Across the globe climate policy is shifting away from a carbon price towards investment subsidies, such as grants, interest-subsidised loans or guarantees. This increases the risk of inefficient public spending. This paper shows how the main market imperfections related to the emission...

Across the globe, climate policy is increasingly using investment support instruments, such as grants, concessional loans, and guarantees – whereas carbon prices are losing importance. This development substantially increases the risk of inefficient public spending. In this paper, we examine...

This paper analyses the role of climate and environmental policy for the relationship between firms' environmental externalities and their cost of debt using data on European corporate bonds. For direct environmental costs as well as for carbon emissions, we find that policy is a key driver of...

This paper uses a theoretical model with Directed Technical Change to analyse the observed heterogeneous energy intensity developments. Based on the empirical evidence on the underlying drivers of energy intensity developments, we decompose changes in aggregate energy intensity into structural...

This paper uses a theoretical model with Directed Technical Change to analyse the observed heterogeneous energy intensity developments. Based on the empirical evidence on the underlying drivers of energy intensity developments, we decompose changes in aggregate energy intensity into structural...

This paper provides an empirical investigation of severe misconducts in contests based on data from European football championships. We differentiate between two types of severe misconducts both resulting in a yellow card, namely dissents with the referee and other misconducts, and between...