The Identification of Regional Industrial Clusters Using Qualitative Input-Output Analysis
Mirko Titze, Matthias Brachert, Alexander Kubis
IWH Discussion Papers,
No. 13,
2008
Abstract
The ‘cluster theory’ has become one of the main concepts promoting regional competitiveness, innovation, and growth. As most studies focus on measures of concentration of one industrial branch in order to identify regional clusters, the appropriate analysis of specific vertical relations within a value-adding chain is developing in this discussion. This paper tries to identify interrelated sectors via national input-output tables with the help of Minimal Flow Analysis by Schnabl (1994). The regionalization of these national industry templates is carried out with the allocation of branch-specific production values on regional employment. As a result, the paper shows concentrations of vertical clusters in only 27 of 439 German NUTS-3 regions.
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Determinants of Female Migration – The Case of German NUTS 3 Regions
Alexander Kubis, Lutz Schneider
IWH Discussion Papers,
No. 12,
2007
Abstract
Our study examines the regional patterns and determinants of migration flows of young women. At the NUTS-3 regional level, i.e. the district level (Kreise), the German internal migration flows of the year 2005 are explored. From descriptive statistics it can be seen that peripheral regions in East Germany face the strongest migration deficit with respect to young women, whereas agglomerations in West Germany but also in the East benefit from an intense migration surplus within this group. An econometric analysis of determinants of regional migration flows gives evidence of the importance of labour market, family-related and educational migration motives. Generally speaking, young women tend to choose regions with good income and job opportunities, in addition they seem to be attracted by regions enabling an appropriate balance between family and career. Furthermore the existence of excellent educational facilities is a significant influence for young women’s migration. This educationally motivated type of migration generates a long lasting effect on the regional migration balance, especially when the educational opportunities in the destination region are associated with adequate career perspectives for high qualified female graduates. In view of considerable losses due to migration, the study shows various options for action. An important course of action is to incorporate policy measures improving regional employment and income opportunities. Secondly, extending vocational and academic offers addressed to women seems to be a suitable way to stimulate women’s immigration. Moreover, enhancing the social infrastructure, which contributes to a satisfactory work life balance, might attract young women or at least reduce the number of them leaving a region.
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Systematic Mispricing in European Equity Prices?
Marian Berneburg
IWH Discussion Papers,
No. 6,
2007
Abstract
One empirical argument that has been around for some time and that clearly contra- dicts equity market efficiency is that market prices seem too volatile to be optimal estimates of the present value of future discounted cash flows. Based on this, it is deduced that systematic pricing errors occur in equity markets which hence can not be efficient in the Effcient Market Hypothesis sense. The paper tries to show that this so-called excess volatility is to a large extend the result of the underlying assumptions, which are being employed to estimate the present value of cash flows. Using monthly data for three investment style indices from an integrated European Equity market, all usual assumptions are dropped. This is achieved by employing the Gordon Growth Model and using an estimation process for the dividend growth rate that was suggested by Barsky and De Long. In extension to Barsky and De Long, the discount rate is not assumed at some arbitrary level, but it is estimated from the data. In this manner, the empirical results do not rely on the prerequisites of sta- tionary dividends, constant dividend growth rates as well as non-variable discount rates. It is shown that indeed volatility declines considerably, but is not eliminated. Furthermore, it can be seen that the resulting discount factors for the three in- vestment style indices can not be considered equal, which, on a risk-adjusted basis, indicates performance differences in the investment strategies and hence stands in contradiction to an efficient market. Finally, the estimated discount rates under- went a plausibility check, by comparing their general movement to a market based interest rate. Besides the most recent data, the estimated discount rates match the movements of market interest rates fairly well.
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