-
Refereed essays Web of Science
We study the relationship between crowding and performance in the active mutual fund industry. Using the equity holdings overlap of 17,364 global funds, we find that funds that crowd into the same stocks underperform passive benchmark funds by 1.4% per year. The negative returns to crowding can at least in part be explained by excess demand for liquidity and the associated discount for holding liquid ...
In:
Journal of Banking & Finance
164 (2024), 107202, 17 S.
| Tanja Artiga Gonzalez, Teodor Dyakov, Justus Inhoffen, Evert Wipplinger
-
Refereed essays Web of Science
The system of business income taxation consists of two instruments, namely a statutory tax rate and a depreciation allowance on investment. We will show in this paper that by acting on both instruments simultaneously it is possible to achieve both a growth and a fiscal net revenue target even in cases when a trade-off prevails when each instrument is used individually.As will be shown in the paper, ...
In:
Journal of Macroeconomics
81 (2024), 103606, 20 S.
| Marius Clemens, Werner Röger
-
Refereed essays Web of Science
Rent control is a highly debated social policy that has been omnipresent since World War I. Since the 2010s, it is experiencing a true renaissance, for many cities and countries facing chronic housing shortages are desperately looking for solutions, directing their attention to controling housing rents and other restrictive policies. Is rent control useful or does it create more damage than utility? ...
In:
Journal of Housing Economics
63 (2024), 101983, 19 S.
| Konstantin A. Kholodilin
-
Refereed essays Web of Science
This article investigates the impact of weather-related disasters on inflation in the euro area over the period 1996–2021. Using a panel structural vector autoregression approach, we explore whether weather-related disasters have a significant and persistent effect on inflation, as well as the role that demand-side and supply-side channels play as drivers of inflation. We also analyse the heterogeneous ...
In:
Journal of Banking & Finance
169 (2024), 107298, 13 S.
| John Beirne, Yannis Dafermos, Alexander Kriwoluzky, Nuobu Renzhi, Ulrich Volz, Jana Wittich
-
Refereed essays Web of Science
Africa is one of the most vulnerable continents to climate change. Climate and sustainability-linked bonds can provide funding to African governments and corporations for projects that help to mitigate climate change, combat biodiversity loss, and foster sustainable development. However, less than 0.3% of the global environmental, social, governance (ESG) bond issuance volume is devoted to projects ...
In:
Eurasian Economic Review
14 (2024), S. 149–173
| Samuel Mutarindwa, Dorothea Schäfer, Andreas Stephan
-
Refereed essays Web of Science
levelsof all goods in the US and Europe rose surprisingly quickly and persistently. TheFED began in March 2022 and the ECB in July 2022 with historically unique interestrate increases to combat the wage-price spiral that had not yet begun. In this article weshow that energy, commodities and food were the main drivers of inflation. For this reason,central banks’ goal of weakening demand for labor through ...
In:
Eurasian Economic Review
14 (2024), S. 235–254
| Dorothea Schäfer, Willi Semmler
-
Refereed essays Web of Science
This study investigates whether public procurement mitigates or exacerbates innovative enterprises’ financial constraints. We distinguish between general and environmentally beneficial innovative enterprises. Theory suggests that the treatment effects of public procurement, particularly when mediated by the demand-pull effect, may lower a company’s funding constraints for innovation. We test this theory ...
In:
Small Business Economics
62 (2024), S. 939–959
| Dorothea Schäfer, Andres Stephan, Sören Fuhrmeister
-
Refereed essays Web of Science
The dollar is a safe-haven currency and appreciates when global risk goes up. We investigate the dollar’s role for the transmission of global risk to the world economy within a Bayesian proxy structural vector autoregressive model. We identify global risk shocks using high-frequency asset-price surprises around narratively selected events. Global risk shocks appreciate the dollar, induce tighter global ...
In:
Journal of Monetary Economics
144 (2024), 103549, 12 S.
| Georgios Georgiadis, Gernot J. Müller, Ben Schumann
-
Refereed essays Web of Science
In this paper, we analyse a sample of voluntarily published country-by-country reports (CbCRs) of 35 multinational enterprises (MNEs). We assess the value added and the limitations of qualitative and quantitative information provided in the reports based on a comparison to individual MNEs’ annual financial reports and aggregate CbCR data provided by the OECD. In terms of data quality, we find that ...
In:
International Tax and Public Finance
31 (2024), S. 593–634
| Sarah Godar, Giulia Aliprandi, Tommaso Faccio, Petr Janský, Katia Toledo Ruiz
-
Refereed essays Web of Science
There is ample empirical literature centering on the effectiveness of foreign exchange intervention (FXI). Given the mix of objectives and country-heterogeneity, the general lack of consensus thus far is no surprise. We shed light on this debate by conducting the first comprehensive meta-analysis in the FXI literature, with 279 reported effects that stem from 74 distinct empirical studies. We cover ...
In:
Journal of Financial Stability
74 (2024),100794, 24 S.
| Lucía Arango-Lozano, Lukas Menkhoff, Daniela Rodríguez-Novoa, Mauricio Villamizar-Villegas