We construct a panel of satisfaction with democracy (SWD) and economic, institutional, and environmental variables for 1990-2001 for fifteen European countries. In this sample, controlling for a number of factors, we find that average SWD is higher where (1) there exists an energy / CO2 tax,...

We construct a panel of satisfaction with democracy (SWD) and economic, institutional, and environmental variables for 1990-2001 for fifteen European countries. In this sample, controlling for a number of factors, we find that average SWD is higher where (1) there exists an energy / CO2 tax,...

Extant research shows that CEO characteristics affect earnings management. This paper studies how investors infer a specific characteristic of CEOs, namely moral commitment to honesty, from earnings management and how this perception - in conjunction with their own social and moral preferences -...

Although real integration conceptually plays an important role for the comovement of international equity markets, documenting this link empirically has proven challenging. We construct a new dataset of theory-guided, relevant measures of bilateral trade in final and intermediate goods and...

Tradable Permits – a Market-Based Allocation System for the Environment. Tradable Permits and Other Environmental Policy Instruments – Killing one Bird with two Stones. Tradable Permits – Ten Key Design Issues. Tradable Permits with Imperfect Monitoring. Emissions Trading with Greenhouse...

Demand is growing for a better understanding of how assets are priced in countries outside of the U.S. While financial data are available for many firms world-wide, it is important to have a reliable and replicable method of constructing high-quality systematic risk factors from these data. This...

What determines citizens' satisfaction with the constitution in operation ? We make two contributions towards an answer to this important policy question. First, we place stronger emphasis than existing studies on quantitative interpretations of the importance of different factors. We use...

This paper explores one potentially important channel through which immigration may drive support for extreme-right-wing parties: the presence of immigrants in the voters' neighborhoods. We study the case of the Freedom Party of Austria (FPÖ). Under the leadership of Jörg Haider, this party...

This paper explores one potentially important channel through which immigration may drive support for extreme right-wing parties: the presence of immigrants in one's neighborhood. We study the case of the Freedom Party of Austria (FPÖ). Under the leadership of Jörg Haider, this party increased...