The tremendous growth of digital transactions has profoundly affected the way we interact, opening vast opportunities to improve our lives. Consumers have benefited from an unprecedented proliferation of new services and products that previously were simply too costly to be developed and marketed to customers. These digital interactions create vast amounts of data. While firms are already using...
Dieser Gastbeitrag ist am 5. Juni 2020 in der Süddeutschen Zeitung erschienen., Das Konjunkturpaket ist ein guter Start, aber es wird viel zu wenig für Investitionen getan. Die sind wichtig für Deutschlands Zukunft. Besonders zwei Felder erfordern nämlich zusätzliche Anstrengungen. Das von der Koalition beschlossene Konjunkturprogramm enthält viele sinnvolle Elemente. ...
This is an online seminar using Webex. You will receive the login data with the invitation to the talk. Abstract: In the last ten years, Google, Apple, Facebook, Amazon, and Microsoft (GAFAM) acquired more than 400 companies, predominantly in the technological sector. Competition authorities did not scrutinize most of these transactions, as they did not reach the traditional thresholds,...
This is an online seminar using Webex. You will receive the login data with the invitation to the talk. Abstract: This paper analyzes the relationship between common ownership – when two firms are partially held by the same investor – and markups. Combining firm-level financial data from Europe with ownership data of publicly listed firms, we structurally estimate production...
This event takes place virtually as webinar via Zoom. Abstract: While the coronavirus spreads around the world, governments are attempting to reduce contagion rates at the expense of negative economic effects. Market expectations have plummeted, foreshadowing the risk of a global economic crisis and mass unemployment. Governments provide huge financial aid programmes to mitigate the...
Abstract: An increasing body of empirical evidence has documented trends to risen concentration, profits, markups, and market power in many industries across the world since the 1980s. Several factors – such as globalisation, digitisation, the increased role of intangible assets and sunk costs, as well as M&A activity and the (under)enforcement of merger control– have been...
Abstract: I derive an optimal benefit-based corporate tax rate formula as a function of the public input elasticity of profits and the (net of) tax elasticity of profits. I argue that the existence of the corporate income tax should be justified by the benefit-based view of taxation: firms should pay tax according to the benefits they receive from the use of the public input. I argue that...
Abstract: Antibiotic misuse due to prescribing under diagnostic uncertainty is a leading driver of antibiotic resistance. We investigate the magnitude and mechanisms by which machine learning predictions can enable policies that reduce antibiotic misuse. Building on predictions from administrative data on urinary tract infections in Denmark, we evaluate counterfactual policies that replace...
Die Corona-Krise trifft die deutsche Wirtschaft mit voller Wucht. Tiefe und Breite der Rezession lassen erwarten, dass die Erholung sehr schleppend verläuft. Für einen Neustart der Wirtschaft ist ein Konjunkturprogramm notwendig. Die Bundesregierung hat ein Paket im Umfang von alles in allem zusätzlich 130 Milliarden Euro vorgestellt. Dieses Programm ist grundsätzlich zu begrüßen und enthält viele ...
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