This paper shows that Tabellini's recent claim to have provided evidence that culture has a causal effect on economic development is unjustified. Tabellini's claim is based on an instrumental variables analysis in which two instruments are used to identify the supposed causal effect. One of...

Die vorgelegte Studie analysiert den Einfluß berufsbezogener und persönlicher Wertpräferenzen von erfolgreichen Führungskräften auf den unternehmerischen Erfolg. Der Gegenstand dieser Arbeit ist die Prüfung der zwei konkurrierenden Grundhypothesen: der universalistischen...

23 Stock Exchanges were in operation in Germany in 1913. We provide new data about the number of listed firms, their market value, and the number of IPOs between 1897 and 1913 for all exchanges. We assess reasons why a firm opts to be listed at a certain exchange. Large firms tend to be listed...

Historical events are reflected in asset prices. In this paper, we analyse government bond prices of Germany and Austria traded on the Swiss bourse during WWII. Some war events that are generally considered crucial are clearly reflected in government bond prices. This holds, in particular, for...