    The authors investigate incidence and evolution of patent thickets. The empirical analysis is based on a theoretical model of patenting in complex and discrete technologies. The model captures how competition for patent portfolios and complementarity of patents affect patenting incentives. They show that lower technological opportunities increase patenting incentives in...

    Provided By University of Munich

  • White Papers // Apr 2011

    Loan Supply Shocks During The Financial Crisis: Evidence For The Euro Area From A Panel VAR With Sign Restrictions

    This paper employs a panel vector autoregressive model for the member countries of the Euro Area to explore the role of banks during the slump of the real economy that followed the financial crisis. In particular, the authors seek to quantify the macroeconomic effects of adverse loan supply shocks, which...

    Provided By University of Munich

  • White Papers // Feb 2011

    On Measures of Behavioral Distance Between Business Processes

    The desire to compute similarities or distances between business processes arises in numerous situations such as when comparing business processes with reference models or when integrating business processes. The objective of this paper is to develop an approach for measuring the distance between Business Processes Models (BPM) based on the...

    Provided By University of Munich

  • White Papers // Jan 2011

    Channel-And Application-Aware Transmission of Mixed Traffic Over Wireless Shared Channels

    The authors will present an advanced transmission strategy for improving the quality when delay-critical video and best-effort data traffic is transmitted in parallel on the downlink of a cellular system. Compared to state-of-the-art solutions, they consider both side information on the channel state and the structure of the packets in...

    Provided By University of Munich

  • White Papers // Dec 2010

    Responsibility Effects In Decision Making Under Risk

    The authors systematically explore decision situations in which a decision maker bears responsibility for somebody else's outcomes as well as for her own in situations of payoff equality. In the gain domain they confirm the intuition that being responsible for somebody else's payoffs increases risk aversion. This is however not...

    Provided By University of Munich

  • White Papers // Nov 2010

    The Impact Of The Internet On Retail Competition: Evidence From Technological Differences In Internet Access

    Does the internet increase competition? To address this question, the author exploits two institutional details unique to Germany: Some municipalities received glass fibre cables that cannot be upgraded to DSL; the author uses these municipalities as a treatment group with reduced online competition. German law mandates resale price maintenance for...

    Provided By University of Munich

  • White Papers // Nov 2010

    Standards, Innovation Incentives, And The Formation Of Patent Pools

    Technological standards give rise to a complements problem that affects pricing and innovation incentives of technology producers. In this paper the author discusses how patent pools can be used to solve these problems and what incentives patent holders have to form a patent pool. The author offers some suggestions how...

    Provided By University of Munich

  • White Papers // Oct 2010

    Financial Frictions And Inflation Differentials In A Monetary Union

    This paper employs a stylized New Keynesian DSGE model for a monetary union to analyze whether cyclical inflation differentials can be explained by cross-country differences concerning the characteristics of financial markets. The authors' results suggest that empirically plausible degrees of heterogeneity with respect to two important credit market characteristics -...

    Provided By University of Munich

  • White Papers // Jun 2010

    Are The Central European Stock Markets Still Different? A Cointegration Analysis

    The Central European countries became members of the European Union (EU) in May 2004. Has their accession into the EU also resulted in a stronger financial integration with the global economy in general and with the "Old" EU countries in particular? Based on a co-integration analysis applied to stock market...

    Provided By University of Munich

  • White Papers // Jun 2010

    Economic Surplus And Derived Demand

    Alfred Marshall has pointed out that most demand - especially labor demand - is derived from the demand for some other product. He wrote: "To take another illustration, the direct demand for houses gives rise to a joint demand for the labour of all the various building trades, and for...

    Provided By University of Munich

  • White Papers // Jun 2010

    A Micro View On Home Equity Withdrawal And Its Determinants. Evidence From Dutch Households

    Home equity is the most important part of a household portfolio, but only recently has it become more accessible through innovations in the mortgage market and financial deregulation. This paper looks at the factors driving home equity withdrawal on a household level using Dutch survey data and assesses to which...

