infonet-economy

We develop a new tail risk measure for hedge funds to examine the impact of tail risk on fund performance and to identify the sources of tail risk. We find that tail risk affects the cross-sectional variation in fund returns, and investments in both, tail-sensitive stocks as well as options, drive tail risk. Moreover, managerial incentives and discretion as well as exposure to…

This paper investigates whether and how strongly the share of homeowners in a community affects residential property taxation by local governments. Different from renters, homeowners bear the full property tax burden irrespective of local market conditions, and the tax is more salient to them. "Homeowner communities" may hence oppose high property taxes in order to protect…

This paper provides new evidence on gender bias in teaching evaluations. We exploit a quasi-experimental dataset of 19,952 student evaluations of university faculty in a context where students are randomly allocated to female or male instructors. Despite the fact that neither students' grades nor self-study hours are affected by the instructor's gender, we find that women…

We assess how regional rail service affects air pollution in Germany, where rail service is procured in auctions or negotiations. We argue that the procurement mode is plausibly exogenous, and show that auctions deliver stronger rail service growth than negotiations. Instrumenting rail service growth with procurement mode, we find that increasing rail service by 10% reduces carbon…

We analyze how the transmission of international inflation spillovers depends on the nature of the underlying shocks that drive inflation abroad. We find evidence for substantial heterogeneity in the magnitude of spillovers to domestic inflation related to the fundamental source of international price fluctuations and the corresponding monetary policy reactions. Indeed, it turns out that…

For policy institutions such as central banks, it is important to have a timely and ac-curate measure of past and current economic activity and the business cycle situation. The most prominent example for such a measure is gross domestic product (GDP). However, GDP is only released at a quarterly frequency and with a substantial delay. Furthermore, it captures elements that are not…

Since almost thirty years, three dimensional virtual reality, which required expensive and cumbersome equipment, has raised interest as it allows users to feel immersed in virtual environments. Recently, affordable head mounted displays have revived the hope that virtual reality might really be up for a breakthrough. This research looks into the sense of presence perceived by users…

Abgedruckter Leserbrief zum "Gastkommentar" von Dirk Niepelt, "Die Kunden sollten zwischen Sichtguthaben und elektronischem Notenbankgeld wählen können", NZZ vom 17.08.2017. Darin befasst sich Prof. Niepelt, Direktor am (SNB-nahen) Studienzentrum Gerzensee, mit der Vollgeld-Initiative und schlägt eine abgeschwächte Variante vor. Der Leserbrief zeigt deren zwei…