We examine a large sample of some 100 economies worldwide to study the impact of financial sector size expansion on labour market performance. Estimating dynamic panel data models inspired by the well-developed finance-growth literature, we find that on average a larger financial sector is...

Interested in fundamental analysis and inspired by Bartram and Grinblatt (2018 & 2021), we apply linear regression (LR) and tree-based machine learning (ML) methods to estimate monthly peer-implied fair values of European stocks from 21 accounting variables. Comparing LR and ML models, we...

We study recent developments on the ownership of listed German firms. Based on a large panel with 9,501 firm-year observations spanning the period 2006-2021, we document four key results: (i) holdings of institutional investors gain in importance in German listed equity, (ii) foreign investors,...

Since 2022, European firms that fall within the scope of the NFRD/CSRD must report about the conformity of their economic activities with the EU Taxonomy. The MACIE EU Taxonomy Report provides first insights from the 2023 reporting season. Examining firms listed in the EURO STOXX 50, the report...

We empirically examine how complexity of ECB communications affects financial market trading based on high-frequency data from European stock index futures trading. Our sam-ple covers ECB press conferences between January 2009 and December 2017, during which unconventional monetary policy...

We are interested in the effect of capital income taxes upon security prices when investors face locally segmented stock markets and a global bond market. Therefore, we analyze an equilibrium model of an economy with binomial uncertainty, an exogenous risk-free interest rate, and a...

We study the certification role of fairness opinions in corporate transactions in a simple non-cooperative setting with asymmetric information and possibly misaligned managerial incentives, and discuss the effect of different regulatory scenarios. Specifically, we compare three settings: one in...

We propose a novel approach to measure the value that shareholders assign to financial flexibility. In contrast to existing proxies for financial constraints, our measure is market-based, forward-looking and not directly influenced by past financial decisions. We find that firms for which...