    Provided By University of Munich

  • White Papers // Jun 2010

    Investment Incentives And Electricity Spot Market Design

    In liberalized electricity markets strategic firms compete in an environment characterized by fluctuating demand and non-storability of electricity. While spot market design under those conditions by now is well understood1, a rigorous analysis of investment incentives is still missing. Existing models, as the peak-load-pricing approach, analyze welfare optimal investment and...

    Provided By University of Munich

  • White Papers // Jun 2010

    The Effect Of Entertainment In Newspaper And Television News Coverage Munich

    In this paper, the authors analyze the equilibrium amount of entertainment in news coverage of newspapers and television stations. They find that a shift in the inclination to read, expressed by a shift in the (psychological) distance costs, induces both media outlets to incorporate more entertaining elements in news coverage....

    Provided By University of Munich

  • White Papers // Jun 2010

    The Phantom Of The Opera: Cultural Amenities, Human Capital, And Regional Economic Growth

    The authors analyze the extent to which endogenous cultural amenities affect the spatial equilibrium share of high-human-capital employees. To overcome endogeneity, they draw on a quasi-natural experiment in German history and exploit the exogenous spatial distribution of baroque opera houses built as a part of rulers' competition for prestigious cultural...

    Provided By University of Munich

  • White Papers // May 2010

    Increasing Dominance - The Role Of Advertising, Pricing And Product Design

    Despite the empirical relevance of advertising strategies in concentrated markets, the economics literature is largely silent on the effect of persuasive advertising strategies on pricing, market structure and increasing (or decreasing) dominance. In a simple model of persuasive advertising and pricing with differentiated goods, the authors analyze the interdependencies between...

    Provided By University of Munich

  • White Papers // May 2010

    Credit Cycles In A Dynamic Duopoly

    This paper examines the impact of a credit crunch on market structure. The author constructs and simulates a dynamic model of a duopolistic industry in which firms' investment in capacity are constrained by credit availability. In such an industry the dynamic interaction of credit limits and the competitive responses of...

    Provided By University of Munich

  • White Papers // Apr 2010

    Institutions And Innovations As Sources Of Productivity Growth Cross-Country Evidence

    The investigation of the determinants of economic growth plays an important role for the understanding of the sources of cross-country income differences. This paper analyzes the effects of institutions and innovations on country productivity growth. The empirical evidence shows that institutions and innovations matter, in particular for human capital efficiency....

    Provided By University of Munich

  • White Papers // Apr 2010

    Innovation And The International Firm Structure: Theory And Evidence From German Firm-Level Data

    This paper studies the impact of innovation on the organizational structure. The theoretical framework predicts that a larger parental pool of knowledge raises the probability of off shoring. This holds in a national as well as an international context. However, when the producer loses territorial protection, the changeover from non-integration...

    Provided By University of Munich

  • White Papers // Mar 2010

    Subspace Similarity Search: Efficient k-NN Queries in Arbitrary Subspaces

    There are abundant scenarios for applications of similarity search in databases where the similarity of objects is defined for a subset of attributes, i.e., in a subspace, only. While much research has been done in efficient support of single column similarity queries or of similarity queries in the full space,...

    Provided By University of Munich

  • White Papers // Feb 2010

    Towards Spatial Data Infrastructures in the Clouds

    Cloud Computing is one of the latest hypes in the mainstream IT world. In this context, Spatial Data Infrastructures (SDIs) have not been considered yet. This paper reviews this novel technology and identifies the paradigm behind it with regard to SDIs. Concepts of SDIs are analyzed in respect to common...

    Provided By University of Munich

  • White Papers // Feb 2010

    Three Essays On Liquidity Crisis, Monetary Policy, And Banking Regulation

    Liquidity, the ease of converting assets to cash, is perhaps one of the most mysterious terms in both finance and macroeconomics. In economic booms the world is abundant with liquidity, but when crisis hits liquidity drains out immediately as if it didn't exist at all. The reason why financial institutions...

