THE PROPOSITION VALUE OF CORPORATE RATINGS - A RELIABILITY TESTING OF CORPORATE RATINGS BY APPLYING ROC AND CAP TECHNIQUES

We analyze the Altman model, a Logit model as well as the KMV model in order to evaluate their performance. Therefore, we use a random sample of 132 US firms. We create a yearly and a quarterly sample set to construct a portfolio of defaulting and a counter portfolio of non-defaulting companies. As we stay close to the recommendations of the Basel Capital Accord framework in order to evaluate the models, we use Receiver Operating Characteristic (ROC) and Cumulative Accuracy Profile (CAP) techniques. We find that the Logit model outperforms the Altman as well as the KMV model. Furthermore, we find that the Altman model outperforms the KMV model, which is nearly as accurate as a random model.Altman Model, Cumulative Accuracy Profile (CAP), Distance to Default, Logit Model, Moody’s KMV, Receiver Operating Characteristic (ROC), Z-score.

Educational Standards for Economic Education at All Types of General-education Schools in Germany

economic education, educational standards, general-education schools, germany, competences, competence model

Bildungsstandards = Lernzielorientierung reloaded?

Seit dem PISA-Schock und dem Erscheinen der Expertise Zur Entwicklung nationaler Bildungsstandards wird die Standardisierungsdiskussion in allen Fachdidaktiken gefuehrt. Schulische Bildung soll demzufolge nicht mehr allein ueber den Input, sondern vor allem ueber den Output gesteuert werden. Die aktuelle Debatte um die Kompetenzorientierung und Standardisierung der Bildung erinnert an vielen Stellen an die Debatte um die Lernzielorientierung des Unterrichts, die in den siebziger Jahren, spaetestens jedoch Anfang der achtziger Jahre, ihren Scheitelpunkt hatte. Daher stellt sich die Frage nach den Unterschieden und Gemeinsamkeiten beider Programme. In diesem Beitrag wird untersucht, ob und inwieweit das Setzen von Bildungsstandards etwas anderes ist als die Bestimmung von Lernzielen oder ob es sich um alten Wein in neuen Schlaeuchen handelt. Anders formuliert: Sind die Bildungsstandards etwas anderes als die Lernzielorientierung reloaded?oekonomische Bildung, Kompetenzen, Kompetenzorientierung, Bildungsstandards, Wirtschaft, Lernziele, Reform

Misselling as a New Topic of Financial Education? A Didactic Analysis of Investment Advise after the Financial Crisis

Personal financial investments are, as a matter of course, a topic of economic education because they are a life situation which is inherently economical. In contrast, faulty advising in banks which has become focussed upon due to the extent it has played a part in the recent financial crisis is mentioned neither in curricula nor in educational text books. Numerous private funds have been exposed as unprofitable investments. One reason for this problem is to be found in the marketing staff of the banks who did not invest their customer’s funds securely enough – and the customers did not notice it. What conclusions can be drawn from this for general financial education after the financial crisis? The economic education has failed to address the topic of “faulty advising in banks” as well. On the basis of categorical economic didactics the following contribution will analyse whether one has an exemplary case here upon which students can win generalized, transferable insights. In this context, the topic of personal financial investments will be classified in an efficient manner and the risk of opportunism in advising situations will be analysed with the help of the positive principal-agent theory. The results of this analysis of informational asymmetries within financial markets give direction to the development and revision of curricula in the didactics of economic education. With the following article a sustainable theoretical fundament will be created to underscore the obligatory inclusion of this topic in curricula as well as its realisation for target groups in school text books

The impact of the COVID-19 crisis: is online teaching increasing inequality and decreasing well-being for children?

The COVID-19 pandemic has posed an unprecedented challenge to countries worldwide. With the emerging need for “social distancing”, in the span of weeks, schools around the world had to find ways to carry out most of their activities online. Amidst this challenging time, the ySKILLS project conducted interviews with 34 experts from the educational field and the labour market from six European countries (Estonia, Finland, Germany, Italy, Poland and Portugal). In this blog post, Verónica Donoso and Nike Retzmann summarise the experts’ views about how the pandemic is affecting children’s engagement with digital technologies and they voiced their concerns about increasing inequalities and decreasing well-being

Urteilsbildung im Politikunterricht

Kein Abstract vorhanden No Abstract availabl

Oekonomische Bildung an allgemein bildenden Schulen - Bildungsstandards Standards fuer die Lehrerbildung

Bildungsstandards, Standards, oekonomische Bildung, allgemein bildendes Schulwesen, abschlussbezogen, Kompetenzmodell, Aufgabenbeispiele,

