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Refereed essays Web of Science
This paper shows how spillovers from sovereign risk to banks׳ access to wholesale funding establish a bank-sovereign nexus. In a dynamic stochastic general equilibrium set-up, heterogeneous banks give rise to an interbank market where government bonds are used as collateral. Government borrowing under limited commitment is costly ex ante as bank funding conditions tighten when the quality of collateral ...
In:
European Economic Review
87 (2016), S. 34-61
| Philipp Engler, Christoph Große Steffen
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Refereed essays Web of Science
We examine the relationship between outcomes of securities fraud class action lawsuits (SFCAs) and corporate board turnover rates. Our results indicate that turnover rates for board members are higher when a firm settles a lawsuit than when a suit is dismissed. Outside director turnover is most sensitive to SFCA outcomes, perhaps reflecting reputational effects. Results demonstrate that involvement ...
In:
International Review of Law and Economics
48 (2016), S.14-25
| Christopher F. Baum, James G. Bohn, Atreya Chakraborty
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Refereed essays Web of Science
This article studies the interaction of information disclosure and reputational concerns in certification markets. We argue that by revealing information less precisely, a certifier reduces the threat of capture because this reduces her gains from selling fraudulent certificates. As a result, only imprecise disclosure rules are implementable for intermediate discount factors. Our results therefore ...
In:
European Economic Review
89 (2016), S. 345-360
| Martin Pollrich, Lilo Wagner
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Refereed essays Web of Science
Despite the benefits of smoke-free legislation on adult health, little is known about its impact on children's health. We examined the effects of tobacco control policies on the rate of emergency department (ED) visits for childhood asthma (N = 128,807), ear infections (N = 288,697), and respiratory infections (N = 410,686) using outpatient ED visit data in Massachusetts (2001 − 2010), New Hampshire ...
In:
Preventive Medicine
89 (2016), S. 278–285
| Summer Sherburne Hawkins, Sylvia Hristakeva, Mark Gottlieb, Christopher F. Baum
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Refereed essays Web of Science
The upheaval in global crude oil markets and the boom in shale oil production in North America brought scrutiny on the US export ban for crude oil from 1975. The ban was eventually lifted in early 2016. This paper examines the shifts of global trade flows and strategic refinery investments in a spatial, game-theoretic partial equilibrium model. We consider detailed oil supply chain infrastructure with ...
In:
Energy Policy
97 (2016), S. 258-266
| Lissy Langer, Daniel Huppmann, Franziska Holz
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Refereed essays Web of Science
This paper uses propensity score methods to analyse the effect of involuntary maternal job loss on children's non-cognitive skills. My analyses are based on a rich and nationwide random sample, the German Socio-Economic Panel Study (SOEP) that includes information about maternal job loss and child behaviour and non-cognitive skills, in addition to a rich conditioning set. The results show that maternal ...
In:
Labour Economics
42 (2016), S. 43-63
| Frauke H. Peter
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Refereed essays Web of Science
We analyze the electricity transmission planning process in Germany (Netzentwicklungsplan), which separates transmission expansion decisions from generation dispatch. We employ an economic modeling approach to analyze two different network planning settings. In the first setting, there is no trade-off between transmission network development and generation dispatch, as is currently the case in Germany. ...
In:
Energy Policy
94 (2016), S. 446-452
| Claudia Kemfert, Friedrich Kunz, Juan Rosellón
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Refereed essays Web of Science
We use changes in Brazil's tax on capital inflows from 2006 to 2013 to test for direct portfolio effects and externalities from capital controls on investor portfolios. We find that an increase in Brazil's tax on foreign investment in bonds causes fund managers to significantly decrease their portfolio allocations to Brazil in both bonds and equities. Fund managers simultaneously increase allocations ...
In:
Journal of International Economics
99 (2016), S. 85-104
| Kristin Forbes, Marcel Fratzscher, Thomas Kostka, Roland Straub
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Refereed essays Web of Science
Investigating the impact of family instability is important as more and more children experience different family changes in many industrialized countries. In this paper we examine the dynamics of family structure, looking at the potential effect of yearly maternal partnership transitions on adolescents’ locus of control. We aim at combining research on family instability with research on non-cognitive ...
In:
The B.E. Journal of Economic Analysis & Policy
16 (2016), 3, S. 1439-1471
| Frauke H. Peter, C. Katharina Spieß
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Refereed essays Web of Science
This paper studies the reaction of the Euro's value against major currencies to sovereign rating announcements from Moody's, S&P and Fitch CRAs during the Eurozone debt crisis in 2010–2012 based on event study methodology combined with GARCH models. We also analyze how the yields of French, Italian, German and Spanish government long-term bonds were affected by CRA announcements. Our results reveal ...
In:
Journal of Financial Stability
24 (2016), S. 117-131
| Christopher F. Baum, Dorothea Schäfer, Andreas Stephan