Due to the non-normality of stock returns, nonparametric rank tests are gaining accceptance relative to parametric tests in financial economics event studies. In rank tests, financial assets’ multiple day cumulative abnormal returns (CARs) are replaced by cumulated ranks. This paper proposes...

We investigate the extent to which various structural risks exacerbate the materialization of cyclical risk. We use a large database covering all sorts of cyclical and structural features of the financial sector and the real economy for a panel of 30 countries over the period 2006Q1-2019Q4. We...

Several countries and regions have introduced mandatory minimum distances of wind turbines to nearby residential areas, in order to increase public acceptance of wind power. Germany’s largest federal state Bavaria introduced such separation distances of ten times the height of new wind...

Politicians are expected to influence policy outcomes in a way to gain electoral advantage. There is, however, a pending question whether efficiency in the provision of public goods and services is affected by strategic behavior. I examine how electoral cycles influence local government...

Florian Dorn erstellte diesen Beitrag während seines Promotionsstudiums an der Universität München (LMU). Die Studie wurde im September 2020 abgeschlossen und von der Fakultät für Volkswirtschaftslehre als Dissertation angenommen. Die Dissertation trägt zur Empirie der Ökonomie des...

This paper investigates firm dynamics in the period before, during, and after an event consisting of a first published patent application. The analysis is based on patent data from the Norwegian Industrial Property Office merged with data from several business registers covering a period of...

This paper investigates firm dynamics in the period before, during, and after an event consisting of a first published patent application. The analysis is based on patent data from the Norwegian Industrial Property Office merged with data from several business registers covering a period of...