___________________________________________________________________ ___________________________________________________________________ Z E W - N E W S L E T T E R E N G L I S H E D I T I O N Nr. 2011-10 vom 08.11.2011 (Beatrix Immig, newsletter-en at zew.de ) http://www.zew.eu _____________________________________________________________________ _____________________________________________________________________ Content 1. NEWS 2. CALL FOR PAPERS 2.1. Spring Meeting of Young Economists (SMYE2012) (April 26-28, 2012, Mannheim) 3. STAFF 3.1. Appointment 3.2. Visiting Researcher 4. PRESS RELEASES 5. RECENT PUBLICATIONS IN ENGLISH LANGUAGE 5.1. ZEWnews English edition 5.2. Financial Market Report Switzerland 5.3. Financial Market Report CEE 5.4. ZEW Economic Studies IN GERMAN LANGUAGE 5.5. ZEW Finanzmarktreport (ZEW Financial Market Report) 6. NEW RESEARCH PROJECTS 7. EVENTS 7.1. Scientific Events _____________________________________________________________________ 1. NEWS 25.10.2011 David Reiley Speaks at the ZEW Research Seminar: A special highlight of September's ZEW Research Seminar was the guest appearance of David Reiley, Principal Research Scientist at the Internet company Yahoo! During his talk with ZEW economists, he discussed his recent study on how online advertising affects sales. Read more: http://www.zew.de/news1833 13.10.2011 Joint Economic Forecast Autumn 2011: The European Debt Crisis Affects German Economy: In the summer of 2011, the outlook for the global economy clearly deteriorated. Especially in Europe there is a concern that the sovereign debt crisis could turn into a banking crisis. This is increasingly affecting the German economy. The heightened uncertainty will put domestic demand at risk and foreign trade might stop contributing to the expansion due to the difficult situation of important trading partners. Read more: http://www.zew.de/news1821 13.10.2011 Q&A: How Crisis-Resistant Are Today's Financial Markets? "A Global Regulatory Regime for Financial Markets? That's Wishful Thinking": The Lehman Brothers bankruptcy three years ago precipitated a global financial crisis whose repercussions can be felt to this day. Prof. Dr. Michael Schroeder, head of the research department "International Finance and Financial Management" at ZEW, talks about the successes and failures of financial regulation in the wake of the Lehman Brothers collapse. Read more: http://www.zew.de/news1822 12.10.2011 ZEW President Wolfgang Franz on the Topic of Fear Mongering: Economists are currently being taken to task for the inaccuracy of their forecasts. Some of their most critical voices have come from the natural sciences, where the commentary has been mocking and at times malicious, especially when it comes to assessing research activities in the field of economics. Yet it's easy to turn the tables: erroneous predictions in the natural sciences are legion and their consequences are, in all likelihood, much more costly than those caused by the misjudgements of economists. Read more: http://www.zew.de/news1820 News can also be found here: http://www.zew.de/news 2. CALL FOR PAPERS 2.1. Spring Meeting of Young Economists (SMYE2012) (April 26-28, 2012, Mannheim) The Centre for European Economic Research (ZEW) is hosting the annual "Spring Meeting of Young Economists" (SMYE2012) on April 26-28, 2012. This internationally established conference aims at providing young researchers the opportunity to present and discuss their current ideas and research. Theoretical as well as empirical contributions from all fields of economics are welcome. Please submit an extended abstract via http://www.smye2012.org until December 15, 2011. Further information and the call for papers: http://www.smye2012.org 3. STAFF 3.1. Appointment ZEW Environmental Economist Andreas Loeschel Appointed as Chairman of the Expert Group for the Supervision of Germany's Energy Transition: Prof. Dr. Andreas Loeschel will monitor the change in Germany's energy policy and critically analyse its development. As head of the research department "Environmental and Resource Economics, Environmental Management" at the Centre for European Economic Research (ZEW) and professor of economics at Heidelberg University, he has been appointed by the German government as chairman of an expert group that will regularly evaluate the state of Germany's energy transition. Read more: http://www.zew.de/news1826 3.2. Visiting Researcher Chen Qian Visiting Researcher at ZEW: Chen Qian from the Chinese Academy of Sciences, Institute of Policy and Management (IPM), in Beijing is visiting researcher at the ZEW research department "Environmental and Resource Economics, Environmental Management" from October 2011 until September 2012. During her stay at ZEW, she will write her PhD thesis on "A lead market approach towards the diffusion of clean coal technologies in China". Chen Qian is receiving a grant by the Chinese Government Scholarship for Postgraduate Program, which is sponsored by the China Scholarship Council. 