We analyze the memory in volatility by studying volatility return intervals, defined as the time between two consecutive fluctuations larger than a given threshold, in time periods following stock market crashes. Such an aftercrash period is characterized by the Omori law, which describes the...

We analyse large stock price changes of more than five standard deviations for (i) TAQ data for the year 1997 and (ii) order book data from the Island ECN for the year 2002. We argue that a large trading volume alone is not a sufficient explanation for large price changes. Instead, we find that...

Little is known about the size and determinants of undeclared work. While approaches to measure the shadow economy have been extensively discussed, conventional surveys dominate research on undeclared work. We review and extend this literature by first referring to the most recent survey data on...

We study the causal effects of household tax credits on the willingness to demand legally provided services using two survey experiments with 1.974 German homeowners. Participants choose between hypothetical offers of service providers and are randomly assigned to a policy scenario 1) without a...

This paper discusses current developments in tax compliance research, with a focus on three aspects. First, we summarize empirical evidence on the traditional deterrence or enforcement approach, suggesting that tax audits and fines for noncompliance are critical in taxpayers' compliance...

Several countries use household tax credits to incentivize tax compliance in the provision of household services. Tax credits increase households’ willingness to pay for an invoice; however, the effectiveness depends on their design. A tax credit that makes the financial benefit salient to...

Damit Haushalte bei der Inanspruchnahme von haushaltsnahen Dienstleistungen einen Anreiz haben, die Leistungserbringung den Finanzämtern zu melden, gibt es in vielen Ländern Steuer- vergünstigungen. Wir untersuchen die Effektivität dieser Maß- nahmen auf Basis einer experimentellen Umfrage....