    Provided By University of Munich

  • White Papers // Feb 2010

    Multinational Enterprises And Corporate Taxation: An Empirical Assessment Of The Location Of Assets, Profits And Debt

    The globalized world economy is experiencing a rising importance of MultiNational Enterprises (MNEs). Referring to OECD data, worldwide Foreign Direct Investment (FDI) has sextupled since the early 1990s. These days, more than one third of international trade is intra-company trade of MNEs with affiliates in different locations worldwide. Hence, for...

    Provided By University of Munich

  • White Papers // Feb 2010

    Predictive Ability Of Business Cycle Indicators Under Test: A Case Study For The Euro Area Industrial Production

    In this paper the authors assess the information content of seven widely cited early indicators for the euro area with respect to forecasting area-wide industrial production. To this end, they use various tests that are designed to compare competing forecast models. In addition to the standard Diebold-Mariano test, they employ...

    Provided By University of Munich

  • White Papers // Dec 2009

    Subspace Similarity Search Using the Ideas of Ranking and Top-k Retrieval

    There are abundant scenarios for applications of similarity search in databases where the similarity of objects is defined for a subset of attributes, i.e., in a subspace, only. While much research has been done in efficient support of single column similarity queries or of similarity queries in the full space,...

    Provided By University of Munich

  • White Papers // Dec 2009

    Per Capita Income, Market Access Costs, And Trade Volumes

    There is strong empirical evidence that countries with lower per capita income tend to have smaller trade volumes even after controlling for aggregate income. Furthermore, poorer countries do not just trade less, but have a lower number of trading partners. In this paper, the author constructs and estimates a general...

    Provided By University of Munich

  • White Papers // Nov 2009

    Determinants And Effects Of Reserve Prices In Hattrick Auctions

    The authors use a unique hand collected data set of 6,258 auctions from the online football manager game Hattrick to study determinants and effects of reserve prices. They find that chosen reserve prices exhibit both very sophisticated and suboptimal behavior by the sellers. On the one hand, reserve prices are...

    Provided By University of Munich

  • White Papers // Nov 2009

    Creditor Rights And Debt Allocation Within Multinationals

    The authors analyze the optimal debt structure of multinational corporations choosing between centralized or decentralized borrowing. They identify how this choice is affected by creditor rights and bankruptcy costs, taking into account managerial incentives and coinsurance considerations. They find that partially centralized borrowing structures are optimal with either weak or...

    Provided By University of Munich

  • White Papers // Oct 2009

    Equities, Credits And Volatilities: A Multivariate Analysis Of The European Market During The Sub-Prime Crisis

    Motivated by recent developments in light of the sub-prime and subsequent financial crisis the authors' fit two different Vector AutoRegressive Generalized Conditional Heteroscedastic (VAR-GARCH) models to three financial indices with the aim of understanding the development of dependency structures between credits spreads and other macroeconomic variables. They analysis includes daily...

    Provided By University of Munich

  • White Papers // Sep 2009

    Semantic Business Process Analysis

    The objective of this paper is to describe and evaluate an approach for automated analysis of Business Process Models. It is described why an automated way of Process Analysis is necessary and why it so is beneficial to use the authors' approach. Their argumentation is grounded on the fact that...

    Provided By University of Munich

  • White Papers // Aug 2009

    There's No Place Like Home: The Profitability Gap Between Headquarters And Their Foreign Subsidiaries

    Using a large panel data set for European firms, this paper provides evidence that operations at multinational headquarters are significantly more profitable than operations at their foreign subsidiaries. The effect turns out to be robust and quantitatively large. The authors' findings suggest that the profitability gap is partly driven by...

    Provided By University of Munich

  • White Papers // Aug 2009

    Do S&P's Corporate Ratings Reflect Credit Shocks?

    This paper examines empirically whether corporate ratings by the credit rating agency Standard & Poor's reflect fundamental and publicly observable shocks to the credit quality of companies. This serves to assess the degree of information sensitivity of external ratings, and the timeliness of their adjustments. The authors evidence on a...

