Newsletter / House of Finance, Goethe-Universität Frankfurt 3/12

Parallel Banking – Frankfurt Can Bring some Light into the Darkness_3 THOMAS SCHÄFER Inflation and Growth: New Evidence from a Dynamic Panel Threshold Analysis_4 ALEXANDER BICK | STEPHANIE KREMER | DIETER NAUTZ Who Benefits from Building Insurance Groups?_6 SEBASTIAN SCHLÜTTER | HELMUT GRÜNDL IT Innovation: Mindfully Resisting the Bandwagon_8 ROMAN BECK | WOLFGANG KÖNIG | IMMANUEL PAHLKE | MARTIN WOLF “The Part-Time Master in Finance is GBS' Answer to the Bologna Process”_10 UWE WALZ House of Finance Wins New LOEWE Center_1

¿Es útil diferenciar a los interlocks de acuerdo con el tipo de consejero (ejecutivo o no ejecutivo) que los posee? Su influencia sobre el rendimiento de la empresa

Taking the assumptions of the resource dependency theory as our starting point, the main objective of this investigation is to gain an understanding of how and in what way board members who serve on multiple boards (interlocks) can affect a firm’s profitability, and whether it is useful to consider the derivation of these interlocks according to the type of board member (executive or non-executive) who possesses them. Using dynamic panel data analysis (GMM) and a sample of 88 firms quoted on the Spanish Continuous Market for the period 2005–2008, our results confirm the existence of a curvilinear (inverted-U) relation between interlocks and firm performance. The results demonstrate that this relation is only significant if we include the total number of external ties rather than just the number of links generated by non-executive directors. We can also confirm that the degree of familiarity and shared knowledge between board members (measured by average board tenure) affects this relationship.Partiendo de los supuestos de la teoría de dependencia de recursos, el principal objetivo de esta investigación pasa por conocer cómo y de qué forma la pertenencia de los consejeros a múltiples consejos (interlocks) podría afectar a la rentabilidad de la empresa y si es importante considerar en esta relación la procedencia de los interlocks según la tipología del consejero que lo ostente (consejeros ejecutivos y no ejecutivos). Mediante un análisis de datos de panel dinámico (GMM), y a través de una muestra de 88 empresas cotizadas en el Mercado Continuo espa˜nol para el periodo 2005–2008, los resultados obtenidos confirman que existe una relación curvilínea (en forma de U invertida) entre los interlocks y el rendimiento de la empresa, y que esta relación es sólo significativa si tenemos en cuenta el número total de vínculos externos, y no sólo cuando tomamos en número de vínculos generados por los consejeros no-ejecutivos. Asimismo, podemos afirman que el grado de familiaridad y conocimiento mutuo entre los miembros del consejo (medido por la permanencia media del consejo) influye sobre esta relación

Smooth the Dying Pillow: Alaska Natives and Their Destruction [chapter]

This paper was originally presented in Symposium III, "Group Rights at the Close of the Twentieth Century: Strategies for Assisting the Fourth World; Session 3, Evaluating Strategies for Change" at the 12th International Congress, Commission on Folk Law and Legal Pluralism, International Union of Anthropological and Ethnological Sciences, Zagreb, Yugoslavia, Jul 1988. The paper as originally presented can be found at http://hdl.handle.net/11122/7350.The policy for Native self-determination in Alaska developed by the Congress and the state has sought to replace a tribal model of governance with a body of legislation which confirms land rights without the direct political involvement of Alaska Native villages. However, the author argues, the absence of tribes as formal political structures has contributed to a loss of self-determination among Alaska Natives and to serious negative effects on Native village life.The Pre-Land Claims Agenda: 1955-1965 / The Land Claims Era: 1967-72 / 1988 — A Watershed / Notes / Bibliograph

Disaggregating U.S. Interests in International Law

The Constitution is so central to American identity that any concession of external constitutional constraints may constitute a threat to national self-determination. This explains the relative intensity of objections to international norms and institutions thought to compromise constitutional discretion, at least in the absence of countervailing interests