Unbundling. Neue Aspekte der Rechnungslegung am Beispiel der Entflechtungsbestimmungen in der Elektrizitätswirtschaft. - Peroutka, Stephan
Die Liberalisierung leitungsgebundener Wirtschaftszweige (Elektrizität, Erdgas, Telekommunikation) erfordert die wirksame Entflechtung ("Unbundling") des weiterhin bestehenden natürlichen Monopols der Leitungsnetze von den übrigen, im Wettbewerb stehenden Aktivitäten des Unternehmens. Eine Methode zur Herstellung der nötigen Transparenz ist die Entflechtung mit Hilfe des Rechnungswesens. Problemstellung der vorliegenden Arbeit ist die theoretische Beleuchtung dieses neuen Instruments des Unbundling anhand der Elektrizitätswirtschaft in Österreich. Es werden in Kapitel 2 die handelsrechtlichen Aspekte des Unbundling anhand gemeinsamer Zielsetzungen und Anforderungen sowie übereinstimmender begrifflicher Bestimmungen untersucht. Für den betriebswirtschaftlichen Teil in Kapitel 3 werden die Besonderheiten der Elektrizitätswirtschaft umrissen und die Geschäftsprozesse in integrierten Elektrizitätsunternehmen erläutert....
Sweave. Dynamic generation of statistical reports using literate data analysis. - Leisch, Friedrich
Sweave combines typesetting with LATEX and data anlysis with S into integrated statistical documents. When run through R or Splus, all data analysis output (tables, graphs, ...) is created on the fly and inserted into a final LATEX document. Options control which parts of the original S code are shown to or hidden from the reader, respectively. Many S users are also LATEX users, hence no new software has to be learned. The report can be automatically updated if data or analysis change, which allows for truly reproducible research. (author's abstract)
Regional convergence in the European Union (1985-1999). A spatial dynamic panel analysis. - Badinger, Harald; Müller, Werner; Tondl, Gabriele
We estimate the speed of income convergence for a sample of 196 European NUTS 2 regions over the period 1985-1999. So far there is no direct estimator available for dynamic panels with strong spatial dependencies. We propose a two-step procedure, which involves first spatial filtering of the variables to remove the spatial correlation, and application of standard GMM estimators for dynamic panels in a second step. Our results show that ignorance of the spatial correlation leads to potentially misleading results. Applying a system GMM estimator on the filtered variables, we obtain a speed of convergence of 6.9 per cent and...
Insertion based Ants for Vehicle Routing Problems with Backhauls and Time Windows - Reimann, Marc; Doerner, Karl; Hartl, Richard F.
In this paper we present and analyze the application of an Ant System to the Vehicle Routing Problem with Backhauls and Time Windows (VRPBTW). At the core of the algorithm we use an Insertion procedure to construct solutions. We provide results on the learning and runtime behavior of the algorithm as well as a comparison with a custom made heuristic for the problem. (author's abstract)
Target oriented branch & bound method for global optimization - Stix, Volker
We introduce a very simple but efficient idea for branch & bound (B&B) algorithms in global optimization (GO). As input for our generic algorithm, we need an upper bound algorithm for the GO maximization problem and a branching rule. The latter reduces the problem into several smaller subproblems of the same type. The new B&B approach delivers one global optimizer or, if stopped before finished, improved upper and lower bounds for the problem. Its main difference to commonly used B&B techniques is its ability to approximate the problem from above and from below while traversing the problem tree. It needs...
Industrieturbulenz in Österreich 1981-1994. Bestandsaufnahme und wirtschaftspolitische Perspektiven. - Hölzl, Werner; Hofer, Reinhold
Seit einigen Jahren spielt in der industriepolitischen Diskussion Industriedynamik eine wichtige Rolle. Unternehmensneugründungen werden als wirtschaftspolitisches Instrument betrachtet, welches der "neuen unternehmerischen Ökonomie" angemessen sei. Dieser Beitrag untersucht diese Fragen mit Hilfe einer ökonometrischen Studie von Eintritten und Austritten in der Österreichischen Industrie. Die Daten zeigen, dass die Industrieturbulenz in Österreich im internationalen Vergleich eher gering ist, sowie dass sie über die Zeit relativ konstant ist. Die im internationalen Vergleich geringe Industrieturbulenz in Österreich deutet darauf hin, dass in Österreich viele "sichere" und wenige "riskante" Projekte in neuen Unternehmen in Angriff genommen wurden. Der Befund spiegelt wieder, dass Österreich von...
