Mostrando recursos 1 - 20 de 86

  1. Aging and Income Convergence in Europe: A Survey of the Literature and Insights from a Demographic Projection Exercise

    Crespo Cuaresma, Jesus; Loichinger, Elke; Vincelette, Gallina
    The current and projected low fertility levels for Europe and the continuous increases in life expectancy imply that the region will go through an unprecedented process of population aging, leading to sizeable changes in the age structure of European societies. After reviewing the existing literature on the role played by demographic change as a determinant of economic growth and income convergence, with a focus on the European experience, we analyze the quantitative impact of the projected changes in the age and education composition of the labor force. Using newly available demographic projections, we show that the current demographic trends are...

  2. The cost of cash and debit cards in Austria

    Abele, Hanns; Schäfer, Guido
    This paper aims to close a gap in the literature on the cost of payment systems by analyzing the cost of cash and debit cards in Austria. No prior analysis exists, as far as the authors are aware. Using novel data from several sources, the unit costs for cash and debit card payments in 2013 are estimated to be Euro 0.40 and & Euro 0.39, respectively, which are close to the most cost-efficient countries in Europe (the Netherlands and Scandinavian countries). Although Austrian consumers have a much stronger preference for cash than consumers in these countries, the Austrian payment industry...

  3. The cost of cash and debit cards in Austria

    Abele, Hanns; Schäfer, Guido
    This paper aims to close a gap in the literature on the cost of payment systems by analyzing the cost of cash and debit cards in Austria. No prior analysis exists, as far as the authors are aware. Using novel data from several sources, the unit costs for cash and debit card payments in 2013 are estimated to be Euro 0.40 and & Euro 0.39, respectively, which are close to the most cost-efficient countries in Europe (the Netherlands and Scandinavian countries). Although Austrian consumers have a much stronger preference for cash than consumers in these countries, the Austrian payment industry...

  4. Location decisions and the liability of foreignness: Spillover effects between factor market and capital market strategies

    Lindorfer, Robert; d'Arcy, Anne; Puck, Jonas
    In this paper we build on the liability of foreignness concept and the institutional perspective to show how an equity listing and subsidiary formations in the host market are interlinked. Using a matched sample of foreign equity-listed and domestic equity-listed European firms on EU-regulated capital markets, we find that (1) the number of prior host-market subsidiary formations increases the probability of a host-market equity listing, and (2) a prior host-market equity listing increases the number of host-market subsidiary formations. Hence, we identify spillover effects between factor market and capital market strategies. However, the extent of these spillover effects depends on...

  5. Special Issue: Challenges for Europe 2050: Selected papers of the EUROFRAME Conference 2015 and the WWWforEurope Project

    Böheim, Michael; Oberhofer, Harald

  6. Special Issue: Challenges for Europe 2050: Selected papers of the EUROFRAME Conference 2015 and the WWWforEurope Project

    Böheim, Michael; Oberhofer, Harald

  7. Special Issue: Challenges for Europe 2050: Selected papers of the EUROFRAME Conference 2015 and the WWWforEurope Project

    Böheim, Michael; Oberhofer, Harald

  8. A Note on Merger and Acquisition Evaluation

    Furlan, Benjamin; Oberhofer, Harald; Winner, Hannes
    This note proposes the continuous treatment approach as a valuable alternative to propensity score matching for evaluating economic effects of merger and acquisitions (M&As). This framework allows considering the variation in treatment intensities explicitly, and it does not call for an arbitrary definition of cutoff values in traded ownership shares to construct a binary treatment indicator. We demonstrate the usefulness of this approach using data from European M&As and by relying on the example of post-M&A employment effects. The empirical exercise reveals some heterogeneities over the whole distribution of acquired ownership shares and across different types of M&As and country...

  9. A Note on Merger and Acquisition Evaluation

    Furlan, Benjamin; Oberhofer, Harald; Winner, Hannes
    This note proposes the continuous treatment approach as a valuable alternative to propensity score matching for evaluating economic effects of merger and acquisitions (M&As). This framework allows considering the variation in treatment intensities explicitly, and it does not call for an arbitrary definition of cutoff values in traded ownership shares to construct a binary treatment indicator. We demonstrate the usefulness of this approach using data from European M&As and by relying on the example of post-M&A employment effects. The empirical exercise reveals some heterogeneities over the whole distribution of acquired ownership shares and across different types of M&As and country...