    Provided By University of Munich

  • White Papers // Aug 2009

    On I/O Virtualization Management

    The quick adoption of virtualization technology in general and the advent of the Cloud business model entail new requirements on the structure and the configuration of back-end I/O systems. Several approaches to virtualization of I/O links are being introduced, which aim at implementing a more flexible I/O channel configuration without...

    Provided By University of Munich

  • White Papers // Jan 2011

    Channel-And Application-Aware Transmission of Mixed Traffic Over Wireless Shared Channels

    The authors will present an advanced transmission strategy for improving the quality when delay-critical video and best-effort data traffic is transmitted in parallel on the downlink of a cellular system. Compared to state-of-the-art solutions, they consider both side information on the channel state and the structure of the packets in...

    Provided By University of Munich

  • White Papers // Jul 2009

    Look Into My Eyes! Can You Guess My Password?

    Authentication systems for public terminals - and thus public spaces - have to be fast, easy and secure. Security is of utmost importance since the public setting allows manifold attacks from simple shoulder surfing to advanced manipulations of the terminals. In this paper, the authors present Eye-PassShapes, an eye tracking...

    Provided By University of Munich

  • White Papers // Sep 2008

    Effects of Channel Estimation Error on Array Processing Based QO-STBC Coded OFDM Systems

    This paper concerns performance degradation caused by channel estimation error of Quasi-Orthogonal Space-Time Block (QO-STBC) Coded OFDM systems employing array processing decoder. The Least Square (LS) channel estimator is employed to obtain the required Channel State Information (CSI). Taking Mean Square Error (MSE) as a performance metric, the authors evaluate...

    Provided By University of Munich

  • White Papers // Mar 2012

    Signal Processing and Detection for Multi-User Z Channels

    In this paper, the authors investigate how to send space time codes with full diversity and low decoding complexity for Z channels using pre-coders. First, they introduce their channel model and assume that they have 2 transmitters and 2 receivers. Each transmitter sends code words to respective receiver at the...

    Provided By University of Munich

  • White Papers // Apr 2010

    Institutions And Innovations As Sources Of Productivity Growth Cross-Country Evidence

    The investigation of the determinants of economic growth plays an important role for the understanding of the sources of cross-country income differences. This paper analyzes the effects of institutions and innovations on country productivity growth. The empirical evidence shows that institutions and innovations matter, in particular for human capital efficiency....

    Provided By University of Munich

  • White Papers // Dec 2008

    Downstream Market Structure And The Incentive For Innovation In Telecommunication Infrastructure

    This paper addresses the question of how the competitive situation in the downstream market, the services, and the innovative activity in the upstream market, the network infrastructure, interacts. The focus is on the vertical structure of the telecommunication market, which is analysed in the framework of a patent licensing model....

    Provided By University of Munich

  • White Papers // Feb 2010

    Multinational Enterprises And Corporate Taxation: An Empirical Assessment Of The Location Of Assets, Profits And Debt

    The globalized world economy is experiencing a rising importance of MultiNational Enterprises (MNEs). Referring to OECD data, worldwide Foreign Direct Investment (FDI) has sextupled since the early 1990s. These days, more than one third of international trade is intra-company trade of MNEs with affiliates in different locations worldwide. Hence, for...

    Provided By University of Munich

  • White Papers // Feb 2010

    Three Essays On Liquidity Crisis, Monetary Policy, And Banking Regulation

    Liquidity, the ease of converting assets to cash, is perhaps one of the most mysterious terms in both finance and macroeconomics. In economic booms the world is abundant with liquidity, but when crisis hits liquidity drains out immediately as if it didn't exist at all. The reason why financial institutions...

    Provided By University of Munich

  • White Papers // Jun 2010

    A Micro View On Home Equity Withdrawal And Its Determinants. Evidence From Dutch Households

    Home equity is the most important part of a household portfolio, but only recently has it become more accessible through innovations in the mortgage market and financial deregulation. This paper looks at the factors driving home equity withdrawal on a household level using Dutch survey data and assesses to which...

