infonet-economy

This paper studies the electoral connection in the domain of cultural policy spending by analyzing direct democratic referendums on financing of the performing arts. Previous empirical investigations into voter preferences for the arts are based on the (strong) assumption of full voter turnout. I show theoretically and empirically that capturing the turnout decision leads to a...

Monika Bütler über den Zielkonflikt zwischen Beruf und Familie

This paper investigates the impact of changes in risk perception on bond markets triggered by the 2007-08 financial crisis. Using a methodology novel to empirical finance, we quantify the increase in credit spreads caused by changes in risk pricing and changes in risk factors. The lasting increase in credit spreads is almost exclusively due to time-varying prices of risk. We...

Rentner, die sich ihr Vermögen aus der Pensionskasse auszahlen lassen, sind später eher auf Ergänzungsleistungen angewiesen

This study examines why monetary policy at the national level can have vastly different effects on appreciation rates of single family houses across metropolitan statistical areas (MSAs). The study employs Case/Shiller monthly house price index data for 19 MSAs from 1992:06 to 2014:12 and FHFA quarterly house price index data for 94 MSAs from 1992:3 to 2014:4. We model the importance...

The recent events since the onset of the subprime crisis in 2007 have put forward the central role of the financial market in developed economies and its close linkages with other markets, such as the sovereign one. The extreme (co)variations in the financial market are difficult to explain by the value of the fundamentals, and factors like investor sentiment, liquidity and...

In his presidential address, Zingales (2015) observes that large parts of society perceive finance as a rent-seeking activity and that complex financial regulation is prone to arbitrage and capture. In my dissertation, I investigate whether there is some truth in these allegations. In Chapter 1, I estimate the extent of regulatory arbitrage by banks in the securitization market. In...

Stereotype über Männer und Frauen sind die schlimmsten Feinde der Gleichberechtigung. Dabei gäbe es Mittel dagegen.