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The wage premium of globalization: Evidence from European mergers and acquisitions

Oberhofer, Harald; Stöckl, Matthias; Winner, Hannes - Institut für Weltwirtschaft (IfW) - 2012

1999-2006. Applying propensity score matching techniques we estimate positive wage premia of cross-boarder merger and …

Persistent link: https://www.econbiz.de/10009646517

The Positive Economics of Corporatism and Corporate Governance

Fehn, Rainer; Meier, Carsten-Patrick - Institut für Weltwirtschaft (IfW) - 2000

This paper presents a positive model which shows that institutional setups on capital and labor markets might be intertwined by politicoeconomic forces. Two politicoeconomic equilibria arise from our model, one with little protection of insiders on capital and labor markets, and another one with...

Persistent link: https://www.econbiz.de/10005755253

Causes and Consequences of Merger Waves

Kleinert, Jörn; Klodt, Henning - Institut für Weltwirtschaft (IfW) - 2002

This paper presents some ideas about determinants of merger waves and some evidence on their effect on profitability … and employment. A brief survey of previous merger waves and an analysis of the recent one give support to the hypothesis … that sectoral shocks are at the root of merger waves. Deregulation and globalization are identified as the shocks …

Persistent link: https://www.econbiz.de/10005755269

Financial stress and economic dynamics: an application to France

Aboura, Sofiane; Roye, Björn van - Institut für Weltwirtschaft (IfW) - 2013

In this paper, we develop a financial stress index for France that can be used as a real-time composite indicator for the state of financial stability in France. We take 17 financial variables from different market segments and extract a common stress component using a dynamic approximate factor...

Persistent link: https://www.econbiz.de/10010886871

Carbon Price Dynamics – Evidence from Phase II of the European Emission Trading Scheme

Rickels, Wilfried; Görlich, Dennis; Oberst, Gerrit; … - Institut für Weltwirtschaft (IfW) - 2012

In this paper we empirically investigate potential determinants of allowance (EUA) price dynamics in the European Union Emission Trading Scheme (EU ETS) during Phase II. In contrast to previous papers, we analyze a significantly longer time series, place particular emphasis on the importance of...

Persistent link: https://www.econbiz.de/10010886917

Underpricing and Index Excess Returns

Nippel, Peter; Pierdzioch, Christian; Schertler, Andrea - Institut für Weltwirtschaft (IfW) - 2005

We study the link between underpricing of initial public offerings (IPOs) and index excess returns in secondary markets. We use a theoretical model to argue that underpricing of IPOs raises investors’ attention and, thereby, triggers investments in secondary markets. Our theoretical model...

Persistent link: https://www.econbiz.de/10010886923

Sources of Predictability of European Stock Markets for High-Technology Firms

Pierdzioch, Christian; Schertler, Andrea - Institut für Weltwirtschaft (IfW) - 2005

We study return predictability of stock indexes of blue chip firms and smaller hightechnology firms in Germany, France, and the United Kingdom during the second half of the 1990s. We measure return predictability in terms of first-order autocorrelation coefficients, and find evidence for return...

Persistent link: https://www.econbiz.de/10010886972

The Microstructure of Exchange Rate Management: FX Intervention and Capital Controls in Brazil

Roure, Calebe de; Furnagiev, Steven; Reitz, Stefan - Institut für Weltwirtschaft (IfW) - 2013

This paper uses a microstructure approach to analyze the effectiveness of capital controls introduced in Brazil to counter an appreciation of the Real. Based on a rich data set from the Brazilian foreign exchange market, we estimate a reduced-form VAR to characterize the interaction of the...

Persistent link: https://www.econbiz.de/10010886994

Financial Literacy and Its Consequences in the Emerging Middle Class

Grohmann, Antonia; Kouwenberg, Roy; Menkhoff, Lukas - Institut für Weltwirtschaft (IfW) - 2014

This paper analyzes the state and impact of financial literacy in a so far largely neglected group: the middle class in emerging economies. This group is of increasing importance for implementing structural change, including the proper use of sophisticated financial products. We survey middle...

Persistent link: https://www.econbiz.de/10010887004

Tail dependence of financial stocks and CDS markets: Evidence using copula methods and simulation-based inference

Silva, Paulo Pereira da; Rebelo, Paulo Tomaz; Afonso, … - Institut für Weltwirtschaft (IfW) - 2013

Using copula methods and simulation-based inference the authors address the association between the performance of the stocks of European banks and the CDS markets. Their analysis has three purposes: (i) analysing the dependence structure of the markets when extreme events occur; (ii) checking...

Persistent link: https://www.econbiz.de/10010956052