We examine how regularly scheduled macroeconomic announcements for the U.S., Germany and the euro area affect the German stock market, using high-frequency, minute-by-minute DAX data. Our study extends the literature on high-frequency announcement effects in several ways. First, we account for...

This paper shows how asymptotically valid inference in regression models based on the weighted least squares (WLS) estimator can be obtained even when the model for reweighting the data is misspecified. Like the ordinary least squares estimator, the WLS estimator can be accompanied by...

The academic literature provides excellent methodologies to identify best practices and to calculate inefficiencies by stochastic frontier analysis. However, these methodologies are regarded as a black box by policy makers and managers and therefore results are hard to accept. This paper...

The issue of technological unemployment receives perennial popular attention. Although there are previous empirical investigations that have focused on the relationship between innovation and employment, the originality of our approach lies in our choice of method. We focus on four 2-digit...

Linear regression models form the cornerstone of applied research in economics and other scientific disciplines. When conditional heteroskedasticity is present, or at least suspected, the practice of reweighting the data has long been abandoned in favor of estimating model parameters by ordinary...

In this paper, we revisit the empirical evidence on the relationship between trade openness and long-run economic growth over the sample period 1960-2000. In contrast to previous studies focusing mainly on the period 1970-1990, this paper reassesses the openness-growth nexus over a much longer...