Competences of teachers and other educational professionals as condition for the success of inclusive vocational guidance in general and vocational schools, exemplified on organizing work placements for students

Schülerbetriebspraktika schlagen die Brücke von der Schule zur Arbeitswelt und dem Berufsausbildungssystem. Sie sind Teil eines umfassenden Pakets von Maßnahmen zur beruflichen Orientierung und werden kooperativ organisiert von verschiedenen AkteurInnen aus Schule, Betrieben und Institutionen, die den Übergang begleiten. Wiewohl die inklusive Berufsorientierung bislang wenig erforscht ist, ist doch anzunehmen, dass sich die Komplexität des Prozesses durch neue Kooperationen nochmals erhöht. Dieser Beitrag stellt ausgewählte Ergebnisse multiprofessioneller Gruppendiskussionen mit Teilnehmenden aus verschiedenen Institutionen vor, um daraus Kompetenzen für die inklusive Berufsorientierung an Schulen abzuleiten. Die Ergebnisse deuten auf drei Notwendigkeiten hin: darauf, Handlungsbereiche zu identifizieren, Kooperationen der AkteurInnen im System Schule zu untersuchen und solche Wissensbezüge zu bestimmen, die sich subjektspezifisch aus den Bedarfen von SchülerInnen mit sonderpädagogischem Förderbedarf ergeben.Work placements for students bridge the gap between school and the world of work and the vocational training system. They are part of a comprehensive set of measures for vocational orientation and are organized by a multi-professional team of different actors, such as teachers and other educational staff involved in the process of secondary education and professionals working in institutions that accompany the transition. Though little research has been done on inclusive vocational guidance, it can be assumed that complexity of this process will increase with new cooperations. This article presents results from multi-professional group discussions with participants from various institutions and derives competences for inclusive vocational guidance in schools. The results point to the necessity of identifying fields of action, investigating cooperation between actors within the school system and, above all, determining knowledge references that arise subject-specifically for inclusive vocational orientation from the needs of students with special educational needs

Nonclassical Crystallization Pathway of Transition Metal Phosphate Compounds

Here, we elucidate nonclassical multistep crystallization pathways of transition metal phosphates from aqueous solutions. We followed precipitation processes of M-struvites, NH4MPO4·6H2O, and M-phosphate octahydrates, M3(PO4)2·8H2O, where M = Ni, Co, or NixCo1-x, by using in situ scattering and spectroscopy-based techniques, supported by elemental mass spectrometry analyses and advanced electron microscopy. Ni and Co phosphates crystallize via intermediate colloidal amorphous nanophases, which change their complex structures while agglomerating, condensing, and densifying throughout the extended reaction times. We reconstructed the three-dimensional morphology of these precursors by employing cryo-electron tomography (cryo-ET). We found that the complex interplay between metastable amorphous colloids and protocrystalline units determines the reaction pathways. Ultimately, the same crystalline structure, such as struvite, is formed. However, the multistep process stages vary in complexity and can last from a few minutes to several hours depending on the selected transition metal(s), their concentration, and the Ni/Co ratio.</p

Characterisation of Conventional 87Sr/86Sr Isotope Ratios in Cement, Limestone and Slate Reference Materials Based on an Interlaboratory Comparison Study

An interlaboratory comparison (ILC) was organised to characterise 87Sr/86Sr isotope ratios in geological and industrial reference materials by applying the so-called conventional method for determining 87Sr/86Sr isotope ratios. Four cements (VDZ 100a, VDZ 200a, VDZ 300a, IAG OPC-1), one limestone (IAG CGL ML-3) and one slate (IAG OU-6) reference materials were selected, covering a wide range of naturally occurring Sr isotopic signatures. Thirteen laboratories received aliquots of these six reference materials together with a detailed technical protocol. The consensus values for the six reference materials and their associated measurement uncertainties were obtained by applying a Gaussian, linear mixed effects model fitted to all the measurement results. By combining the consensus values and their uncertainties with an uncertainty contribution for potential heterogeneity, reference values ranging from 0.708134 mol mol-1 to 0.729778 mol mol-1 were obtained with relative expanded uncertainties of ≤ 0.007 %. This study represents an ILC on conventional 87Sr/86Sr isotope ratios, within which metrological principles were considered and the compatibility of measurement results obtained by MC-ICP-MS and by MC-TIMS is demonstrated. The materials characterised in this study can be used as reference materials for validation and quality control purposes and to estimate measurement uncertainties in conventional 87Sr/86Sr isotope ratio measurement