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2025 results, from 81
  • Diskussionspapiere 1942 / 2021

    R&D Internationalization Strategies of the World’s Top Corporate R&D Investors

    This paper contributes to the debate on the internationalization of the R&D activity of multinational enterprises (MNEs). Specifically, we examine the following research questions: (1) What are the determinants of the MNEs’ R&D internationalization level? (2) What types of internationalization strategies—home-base-augmenting (HBA), home-base-exploiting (HBE), technology-seeking (TS), and/or market-seeking ...

    2021| Heike Belitz, Anna Lejpras
  • Diskussionspapiere 1941 / 2021

    Employment Responses to Income Effect: Evidence from Pension Reform

    For the design of the pension system, it is crucial to disentangle the employment responses related to the substitution effect and the income effect. In this paper, we provide causal evidence regarding the importance of the income effect, which is generally assumed to be small or non-existent. We exploit a pension reform in Germany that raised pension bene- fits related to children. For the identification, ...

    2021| Sebastian Becker, Hermann Buslei, Johannes Geyer, Peter Haan
  • Diskussionspapiere 1940 / 2021

    Qualitative versus Quantitative External Information for Proxy Vector Autoregressive Analysis

    A major challenge for proxy vector autoregressive analysis is the construction of a suitable external instrument variable or proxy for identifying a shock of interest. Some authors construct sophisticated proxies that account for the dating and size of the shock while other authors consider simpler versions that use only the dating and signs of particular shocks. It is shown that such qualitative (sign-)proxies ...

    2021| Lukas Boer, Helmut Lütkepohl
  • Diskussionspapiere 1939 / 2021

    The Value of Data for Prediction Policy Problems: Evidence from Antibiotic Prescribing

    Large-scale data show promise to provide efficiency gains through individualized risk predictions in many business and policy settings. Yet, assessments of the degree of data-enabled efficiency improvements remain scarce. We quantify the value of the availability of a variety of data combinations for tackling the policy problem of curbing antibiotic resistance, where the reduction of inefficient antibiotic ...

    2021| Shan Huang, Michael Allan Ribers, Hannes Ullrich
  • Diskussionspapiere 1938 / 2021

    The Impact of ECB Corporate Sector Purchases on European Green Bonds

    This papers analyzes the effect of the ECB’s Corporate Sector Purchase Programme (CSPP) and the recent Pandemic Emergency Purchase Programme (PEPP) on the yields of eligible green bonds, a new but rapidly growing segment of the corporate bond market. We exploit these policy changes using a difference-in-differences strategy, with ineligible corporate green bonds issued in euro, U.S. dollars and Swedish ...

    2021| Franziska Bremus, Franziska Schütze, Aleksandar Zaklan
  • Diskussionspapiere 1937 / 2021

    Crowding of International Mutual Funds

    We study the relationship between crowding and performance in the active mutual fund industry. We construct a fund-specific measure of crowding using the equity holdings overlap of 17,364 global funds. Funds in the top decile of crowding underperform passive benchmark funds by 1.4% per year. The impact of crowding on performance cannot be attributed to diseconomies of scale. We explore several mechanisms: ...

    2021| Tanja Artiga Gonzalez, Teodor Dyakov, Justus Inhoffen, Evert Wipplinger
  • Diskussionspapiere 1936 / 2021

    Lender-Specific Mortgage Supply Shocks and Macroeconomic Performance in the United States

    This paper provides evidence for the propagation of idiosyncratic mortgage supply shocks to the macroeconomy. Based on micro-level data from the Home Mortgage Disclosure Act for the 1990-2016 period, our results suggest that lender-specific mortgage supply shocks affect aggregate mortgage, house price, and employment dynamics at the regional level. The larger the idiosyncratic shocks to newly issued ...

    2021| Franziska Bremus, Thomas Krause, Felix Noth
  • Diskussionspapiere 1935 / 2021

    Carbon Pricing of Basic Materials: Incentives and Risks for the Value Chain and Consumers

    For the European Union to realise its ambition of carbon neutrality, emissions from basic material production need to be reduced through low-carbon production processes, material efficiency and substitution, as well as enhanced recycling. Different reform options for the EU ETS are discussed that ensure a consistent carbon price incentive for all these mitigation options, while avoiding the risk of ...

    2021| Jan Stede, Stefan Pauliuk, Gilang Hardadi, Karsten Neuhoff
  • Diskussionspapiere 1934 / 2021

    Two Dimensions of Political Trust in Russia

    This paper analyzes two dimensions of factors of political trust in Russia. The first dimension is the target dimension (sociotropic vs. egocentric), the second dimension is the time dimension (retrospective vs. perspective). The study is based on the microdata of 2016 Life in Transition Survey (LiTS) of the European Bank for Reconstruction and Development. We find a robust evidence in favor of the ...

    2021| Konstantin A. Kholodilin, Vyacheslav N. Ovchinnikov, Marina Yu. Malkina, Igor A. Moiseev
  • Diskussionspapiere 1933 / 2021

    Measuring Unmeasurable: How to Map Laws to Numbers Using Leximetrics

    As the institutional literature convincingly shows, socioeconomic phenomena are to a large extent shaped by the formal institutions, that is, legal acts (laws and ordinances). However, the latter are formulated in a specific language that is difficult to understand, let alone to measure. However, since the early 1990s, a whole branch of economic analysis of governmental regulations has evolved. It is ...

