Diskussionspapiere

1823 Ergebnisse, ab 81
Diskussionspapiere 1740 / 2018

The Term Structure of Redenomination Risk

This paper assesses redenomination risk in the euro area. We first estimate daily default-risk-free yield curves for French, German, and Italian bonds that can be redenominated and for bonds that cannot. Then, we extract the compensation for ...

2018| Christian Bayer, Chi Hyun Kim, Alexander Kriwoluzky
Diskussionspapiere 1739 / 2018

The Impact of Institutions on Bank Governance and Stability: Evidence from African Countries

This paper sheds new light on how African countries’ legal systems and institutions influence the governance and stability of their banks. We find that institutional factors, in particular the legal family of origin, political stability, contract .

2018| Samuel Mutarindwa, Dorothea Schäfer, Andreas Stephan
Diskussionspapiere 1738 / 2018

Common Ownership and Market Entry: Evidence from Pharmaceutical Industry

Common ownership - where two firms are at least partially owned by the same investor - and its impact on product market outcomes has recently drawn a lot of attention from scholars and practitioners alike. Theoretical and empirical researchsuggests .

2018| Melissa Newham, Jo Seldeslachts, Albert Banal-Estanol
Diskussionspapiere 1737 / 2018

The Effects of Pricing Waste Generation: A Synthetic Control Approach

To internalize pollution externalities into household waste generation, Unit Pricing Systems (UPS) have been adopted worldwide. This paper evaluates the causal effects of a UPS on the disposal of municipal solid waste in Trento, Italy. To account for

2018| Matheus Bueno, Marica Valente
Diskussionspapiere 1736 / 2018

Who Is Cheating? The Role of Attendants, Risk Aversion, and Affluence

This research integrates a standard “cheating” experiment into a broad household survey and finds relationships between individual characteristics and cheating behavior. We allow for attendance of others at the cheating experiment, addressing the

2018| Olaf Hübler, Lukas Menkhoff, Ulrich Schmidt
Diskussionspapiere 1735 / 2018

An Offer that you Can't Refuse? Agrimafias and Migrant Labor on Vineyards in Southern Italy

In the 2011 post-Arab Spring migration wave, over 64,000 migrants landed on the southern Italian coast, with many of them potentially working illegally on farms through caporalato, a widespread system of illegal recruitment of underpaid farm labor ..

2018| Stefan Seifert, Marica Valente
Diskussionspapiere 1733 / 2018

Estimating a Latent Risk Premium in Exchange Rate Futures

Using exchange rates futures instead of forwards completes the maturity spectrum of the correlation between the spot return and the premium. The correlation decreases with increasing maturity, presumably due to a latent risk premium. We hypothesize .

2018| Kerstin Bernoth, Jürgen von Hagen, Casper G. de Vries
Diskussionspapiere 1734 / 2018

Price or Variety? An Evaluation of Mergers Effects in Grocery Retailing

Assortment decisions are key strategic instruments for firms responding to local market conditions. We assess this claim by studying the effect of a national merger between two large Dutch supermarket chains on prices and on the depth as well as ...

2018| Elena Argentesi, Paolo Buccirossi, Roberto Cervone, Tomaso Duso, Alessia Marrazzo
Diskussionspapiere 1732 / 2018

Business Cycles and Start-Ups across Industries: An Empirical Analysis of German Regions

We analyze whether start-up rates in different industries systematically change with business cycle variables. Using a unique data set at the industry level, we mostly find correlations that are consistent with counter-cyclical influences of the ...

2018| Alexander Konon, Michael Fritsch, Alexander S. Kritikos
Diskussionspapiere 1731 / 2018

On the Persistence of UK Inflation: A Long-Range Dependence Approach

This paper examines the degree of persistence in UK inflation by applying long-memory methods to historical data that span the period from 1660 to 2016. Specifically, we use both parametric and non-parametric fractional integration techniques, that .

2018| Guglielmo Maria Caporale, Luis A. Gil-Alana, Tommaso Trani
Diskussionspapiere 1730 / 2018

The Effect of Big Data on Recommendation Quality: The Example of Internet Search

Are there economies of scale to data in internet search? This paper is first to use real search engine query logs to empirically investigate how data drives the quality of internet search results. We find evidence that the quality of search results .

2018| Maximilian Schäfer, Geza Sapi, Szabolcs Lorincz
Diskussionspapiere 1729 / 2018

The Relation between Monetary Policy and the Stock Market in Europe

We use a cointegrated structural vector autoregressive model to investigate the relation between euro area monetary policy and the stock market. Since there may be an instantaneous causal relation we consider long-run identifying restrictions for the

2018| Helmut Lütkepohl, Aleksei Netsunajev
Diskussionspapiere 1728 / 2018

Liquidity Risk and Yield Spreads of Green Bonds

This study analyses how liquidity risk affects bonds’ yield spreads after controlling for credit risk, bond-specific characteristics and macroeconomic variables. Using two liquidity estimates, LOT liquidity and the bid-ask spread, we find that, i

2018| Febi Wulandari, Dorothea Schäfer, Andreas Stephan, Chen Sun
Diskussionspapiere 1727 / 2018

Measuring Stick-Style Housing Policies: a Multi-Country Longitudinal Database of Governmental Regulations

This paper introduces a new international longitudinal database of governmental housing policies. The regulations are measured using binary variables based on a thorough analysis of the real-time country-specific legislation. Three major restrictive

2018| Konstantin A. Kholodilin
Diskussionspapiere 1726 / 2018

Too Good to Be True? How Time-Inconsistent Renewable Energy Policies Can Deter Investments

The transition towards low-carbon economies requires massive investments into renewable energies, which are commonly supported through regulatory frameworks. Yet, governments can have incentives - and the ability - to deviate from previously ...

2018| Nils May, Olga Chiappinelli
Diskussionspapiere 1724 / 2018

Early Warning System of Government Debt Crises

The European debt crisis has revealed serious deficiencies and risks on a proper functioning of the monetary union. Against this backdrop, early warning systems are of crucial importance. In this study that focuses on euro area member states, the ...

2018| Christian Dreger, Konstantin A. Kholodilin
Diskussionspapiere 1725 / 2018

Job Search with Subjective Wage Expectations

This paper analyzes how subjective expectations about wage opportunities influence the job search decision. We match data on subjective wage expectations with administrative employment records. The data reveal that unemployed individuals over ...

2018| Sascha Drahs, Luke Haywood, Amelie Schiprowski
Diskussionspapiere 1723 / 2018

Opportunity versus Necessity Entrepreneurship: Two Components of Business Creation

A common finding in the entrepreneurship literature is that business creation increases in recessions. This counter-cyclical pattern is examined by separating business creation into two components: “opportunity” and “necessity” entrepreneursh

2018| Robert W. Fairlie, Frank M. Fossen
Diskussionspapiere 1722 / 2018

Nonlinear Intermediary Pricing in the Oil Futures Market

We study the state-dependent trading behavior of financial intermediaries in the oil futures market, using structural vector autoregressions with Markov switching in heteroskedasticity. We decompose changes in futures price volatility into changes in

2018| Daniel Bierbaumer, Malte Rieth, Anton Velinov
1823 Ergebnisse, ab 81