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In the mid-eighties Mehra and Prescott showed that the risk premium earned by American stocks cannot reasonably be explained by conventional capital market models. Using time additive utility, the observed risk pre­ mium can only be explained by unrealistically high risk aversion parameters. This phenomenon is well known as the equity premium puzzle. Shortly aft­ erwards it was also observed that the risk-free rate is too low relative to the observed risk premium. This essay is the first one to analyze these puzzles in the German capital market. It starts with a thorough discussion of the available theoretical mod­ els and then goes on to perform various empirical studies on the German capital market. After discussing natural properties of the pricing kernel by which future cash flows are translated into securities prices, various multi­ period equilibrium models are investigated for their implied pricing kernels. The starting point is a representative investor who optimizes his invest­ ment and consumption policy over time. One important implication of time additive utility is the identity of relative risk aversion and the inverse in­ tertemporal elasticity of substitution. Since this identity is at odds with reality, the essay goes on to discuss recursive preferences which violate the expected utility principle but allow to separate relative risk aversion and intertemporal elasticity of substitution.

AA / International- internationaal --- 333.613 --- 305.91 --- 380.20 --- 380.26 --- 339.40 --- Activiteiten van de nationale en internationale markten. Beursnoteringen van aandelen en obligaties. --- Econometrie van de financiële activa. Portfolio allocation en management. CAPM. Bubbles. --- Prijstheorieën: algemeenheden. --- Theorie van speculatie. --- Vermogenbeheer. financiële analyse (algemeenheden). --- Assets (Accounting) --- Capital assets pricing model. --- Capital market --- Capital --- Prices --- Econometric models. --- Valuation --- Mathematical models. --- Capital assets pricing model --- Capital assets --- Fixed assets --- Economics --- Capitalism --- Infrastructure (Economics) --- Wealth --- Capital markets --- Market, Capital --- Finance --- Financial institutions --- Loans --- Money market --- Securities --- Crowding out (Economics) --- Efficient market theory --- Capital asset pricing model --- CAPM (Capital assets pricing model) --- Pricing model, Capital assets --- Investments --- Asset requirements --- Prices&delete& --- Econometric models --- Valuation&delete& --- Mathematical models --- Econometrie van de financiële activa. Portfolio allocation en management. CAPM. Bubbles --- Activiteiten van de nationale en internationale markten. Beursnoteringen van aandelen en obligaties --- Vermogenbeheer. financiële analyse (algemeenheden) --- Prijstheorieën: algemeenheden --- Theorie van speculatie --- Finance. --- Econometrics. --- Economics, Mathematical . --- Finance, general. --- Quantitative Finance. --- Mathematical economics --- Econometrics --- Mathematics --- Economics, Mathematical --- Statistics --- Funding --- Funds --- Currency question --- Methodology

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In case of a crisis companies are recommended to follow a one-voice-policy in the communication with their stakeholders. The following chapter investigates how the one-voice-policy is performed in multilingual business writing. In doing so it will be shown which linguistic means are sensitive for translating the original in the target language and how they may violate the principle of one-voice-policy.

Multilingualism --- Language acquisition --- Languages & Literatures --- Philology & Linguistics --- Multilingualism. --- Language acquisition. --- Acquisition of language --- Developmental linguistics --- Developmental psycholinguistics --- Language and languages --- Language development in children --- Psycholinguistics, Developmental --- Plurilingualism --- Polyglottism --- Acquisition --- Interpersonal communication in children --- Psycholinguistics --- E-books

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This book focuses on the assessment of different coal gasification technologies for the utilization of Russian coals with analyses of economically feasible process chains for preparation of marketable products from high-ash coals. The work presented is important in view of the general competitiveness that marks the future of coal in the world. As the cheapest form of fuel (in comparable terms) coal will undoubtedly be in demand resources in the world. The book consists of parts which include an overview about the major coal characteristics, detailed discussion of fundamental aspects of gasification technologies and gasifiers, an introduction into annex concepts, an overview about different technologies of syngas utilization, technical and economic assessment of several coal-to-liquid and coal-to-chemicals routes, and feasibility demonstration for selected process chains. This book is addressed to the management and engineers of Russian coal companies and scientific staff of Russian research institutions working in the field of coal utilization.

Energy. --- Chemical engineering. --- Phase transformations (Statistical physics). --- Condensed materials. --- Condensed matter. --- Natural resources. --- Econometrics. --- Energy, general. --- Industrial Chemistry/Chemical Engineering. --- Natural Resources. --- Quantum Gases and Condensates. --- Gasoline, Synthetic. --- Synthetic gasoline --- Fischer-Tropsch process --- Petroleum, Synthetic --- Synthetic fuels --- Economics, Mathematical --- Statistics --- National resources --- Natural resources --- Resources, Natural --- Resource-based communities --- Resource curse --- Chemistry, Industrial --- Engineering, Chemical --- Industrial chemistry --- Engineering --- Chemistry, Technical --- Metallurgy --- Economic aspects --- Condensed materials --- Condensed media --- Condensed phase --- Materials, Condensed --- Media, Condensed --- Phase, Condensed --- Liquids --- Matter --- Solids --- Phase changes (Statistical physics) --- Phase transitions (Statistical physics) --- Phase rule and equilibrium --- Statistical physics

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Global warming is a serious threat to the stability of world climate and to economic prosperity in some regions. The book offers a theoretical analysis which focuses on double dividend issues. Moreover, the ecological tax reform in Germany and the options of modern energy policy are described and evaluated. The volume presents innovative model simulations and analyzes, in the context of the model, the benefits of a modified tax reform, based on a Schumpeterian approach. Finally, implications for the European Union and other countries are discussed.

Relation between energy and economics --- European Union --- Energy policy --- Environmental impact charges --- Environmental policy --- Pollution control industry --- Technological innovations --- Climate change. --- Public finance. --- Environmental economics. --- Energy policy. --- Energy and state. --- Climate Change. --- Public Economics. --- Environmental Economics. --- Energy Policy, Economics and Management. --- Energy and state --- Power resources --- State and energy --- Industrial policy --- Energy conservation --- Economics --- Environmental quality --- Cameralistics --- Public finance --- Public finances --- Currency question --- Changes, Climatic --- Changes in climate --- Climate change --- Climate change science --- Climate changes --- Climate variations --- Climatic change --- Climatic changes --- Climatic fluctuations --- Climatic variations --- Global climate changes --- Global climatic changes --- Climatology --- Climate change mitigation --- Teleconnections (Climatology) --- Government policy --- Environmental aspects --- Economic aspects