Large-scale data show promise to provide efficiency gains through individualized risk predictions in many business and policy settings. Yet, assessments of the degree of data-enabled efficiency improvements remain scarce. We quantify the value of the availability of a variety of data combinations for tackling the policy problem of curbing antibiotic resistance, where the reduction of inefficient antibiotic ...
2021| Shan Huang, Michael Allan Ribers, Hannes Ullrich
This papers analyzes the effect of the ECB’s Corporate Sector Purchase Programme (CSPP) and the recent Pandemic Emergency Purchase Programme (PEPP) on the yields of eligible green bonds, a new but rapidly growing segment of the corporate bond market. We exploit these policy changes using a difference-in-differences strategy, with ineligible corporate green bonds issued in euro, U.S. dollars and Swedish ...
2021| Franziska Bremus, Franziska Schütze, Aleksandar Zaklan
We study the relationship between crowding and performance in the active mutual fund industry. We construct a fund-specific measure of crowding using the equity holdings overlap of 17,364 global funds. Funds in the top decile of crowding underperform passive benchmark funds by 1.4% per year. The impact of crowding on performance cannot be attributed to diseconomies of scale. We explore several mechanisms: ...
This paper provides evidence for the propagation of idiosyncratic mortgage supply shocks to the macroeconomy. Based on micro-level data from the Home Mortgage Disclosure Act for the 1990-2016 period, our results suggest that lender-specific mortgage supply shocks affect aggregate mortgage, house price, and employment dynamics at the regional level. The larger the idiosyncratic shocks to newly issued ...
For the European Union to realise its ambition of carbon neutrality, emissions from basic material production need to be reduced through low-carbon production processes, material efficiency and substitution, as well as enhanced recycling. Different reform options for the EU ETS are discussed that ensure a consistent carbon price incentive for all these mitigation options, while avoiding the risk of ...
2021| Jan Stede, Stefan Pauliuk, Gilang Hardadi, Karsten Neuhoff
This paper analyzes two dimensions of factors of political trust in Russia. The first dimension is the target dimension (sociotropic vs. egocentric), the second dimension is the time dimension (retrospective vs. perspective). The study is based on the microdata of 2016 Life in Transition Survey (LiTS) of the European Bank for Reconstruction and Development. We find a robust evidence in favor of the ...
2021| Konstantin A. Kholodilin, Vyacheslav N. Ovchinnikov, Marina Yu. Malkina, Igor A. Moiseev
As the institutional literature convincingly shows, socioeconomic phenomena are to a large extent shaped by the formal institutions, that is, legal acts (laws and ordinances). However, the latter are formulated in a specific language that is difficult to understand, let alone to measure. However, since the early 1990s, a whole branch of economic analysis of governmental regulations has evolved. It is ...
Social norms have been put forward as prominent explanations for the changing labour supply decisions of women. This paper studies the intergenerational formation of these norms, examining how they affect subsequent female labour supply decisions, taking into account not only the early socialization of women but also that of their partner. Using large representative panel data sets from West Germany, ...
We provide an evaluation of the impact of public subsidy schemes that aimed to support the development of basic broadband infrastructure in rural areas of Germany. Such subsidies are subject to state aid control by the European Commission (EC). While the EC increasingly recognises the role of economic analysis in controlling public aid to companies, there are to date no full retrospective studies performed ...
2021| Tomaso Duso, Mattia Nardotto, Jo Seldeslachts
An increasing body of empirical evidence is documenting trends toward rising concentration, profits, and markups in many industries around the world since the 1980s. Two major criticisms of these studies is that concentration and market shares are poorly measured at the national industry level while firm level revenues are a poor indicator of product sales. We use a novel database that identifies over ...
2021| Pauline Affeldt, Tomaso Duso, Klaus Gugler, Joanna Piechucka
Wir untersuchen erstmals anhand von repräsentativen Daten für die Privatwirtschaft (Verdienststrukturerhebung 2014) Anteile und Höhe von umgewandelten Entgelten nach verschiedenen individuellen und betrieblichen Merkmalen der Beschäftigten in Deutschland. Deskriptive wie multivariate Regressionsanalysen weisen sowohl auf eine selektive Teilnahmebereitschaft zur Umwandlung als auch auf eine mit steigendem ...
In 2020, Berlin enacted a rigorous rent-control policy: the “Mietendeckel” (rent freeze), aiming to stop rapidly growing rental prices. We evaluate this newly enacted but old-fashionably designed policy by analyzing its immediate supply-side effects. Using a rich pool of rent advertisements reporting asking rents and comprehensive dwelling characteristics, we perform hedonic-style Difference-in-Difference ...
2021| Anja M. Hahn, Konstantin A. Kholodilin, Sofie R. Waltl
The long-run U-shaped patterns of economic inequality are standardly explained by basic economic trends (Piketty’s r>g), taxation policies, or “great levelers,” like catastrophes. This paper argues that housing policy, in particular rent control, is a neglected explanatory factor in understanding overall inequality. We hypothesize that rent control could decrease overall housing wealth, lower incomes ...
The experimental literature on antitrust enforcement provides robust evidence that communication plays an important role for the formation and stability of cartels. We extend these studies through a design that distinguishes between innocuous communication and communication about a cartel, sanctioning only the latter. To this aim, we introduce a participant in the role of the competition authority, ...
2021| Maximilian Andres, Lisa Bruttel, Jana Friedrichsen
This paper tests the independence property under the Coase Theorem in a large multinational cap-and-trade scheme for greenhouse gas emissions, the EU Emissions Trading System (EU ETS). I analyze whether emissions of power producers regulated under the EU ETS are independent from allowance allocations, leveraging a change in allocation policy for a difference-in-differences strategy. The evidence suggests ...
The self-employed are among those facing the highest probability of strong income losses during the COVID-19 pandemic. Governments in many countries introduced support programs to support the self-employed, including the German federal government, which approved a €50bn emergency aid program at the end of March 2020 offering one-off lump-sum payments of up to €15,000 to those facing substantial revenue ...
2020| Joern Block, Alexander S. Kritikos, Maximilian Priem, Caroline Stiel
The EU Taxonomy is the first standardised and comprehensive classification system for sustainable economic activities. It covers activities responsible for up to 80 percent of EU greenhouse gas emissions and may play an important role in channelling investments into low-carbon technologies by helping investors to make informed decisions. However, especially in transition sectors much depends on the ...
We study the role of face-to-face interaction for gender differences in deceptive behavior and perceived honesty. In the first part, we compare women to men’s deceptive behavior using data from an incentivized income-reporting experiment with three treatments. Reporting is fully computerized in a baseline treatment but occurs face-to-face in the second and third treatment. Lies can be detected in the ...
This paper explores which climate-friendly projects could be part of the COVID-19 recovery while jump-starting the transition of the European basic materials industry. Findings from a literature review on technology options in advanced development stages for climate-friendly production and enhanced sorting and recycling of steel, cement, aluminium and plastics are combined with insights from interviews ...
2020| Olga Chiappinelli, Timo Gerres, Karsten Neuhoff, Frederik Lettow, Heleen de Coninck, Balázs Felsmann, Eugénie Joltreau, Gauri Khandekar, Pedro Linares, Jörn Richstein, Aleksander Śniegocki, Jan Stede, Tomas Wyns, Cornelis Zandt, Lars Zetterberg
This study examines the effect of a soft commitment device in the form of a savings goal calendar on savings for small business owners in Kampala, Uganda. We run a randomized controlled trial (RCT) under which the treatment group receives a calendar designed to set savings goals and to make a plan to reach this goal. The control group is given a plain calendar. We find no average effect on savings, ...