    2021| Konstantin A. Kholodilin, Linus Pfeiffer
  • Diskussionspapiere 1932 / 2021

    The Importance of Mothers-in-Law's Employment for Their Daughter-in-Law's Labour Market Outcomes in West-Germany: Results and Mechanisms

    Social norms have been put forward as prominent explanations for the changing labour supply decisions of women. This paper studies the intergenerational formation of these norms, examining how they affect subsequent female labour supply decisions, taking into account not only the early socialization of women but also that of their partner. Using large representative panel data sets from West Germany, ...

    2021| Sophia Schmitz, C. Katharina Spieß
  • Diskussionspapiere 1931 / 2021

    A Retrospective Study of State Aid Control in the German Broadband Market

    We provide an evaluation of the impact of public subsidy schemes that aimed to support the development of basic broadband infrastructure in rural areas of Germany. Such subsidies are subject to state aid control by the European Commission (EC). While the EC increasingly recognises the role of economic analysis in controlling public aid to companies, there are to date no full retrospective studies performed ...

    2021| Tomaso Duso, Mattia Nardotto, Jo Seldeslachts
  • Diskussionspapiere 1930 / 2021

    Market Concentration in Europe: Evidence from Antitrust Markets

    An increasing body of empirical evidence is documenting trends toward rising concentration, profits, and markups in many industries around the world since the 1980s. Two major criticisms of these studies is that concentration and market shares are poorly measured at the national industry level while firm level revenues are a poor indicator of product sales. We use a novel database that identifies over ...

    2021| Pauline Affeldt, Tomaso Duso, Klaus Gugler, Joanna Piechucka
  • Diskussionspapiere 1929 / 2021

    Charakteristika der Entgeltumwandlung: Wer sorgt in welchem Umfang für das Alter vor?

    Wir untersuchen erstmals anhand von repräsentativen Daten für die Privatwirtschaft (Verdienststrukturerhebung 2014) Anteile und Höhe von umgewandelten Entgelten nach verschiedenen individuellen und betrieblichen Merkmalen der Beschäftigten in Deutschland. Deskriptive wie multivariate Regressionsanalysen weisen sowohl auf eine selektive Teilnahmebereitschaft zur Umwandlung als auch auf eine mit steigendem ...

    2021| Johannes Geyer, Ralf Himmelreicher
  • Diskussionspapiere 1928 / 2021

    Forward to the Past: Short-Term Effects of the Rent Freeze in Berlin

    In 2020, Berlin enacted a rigorous rent-control policy: the “Mietendeckel” (rent freeze), aiming to stop rapidly growing rental prices. We evaluate this newly enacted but old-fashionably designed policy by analyzing its immediate supply-side effects. Using a rich pool of rent advertisements reporting asking rents and comprehensive dwelling characteristics, we perform hedonic-style Difference-in-Difference ...

    2021| Anja M. Hahn, Konstantin A. Kholodilin, Sofie R. Waltl
  • Diskussionspapiere 1927 / 2021

    Rent Price Control – Yet Another Great Equalizer of Economic Inequalities? Evidence from a Century of Historical Data

    The long-run U-shaped patterns of economic inequality are standardly explained by basic economic trends (Piketty’s r>g), taxation policies, or “great levelers,” like catastrophes. This paper argues that housing policy, in particular rent control, is a neglected explanatory factor in understanding overall inequality. We hypothesize that rent control could decrease overall housing wealth, lower incomes ...

    2021| Konstantin A. Kholodilin, Sebastian Kohl
  • Diskussionspapiere 1926 / 2021

    The Leniency Rule Revisited: Experiments on Cartel Formation with Open Communication

    The experimental literature on antitrust enforcement provides robust evidence that communication plays an important role for the formation and stability of cartels. We extend these studies through a design that distinguishes between innocuous communication and communication about a cartel, sanctioning only the latter. To this aim, we introduce a participant in the role of the competition authority, ...

    2021| Maximilian Andres, Lisa Bruttel, Jana Friedrichsen
  • Diskussionspapiere 1925 / 2021

    Coase and Cap-and-Trade: Evidence on the Independence Property from the European Carbon Market

    This paper tests the independence property under the Coase Theorem in a large multinational cap-and-trade scheme for greenhouse gas emissions, the EU Emissions Trading System (EU ETS). I analyze whether emissions of power producers regulated under the EU ETS are independent from allowance allocations, leveraging a change in allocation policy for a difference-in-differences strategy. The evidence suggests ...

    2021| Aleksandar Zaklan
  • Diskussionspapiere 1924 / 2020

    Emergency Aid for Self-Employed in the COVID-19 Pandemic: A Flash in the Pan?

    The self-employed are among those facing the highest probability of strong income losses during the COVID-19 pandemic. Governments in many countries introduced support programs to support the self-employed, including the German federal government, which approved a €50bn emergency aid program at the end of March 2020 offering one-off lump-sum payments of up to €15,000 to those facing substantial revenue ...

    2020| Joern Block, Alexander S. Kritikos, Maximilian Priem, Caroline Stiel
  • Diskussionspapiere 1923 / 2020

    EU Sustainable Finance Taxonomy – What Is Its Role on the Road towards Climate Neutrality?

    The EU Taxonomy is the first standardised and comprehensive classification system for sustainable economic activities. It covers activities responsible for up to 80 percent of EU greenhouse gas emissions and may play an important role in channelling investments into low-carbon technologies by helping investors to make informed decisions. However, especially in transition sectors much depends on the ...

    2020| Franziska Schütze, Jan Stede
2025 results, from 81
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