Obwohl die Nachfrage nach nachhaltigen Anlageprodukten steigt und die Regulierung zur Offenlegung von Nachhaltigkeitsaspekten zunimmt, mangelt es auf Seiten der Anleger:innen an Informationen über die Nachhaltigkeit der angebotenen Anlageprodukte. Auch wenn in der Literatur hunderte von ESG-Indikatoren für Standard-Investmentprodukte zur Verfügung stehen, gibt es bisher keinen ganzheitlichen Ansatz ...
Since 2010, Google, Apple, Facebook, Amazon, and Microsoft (GAFAM) have acquired more than 400 companies. Competition authorities did not scrutinize most of these transactions and blocked none. This raised concerns that GAFAM acquisitions target potential competitors yet fly under the radar of current merger control due to the features of the digital economy. We empirically study the competitive effects ...
The analysis of local environmental policies is essential when evaluating the consistency of national public policies vis-à-vis the compliance of global agreements to reduce climate change. This study explores one of these policies; the 2021 Mexican reform to change electric power dispatch from a marginal-cost-based to a command and control physical system prioritizing power generation from the state ...
We empirically investigate the relevance of multi-homing in two-sided markets. First, we build a micro-founded structural econometric model that encompasses demand for differentiated products and allows for multi-homing on both sides of the market. We then use an original dataset on the Italian daily newspaper market that includes information on double-homing by readers to estimate readers’ and advertisers’ ...
We study the impact of Mexico's energy reform on the welfare of electricity, liquified petroleum gas, and gasoline consumers between 2010 and 2018. We utilize micro-level data to estimate income and price elasticities. Comparative statics are used to determine subsidy and price influences on consumer surplus. A counterfactual is used to simulate the industry's behavior under non-reform parameters. ...
Coal consumption and production have sharply declined in recent years in the U.S., despite political support. Reasons are mostly unfavorable economic conditions for coal, including competition from natural gas and renewables in the power sector, as well as an aging coal-fired power plant fleet. Nevertheless, coal remains a major energy source in the North American energy markets. Supplementing EMF34 ...
Real estate is taxed at comparatively low rates in Germany, with primarily the affluent benefiting from numerous existing tax privileges. This Weekly Report describes the current state of real estate taxation in Germany and outlines reform proposals that could increase tax revenue, improve the efficiency of the tax system, and reduce wealth and income inequality. In the case of property tax, value-based ...
Welfare is traditionally understood through social security decommodifying labor markets or social investment policies. In the domain of housing, however, welfare for homeowners is largely hidden in the tax codes’ fiscal exemptions. Based on a content analysis of legislation, this paper introduces a novel yearly database of 37 countries between 1910 and 2020 to uncover the “hidden welfare state” of ...
This study examines the impact of natural gas prices on the power systems of Mexico and the United States. For this, we develop an integrated modeling framework by soft linking three different techno-economic bottom-up models of the power and energy systems, one partial equilibrium model of the natural gas sector, and a partial equilibrium model of the Mexican energy sector. Our results show several ...
We investigate patterns in common ownership networks between firms that are active in the U.S. pharmaceutical industry for the period 2004–2014. Our main findings are that “brand firms”—that is, firms that have research and development capabilities and launch new drugs—exhibit relatively dense common ownership networks with each other that further increase significantly in density over time, whereas ...