We link investor ownership to profit loads on rival firms by the managers of a firm. We propose a theory model in which we distinguish between passive and active investors’ holdings, where passive investors are relatively more diversified. We find that if passive investors become relatively bigger, then common ownership incentives increase. We show that these higher incentives, in turn, are linked ...
Dieser Beitrag erschien bei Zeit Online. Einige Kritiker des Bürgergelds schüren eine Neiddebatte und haben teilweise ein deprimierendes Menschenbild. Drei Missverständnisse befeuern den Streit. Der Streit um das Bürgergeld spaltet das Land. Die Diskussion wird jedoch mit vielen falschen Informationen oder fragwürdigen Behauptungen geführt. Schlimmer noch: Einige Politikerinnen und Politiker scheinen ...
Vorstellung des Finanzstabilitätsberichts 2022 Wir bitten um Anmeldung per E-Mail an: akegel@diw.de
This paper exploits unique variation induced by two information treatments on a sample of German households in 2017 and 2018 to evaluate how subjective belief formation about stock market returns affects stock market participation and portfolio choice. I find that on average the information treatments do not shift individual expectations about returns significantly. Additionally, I show that...
*************POSTPONED*****************To promote integration, the German government enacted the Residential Obligation Act (Wohnsitzauflage) in 2016, which obliges refugees to maintain their residence in the states to which they have been assigned for a period of three years from the time they are granted asylum or temporary residence. Studies addressing this policy have found controversial...
Unexpected crises, such as armed conflicts, natural disasters and pandemics require immediate government decisions on how to act to protect the population. The COVID-19 pandemic was the worst sudden onset global crisis since the Second World War, and highlighted tension between civil liberties and public health objectives. How did attitudes towards democracy respond to restrictive policy...
This study uses administrative data on the universe of students in tertiary education in Germany and shows that university enrollment depends negatively on the local unemployment rate at high school graduation. This finding contradicts common evidence on countercyclical US undergraduate enrollment. Students' financial dependency and loan aversion suggest reduced parental income as dominant...
Vorstellung des Finanzstabilitätsberichts 2025 Zur Präsentation und Diskussion des jüngsten Finanzstabilitätsberichts der Deutschen Bundesbank laden wir Expert*innen aus Ministerien, Banken(verbänden), Hochschulen und anderen Institutionen einladen. Anke Kablau (Deutsche Bundesbank) wird die Risikolage des deutschen Finanzsystems thematisieren. Wir bitten um Anmeldung per E-Mail an: akegel@diw.de