4. PRESS RELEASES 31.10.2011 - ZEW (msu/ggr) Information Industry - Rapid Diffusion of Tablet PCs The utilisation of tablet PCs among companies of the information industry is rapidly growing. Already 25 per cent of the companies provide their staff with tablets. This number is expected to grow by another 12 per cent until the end of 2012. These are the findings of a survey among companies of the information industry conducted by the Centre for European Economic Research (ZEW) in Mannheim in cooperation with Creditreform, Neuss, in September 2011. Read more: http://www.zew.de/press1837 27.10.2011 - ZEW (msu/ggr) Information Industry - Noticeable Decrease of Sentiment Within the ICT Sector After having peaked during the second quarter of 2011, the sentiment in the economic sector of information industry has tarnished noticeably during the third quarter. The ZEW Sentiment Indicator Information Industry drops by 13.6 points to 56.6 points. The negative development is mainly caused by the decrease of sentiment in the information and communication industry. The indicator for this sector drops by 25 points. This is the result of the newly shaped economic survey, conducted in September 2011 by the Centre for European Economic Research (ZEW) in Mannheim in cooperation with Creditreform, Neuss. Read more: http://www.zew.de/press1836 21.10.2011 - ZEW (zil/kbo) ZEW-Erste Group Bank Economic Sentiment Indicator for Central and Eastern Europe (CEE) - Economic Expectations for the CEE Region Brighten Up: The ZEW-Erste Group Bank Economic Sentiment Indicator for Central and Eastern Europe (CEE) has increased by 13.0 points in October 2011 for the first time in the last five months. The indicator has climbed up to the minus 25.0 points mark. Economic expectations for the eurozone have also increased by 18.3 points to a level of minus 49.1 points. The economic sentiment indicator for the CEE region and further financial market data have been surveyed monthly by the Centre for European Economic Research (ZEW), Mannheim, with the support of Erste Group Bank, Vienna, since 2007. Read more: http://www.zew.de/press1829 21.10.2011 - ZEW (vni/kbo) ZEW-ZEPHYR M&A Index - M&A Activities in Germany Expected to Remain Stable: Until mid-2012, no dynamic development of mergers and acquisitions (M&A) is to be expected in Germany. M&A activities remain on a low but more stable level. These are the findings of a forecast by the Centre for European Economic Research (ZEW), Mannheim. Read more: http://www.zew.de/press1828 20.10.2011 - ZEW (lja/kbo) ZEW-CS Financial Market Test Switzerland - Economic Expectations Improve: After the ZEW-CS Indicator declined for five consecutive months, economic expectations for Switzerland have currently retreated from the decreases. In October 2011, the ZEW-CS Indicator improved by 21.3 points to the minus 54.4 point mark. The ZEW-CS Indicator is calculated monthly by the Centre for European Economic Research (ZEW) in cooperation with Credit Suisse (CS). The indicator reflects the expectations of the surveyed financial market experts regarding the economic development in Switzerland on a six-month time horizon. Read more: http://www.zew.de/press1827 19.10.2011 - ZEW (bmu/dho) ZEW Study: Again Decreasing Number of High-Tech Start-Ups in Germany In 2010, the number of high-tech start-ups in Germany fell by two per cent. This is a result of a recent study of the Centre for European Economic Research (ZEW) conducted in cooperation with Microsoft Germany. The surge in growth in 2009, which was caused by the Unternehmergesellschaft (UG - a limited liability company with less restrictive entry costs) did not continue. In the last year, 14100 high-tech start-ups were set up. This number is significantly lower than the numbers of the second half of the 1990s, when on average approximately 18500 start-ups per year were established. Read more: http://www.zew.de/press1824 18.10.2011 - ZEW (cdi/fmo/kbo) ZEW Indicator of Economic Sentiment - Economic Expectations Weaken once Again: The ZEW Indicator of Economic Sentiment for Germany has decreased by 5.0 points in October 2011. This is the eighth decline in a row. The indicator now stands at minus 48.3 points. This value is below the indicator's historical average of 25.3 points. A lower value of the indicator was last seen in November 2008. Read more: http://www.zew.de/press1823 11.10.2011 - ZEW/gif (fsr/kbo) ZEW/gif-Office Market Forecast - Rents For Offices in Prime Locations Will Strongly Increase: Prime rents at the five largest German office real estate markets, Berlin, Hamburg, Frankfurt, Duesseldorf and Munich, will considerably increase by two to five per cent in 2011 and 2012. At the same time, the vacancy rate will still be decreasing. These are the findings of a survey among real estate market experts, which was conducted from mid-August to mid-September 2011 by the gif-Arbeitskreis Marktanalysen und Bedarfsprognosen (gif market analysis and demand forecasting working group) in cooperation with the Centre for European Economic Research (ZEW), Mannheim. Read more: http://www.zew.de/press1817 All press releases can be found here: http://www.zew.de/en/press/latest 5. RECENT PUBLICATIONS IN ENGLISH LANGUAGE 5.1. ZEWnews English edition ZEWnews English edition September/October 2011: * Strong national fiscal rules help keeping risk premiums for government bonds at lower levels * Video