Based on representative micro data for Germany, we compare the incomes of self-employed with those of wage workers. Our results show that the median self-employed entrepreneur with employees earns significantly more than the median salaried employee, while the median solo entrepreneur earns less. However, solo entrepreneurship pays for those with a university entrance degree but no further professional ...
This paper studies the causal effect of student internship experience on labor market choices and wages later in life. We use variation in the introduction and abolishment of mandatory internships at German universities as an instrument for completing an internship while attending university. Employing longitudinal data from graduate surveys, we find positive and significant wage returns of about six ...
This study examines the causal link between individuals' occupational knowledge, educational choices, and labor market outcomes. We proxy occupational knowledge with mandatory visits to job information centers (JICs) in Germany while still attending school. Exogenous variation in the location and timing of JIC openings allow estimating causal effects in a difference-in-difference setup. Combining linked ...
The paper analyzes the effects of changes to regulatory policy and to monetary policy on cross-border bank lending since the global financial crisis. Cross-border bank lending has decreased, and the home bias in the credit portfolio of banks has risen sharply, especially among banks in the euro area. Our results suggest that expansionary monetary policy in the source countries – as measured by the ...
Der Beitrag ordnet die Bereitstellung von Forschungsinfrastruktur in den Sozial-, Verhaltens- und Wirtschaftswissenschaften in die Möglichkeiten und Grenzen einer forschungsbasierten Evaluation und Beratung von Politik ein. Entsprechend werden einige Hinweise für die Weiterentwicklung der einschlägigen Forschungsinfrastruktur in Deutschland und im internationalen Kontext gegeben.
This paper employs numerical simulations of the Park and Sabourian (2011) herd model to derive new theory-based predictions for how information risk and market stress influence aggregate herding intensity. We test these predictions empirically using a comprehensive data set of high-frequency and investor-specific trading data from the German stock market. Exploiting intra-day patterns of institutional ...
Why do entrepreneurship rates differ so markedly by gender? Using data from a large, representative German household panel, we investigate to what extent personality traits, humancapital, and the employment history influence the start-up decision and can explain the gender gap in entrepreneurship. Applying a decomposition analysis, we observe that thehigherrisk aversion among women explains a large ...
We investigate whether people are more willing to become self-employed during boom periods or during recessions and to what extent business cycles or unemployment levels influence entries into entrepreneurship. Our analysis for Germany reveals that there is a positive relationship between unemployment rates and start-up activities. Moreover, new business formation is higher during recessions than in ...
This paper studies the long-term impact of societal socialization on values using the example of doping behavior in sports. We apply the German Reunification Approach to the microcosm of Berlin and exploit its 40-year long division into a capitalist and a communist sector. We deliberately chose attitudes toward doping to test the impact of ideology on values since (i) post-1989 disappointed economic ...
