This paper analyzes the determinants of socially responsible investing (SRI) at the individual investor level. We examine data from an incentivized framed field experiment, which was part of a survey among a representative sample of financial decision makers in German households. Thus, we...

We propose to use the wavelet concept of the phase angle to determine the lead-lag relationship between investor sentiment and excess returns that are related to the bubble component of stock prices. The wavelet phase angle allows for decoupling short- and long-run relations and is additionally...

This study provides evidence that investors’ demographic similarity to CEOs affects their investment decisions. We find that mutual fund managers overweight firms led by CEOs who resemble them in terms of age, ethnicity and gender. This finding is robust to excluding educational and local ties...

Exploiting Tangshan 1976 - the deadliest earthquake in the 20th century - as a source of exogenous variation, we estimate the cohort-specific effects of a historical shock on contemporary socio-economic outcomes. While cohorts born after the earthquake were considerably larger, the adverse...

The literature has found evidence for a wage polarization depending on routine and non-routine working tasks. Using unique German survey data we ask whether wage polarization coincides with polarization in job satisfaction. First, we find that contrary to what polarization predicts, routine...

There is widespread concern that major cities and their inhabitants are highly vulnerable to transit strikes. Governments in many countries have addressed this concern by limiting the right of transit workers to strike. Whether or not this can be justified depends, in turn, on whether strikes by...

This paper evaluates the effect of the French enterprise zone program on residents of these deprived neighborhoods. A second contribution is the evaluation of the composition effects in the zones and of externalities on the neighbors of the enterprise zones. The third contribution is the...

Previous literature on the distributional impact of the minimum wage in Germany has either focused on earnings and hourly wages (Caliendo et al., 2017), or is based on exante simulations (Müller and Steiner, 2013). This paper provides systematic descriptive ex-post evidence on the...

Times of high unemployment always inspire debates on the role of labor market policy and its optimal implementation. This paper uses a dynamic model of search unemployment and bilateral wage bargaining, rich enough to analyze a set of policy instruments with respect to their employment and...

This paper employs a two-period life-cycle model to derive the optimal tax policy when educational investments are subject to endogenous credit constraints. Credit constraints arise from the limited commitment of creditors to repay loans and from the moral hazard problem due to private...