_____________________________________________________________________ _____________________________________________________________________ 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 No. 2012-12 December 20, 2012 (Yvonne Braeutigam, newsletter-en at zew.de ) http://www.zew.eu _____________________________________________________________________ _____________________________________________________________________ Dear readers, An eventful year is coming to a close. With this e-mail, you are receiving the last issue of the ZEW Newsletter English edition in 2012. We would like to take this opportunity to thank your for your sustained interest in news from ZEW. We wish you and your loved ones a pleasant festive season and a prosperous, healthy 2013. Kind regards, your ZEW Newsletter editorial team _____________________________________________________________________ Content 1. NEWS 2. CALL FOR PAPERS 2.1. Conference on "Fiscal Performance: The Role of Institutions and Politicians" (April 11-12, 2013) 3. STAFF 3.1. Visiting Researchers 4. PRESS RELEASES 5. RECENT PUBLICATIONS IN ENGLISH 5.1. ZEWnews 5.2. Financial Market Report Switzerland 5.3. Financial Market Report CEE 5.4. ZEW Discussion Papers IN GERMAN 5.5. ZEW Finanzmarktreport (ZEW Financial Market Report) 5.6. Deutscher Immobilien-Finanzierungsindex(DIFI)-Report (German Real Estate Finance Index (DIFI) Report) 5.7. ZEW Discussion Papers 5.8. Gutachten/Forschungsberichte (Expertises/Research Reports) 6. NEW RESEARCH PROJECTS 7. EVENTS 7.1. Scientific Events _____________________________________________________________________ 1. NEWS 17.12.2012 ZEW Staff Present Christmas Gifts to Children and Teenagers from Wespin-Stift (Dorothea Wespin Foundation Mannheim): Members of staff of the Centre for European Economic Research (ZEW) arranged a little Christmas party for children and teenagers from Wespin-Stift children's home in Mannheim. On December 17, some 30 children and teenagers who live at the care facility were invited to ZEW. Over punch and stollen, ZEW employees gave the guests their Christmas gifts. The children and teenagers expressed their gratitude by singing Christmas songs and reciting poems. Read more: http://www.zew.de/news2187 13.12.2012 ZEW President Wolfgang Franz on "Banking Union": "Though this be madness, yet there is method in it." The efforts on the part of some governments in the eurozone to set up a functional European banking union by the beginning of 2013 might certainly remind us of Polonius's quip from Shakespeare's drama "Hamlet". The "madness" lies in the impossibility of implementing this plan in only a few weeks. For the hurdles are numerous, ranging from its difficult legal underpinnings to the political complexity of creating an institution of this kind, which, after all, is intended to effectively oversee several thousand banks. The "method" is obvious, since only by creating a banking union will it be possible - in keeping with the 29 June 2012 resolutions of the Euro Group - to recapitalize banks that are in difficult through the European Stability Mechanism (ESM). It is apparent that a few governments simply cannot run fast enough in their efforts to obtain access to these funds, preferably in combination with a Europe-wide deposit guarantee. Read more: http://www.zew.de/news2183 13.12.2012 ZEW DIFI Report Published - Financing Conditions for Office and Logistics Real Estates Are Slightly Easing: During the fourth quarter of 2012, the market participants' expectations regarding financing conditions on the German real estate market have hardly changed compared to the previous quarter. The German Real Estate Finance Index (DIFI) increased slightly by 0.2 points and now ranges at minus 25.6 points. It is thus close to its historical low of minus 26.7 points from the third quarter of 2012. Read more: http://www.zew.de/news2179 04.12.2012 Delegation of VUZF University Visits ZEW : A delegation of VUZF University from Bulgaria visited the Centre for European Economic Research (ZEW) in Mannheim on December 4, 2012. VUZF is the first Bulgarian university to specialise in finance, insurance, social insurance, management, and marketing. VUZF President Professor Grigorii Vazov, Vice President Detelina Smilova, Executive Director Radostin Vazov, as well as Ivo Stoicov were welcomed by ZEW's Director of Business and Administration, Thomas Kohl. Afterwards, the visitors exchanged ideas with Stephan Reichert, head of the Strategic Planning Unit at ZEW, on common research areas as well as on possible fields of cooperation. Read more: http://www.zew.de/news2171 For current news, please visit: http://www.zew.de/news 2. CALL FOR PAPERS 2.1. Conference on "Fiscal Performance: The Role of