In der vorliegenden Arbeit wird die Reaktion des DAX auf makroökonomischen Konjunkturmeldungen in Form von Veröffentlichungen des ZEW-Finanzmarkttests untersucht. Zur Messung der Reaktion stehen die 15- Sekunden-Intraday-Realisationen des XDAX zur Verfügung. Die mittels Vergleich von...

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...

In der vorliegenden Arbeit wird die Reaktion des DAX auf makroökonomischen Konjunkturmeldungen in Form von Veröffentlichungen des ZEWFinanzmarkttests untersucht. Zur Messung der Reaktion stehen die 15-Sekunden-Intraday- Realisationen des XDAX zur Verfügung. Die mittels Vergleich von...

The survival of eight monarchies during the Arab Uprisings of 2011 has put center stage the fundamental question about the durability of this subtype of authoritarian regime. Seen from a broader historical perspective, however, the idea that monarchies have an inherent advantage in retaining...

This paper argues that trade and capital account reforms within autocracies underlie the primacy of foreign currency procurement. A longitudinal comparison of four countries (Morocco, Tunisia, Egypt and Jordan) in the Middle East and North Africa region shows a historical sequencing of reforms....

According to quantitative studies, oil is the only resource that is robustly linked to civil war onset. However, recent debates on the nexus of oil and civil war have neglected that there are a number of peaceful oil-rentier states, and few efforts have been spent to explain why some...

This paper investigates increased liquidity provision by market makers resulting from their ability to reduce balance sheet encumbrance through the use of central counterparties (CCPs). The introduction of the Basel III leverage rule constitutes a shock to market makers' balance sheets and thus...

Trading activity is an important characteristic of financial markets, since it is related to price discovery, volatility, and market liquidity. It is therefore of crucial importance to understand what drives trading activity in real estate markets. Here, we use a panel dataset consisting of 142...

Evidence points to an increasing personalisation of political power by chief executives in recent years. It is often argued that such personalisation contributes to the current trend of autocratisation and the global decline of democracy. Yet our understanding hereof remains fractured, not least...

Authoritarian regimes use multiple forms of international cooperation to sustain their rule. In scholarly research, however, the study of these phenomena has been marginal and still lacks conceptual clarity. This paper takes stock of these shortcomings and embarks on a review of the existing...