Students - HHL Leipzig Graduate School of Management

34 Research & Programs
Summer School for Advanced Econometrics in Copenhagen
In August 2009, I participated in the three-week
“Summer School for Advanced Econometrics –
The Cointegrated VAR (CVAR) Model” at the
University of Copenhagen. The course was very
intense and demanding but, as the teachers
said repeatedly in the last week of the course:
“You learned a lot”. The summer school was
very well structured – a perfect mixture of
theory and empirical applications. In the
mornings, we had theory classes (taught by
Soeren Johansen and Katarina Juselius), in
which the theoretical foundations of the CVAR
model were investigated.
The CVAR model encompasses two important
econometric terms: Cointegration means that
there is a stationary linear relation between
non-stationary variables (think of a drunk and
a drunken dog staggering around but never
drifting too far apart because they are connected
by a dog leash). If there is evidence of cointegration,
we can interpret the linear combination as
the long-run relationship between the variables.
VAR stands for Vector Autoregressive Model. In
Chair of Strategic Management and Organization
G-Forum: 13 th Annual Interdisciplinary
Entrepreneurship Conference
From left to right: W. Henning Blarr, Dr. Carolin Bock
(KfW Endowed Chair in Entrepreneurial Finance,
TU München), Dr. Stephan Stubner
This year, the interdisciplinary entrepreneurship
conference G-Forum was hosted by the
University of Leipzig. G-Forum is the leading
simple terms, it means that “everything depends
on everything and its own history”.
In my project, I analyzed the stability of money
demand in the US using the CVAR model.
Based on this analysis, I then made so-called
“predictive regressions” to assess how well
my estimates may help to predict future
inflation rates. Given that US monetary policy
German conference on entrepreneurship and
family businesses and has established itself
as a forum for both researchers and practitioners
in the field. After passing a doubleblind
review process, Professor Dr. Torsten
Wulf, Dr. Stephan Stubner, W. Henning Blarr
and Corinna Lindow had the opportunity to
present three research papers at the conference:
“Unternehmernachfolge in Familienunternehmen
– Untersuchungsmodell zur
Analyse von Problemfeldern bei der Übergabe
der Führungsrolle,” “The Performance Implications
of Fit between Strategic Behavior
and Organizational Structure in Family Firms,”
and “The Strategy-Performance Linkage and
Organizational Ambidexterity in Small to Medium-sized
Enterprises.” Thanks to these
presentations and the following discussions,
we were again able to underline HHL’s image
HHL News – wiNter 2009/2010
was very expansionary during the crisis, one
may be able to get an idea of the inflationary
pressures that arise in the future once US
growth takes off again.
In the afternoon, after a short lunch break, we
were given “intuitive” lectures and empirical
exercises. After that, we had to work on our own
empirical project; first under the supervision of
the four lecturers and, later on, mostly until
midnight, on our own. As it was a very tough
schedule, there was not much time left for
going out with the other students and enjoying
Copenhagen. But it was great to meet so many
different people from all over the world – central
bankers from Kenya, Australia and the European
Central Bank, Ph.D. students from Canada and
the US, and – perhaps not surprisingly – many
researchers from Scandinavia. Being under the
same time pressure and having similar difficul-
ties with your projects also welds a group
together.
Oliver Hoßfeld
as an entrepreneurial business school and
sharpen our profile in family business research.
Among the scholars who attended
our presentations were experts from different
universities, including Professor Dr. Peter Witt
(TU Dortmund), Professor Dr. Malte Brettel
(RWTH Aachen) and Dr. Carolin Bock (TU
München).
In addition to the G-Forum, our research on
family businesses was also accepted for presentation
at the leading international entrepreneurship
conference BCERC – Babson
Entrepreneurship Research Conference, and
at the annual meeting of ifera, the Interna-
tional Family Enterprise Research Association.