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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
We re-examine the common wisdom that cross-border mergers are the most effective merger strategy for firms facing powerful unions. In contrast, we obtain a domestic merger outcome whenever firms are sufficiently heterogeneous (in terms of productive efficiency and product differentiation). A domestic merger unfolds a “wage-unifying” effect which limits the union's ability to extract rents. When products ...
In:
Journal of Economic Behavior & Organization
127 (2016), S. 16-29
| Irina Baye, Beatrice Pagel, Christian Wey
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Referierte Aufsätze Web of Science
This modeling comparison exercise looks at the global consequences of increased shale gas production in the U.S. and increased gas demand from Asia. We find that differences in models' theoretical construct and assumptions can lead to divergences in their predictions about the consequences of U.S. shale gas boom. In general, models find that U.S. High Shale Gas scenario leads to increased U.S. production, ...
In:
Energy Economics
60 (2016), S. 405-415
| Sonia Yeh, Yiyong Cai, Daniel Huppman, Paul Bernstein, Sugandha Tuladhar, Hillard G. Huntington
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Referierte Aufsätze Web of Science
In Germany and beyond, various capacity mechanisms are currently being discussed with a view to improving the security of electricity supply. One of these mechanisms is a strategic reserve that retains generation capacity for use in times of critical supply shortage. We argue that strategic reserves have specific advantages compared to other capacity mechanisms in the context of the European energy ...
In:
Utilities Policy
41 (2016), S. 252-263
| Karsten Neuhoff, Jochen Diekmann, Friedrich Kunz, Sophia Rüster, Wolf-Peter Schill, Sebastian Schwenen
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Referierte Aufsätze Web of Science
By using estimates from a Demographically-Scaled Quadratic Almost Ideal Demand System (DQUAIDS), we investigate how the German car fuels tax changes the private households’ CO2 emissions, living standards, and post-tax income distribution. Our results show that the tax implies a trade-off between the aim to reduce emissions and vertical equity, which refers to the idea that people with a greater ability ...
In:
Resource and Energy Economics
44 (2016), S. 206-233
| Dragana Nikodinoska, Carsten Schröder
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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
We analyse the effects of playing music, or doing sports on education and health outcomes of adolescents. After identifying adolescents who play music, do sports, or both, in the German Socio-Economic Panel, we use matching procedures to estimate causal effects. We find that playing music instead of doing sports fosters educational outcomes by about 0.1 standard deviations. Effects are stronger for ...
In:
Labour Economics
41 (2016), S. 90-103
| Charlotte Cabane, Adrian Hille, Michael Lechner
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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
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