infonet-economy

Based on an empirical analysis of European corporations, we investigate the impact of sovereign risk on the pricing of corporate credit risk. In our paper, we show that sovereign credit default swaps (CDS) are positively correlated with corresponding corporate CDS spreads and are a significant factor for corporate CDS pricing models. We also find that this impact increases throughout…

We propose a novel regime-switching approach for the simulation of electricity spot prices that is inspired by the class of fundamental models and takes into account the relation between spot and forward prices. Additionally the model is able to reproduce spikes and negative prices. Market prices are derived given an observed forward curve. We distinguish between a base regime and an…

Verlag Kohlhammer, Stuttgart 2014, 359 Seiten, 1. Auflage, ISBN 978-3-17-020078-4, 44,90 EUR

This paper examines how trade liberalization affects investments in R&D at the firm level. In a model where entrepreneurs are heterogeneous in their wealth endowment, they rely differently on external funds. In the presence of capital market imperfections, this implies heterogeneous access to external funds such that poor entrepreneurs run smaller firms, are less likely to invest…

This article deals with the civil liability issues that arise when self-driving vehicles are admitted to our streets. Firstly, it is explained why strict liability regimes for the vehicle holder, which are in place in several jurisdictions across Europe, are a workable foundation for ensuring compensation of the victim. However, accidents caused by highly automated vehicles will…

Bundesrat Berset hat es in der ersten Version seiner Reform der Altersvorsorge versäumt, Automatismen einzubauen: eine Anpassung der flexiblen Spanne des Rentenalters an die Lebenserwartung und des Umwandlungssatzes an Zinsumfeld und demografische Parameter.