Benchmarking Support Vector Machines - Meyer, David; Leisch, Friedrich; Hornik, Kurt
Support Vector Machines (SVMs) are rarely benchmarked against other classification or regression methods. We compare a popular SVM implementation (libsvm) to 16 classification methods and 9 regression methods-all accessible through the software R-by the means of standard performance measures (classification error and mean squared error) which are also analyzed by the means of bias-variance decompositions. SVMs showed mostly good performances both on classification and regression tasks, but other methods proved to be very competitive. (author's abstract)
Sticky Prices. IPO Pricing on Nasdaq and the Neuer Markt. - Aussenegg, Wolfgang; Pichler, Pegaret; Stomper, Alex
This paper examines the IPO pricing processes of two different markets, each of which employs bookbuilding methods for marketing the IPO shares. For each market we investigate two questions: Does bookbuilding serve mainly as a method for distributing shares, or also as a means for gathering information? And, to what extent do underwriters respond in IPO pricing to any information that they obtain through bookbuilding? We find that a direct comparison of these two markets sheds light on the bookbuilding process in each. For Nasdaq IPOs we find evidence consistent with informational rents being earned by investors for providing information...
The emergence of multinational firms from Eastern Europe in Austria - Altzinger, Wilfried; Bellak, Christian; Duris, Rudolf
The paper examines the question of the emergence of multinational firms from Eastern Europe in Austria on different levels of aggregation: The first part uses aggregated data on inward foreign direct investment (FDI) in Austria from Central- and East European Countries (CEECs). These data show the importance of outward FDI from CEECs directed to Austria. The second part analyses survey data on the basis of a mailing survey sent to 210 firms from CEECs registered in Austria. Although the response rate was low, an interesting picture emerges of outward FDI directed to Austria. Overall, Austria is an important host country...
The dynamics of interacting markets. First results. - Sallans, Brian; Dorffner, Georg; Karatzoglou, Alexandros
The behavior of boundedly rational agents in two interacting markets is investigated. A discrete-time model of coupled financial and consumer markets is described. The integrated model is then used to investigate feedback effects between the coupled markets. In particular, the influence of the financial market on product development is demonstrated. The types of traders present in the financial market is shown to have a large effect on firm behavior and product development. In a financial market where traders favour particular products the firms are shown to develop these favored products instead of more profitable ones. The effect is quite strong...
The fundamental theorem of asset pricing under proportional transaction costs in finite discrete time - Schachermayer, Walter
We prove a version of the Fundamental Theorem of Asset Pricing, which applies to Kabanov's approach to foreign exchange markets under transaction costs. The financial market is modelled by a d x d matrix-valued stochastic process Sigma_t_t=0^T specifying the mutual bid and ask prices between d assets. We introduce the notion of ``robust no arbitrage", which is a version of the no arbitrage concept, robust with respect to small changes of the bid ask spreads of Sigma_t_t=0^T. Dually, we interpret a concept used by Kabanov and his co-authors as "strictly consistent price systems". We show that this concept extends the...
The Emergence of Disruption - Buchta, Christian; Meyer, David; Mild, Andreas; Pfister, Alexander; Taudes, Alfred
We study the influence of technological efficiency and organizational inertia on the emergence of competition when firms decide myopically. Using an agent-based computer simulation model, we observe the competitive reaction of a former monopolist to the advent of a new competitor. While the entrant uses a new technology, the monopolist is free either to stick to his former technology or to switch to the new one. We find that?irrespective of details regarding the demand side?a change of industry leadership occurs only if the new (?disruptive?) technology is not too efficient and organizations are inert. (author's abstract)
A Fully Bayesian Analysis of Multivariate Latent Class Models with an Application to Metric Conjoint Analysis - Frühwirth-Schnatter, Sylvia; Otter, Thomas; Tüchler, Regina
In this paper we head for a fully Bayesian analysis of the latent class model with a priori unknown number of classes. Estimation is carried out by means of Markov Chain Monte Carlo (MCMC) methods. We deal explicitely with the consequences the unidentifiability of this type of model has on MCMC estimation. Joint Bayesian estimation of all latent variables, model parameters, and parameters determining the probability law of the latent process is carried out by a new MCMC method called permutation sampling. In a first run we use the random permutation sampler to sample from the unconstrained posterior. We will...
The rate of interest, economic growth, and inflation. An alternative theoretical perspective. - Smithin, John
The premise of this paper is that in a monetary production economy, policy decisions of the central bank, or more generally the 'monetary authority', set the tone not only for nominal interest rates but also for 'real' interest rates defined in the usual way. This is a different question than that of which institution(s) acquire the status of monetary authority at any particular stage of socioeconomic or technological development. Rather the suggestion is that the existence of some such social structure is a prerequisite if anything resembling capitalist monetary production is to be viable. The paper demonstrates that a coherent...