This paper constitutes a first analysis on stock returns and stock return volatility of energy corporations from the Eurozone. According to our results, the gas market does not play a role for the pricing of Eurozone energy stocks. However, changes in the Euro to U.S. Dollar exchange rate as...

This paper empirically analyses whether both personal and corporate taxation have an impact on companies' capital structure decisions. We investigate the effect of the difference in taxation of debt and equity financing on capital structures. Our empirical results, based on a comprehensive panel...

Hinter der Forderung nach höherer Energieeffizienz stehen üblicherweise konkrete umwelt- und energiepolitische Ziele wie Klimaschutz, Versorgungssicherheit und Ressourcenschonung. Das vorliegende Papier analysiert diese Argumente und diskutiert mögliche Politikinstrumente zur Zielerreichung....

Energy markets and energy-intensive industries in all EU member states especially in Germany are subject to a diverse set of policies related to climate change. We analyse the potential efficiency losses from simultaneous application of emission taxes and emissions trading in qualitative and...

Hydrogen is often seen as a promising future energy carrier given the major reliance of today's transport sector on finite fossil fuels. This working paper assesses the macroeconomic effects of introducing hydrogen as fuel in passenger transport within the framework of the computable general...

In its study on company taxation the European Commission proposed to provide multinational companies with a Common Consolidated Corporate Tax Base (CCCTB) for their EU-wide activities. The application of the CCCTB is limited to the boundaries of the EU. For those cross-border business activities...

Searching for externally available knowledge has been characterised as a vital part of the innovation process. Previous research has, however, almost exclusively focused on hightechnology environments, largely ignoring the substantial low- and medium-technology sectors of modern economies. We...

Ownership structures widely differ across the EU. While large blockholdings dominate in the banking sector in Continental Europe, ownership is widely dispersed in the United Kingdom. These differences have consequences for corporate governance in the EU banking sector. This paper analyzes the...

This paper empirically examines price formation in the European Union Emissions Trading Scheme (EU ETS). Our analysis shows that unexpected allocations of European Union Allowances (EUAs) lead to pronounced price reactions of the expected signs. Moreover, we find evidence that the adjustment of...