  10. Democratization and real exchange rates

    Furlan, Benjamin; Gächter, Martin; Krebs, Bob; Oberhofer, Harald
    In this article, we combine two so far separate strands of the economic literature and argue that democratization leads to a real exchange rate appreciation. We test this hypothesis empirically for a sample of countries observed from 1980 to 2007 by combining a difference-in-difference approach with propensity score matching estimators. Our empirical results reveal a strong and significant finding: democratization causes real exchange rates to appreciate. Consequently, the ongoing process of democratization observed in many parts of the world is likely to reduce exchange rate distortions.

  11. Enhancing the management of resource-aware business processes

    Cabanillas Macias, Cristina
    The resource perspective has received much less attention than other business process (BP) perspectives, e.g., control flow. This thesis focuses on human resource management in BPs, and addresses challenges related to resource specification and resource analysis. In particular, it introduces novel techniques for resource specification, which rely on a new resource selection language called RAL; and it provides automated support for a set of analysis operations at design time and at run time based on the formal semantics of RAL defined in description logics (DLs), by leveraging existing DL reasoners. All the contributions have been validated.

  12. Unveiling Covariate Inclusion Structures In Economic Growth Regressions Using Latent Class Analysis

    Crespo Cuaresma, Jesus; Grün, Bettina; Hofmarcher, Paul; Humer, Stefan; Moser, Mathias
    We propose the use of Latent Class Analysis methods to analyze the covariate inclusion patterns across specifications resulting from Bayesian model averaging exercises. Using Dirichlet Process clustering, we are able to identify and describe dependency structures among variables in terms of inclusion in the specifications that compose the model space. We apply the method to two datasets of potential determinants of economic growth. Clustering the posterior covariate inclusion structure of the model space formed by linear regression models reveals interesting patterns of complementarity and substitutability across economic growth determinants.

  13. Forecasting errors, directional accuracy and profitability of currency trading: The case of EUR/USD exchange rate

    Costantini, Mauro; Crespo Cuaresma, Jesus; Hlouskova, Jaroslava
    We provide a comprehensive study of out-of-sample forecasts for the EUR/USD exchange rate based on multivariate macroeconomic models and forecast combinations. We use profit maximization measures based on directional accuracy and trading strategies in addition to standard loss minimization measures. When comparing predictive accuracy and profit measures, data snooping bias free tests are used. The results indicate that forecast combinations, in particular those based on principal components of forecasts, help to improve over benchmark trading strategies, although the excess return per unit of deviation is limited.

  14. Technologischer Wandel und Ungleichheit: Zum Stand der empirischen Forschung

    Zilian, Stella Sophie; Unger, Maximilian; Scheuer, Timon; Polt, Wolfgang; Altzinger, Wilfried
    Die Auswirkungen von neuen Technologien auf Beschäftigung und Verteilung werden durch die zunehmende Digitalisierung aller Wirtschaftsbereiche wieder heftig diskutiert. Dieser Artikel unternimmt den Versuch einer kritischen Diskussion des aktuellen Standes der empirischen Forschung. Trotz aller zu findenden methodischen und konzeptionellen Unterschiede lassen sich einige zentrale Befunde herausarbeiten: So zeigt sich etwa, dass Produktivitätszuwächse gesamtwirtschaftlich mittelfristig beschäftigungsneutral zu sein scheinen, die Auswirkungen jedoch kurzfristig deutlich negativ sein können. Zudem unterscheiden sich die Effekte auf Branchenebene. Selbiges gilt für die Innovationsintensität von Unternehmen, wobei insbesondere Produktinnovationen positive Effekte auf die Beschäftigungsentwicklung haben. Weiters verteilen sich diese technologieinduzierten Freisetzungseffekte sehr unterschiedlich auf Berufsgruppen, Tätigkeiten und Qualifizierungsniveaus, was zu einer...

