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Referierte Aufsätze Web of Science
Natural gas gained significant attention due to its low carbon emissions and competitive prices in North America relative to other energy sources. The Annual Energy Outlook 2015 projects the U.S. as a net exporter by 2017. Recently, Mexico launched its energy reform, aiming to expand domestic production by opening the market to private investors. The success or failure of these policy changes will ...
In:
Energy
112 (2016), S. 1084-1095
| Felipe Feijoo, Daniel Huppmann, Larissa Sakiyama, Sauleh Siddiqui
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Referierte Aufsätze Web of Science
Situated at the intersection of the literatures on speculative storage and non-renewable commodity scarcity, this paper considers whether changes in persistence have occurred in long-run U.S. prices of the energy commodities crude oil, natural gas and bituminous coal. We allow for a structural break when testing for a break in persistence to avoid a change in the stochastic properties of prices being ...
In:
Energy Economics
59 (2016), S. 96-103
| Aleksandar Zaklan, Jan Abrell, Anne Neumann
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Referierte Aufsätze Web of Science
We examine how late-life personality development relates to overall morbidity as well as specific performance-based indicators of physical and cognitive functioning in 1,232 older adults in the Berlin Aging Study II (aged 65-88 years). Latent growth models indicated that, on average, neuroticism and conscientiousness decline over time, whereas extraversion and openness increase and agreeableness remains ...
In:
Journal of Research in Personality
65 (2016), S. 94-108
| Swantje Müller, Jenny Wagner, Johanna Drewelies, Sandra Düzel, Peter Eibich, Jule Specht, Ilja Demuth, Elisabeth Steinhagen-Thiessen, Gert G. Wagner, Denis Gerstorf
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Referierte Aufsätze Web of Science
We examine the relationship between outcomes of securities fraud class action lawsuits (SFCAs) and corporate board turnover rates. Our results indicate that turnover rates for board members are higher when a firm settles a lawsuit than when a suit is dismissed. Outside director turnover is most sensitive to SFCA outcomes, perhaps reflecting reputational effects. Results demonstrate that involvement ...
In:
International Review of Law and Economics
48 (2016), S.14-25
| Christopher F. Baum, James G. Bohn, Atreya Chakraborty
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Referierte Aufsätze Web of Science
This article studies the interaction of information disclosure and reputational concerns in certification markets. We argue that by revealing information less precisely, a certifier reduces the threat of capture because this reduces her gains from selling fraudulent certificates. As a result, only imprecise disclosure rules are implementable for intermediate discount factors. Our results therefore ...
In:
European Economic Review
89 (2016), S. 345-360
| Martin Pollrich, Lilo Wagner
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Referierte Aufsätze Web of Science
This paper shows that the liquidity risk associated with short-term debt financing can be used to sort insolvent firms out of financial markets when their solvency risk is private information. Notwithstanding this sorting role of short-term debt, unregulated financial firms tend to choose an inefficiently short debt maturity structure. This inefficiency arises for two reasons. First, by issuing more ...
In:
Journal of Financial Intermediation
26 (2016), S. 100-114
| Philipp König, David Pothier
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Referierte Aufsätze Web of Science
To ensure sufficient investment in electricity generation capacity, mechanisms such as strategic reserves are being considered or already implemented. We analyze the effectiveness of a strategic reserve in the presence of a growing portfolio share of renewable energy sources (RES) with EMLab-Generation, an agent-based electricity market model. A strategic reserve can stabilize investment, but within ...
In:
Utilities Policy
39 (2016), S. 13-28
| Pradyumna C. Bhagwar, Jörn Richstein, Emile J. L. Chappin, Laurens J. de Vries
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Referierte Aufsätze Web of Science
In recent years, an increasing number of nationally representative surveys in the social sciences and economics have implemented the Big Five model of personality. While many personality inventories were originally developed in the context of self-administered questionnaires, they are often used by large surveys in face-to-face interview settings instead. Drawing on an experimental research design, ...
In:
Journal of Research in Personality
63 (2016), S. 133-136
| Luisa Hilgert, Martin Kroh, David Richter
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Referierte Aufsätze Web of Science
We analyze the effects of incentive regulation with revenue caps on the investment behaviors of 109 German electricity distribution companies. We hypothesize that with Germany's implementation of incentive regulation in 2009 firms increase their investments in the base year when the rate base is determined for the following regulatory period. We build a model that controls for both firm-specific heterogeneity ...
In:
Energy Economics
57 (2016), S. 192-203
| Astrid Cullmann, Maria Nieswand
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Referierte Aufsätze Web of Science
This paper shows how spillovers from sovereign risk to banks׳ access to wholesale funding establish a bank-sovereign nexus. In a dynamic stochastic general equilibrium set-up, heterogeneous banks give rise to an interbank market where government bonds are used as collateral. Government borrowing under limited commitment is costly ex ante as bank funding conditions tighten when the quality of collateral ...
In:
European Economic Review
87 (2016), S. 34-61
| Philipp Engler, Christoph Große Steffen