Institutions and Politicians" (April 11-12, 2013): The Centre for European Economic Research (ZEW), Arbeitskreis Europaeische Integration e.V. (AEI), and the Collaborative Research Centre (SFB) 884 "The Political Economy of Reforms" of the University of Mannheim are jointly organising the conference "Fiscal Performance: The Role of Institutions and Politicians" in Mannheim from April 11-12, 2013. This conference intends to explore the drivers of fiscal performance across all dimensions of fiscal policy. We welcome contributions from theoretical and empirical economics including experimental approaches as well as from political science. We especially encourage contributions that analyse the role of institutions or focus on the individual characteristics of political actors. Authors are invited to submit individual proposals for the conference. Please send the extended abstract or, preferably, the full paper as PDF file to aei2013 at zew.de no later than February 15,2013. Additional information: http://www.zew.de/aei2013 3. STAFF 3.1. Visiting Researchers Levani Bzhalava Visiting Researcher at ZEW: Levani Bzhalava is visiting researcher at the ZEW Research Department "Industrial Economics and International Management" from December 3, 2012, to January 31, 2013. He is a PhD student at the University of Jena in the department for economics/micro-economics headed by Prof. Dr. Uwe Cantner. His research focuses on the innovation behaviour of companies. During his stay at ZEW, he is working with the Mannheim Innovation Panel and patent data. Further information on Levani Bzhalava: http://gk.wiwi.uni-jena.de/wiki/index.php?n=Main.LevanBzhalava Neil McMurdo Visiting Researcher at ZEW: Neil McMurdo was visiting researcher at the ZEW Research Departments "International Finance and Financial Management" and "Corporate Taxation and Public Finance" from November 12 to 30, 2012. Neil McMurdo is senior economist at the British HM Treasury in London where he is concerned with current problems within the euro area, such as the sovereign debt crisis and its possible solution. During his stay, he worked together with ZEW researchers on a project regarding the characteristics of sovereign debt restructurings and their consequences. Moreover, he gave a lecture at a ZEW Research Seminar on macroeconomic divergences in the euro area, in which he presented a new fiscal indicator. 4. PRESS RELEASES 18.12.2012 - ZEW (sgo/kbo) Kick-off for ZEW Research Data Centre: As of now, the Centre for European Economic Research (ZEW) is providing research data for external scientific use in the new ZEW Research Data Centre (ZEW-FDZ). Scientists from universities and other research institutes can draw on a high-quality data pool which has been built and maintained over years by ZEW. Read more: http://www.zew.de/press2188 18.12.2012 - ZEW (fsa/kbo) ZEW-ZEPHYR M&A-Index: Downward Trend of Worldwide M&A Activities Continues in 2012 - Cautious Prospects for the Coming Year: Worldwide M&A activities were regressive again in 2012. The moving average of the ZEW-ZEPHYR M&A-Index, which reflects the mergers and acquisitions concluded worldwide, continued its downward trend and clearly lost ground compared to 2011. Altogether there were some 1,000 M&A transactions less in 2012 than during 2011, and the aggregated transaction volume fell by 74 billion euros compared to the previous year. For 2013, no significant upturn is expected at the moment. This is shown by the calculations made by the Centre for European Economic Research (ZEW) on the basis of the ZEPHYR database of Bureau van Dijk (BvD). Read more: http://www.zew.de/press2190 13.12.2012 - ZEW (che/ggr) ProgTrans/ZEW Transportmarktbarometer (Transport Market Barometer) - Increasing Prices Despite Lower Transport Volumes Expected: The assessment of the economic situation in Germany remains pessimistic and affects transport markets. Stagnating or even decreasing transport volumes are hence expected in the coming six months. Prices for freight transport in the various transport sectors will develop heterogeneously in the light of demand, cost trends and the competitive environment. Despite the reduction of freight volumes, a price increase is expected in most transport sectors - even more so as the fuel price, a significant cost driver, has grown recently. These are the findings of the ProgTrans/ZEW Transportmarktbarometer (Transport Market Barometer) in the fourth quarter of 2012. In this survey, ProgTrans AG, Basel, and the Centre for European Economic Research (ZEW) interview some 250 top executives from the transport and loading industry on a quarterly basis about their assessment regarding the development of transport markets and prices on a six-month horizon. Read