    Provided By University of Munich

  • White Papers // Feb 2010

    Predictive Ability Of Business Cycle Indicators Under Test: A Case Study For The Euro Area Industrial Production

    In this paper the authors assess the information content of seven widely cited early indicators for the euro area with respect to forecasting area-wide industrial production. To this end, they use various tests that are designed to compare competing forecast models. In addition to the standard Diebold-Mariano test, they employ...

    Provided By University of Munich

  • White Papers // Dec 2009

    Per Capita Income, Market Access Costs, And Trade Volumes

    There is strong empirical evidence that countries with lower per capita income tend to have smaller trade volumes even after controlling for aggregate income. Furthermore, poorer countries do not just trade less, but have a lower number of trading partners. In this paper, the author constructs and estimates a general...

    Provided By University of Munich

  • White Papers // Dec 2010

    Responsibility Effects In Decision Making Under Risk

    The authors systematically explore decision situations in which a decision maker bears responsibility for somebody else's outcomes as well as for her own in situations of payoff equality. In the gain domain they confirm the intuition that being responsible for somebody else's payoffs increases risk aversion. This is however not...

    Provided By University of Munich

  • White Papers // Aug 2009

    Default Risk And Equity Returns: A Comparison Of the Bank-Based German And The U.S. Financial System

    The authors address the question whether the impact of default risk on equity returns depends on the financial system firms operate in. They compare results from asset pricing tests for the German and the U.S. stock markets, where Germany is the prime-example for a bank-based financial system. They find that...

    Provided By University of Munich

  • White Papers // May 2010

    Increasing Dominance - The Role Of Advertising, Pricing And Product Design

    Despite the empirical relevance of advertising strategies in concentrated markets, the economics literature is largely silent on the effect of persuasive advertising strategies on pricing, market structure and increasing (or decreasing) dominance. In a simple model of persuasive advertising and pricing with differentiated goods, the authors analyze the interdependencies between...

    Provided By University of Munich

  • White Papers // Mar 2009

    Testing Predicitive Ability Of Business Cycle Indicators For The Euro Area

    The authors analyze the predictive power of seven leading indicators for economic activity in the Euro Area developed by different banks, institutions and research centers. The comparison is conducted in a bivariate vector autoregressive framework. Indicators are compared by means of an in-sample and an out-of-sample forecasting experiment. Predictive accuracy...

    Provided By University of Munich

  • White Papers // Jun 2010

    Are The Central European Stock Markets Still Different? A Cointegration Analysis

    The Central European countries became members of the European Union (EU) in May 2004. Has their accession into the EU also resulted in a stronger financial integration with the global economy in general and with the "Old" EU countries in particular? Based on a co-integration analysis applied to stock market...

    Provided By University of Munich

  • White Papers // Nov 2010

    The Impact Of The Internet On Retail Competition: Evidence From Technological Differences In Internet Access

    Does the internet increase competition? To address this question, the author exploits two institutional details unique to Germany: Some municipalities received glass fibre cables that cannot be upgraded to DSL; the author uses these municipalities as a treatment group with reduced online competition. German law mandates resale price maintenance for...

    Provided By University of Munich

  • White Papers // Apr 2011

    Incidence And Growth Of Patent Thickets - The Impact Of Technological Opportunities And Complexity

    The authors investigate incidence and evolution of patent thickets. The empirical analysis is based on a theoretical model of patenting in complex and discrete technologies. The model captures how competition for patent portfolios and complementarity of patents affect patenting incentives. They show that lower technological opportunities increase patenting incentives in...

    Provided By University of Munich

  • White Papers // Nov 2009

    Determinants And Effects Of Reserve Prices In Hattrick Auctions

    The authors use a unique hand collected data set of 6,258 auctions from the online football manager game Hattrick to study determinants and effects of reserve prices. They find that chosen reserve prices exhibit both very sophisticated and suboptimal behavior by the sellers. On the one hand, reserve prices are...

    Provided By University of Munich

  • White Papers // Jul 2009

    Index-Supported Similarity Search Using Multiple Representations

    Similarity search in complex databases is of utmost interest in a wide range of application domains. Often, complex objects are described by several representations. The combination of these different representations usually contains more information compared to only one representation. In the paper, the authors introduce the use of an index...

