In this paper we study the finite sample and asymptotic properties of various weighting estimators of the local average treatment effect (LATE), several of which are based on Abadie (2003)'s kappa theorem. Our framework presumes a binary endogenous explanatory variable ("treatment") and a binary...

Regressionsbetas, implizite Betas und ihre Implikationen für die Aktienrisikoprämie In diesem Beitrag wird eine alternative Methode zur Schätzung des CAPM-Betafaktors vorgestellt. Aus einem Residual-Income-Modell werden implizite Betafaktoren abgeleitet, die mit den Schätzungen auf Basis...

Die Geldnachfrage (relativ zum Inlandsprodukt) erhöht sich bei einem Anstieg des Vermögens, bei einer erhöhten "monetization" und einer vertieften Arbeitsteilung. In einer Querschnittsanalyse von 126 Ländern zeigt diese Studie, dass der Anteil der Landwirtschaft, die Lebenserwartung, der...

Auch dreißig Jahre nach dem Artikel von Modigliani und Miller und zahllosen weiteren Veröffentlichungen ist die Frage zur Verschuldungsstruktur von Unternehmen weitgehend ungelöst. Dabei ist insbesondere in der empirischen Evidenz dieses Forschungsgebietes ein Defizit festzustellen. Unter...

We analyze unique data on three sources of information on the probability of re‑employment within 6 months (RE6), for the same individuals sampled from the inflow into unemployment. First, they were asked for their perceived probability of RE6. Second, their caseworkers revealed whether they...

This study aims to examine the relationship of having financial statements audited by external auditors and access to bank credit, using data from the Business Environment and Enterprise Performance Survey (BEEPS). Among firms having credit access, this research further analyses the impacts of...

Using a wavelet coherence approach, this study investigates the relationship between Bitcoin return and Bitcoin-specifc sentiment from January 1, 2016 to June 30, 2021, covering the COVID-19 pandemic period. The results reveal that before the pandemic, sentiment positively drove prices,...

Katharina Wedel prepared this study while she was working at the Center for the Economics of Education at the ifo Institute. The study was completed in September 2023 and accepted as doctoral thesis by the Department of Economics at LMU Munich. It consists of four distinct empirical essays that...

This article provides empirical researchers with an introduction and guide to research designs based on variation in judge and examiner tendencies to administer treatments or other interventions. We review the basic theory behind the research design, outline the assumptions under which the...

This study aims to examine the relationship of having financial statements audited by external auditors and access to bank credit, using data from the Business Environment and Enterprise Performance Survey (BEEPS). Among firms having credit access, this research further analyses the impacts of...