more: http://www.zew.de/press2177 13.12.2012 - ZEW (che/ggr) ZEW-Erste Group Bank Economic Sentiment Indicator for Central and Eastern Europe (CEE) - Economic Sentiments Display Moderate Increase: Economic expectations for Central and Eastern Europe including Turkey (CEE) have increased by 9.5 points in December. The ZEW-Erste Group Bank Economic Sentiment Indicator for the CEE region now displays a value of 6.1 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) in Mannheim with the support of Erste Group Bank in Vienna since 2007. Read more: http://www.zew.de/press2178 12.12.2012 - ZEW (lja/kbo) ZEW-CS Financial Market Test Switzerland - Economic Outlook Brightened Up: Economic expectations for Switzerland have improved by 12.4 points in December 2012, raising the ZEW-CS Indicator to minus 15.5 points. 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/press2174 11.12.2012 - zew (cdi/fmo/kbo) ZEW Indicator of Economic Sentiment - Cautious Optimism: The ZEW Indicator of Economic Sentiment for Germany has increased by 22.6 points in December 2012. It now stands at a level of 6.9 points, thereby reaching positive territory for the first time since May 2012. The indicator's rise shows that the financial market experts expect the economic activity to stabilise until early summer 2013. Positive US economic data may have contributed to this assessment. They may have spurred hope that the global economy will gain momentum. Nevertheless, keeping in mind that the Indicator of Economic Sentiment currently hovers only marginally above the zero line, the German economy will more likely bottom out instead of already experiencing an upswing within the next six months. Read more: http://www.zew.de/press2173 For current press releases, please visit: http://www.zew.de/en/presse 5. RECENT PUBLICATIONS IN ENGLISH 5.1. ZEWnews ZEWnews English Edition November/December 2012 * Patent Thickets Often Thwart Innovation * E-Recruitment is One of the Most Popular Methods Among Firms Seeking New Personnel * Debt Brakes in Germany's Federal States by Comparison - Ambition is Often Lacking * Economic Slowdown Due to the Euro Crisis - Stability Risks Remain High in 2013 * Questions & Answers: Is Excessive Patent Protection a Problem for the Economy? * Ten Years of Successes and Failures in the Reorganisation of the German Labour Market * Conferences: International Conference on the Dynamics of Entrepreneurship (CoDE) Held at ZEW * Conferences: Kick-Off Meeting of Major European Climate Project ENTRACTE Launched at ZEW * Opinion: Sustainability Download as PDF file(*): http://ftp.zew.de/pub/zew-docs/zn/en/zn112012.pdf 5.2. Financial Market Report Switzerland Financial Market Report Switzerland December 2012 * Economic Outlook for Switzerland: Slowly Improving * Current Economic Situation: "Normal" Conditions * Inflation Expectations: Broadly Unchanged * Interest Rates: Higher Long-Term Interest Rates Expected * Stock Market: Surprising Rebound * Swiss Franc Versus Euro: More Evidence of Credible SNB Policy * Special Questions: Long-Term Forecasts Download as PDF file(*): http://www.zew.de/FinancialMarketReportSwitzerland012013.pdf 5.3. Financial Market Report CEE Financial Market Report CEE January 2013 The Financial Market Report CEE January 2013 will be published soon. The report addresses the economic outlook for the CEE Region, Austria, and the eurozone as well as the results of the special question concerning the portfolio selection in 2013. Download shortly as PDF file(*): * http://ftp.zew.de/pub/zew-docs/fmt_cee/FMTCEE012013.pdf 5.4. ZEW Discussion Papers 12-084 Katrin Cremers; Paula Schliessler Patent Litigation Settlement in Germany - Why Parties Settle During Trial Download as PDF file(*): http://ftp.zew.de/pub/zew-docs/dp/dp12084.pdf 12-083 Kornelius Kraft; Christian Rammer; Sandra Gottschalk Minimum Wages and Competition: The Case of the German Roofing Sector Download as PDF file(*): http://ftp.zew.de/pub/zew-docs/dp/dp12083.pdf 12-082 Florian Misch; Atilim Seymen The Effects of Countercyclical Fiscal Policy: Firm-Level Evidence from Temporary Consumption Tax Cuts in Turkey Download as PDF file(*): http://ftp.zew.de/pub/zew-docs/dp/dp12082.pdf 12-081 Thomas Zwick Determinants of Individual Academic Achievement - Group Selectivity Effects Have Many Dimensions Download as PDF file(*): http://ftp.zew.de/pub/zew-docs/dp/dp12081.pdf 12-080 Gunnar Lang Lessons of the Financial Crisis for the Attractiveness of European Financial Centers Download as PDF file(*): http://ftp.zew.de/pub/zew-docs/dp/dp12080.pdf IN GERMAN 5.5. ZEW Finanzmarktreport (ZEW Financial Market Report) ZEW Financial Market Report January 2013 * Financial Market Experts Cautiously Optimistic * ECB: Decrease of