The transportation processes for patients, personnel, and material in large and complex maximum-care hospitals with many departments can consume significant resources and thus induce substantial logistics costs. These costs are largely determined by the allocation of the different departments...

This paper presents results from a randomized evaluation of a home visiting program for disadvantaged first-time mothers and their families implemented in three German federal states. I analysis the impact of the intervention on maternal employment, school attendance, child care use, fertility,...

This paper presents results from a randomized evaluation of a home visiting program for disadvantaged first-time mothers and their families implemented in Germany. 12 months after birth, the intervention increases infants' cognitive development by 0.18 SD. However, the effect fades out after 24...

This paper examines the puzzlingly high unexploited momentum returns from a new perspective. We analyze characteristics of momentum traders in a sample of 692 fund managers. We find that momentum traders are "defined" by their short-term horizon, by a behavioural view on the market and by a...

We set up a neoclassical growth model extended by a corporate sector, an investment and finance decision of firms, and a set of taxes on capital income. We provide analytical dynamic scoring of taxes on corporate income, dividends, capital gains, other private capital income, and depreciation...

This study constructs a simple, two-sector Malthusian model with agriculture and industry, and use it to identify the determinants of subsistence income. We make standard assumptions about preferences and production technology, but by contrast to existing studies we assume that children and...

We show that the CUSUM-squared based test for a change in persistence by Leybourne et al. (2007) is not robust against shifts in the mean. A mean shift leads to serious size distortions. Therefore, adjusted critical values are needed when it is known that the data generating process has a mean...

Can a large-scale defcit spending program speed up recovery after recession? To answer that question we calibrate a standard neoclassical growth model with US data and assume that an exogenous shock has driven aggregate output far below steady-state level. We calibrate the model such that a...

This paper examines financial professionals' overconfidence in their forecasting performance. We compare individuals' self-rating of performance with the true performance, both measured relative to the same peer group. The forecasters in our sample show overconfidence on average, although to a...

This paper treats the problem of setting the inventory level of closed-loop flow lines operating under the constant-work-in-process (CONWIP) protocol. We solve a huge but simple linear program that models an entire simulation run of a closed-loop flow line in discrete time to determine a...