Profitability, as measured by gross profits-to-assets, has roughly the same power as book-to-market predicting the cross-section of average returns. Profitable firms generate significantly higher average returns than unprofitable firms, despite having, on average, lower book-to-markets and...

This paper develops a framework to analyze the relationship between the diffusion of new technologies and the decentralization decisions of firms. Centralized control relies on the information of the principal, which we equate with publicly available information. However, the manager can use her...

Der Professor für Mathematik und Physik verknüpft die globalen Probleme schwindender Ressourcen, sozialer Ungleichheit und gewaltiger Schuldenberge mit einer Kritik am weltweiten Geldsystem, das auf ungebremstes Wachstum auf einem endlichen Planeten eingerichtet ist. Er sieht grosse Krisen...

Die Digitalisierung ist die gröt︢e gesellschaftsweite Transformation unserer Zeit. Ihre technologische Entwicklung verläuft exponentiell und macht dadurch Innovationssprünge und deren Nebenfolgen zunehmend unabsehbar. Trotzdem betonen Politik und Wirtschaft die Notwendigkeit, die...

The report provides an overview of environmentally harmful subsidies in Germany and makes proposals for their reform or reduction. It focuses on subsidies that have a negative impact on the environmental goods climate, air, soil, water, biodiversity and landscape, as well as on health and the...

This paper presents the results of the second work package of the project "Limits of Consumption: Sustainable Consumption Considering Planetary Boundaries" conducted on behalf of the German Environment Agency. The focus of the work package was the quantification of consumption boundaries for...