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Sovereign vs. Corporate Debt and Default: More Similar than You Think

Theory suggests that corporate and sovereign bonds are fundamentally different, also because sovereign debt has no bankruptcy mechanism and is hard to enforce. We show empirically that the two assets are more similar than you think, at least when it comes to high-yield bonds over the past 20 years. We use rich new data to compare high-yield US corporate (“junk”) bonds to high-yield emerging market ...

Primary Healthcare Models for Refugees Involving Nurses: A Systematic Review and Narrative Synthesis

Introduction Primary healthcare (PHC) is key to addressing the health and social needs of refugees. Nurses are often part of multidisciplinary teams in PHC, but little is known about their roles and responsibilities in refugee healthcare. We aimed to synthesise the existing knowledge about models of care (MoC) for refugees in primary care settings which involve nursing professionals.Methods Systematic ...

Mode Choice Inertia and Shock: Three Months of Almost Fare-Free Public Transport in Germany

This study analyses travellers’ behavioural responses to two temporal measures implemented by the German government: the reduction in public transport prices, making it almost fare-free, and a decrease in fuel taxes to the minimum level permitted by European law. Based on a panel dataset of GPS-tracked trips collected before and during the price intervention from a representative sample of 276 individuals, ...

Demand Response Within the Irish Wastewater Treatment Sector: Analysing Flexibility Potentials of the Aeration Process and Wastewater Pumping Within an Integrated Energy–Water System Model

Significant amounts of electricity consumed in air and water pumping make wastewater treatment energy-intensive. This study investigates the potential power system benefits of load shifting within these pumping processes. As a case study, the Irish power system and wastewater sector are studied by using an integrated modelling approach. The results show that demand flexibility within the wastewater ...

Disentangling Structural Change, Servitization, and Skill-Biased Change

This paper analyzes three key labor market trends – structural change, servitization, and skill-biased change – using German data from 1975 to 2017. Through a decomposition analysis, we discern their individual impacts on employment shifts, revealing their distinct roles in the German labor market’s evolution. Servitization and skill-biased change significantly influence employment growth alongside ...

Impact of ESG Performance on the Cost of Capital in the Energy, Utilities, and Basic Materials Sectors

This paper explores the presence of an environmental, social, and governance (ESG) premium for firms operating in the energy, utilities, and basic materials sectors. Specifically, we examine the influence of ESG performance on firms’ cost of capital in both debt and equity markets. We apply a measure of the ex ante implied cost of equity and the cost of debt to a global sample of over 24,000 firm-year ...

Wage Risk and Portfolio Choice: The Role of Correlated Returns

From standard portfolio-choice theory, it is well-understood that background risk, primarily due to wage risk, is one of the central determinants of individuals’ portfolio composition: higher background risk reduces risky investments. However, if background risk is negatively correlated with financial market risk, higher background risk implies a more risky investment. We quantify the influence of ...

Post-Migration Stress Mediates Associations Between Potentially Traumatic Peri-Migration Experiences and Mental Health Among Middle Eastern Refugees in Germany

Background On their way to host countries, refugees are often exposed to severe adversity, including cumulative experiences of fraud, extortion, robbery, detention, and shipwrecks, as well as prolonged, life-threatening small boat crossings. However, little research has examined the long-term impact of such peri-migration stressors on subsequent stress and mental health after arrival. This study explored ...

Flexible Nuclear Power and Fluctuating Renewables? An Analysis for Decarbonized Multi-Vector Energy Systems

Many governments consider new nuclear power plants to promote decarbonization. On the one hand, dispatchable nuclear plants can complement fluctuating generation from wind and PV. On the other hand, escalating construction costs and times raise economic concerns. This paper investigates the economic threshold at which nuclear plants are an efficient decarbonization option. Building on an extensive ...

Long-Term Effects of Equal Sharing: Evidence from Inheritance Rules for Land