Motivated by the action plan for a European capital markets union (CMU), this paper analyzes the potential for legal harmonization and convergence in institutional quality to affect capital market integration. Based on hand-collected data on the implementation of EU-directives, our analysis yields three key insights. First, legal harmonization promotes portfolio equity holdings. Second, discrepancies ...
Regulatory bank levies set incentives for banks to reduce leverage. At the same time, corporate income taxation makes funding through debt more attractive. In this paper, we explore how regulatory levies affect bank capital structure, depending on corporate income taxation. Based on bank balance sheet data from 2006 to 2014 for a panel of EU-banks, our analysis yields three main results: The introduction ...
Frauen sind in der ökonomischen Politikberatung oftmals unterrepräsentiert – Ihr Anteil liegt im Wissenschaftlichen Beirat beim Bundesfinanz- und beim Bundeswirtschaftsministerium bei nur 14 und 15 Prozent – Unter den Wirtschaftsweisen und in interdisziplinären Beiräten liegt der Frauenanteil deutlich höher – Initiativen wie Expertinnenlisten könnten ...
In vielen Gremien der ökonomischen Politikberatung sind Frauen nur zu einem geringen Anteil vertreten. Beispielsweise ist der Frauenanteil in den wissenschaftlichen Beiräten des Bundesfinanz- und des Bundeswirtschaftsministeriums (14 beziehungsweise 15 Prozent) geringer als unter allen Professuren der Volkswirtschaftslehre (VWL) in Deutschland (rund 18 Prozent). In den stärker interdisziplinär ausgerichteten ...
This paper uses a panel of German individuals and highly granular pollution data to test if air pollution affects adults’ well-being indirectly through the health of their children. Results show that ozone decreases the well-being of individuals with children while not affecting persons without kids. We confirm the same effect for fine particulate matter and sulfur dioxide. Concerning the mechanism, ...
In many dynamic decision problems, the relevant market prices and budget constraints are random variables whose realizations lie in the future. This makes optimal decision-making difficult as optimality requires an accurate quantification and interpretation of the dynamic processes operating in the market. The studies in this project model and test the agents’ expectations about relevant...