    Provided By University of Munich

  • White Papers // Jul 2009

    Periodic Pattern Analysis in Time Series Databases

    Similarity search in time series data is used in diverse domains. The most prominent work has focused on similarity search considering either complete time series or certain subsequences of time series. Often, time series like temperature measurements consist of periodic patterns, i.e. patterns that repeatedly occur in defined periods over...

    Provided By University of Munich

  • White Papers // Jul 2009

    Techniques for Efficiently Searching in Spatial, Temporal, Spatio-temporal, and Multimedia Databases

    This paper provides a comprehensive and comparative overview of general techniques to efficiently support similarity queries in spatial, temporal, spatio-temporal, and multimedia databases. In particular, it identifies the most generic query types and discusses general algorithmic methods to answer such queries efficiently. In addition, the tutorial sketches important applications of...

    Provided By University of Munich

  • White Papers // Jul 2011

    Software-as-a-Service in Small and Medium Enterprises: An Empirical Attitude Assessment

    Cloud service providers praise Software-as-a-Service (SaaS) as very attractive for Small and Medium Enterprises (SMEs). Yet, little research has been done on the SMEs' perspectives on this matter. This paper presents the results of a survey conducted among German enterprises that clarifies their views of SaaS. Starting with the actual...

    Provided By University of Munich

  • White Papers // Aug 2009

    On I/O Virtualization Management

    The quick adoption of virtualization technology in general and the advent of the Cloud business model entail new requirements on the structure and the configuration of back-end I/O systems. Several approaches to virtualization of I/O links are being introduced, which aim at implementing a more flexible I/O channel configuration without...

    Provided By University of Munich

  • White Papers // Oct 2008

    Facilitating Knowledge Convergence in Videoconferencing Environments: The Role of External Representation Tools

    The study analyzed how two types of graphical representation tools influence the way in which dyads use shared and unshared knowledge resources in different collaboration scenarios, and how learners represent and transfer shared knowledge under these different conditions. The paper varied the type of graphical representation (content-specific vs. content-unspecific) and...

    Provided By University of Munich

  • White Papers // Jan 2009

    To Be Financed Or No - The Role Of Patents For Venture Capital Financing

    This paper investigates how patent applications and grants held by new ventures improve their ability to attract Venture Capital (VC) financing. The authors argue that investors are faced with considerable uncertainty and therefore rely on patents as signals when trying to assess the prospects of potential portfolio companies. For a...

    Provided By University of Munich

  • White Papers // Nov 2009

    Creditor Rights And Debt Allocation Within Multinationals

    The authors analyze the optimal debt structure of multinational corporations choosing between centralized or decentralized borrowing. They identify how this choice is affected by creditor rights and bankruptcy costs, taking into account managerial incentives and coinsurance considerations. They find that partially centralized borrowing structures are optimal with either weak or...

    Provided By University of Munich

  • White Papers // Apr 2010

    Innovation And The International Firm Structure: Theory And Evidence From German Firm-Level Data

    This paper studies the impact of innovation on the organizational structure. The theoretical framework predicts that a larger parental pool of knowledge raises the probability of off shoring. This holds in a national as well as an international context. However, when the producer loses territorial protection, the changeover from non-integration...

    Provided By University of Munich

  • White Papers // Nov 2010

    Standards, Innovation Incentives, And The Formation Of Patent Pools

    Technological standards give rise to a complements problem that affects pricing and innovation incentives of technology producers. In this paper the author discusses how patent pools can be used to solve these problems and what incentives patent holders have to form a patent pool. The author offers some suggestions how...

    Provided By University of Munich

  • White Papers // Jun 2010

    The Phantom Of The Opera: Cultural Amenities, Human Capital, And Regional Economic Growth

    The authors analyze the extent to which endogenous cultural amenities affect the spatial equilibrium share of high-human-capital employees. To overcome endogeneity, they draw on a quasi-natural experiment in German history and exploit the exogenous spatial distribution of baroque opera houses built as a part of rulers' competition for prestigious cultural...

