We propose a structural vector-autoregressive model for the German natural gas market to investigate the impact of the 2022 Russian supply stop on the German economy. We combine conventional and narrative sign restrictions to leverage information about supply cuts for identification and find...

Extant literature consistently documents that investors tilt their domestic equity portfolios towards regionally close stocks (local bias). We hypothesize that individual investors’ local bias is not limited to the domestic sphere but instead also determines their international investment...

Climate change causes natural disasters to occur at higher frequency and increased severity. Using a unique dataset on German banks, this paper explores how regionally less diversified banks in Germany adjusted their loan loss provisioning following the severe summer flood of 2013, which...

Flüssige Kraftstoffe werden auch künftig eine bedeutende Rolle spielen. Andere Energiestoffe haben es schwer sich auf dem Markt durchzusetzen, teilweise weil die Infrastruktur fehlt und teilweise weil weltweit ein riesiger Fuhrpark aus Fahrzeugen mit Verbrennungsmotoren, deren Lebensdauer...