  15. Process Innovation as Creative Problem-Solving: An Experimental Study of Textual Descriptions and Diagrams

    Figl, Kathrin; Recker, Jan
    The use of process models to support business analysts' idea-generation tasks has been a long-standing topic of interest in process improvement. We examine how two types of representations of organizational processes - textual and diagrammatic - assist analysts in developing innovative solutions to process-redesign tasks. The results of our study clarify the types of process-redesign ideas generated by analysts who work with text versus those who work with models. We find that the volume and originality of process-redesign ideas do not differ significantly but that appropriateness of ideas varies. We discuss the implications of these findings for research and practice...

  16. Bioimpedance cardiography in pregnancy: A longitudinal cohort study on hemodynamic pattern and outcome

    Andreas, Martin; Kuessel, Lorenz; Wirth, Stefan; Gruber, Kathrin; Rhomberg, Franziska; Gomari-Grisar, Fatemeh; Franz, Maximilian; Zeisler, Harald; Gottsauner-Wolf, Michael
    Background: Pregnancy associated cardiovascular pathologies have a significant impact on outcome for mother and child. Bioimpedance cardiography may provide additional outcome-relevant information early in pregnancy and may also be used as a predictive instrument for pregnancy-associated diseases. Methods: We performed a prospective longitudinal cohort trial in an outpatient setting and included 242 pregnant women. Cardiac output and concomitant hemodynamic data were recorded from 11th-13th week of gestation every 5th week as well as at two occasions post partum employing bioimpedance cardiography. Results: Cardiac output increased during pregnancy and peaked early in the third trimester. A higher heart rate and a decreased systemic vascular resistance were accountable for...

  17. Export, Migration, and Costs of Trade: Evidence from Central European Firms

    Pennerstorfer, Dieter
    Export, migration and costs of trade: evidence from Central European firms, Regional Studies. This article analyses the link between immigration and trade at the firm level, utilizing information on the export activities of 8300 firms located in different Central European countries (Austria, Czech Republic, Slovakia and Hungary) for various export markets as well as regional data on immigration. The empirical analysis suggests a strong, economically meaningful and statistically significant impact of immigration on the export propensity (extensive margin), whereas the influence on firms' export volumes (intensive margin) is much smaller. This leads to the conclusion that immigrants promote export activities...

  18. GRES-IT Workshop Proceedings

    Krumay, Barbara; Brandtweiner, Roman
    Series: Working Papers on Information Systems, Information Business and Operations

  19. Cognitive Hierarchies in the Minimizer Game

    Berger, Ulrich; De Silva, Hannelore; Fellner-Röhling, Gerlinde
    Experimental tests of choice predictions in one-shot games show only little support for Nash equilibrium (NE). Poisson Cognitive Hierarchy (PCH) and level-k (LK) are behavioral models of the thinkingsteps variety where subjects differ in the number of levels of iterated reasoning they perform. Camerer et al. (2004) claim that substituting the Poisson parameter = 1:5 yields a parameter-free PCH model (pfPCH) which predicts experimental data considerably better than NE. We design a new multi-person game, the Minimizer Game, as a testbed to compare initial choice predictions of NE, pfPCH and LK. Data obtained from two large-scale online experiments strongly reject NE and...

  20. Forecasting with Global Vector Autoregressive Models: A Bayesian Approach

    Crespo Cuaresma, Jesus; Feldkircher, Martin; Huber, Florian
    This paper develops a Bayesian variant of global vector autoregressive (B-GVAR) models to forecast an international set of macroeconomic and financial variables. We propose a set of hierarchical priors and compare the predictive performance of B-GVAR models in terms of point and density forecasts for one-quarter-ahead and four-quarter-ahead forecast horizons. We find that forecasts can be improved by employing a global framework and hierarchical priors which induce country-specific degrees of shrinkage on the coefficients of the GVAR model. Forecasts from various B-GVAR specifications tend to outperform forecasts from a naive univariate model, a global model without shrinkage on the parameters...

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