This paper aims to identify the needs of financial education of Child and Youth Care practitioners (CYCPs). There is not much knowledge about the deficits of financial education of young people in care (YPC) and young care leavers (YCL) and we want to bring more light into this difficult topic. We use focus group interviews in five different countries (Bulgaria, Austria, Germany, Poland, and France) to find the needs of the CYCPs with a special focus on the needs of YCLs. Our focus groups showed that CYCPs do not have enough basic and further education to handle the situation with YPC and YCLs successfully. We found that the needs of the YPC and YCLs concerning financial education are consistent with the needed knowledge, skills and competences of the CYCPs. Some needs of CYCPs and young people in care are to understand the meaning of money, to handle pocket money, to understand the logic of credit and financial contracts and to know how an online bank account works.
This paper aims to find the dependence of the important European corporate CDS (Credit Default Swaps) indices and some selected country CDS of industrial production. While the existing literature acknowledges the importance of macroeconomic factors in determining CDS spreads from a general perspective, the importance of economic growth for individual firms, banks, and countries has not been examined in detail. The main hypothesis of the paper claims that weaker ratings are more growth-sensitive than better ratings. This means that the CDS will react more strongly to the industrial production when the rating is weaker. The authors analyzed the European CDS indices of investment grade, high yield enterprises, senior bank debt, and subordinated bank debt with a linear OLS (Ordinary Least Squares) regression. While the authors had to reject their main hypothesis for the European indices, they could prove their hypothesis concerning the country perspective: The German CDS has the weakest relation to industrial output, and the authors' hypothesis can be confirmed tendentially concerning the correlations of the more weakly rated countries (European periphery), which are much better. Surprisingly the correlation between peripheral country CDS and industrial production is much stronger than the correlation of corporate and bank CDS and industrial production. (ISDA Swapsinfo, 2016). This huge reduction of approximately 75% of traded volume may be correlated with the rising regulatory frameworks within the banking industry. CDS are widely used to reduce credit risks of countries, banks, or enterprises in general and are moreover considered for hedging speculative activities. In contrast to corporate bonds, the market of CDS shows much more liquidity and CDS are declared in basis points and not in total return ratios as seen in bond markets.Recent scientific studies have been carried out to identify influential factors for CDS markets. Guo and Newton (2013) found a multi-correlation among volatility, leverage, liquidity, risk free interest rate, and CDS premiums. These correlations have been identified empirically, based on the so-called "pioneering model of
The golden times of the hedge fund industry ended with the beginning of the financial crisis of 2007/08.Since then hedge funds have underperformed against the S&P 500. This study shows that the Dodd Frank Act regulation was responsible for a completely changing environment for hedge funds. We have developed a model where equity indices and the CRB index are explanatory variables for hedge fund performance. Concerning methodology, data of two different phases are considered, namely the time period from 1990 to July 2010 (implementation of Dodd Frank Act) and the time period from August 2010 to April 2015. Surveys for the second time period showed that regulation was a major issue for the hedge fund industry. Especially small hedge funds find it problematic to get leverage from prime brokers and capital from investors. Another trend shown with the surveys is a general increase in the long only strategy (especially of small hedge funds). Our hypothesis assumes that the explanatory character of the MSCI Emerging Market (MSCI EM), the S&P 500, and the CRB index for hedge fund performance is increasing in the second period. The hypothesis is found to be correct.
This paper deals with an economist and philosopher, who is not very well known in the literature, namely Rudolf Stolzmann. Stolzmann considered himself a representative of Neo-Kantianism and in economics he is often ascribed to the social law movement of economics. The research question in this paper deals with the late works of Stolzmann, namely, "Nature and Goals of the Philosophy of Economics." In this work, Stolzmann made use of another methodology compared to his earlier texts in which society or a sense of community is deducted from a philosophical perspective. This paper aims to show the contradictions of this deductive method. This new approach is no longer compatible with Neo-Kantian philosophy and can be associated more closely with Hegelian or Neoplatonic philosophy; which Stolzmann appears to be unaware of. Conversely, his social organic theory gains greater plausibility and credence than before. Another result of the paper can be seen in the fact that Stolzmann did not use the deductive method consistently. Beginning from the fourth chapter, it gets confusing and Stolzmann mixed the deductive method with the inductive method.
The paper aims to find whether there is a typical theoretical behavior of hedge funds with specific strategies in the different phases of the business cycle. There are only few papers which have analyzed the empirical behavior of hedge fund during the different phases of the business cycles. The method used in this paper is the construction of an ideal type which is based on the famous concept of Max Weber. The ideal type is composed of individual phenomena, some of which are diffuse and discrete and others of which do not even exist in reality. Viewpoints are accentuated one-sidedly and synthesized into a unified analytical construct. However, the conceptually pure ideal type cannot be found (exactly) anywhere in reality. The reason for a theoretical examination is that the empirical studies just show that there is a relationship between the variables, but do not have an explanatory character. The assumption is that, for many hedge funds strategies, an ideal type behavior of hedge funds exists for the different phases of the business cycles so that the behavior has definitely a cyclical aspect.
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