Inflation Expected * U.S.: Economic Expectations on the Rise * Japan: Economic Situation Deteriorates Further * Great Britain: Economic Expectations Improved * Special Question: Effects of Basel III on Real Estate Financing Download as PDF file (in German)(*): http://ftp.zew.de/pub/zew-docs/frep/012013.pdf 5.6. Deutscher Immobilien-Finanzierungsindex(DIFI)-Report (German Real Estate Finance Index (DIFI) Report) DIFI Report Fourth Quarter - 2012 * Slight Easing with Financing of Office and Logistics Properties * Refinancing Markets Recover Significantly * Special Question: 2013 Will Be Another Year for Real Estates Download as PDF file (in German)(*): http://ftp.zew.de/pub/zew-docs/DIFI/DIFI092012.pdf 5.7. ZEW Discussion Papers 12-085 Christian Rammer; Christian Koehler Innovationen, Anlageinvestitionen und immaterielle Investitionen (Innovation, Fixed Investment, and Intangible Investment) Download as PDF file (in German)(*): http://ftp.zew.de/pub/zew-docs/dp/dp12085.pdf 5.8. Gutachten/Forschungsberichte (Expertises/Research Reports) Andreas Loeschel, Georg Erdmann, Frithjof Staiss and Hans-Joachim Ziesing (2012), Stellungnahme zum ersten Monitoring-Bericht der Bundesregierung fuer das Berichtsjahr 2011, Expertenkommission zum Monitoring-Prozess "Energie der Zukunft" (Statement on the First Monitoring Report of the Federal Government for the Reporting Year 2011, Expert Commission of the Monitoring Process "Energy of the Future"), Bundesministerium fuer Wirtschaft und Technologie (BMWi), Bundesministerium fuer Umwelt, Naturschutz und Reaktorsicherheit (BMU), Berlin, Mannheim, Stuttgart. Additional information and download (in German): http://www.zew.de/publikation6847 Ronald Bachmann, Sebastian Braun, Andreas Friedl, Matthias Giesecke, Dominik Groll, Anica Kramer, Alfredo Paloyo and Andreas Sachs (2012), Demografie und Wachstum: Die gesamtwirtschaftlichen Effekte einer hoeheren Erwerbstaetigkeit Aelterer (Demographics and Growth: The Overall Economic Effects of Increased Employment of Elderly Persons), Initiative Neue Soziale Marktwirtschaft (INSM) GmbH, Mannheim. Additional information and download (in German): http://www.zew.de/publication6841 (*) Please note: PDF files can be displayed with Adobe Acrobat Reader. The software can be downloaded for free: http://get.adobe.com/uk/reader 6. NEW RESEARCH PROJECTS Analysis of study choice readiness at upper secondary school http://www.zew.de/project1262 College for Interdisciplinary Educational Research. A Joint Initiative of BMBF, the Jacobs Foundation, and the Leibniz Association http://www.zew.de/project1261 7. EVENTS 7.1. Scientific Events 17.01.2013 ZEW Research Seminar: How Mergers Affect Innovation: Theory and Evidence for the Pharmaceutical Industry Speaker: Joel Stiebale (Nottingham University Business School) Location of the event: ZEW, Mannheim Additional information: http://www.zew.de/event1764 07.02.2013 ZEW Research Seminar: Patterns of Innovation in Green ICT: A Patent-Based Analysis Speaker: Grazia Cecere, (University of Paris Sud) Location of the event: ZEW, Mannheim Additional information: http://www.zew.de/event1756 15.-16.02.2013 Conference: Annual Conference of the Leibniz ScienceCampus MaCCI - Mannheim Centre for Competition and Innovation Location of the event: ZEW, Mannheim Additional information: http://www.zew.de/event1743 ____________________________________________________________________ IMPRINT Publisher: Centre for European Economic Research GmbH (ZEW) L 7, 1 - 68161 Mannheim - Germany - http://www.zew.eu Phone +49 621/1235-01 Fax +49 621/1235-255 Seat of the company: Mannheim - Local Court Mannheim HRB 6554 Chairwoman of the Supervisory Board: Theresia Bauer, MdL, Minister of Science, Research, and the Arts of the State of Baden-Wuerttemberg Executive Directors: Prof. Dr. Dr. h.c. mult. Wolfgang Franz, Thomas Kohl Editors: Yvonne Braeutigam, yvonne.braeutigam at zew.de ; Patrick Pilarek, pilarek at zew.de E-mail: newsletter-en at zew.de Editorial assistants: Julia Glashauser; Sebastian Kreimes Responsibility: Gunter Grittmann, grittmann at zew.de Legal note: http://www.zew.eu/legalnote You can subscribe/unsubscribe at any time - online via http://www.zew.eu/newsletter or - mail to zew-newsletter-englishedition-request at mx-assp2.zew.de Subject: (leave blank!) Text: subscribe zew-newsletter-englishedition or unsubscribe zew-newsletter-englishedition _____________________________________________________________________ ------------------------------------------------------------------------ * *Messages sorted by:* [ date ] [ thread ] [ subject ] [ author ] ------------------------------------------------------------------------ More information about the Zew-newsletter-englishedition mailing list