This article contributes to the literature on macroeconomic announcements and their impact on asset prices by investigating how the 15-second Xetra DAX returns reflect the monthly announcements of the two best known business cycle forecasts for Germany, i.e. the ifo Business Climate Index and...

Around the turn of the year 2005/2006, the Russian freezing of natural gas exports to the Ukraine led to a European gas crisis. Using event study technique, we first investigate whether the Russian announcement of suspension of gas deliveries, this suspension itself as well as its withdrawal,...

By means of an event study of stock market reactions to the announcement of the Olympic Games host cities, we find a significant and positive announcement effect of hosting the Summer Games, with a cumulative abnormal return of about 2% within a few days. We do not find any significant results...

The impact of EU Cohesion Policy has mainly been evaluated with regard to its growth effects. We extend the perspective by investigating the impact of EU Cohesion Policy on public investments and budget deficits in order to learn more about the channels through which this policy field works....

So far, there has been no data set which observes firm formations in Germany not only on a cross-sectional basis using one-time surveys, but continuously over a number of years. Therefore, the Centre for European Economic Research (ZEW), KfW Bankengruppe and Creditreform set up a panel study of...

More than one third of the European Union's total budget is spent on socalled Cohesion Policy via the structural funds. Its main purpose is to promote the development of the EU and to support convergence between the levels of development of the various European regions. Investigating the impact...

This paper explores whether investments in information and communication technologies (ICT) and firm?sponsored training programmes are complementary. Three approaches are applied to panel data from German service companies for the time period 1994?98. Results for a system of interrelated factor...

Our study is based on the traditional Becker-Ehrlich deterrence model, but we analyse the model in the face of currently discussed factors of crime like demographic changes, youth-unemployment and income inequality. We use a panel of the German Laender (states) that allows us to exploit...

Using panel data for German and Dutch firms from the services sector, this paper analyses the importance of ICT capital deepening and innovation for productivity. We employ a model that takes into account that innovation and ICT use may be complementary. The results show that the contribution of...