    Provided By University of Munich

  • White Papers // Dec 2009

    Subspace Similarity Search Using the Ideas of Ranking and Top-k Retrieval

    There are abundant scenarios for applications of similarity search in databases where the similarity of objects is defined for a subset of attributes, i.e., in a subspace, only. While much research has been done in efficient support of single column similarity queries or of similarity queries in the full space,...

    Provided By University of Munich

  • White Papers // Mar 2010

    Subspace Similarity Search: Efficient k-NN Queries in Arbitrary Subspaces

    There are abundant scenarios for applications of similarity search in databases where the similarity of objects is defined for a subset of attributes, i.e., in a subspace, only. While much research has been done in efficient support of single column similarity queries or of similarity queries in the full space,...

    Provided By University of Munich

  • White Papers // Jul 2009

    Similarity Search in Multimedia Time Series Data Using Amplitude-Level Features

    Effective similarity search in multi-media time series such as video or audio sequences is important for content-based multi-media retrieval applications. The authors propose a framework that extracts a sequence of local features from large multi-media time series that reflect the characteristics of the complex structured time series more accurately than...

    Provided By University of Munich

  • White Papers // Jan 2009

    US-German Differences In Productivity Growth

    This paper shows that US productivity growth post 1991 was driven largely by ICT capital-skill complementarities. In the mid - 1990s these complementarities were strongest in goods-producing sectors while an incredible 1.6 percent of US labor productivity growth post 2000 is due to ICT capital-skill complementarities in service sectors. The...

    Provided By University of Munich

  • White Papers // Oct 2010

    Financial Frictions And Inflation Differentials In A Monetary Union

    This paper employs a stylized New Keynesian DSGE model for a monetary union to analyze whether cyclical inflation differentials can be explained by cross-country differences concerning the characteristics of financial markets. The authors' results suggest that empirically plausible degrees of heterogeneity with respect to two important credit market characteristics -...

    Provided By University of Munich

  • White Papers // Apr 2011

    Loan Supply Shocks During The Financial Crisis: Evidence For The Euro Area From A Panel VAR With Sign Restrictions

    This paper employs a panel vector autoregressive model for the member countries of the Euro Area to explore the role of banks during the slump of the real economy that followed the financial crisis. In particular, the authors seek to quantify the macroeconomic effects of adverse loan supply shocks, which...

    Provided By University of Munich

  • White Papers // Aug 2009

    Do S&P's Corporate Ratings Reflect Credit Shocks?

    This paper examines empirically whether corporate ratings by the credit rating agency Standard & Poor's reflect fundamental and publicly observable shocks to the credit quality of companies. This serves to assess the degree of information sensitivity of external ratings, and the timeliness of their adjustments. The authors evidence on a...

    Provided By University of Munich

  • White Papers // Jan 2009

    To Be Financed Or Not - The Role Of Patents For Venture Capital Financing

    This paper investigates how patent applications and grants held by new ventures improve their ability to attract Venture Capital (VC) financing. The authors argue that investors are faced with considerable uncertainty and therefore rely on patents as signals when trying to assess the prospects of potential portfolio companies. For a...

    Provided By University of Munich

  • White Papers // Aug 2009

    There's No Place Like Home: The Profitability Gap Between Headquarters And Their Foreign Subsidiaries

    Using a large panel data set for European firms, this paper provides evidence that operations at multinational headquarters are significantly more profitable than operations at their foreign subsidiaries. The effect turns out to be robust and quantitatively large. The authors' findings suggest that the profitability gap is partly driven by...

    Provided By University of Munich

  • White Papers // Jun 2010

    Economic Surplus And Derived Demand

    Alfred Marshall has pointed out that most demand - especially labor demand - is derived from the demand for some other product. He wrote: "To take another illustration, the direct demand for houses gives rise to a joint demand for the labour of all the various building trades, and for...

    Provided By University of Munich