games contribute to crime rate reduction * Training of older workers often less effective * Changes in the European Emissions Trading Scheme - A challenge for regulated companies * A global regulatory regime for financial markets? That's wishful thinking * The contribution of wind power towards Germany's future electricity supply * Conference on the economics of information and communication technology * Opinion regarding ECB Download as PDF-file (*): http://ftp.zew.de/pub/zew-docs/zn/en/zn052011.pdf 5.2. Financial Market Report Switzerland Financial Market Report Switzerland November 2011: * ZEW-CS Financial Market Test Switzerland - Economic expectations improve * Eurozone: Economic outlook less pessimistic * Japan: Economic expectations turn positive again * USA: Inflation forecasts on the rise * Great Britain: Interest rate outlook holds steady, inflation expectations diminish * Special question: Minimum exchange rate limit and risks of recession Download as PDF-file (*): http://www.zew.de/en/publikationen/finanzmarktreportschweiz/legalnote.php?target=FMTSchweiz112011.pdf 5.3. Financial Market Report CEE Financial Market Report CEE November 2011: * Economic sentiments for CEE brighten up for the first time in five months * Economic outlook for the CEE region, Austria, and the eurozone * Czech Republic, Poland, and Slovakia: Stock market sentiments drop * Croatia, Hungary, and Romania: Rising inflation concerns * Turkey: Current situation assessed most positive this month * Special question: Impact and scope of speculation on stock markets Download as PDF-file (*): http://ftp.zew.de/pub/zew-docs/fmt_cee/FMTCEE112011.pdf 5.4. ZEW Economic Studies Volume 43 Christoph Spengel and Andreas Oestreicher Common Corporate Tax Base in the EU - Impact on the Size of Tax Bases and Effective Tax Burdens Additional information and order possibility: http://www.zew.de/publication6351 IN GERMAN LANGUAGE 5.5. ZEW Finanzmarktreport (ZEW Financial Market Report) ZEW Financial Market Report November 2011: * Downward trend continues but slows down * ECB: Decrease in interest rates more and more likely * USA: Estimates of current economic situation improve * Japan: Recovery continues * Great Britain: Economic outlook dampened * Special question: No recession expected at the moment Download as PDF-file (German only) (*): http://ftp.zew.de/pub/zew-docs/frep/112011.pdf (*) Please note: PDF-files can be displayed by using Acrobat-Reader. The software can be downloaded for free: http://get.adobe.com/uk/reader/ 6. NEW RESEARCH PROJECTS Provision of Effective Tax Rates at the Industry-Level Using the Devereux/Griffith Methodology - On-Demand Economic Analysis Within Framework Contract TAXUD/2008/CC/099 http://www.zew.de/project1131 Reducing CO2 Emissions from Ships - Implications of a Regional Market-Based Instrument for the EU http://www.zew.de/project1135 The CC(C)TB and Determination of Taxable Income: A Cross-Country Assessment of the Draft Council Directive on a Common (Consolidated) Corporate Tax Base http://www.zew.de/project1129 Net Neutrality - Governmental Support and Options http://www.zew.de/project1134 Study on Interest Paid on Overdrafts/Instalment Credit http://www.zew.de/project1130 7. EVENTS 7.1. Scientific Events 10.-11.11.2011 Workshop: Spin-Off Entrepreneurship Location of the event: ZEW, Mannheim Additional information: http://www.zew.de/event1547 10.11.2011 ZEW Research Seminar: Wages and International Tax Competition Speaker: Tim Schmidt-Eisenlohr, PhD (University of Oxford) Location of the event: ZEW, Mannheim Additional information: http://www.zew.de/event1567 24.11.2011 Workshop: 1st ProdIT -Workshop: Key-Indicator-Based Controlling of IT-Services - Status Quo and Innovative Concepts Location of the event: ZEW, Mannheim Additional information: http://www.zew.de/event1571 24.11.2011 ZEW Research Seminar: Step-Level Public Goods: Experimental Evidence Speaker: Holger Rau (University Duesseldorf) Location of the event: ZEW, Mannheim Additional information: http://www.zew.de/event1545 25.-26.11.2011 Workshop: Behavioural Personnel Economics Location of the event: ZEW, Mannheim Additional information: http://www.zew.de/event1550 01.12.2011 ZEW Research Seminar: International Trade and Collective Bargaining Outcomes: Evidence from German Employer-Employee Data Speaker: Dr. Hans-Joerg Schmerer (Institute for Employment Research (IAB) Nuremberg) Location of the event: ZEW, Mannheim Additional information: http://www.zew.de/event1553 02.12.2011 Mannheim Competition Policy Forum: Entry and Competition for German Notary Profession Speaker: Gabriel Lee (University of Regensburg) Location of the event: ZEW, Mannheim Additional information: http://www.zew.de/event1405 _____________________________________________________________________ IMPRINT Publisher: Centre for European Economic Research GmbH (ZEW) Mannheim L 7, 1 . 68161 Mannheim / P.O. Box 10 34 43 . 68034 Mannheim . Germany Internet: www.zew.de/ . www.zew.eu Seat of the company: Mannheim Local Court Mannheim HRB 6554 Chairman of the Supervisory Board: Gerhard Stratthaus, MdL, Minister, ret. Executive Directors: Prof. Dr. Dr. h.c. mult. 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