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Impact Investing through Crowdlending: Examining the Role of Intermediation and the Potential for Development Banks

Förderbanken sehen sich verändernden Marktbedingungen mit niedrigen Zinssätzen, schnellem technologischen Wandel und einem erhöhten Interesse an Impact-Investitionen gegenüber. Dieses Umfeld stellt traditionelle Prozesse und Geschäftsmodelle in Frage, birgt aber auch eine Chance, neue und nachhaltige Geschäftsmöglichkeiten zu entwickeln. Wir betrachten Beispiele für Impact Investment Crowd-funding-Plattformen ...

Industrial Robots, Workers’ Safety, and Health

This study explores the relationship between the adoption of industrial robots and workplace injuries using data from the United States (US) and Germany. Our empirical analyses, based on establishment-level data for the US, suggest that a one standard deviation increase in robot exposure reduces work-related injuries by approximately 16%. These results are driven by manufacturing firms (–28%), while ...

Estimating the Impact of Financial Investments on Agricultural Futures Prices Using Changes in Volatility

This paper studies the impact of financial investments on agricultural futures prices, using structural vector autoregressions. We identify exogenous variation in net long positions of speculators through heteroskedasticity. We first show that demand shocks of both index investors and noncommercial traders lead to a statistically significant contemporaneous increase in futures prices. We then quantify ...

Transformational Strategies and Productivity Growth: A Transformational‐Activities Perspective on Stagnation in the New‐Normal Business Landscape

Declines in productivity growth substantially explain new‐normal business stagnation; yet in order to address situations of slack productivity growth, firms can choose from six generic transformational strategies: retirement, renewal, retrenchment, replication, redeployment, and recombination. While the extant literature focuses on specific transformational strategies that particular firms, or industries, ...

SOEP-Core v35 – BIORESID: Variables on Occupancy and Second Residence

DG Competition of the European Commission publishes several studies evaluating State aid rules provided by a consortium with the participation of the DIW Berlin

On 2 June 2020 DG Competition of the European Commission published several support studies on the retrospective evaluation of State aid rules. This “Fitness check” will serve as a basis for future Commission’s decisions about whether to further prolong or update the rules expiring in 2020. The consortium of DIW Berlin, Lear, Sheppard Mullin and UEA Consulting under the leadership ...

SOEP-Core v35 – BIOAGE17: The Youth Questionnaire

SOEP-Core v35 – BIOSOC: Retrospective Data on Youth and Socialization

Legal Harmonization, Institutional Quality, and Countries’ External Positions: A Sectoral Analysis

Motivated by the action plan for a European capital markets union (CMU), this paper analyzes the potential for legal harmonization and convergence in institutional quality to affect capital market integration. Based on hand-collected data on the implementation of EU-directives, our analysis yields three key insights. First, legal harmonization promotes portfolio equity holdings. Second, discrepancies ...

Interactions between Bank Levies and Corporate Taxes: How Is Bank Leverage Affected?

Regulatory bank levies set incentives for banks to reduce leverage. At the same time, corporate income taxation makes funding through debt more attractive. In this paper, we explore how regulatory levies affect bank capital structure, depending on corporate income taxation. Based on bank balance sheet data from 2006 to 2014 for a panel of EU-banks, our analysis yields three main results: The introduction ...