Financial Literacy and Private Old-age Provision in Germany

The German population has good financial knowledge measured on the basis of three financial literacy questions. Around 85 % of the individuals comprehend the functioning of interest and inflation. And 60 % of the individuals understand the relationship of risk and diversification. Overall around 52 % of the individuals give correct answers to all three considered ques-tions of financial literacy. Bi-variate and multivariate analyses of the relation between giving three correct answers and socio-demographic characteristics reveal that higher wealth is asso-ciated with higher levels of financial literacy. Moreover, financial literacy relates to higher levels of income and education. There is a significant difference between men and women to give three correct answers. Individuals in East and West, are equally literate, when controlling for differences in income, wealth and education. A positive correlation of financial literacy and financial decision making is identified: more literate households are more likely to save privately for their old-age and at the same time households saving privately for their old-age acquire financial knowledge to improve their investment decisions. Interestingly, the possession of a state subsidised Riester contract is related to lower levels of financial literacy than the possession of other non-subsidised forms of private old-age provision. This indicates that Riester subsidies to some extent successfully encourage individuals with lower financial knowledge to save for old-age. Nevertheless, individuals in the lowest income quintile still have very low levels of private coverage despite the high subsidies. At the same time they show the lowest levels of financial literacy.

The Economics of Pending Patents

We provide a treatment of a number of questions pertaining to pending patents – a subject that has so-far mainly been discussed en-passant in the existing literature. We present the underlying institutional and legal framework that governs pending patents and some basic facts related to them. Then, we focus on the strategic considerations of firms in the earliest stage of the patenting process and the interplay with the patent office. This is followed by considering the perspective of the patent and trademark offices (PTOs), in particular, acknowledging the limited resources that are available to PTOs. Finally, we investigate the potential abuse of pending patents and the role of reputation of patenting firms.patenting, pending patents, innovation, patent office overload, patent inspection, grant delays

Who lost the most? Financial literacy, cognitive abilities, and the financial crisis

We study how and to what extent private households are affected by the recent financial crisis and how their financial decisions are influenced by this shock. Our analysis reveals that individuals with low levels of financial literacy are less likely to have invested in the stock market and thus are less likely to report losses in wealth. Yet, individuals with low financial literacy are more likely to sell their assets which lost in value (realize losses). This reaction to short-term losses has potential long-term consequences if individuals do not participate in markets' recovery and face lower returns in the long run. JEL Classification: D91, D14, G11cognitive ability, financial crisis, financial literacy, life-cycle savings, Portfolio Choice, saving behavior

Financial literacy and retirement planning in Germany

We examine financial literacy in Germany using data from the SAVE survey. We find that knowledge of basic financial concepts is lacking among women, the less educated, and those living in East Germany. In particular, those with low education and low income in East Germany have little financial literacy compared to their West German counterparts. Interestingly, there is no gender disparity in financial knowledge in the East. In order to investigate the nexus of causality between financial literacy and retirement planning we develop an IV strategy by making use of regional variation in the financial knowledge of peers. We find a positive impact of financial knowledge on retirement planning.

Who lost the most? Financial Literacy, Cognitive Abilities, and the Financial Crisis --- forthcoming Review of Finance ----

We study how and to what extent private households are affected by the recent financial crisis and how their financial decisions are influenced by this shock. Our analysis reveals that individuals with low levels of financial literacy are less likely to have invested in the stock market and thus are less likely to report losses in wealth. Yet, individuals with low financial literacy are more likely to sell their assets which lost in value (realize losses). This reaction to short-term losses has potential long-term consequences if individuals do not participate in markets' recovery and face lower returns in the long run.

Competition and trust: Evidence from German car manufacturers

We explore the determinants and effects of trust relationships between upstream suppliers and downstream producers. Using unique survey data on individual supplier-buyer relationships in the German automotive industry, we show, by means of different measures of supplier-buyer trust, that higher levels of trust mitigate relationship-specific underinvestment in a classical hold-up situation. Moreover, contrary to the extant literature, we show that higher levels of supplier's trust are reflected in the buyer's choice of a more competitive procurement strategy among potential suppliers. --trust,hold-up problem,competition,specific investment,suppliers,car manufacturers,German automotive industry

Competition and Trust: Evidence from German Car Manufacturers

We explore the determinants and effects of trust relationships between upstream suppliers and downstream producers. Using unique survey data on individual supplier-buyer relationships in the German automotive industry, we show, by means of different measures of supplier-buyer trust, that higher levels of trust mitigate relationship-specific underinvestment in a classical hold-up situation. Moreover, contrary to the extant literature, we show that higher levels of supplier’s trust are reflected in the buyer’s choice of a more competitive procurement strategy among potential supplierstrust, hold-up problem, competition, specific investment, suppliers, car manufacturers, German automotive industry

Missouri fencing and boundary laws (2016)

Fencing duties and boundary locations have been the subject of arguments between neighbors for centuries. This publication is intended to answer Missouri farmers' and rural landowners' questions regarding such duties and rights. The solution to most fencing problems lies in a cooperative attitude with neighboring owners. Where an honest difference of opinion exists, this publication may help to resolve it. However, this is not intended as a substitute for an attorney's skill or advice. When a dispute arises or seems likely to arise, consult with your attorney

Missouri's fencing and boundary laws : frequently asked questions (2016)

Missouri has two fence laws: the general fence law (updated Aug. 28, 2001) and the local option fence law. In addition, Missouri law addresses special situations of property bordering a road, a railroad, or a body of water. Landowners need to be aware of these special situations and of which fence law is in place in counties where they own land. This guide answers common questions about these laws

Competition and Trust: Evidence from German Car Manufacturers

We explore the determinants and effects of trust relationships between upstream suppliers and downstream producers. Using unique survey data on individual supplier-buyer relationships in the German automotive industry, we show, by means of different measures of supplier-buyertrust, tha thigher levels of trust mitigate relationship-specific underinvestment in a classical hold-up situation. Moreover, contrary to the extant literature, we show that higher levels of supplier’s trust are reflected in the buyer’s choice of a more competitive procurement strategy among potential suppliers.Trust; Hold-up problem; Competition; Speci?c investment; Suppliers; Car manufacturers; German automotive industry