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Referierte Aufsätze Web of Science
This study analyses how liquidity risk affects bonds’ yield spreads after controlling for credit risk, bond-specific characteristics and macroeconomic variables. Using two liquidity estimates, LOT liquidity and the bid-ask spread, we find that, in particular, the LOT liquidity measure has explanatory power for the yield spread of green bonds. Overall, however, the impact of LOT decreases over time, ...
In:
Finance Research Letters
27 (2018), S. 53-59
| Febi Wulandari, Dorothea Schäfer, Andreas Stephan, Chen Sun
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Referierte Aufsätze Web of Science
In aging societies, information on how to reform pension systems is essential to policy makers. This study scrutinizes effects of early retirement disincentives on retirement behavior, individual welfare, pensions and public budget. We employ administrative pension data and a detailed model of the German tax and social security system to estimate a structural dynamic retirement model. We find that ...
In:
Labour Economics
51 (2018), S. 25-37
| Timm Bönke, Daniel Kemptner, Holger Lüthen
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Referierte Aufsätze Web of Science
We analyze fiscal devaluation in a three-country model. The introduction of the third country, outside a monetary union, increases the expansionary effect of fiscal devaluation and the second country of the monetary union experiences a boom instead of a recession.
In:
Economics Letters
163 (2018), S. 13-16
| Philipp Engler, Sandra Pasch, Juha Tervala
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Referierte Aufsätze Web of Science
This paper investigates how the withdrawal of banks from their cross-border business impacted the borrowing costs of European firms since the crisis. We combine aggregate information on total and cross-border credit with firm-level survey data for the period 2010 - 2014. We find that the decline in cross-border lending led to a deterioration in the borrowingconditions of small firms. In countries with ...
In:
Journal of International Money and Finance
80 (2018), S. 35-58
| Franziska Bremus, Katja Neugebauer
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Referierte Aufsätze Web of Science
We use the model DIETER, introduced in a companion paper, to analyze the role of power storage in systems with high shares of variable renewable energy sources. The model captures multiple system values of power storage related to arbitrage, capacity, and reserve provision. We apply the model to a greenfield setting that is loosely calibrated to the German power system, but may be considered as a more ...
In:
Renewable and Sustainable Energy Reviews
83 (2018), S. 156-171
| Wolf-Peter Schill, Alexander Zerrahn
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Referierte Aufsätze Web of Science
This study examines whether children from potentially disadvantaged families attend early childhood education and care (ECEC) centers of lower quality compared to more advantaged children in the universal and strongly state-subsidized ECEC system in Germany. We combine the representative German Socio-Economic Panel (SOEP) with the 2014 K2ID- SOEP extension study on ECEC quality. We run linear and logistic ...
In:
Early Childhood Research Quarterly
44 (2018), S. 304-317
| Juliane F. Stahl, Pia S. Schober, C. Katharina Spieß
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Referierte Aufsätze Web of Science
The causes and consequences of the intergenerational persistence of inequality are a topic of great interest among various fields in economics. However, until now, issues of data availability have restricted a broader and cross-national perspective on the topic. Based on rich sets of harmonized household survey data, we contribute to filling this gap by computing time series for several indexes of ...
In:
Journal of Development Economics
134 (2018), S. 329-349
| Guido Neidhöfer, Joaquín Serrano, Leonardo Gasparini
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Referierte Aufsätze Web of Science
Related to the increased encouragement of public transport (PT) by policy-makers, over-crowding in PT has become a major issue worldwide. Whilst the impact of in-vehicle crowding on individuals' travel costs has been considered, we focus on aggregate welfare losses. We apply a Pigouvian framework to the case of subways and compute the economic cost of congestion (ECC). We combine data of the 14 metro ...
In:
Economics of Transportation
14 (2018), S. 1-8
| Luke Haywood, Martin Koning, Remy Prud'homme
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Referierte Aufsätze Web of Science
The paper estimates the dynamic impact of structural oil market shocks on the balance sheet of US firms, using industry level data covering manufacturing, trade and mining sectors. For manufacturing firms, findings indicate that an unexpected disruption in oil supply that raises oil prices by 1% lowers firm profits by 1.3% on impact. On the other hand, profits rise by 0.39% in response to the same ...
In:
Journal of Banking & Finance
95 (2018), S. 112-127
| Khalid ElFayoumi
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Referierte Aufsätze Web of Science
This paper investigates the link between corporate debt and investment for a group of five peripheral euro area countries. Using firm-level data from 2005 to 2014, we postulate a non-linear corporate leverage-investment relationship and derivethresholds beyond which leverage has a negative and significant impact on investment. The investment sensitivity of debt increased after 2008 when financial distress ...
In:
Journal of International Money and Finance
80 (2018), S. 112-130
| Stefan Gebauer, Ralph Setzer, Andreas Westphal