This working paper studies the developments in the creditworthiness of German public real estate companies during the first quarter of 2018 and the third quarter of 2021. Besides an analysis of balance sheet data, this working paper evaluates credit risks resulting from a deteriorating...

This study investigates a disparity in hourly wages (i.e., a pay gap) between employees with an ethnic minority vs. ethnic majority background in Germany. To this aim, a Blinder-Oaxaca decomposition based on a representative survey of the adult population in Germany is used. The analysis is...

The unification of the East and West German states in 1990 initiated the integration of two distinct innovation systems. In this process, the poorly functioning socialist system of East Germany adopted the formal institutions and organization of West Germany, a western-style market economy. We...

We provide explorative insights on how farms which manage strong and successful growth affect farms in their neighbourhoods through spatial competition for land. The study is based on an exploratory analysis of repeated framed experiments within the business game FarmAgriPoliS (Appel & Balmann,...

Departures from full-information rational expectation models give rise to stock price wealth effects which introduce inefficient cyclical fluctuations in the economy. Waves of optimism/pessimism affect beliefs and asset prices which influence aggregate demand through expectation-driven wealth...

I measure statistical differences in personality characteristics (personality traits, attitudes, and values) between individuals with an ethnic minority vs. ethnic majority background. This analysis might inform research on explanations of discrimination, as some researchers have proposed that...

This paper argues that the price-dividend ratio variability is explained in a large proportion by shocks affecting the subjective distribution of capital gain expectations: sentimental discount rate shocks affecting average beliefs explain at least 30% and disagreement shocks up to 20% of the...

This study examines how ChatGPT affects the labor market. I first thoroughly analyzed the prior research that has been done on the subject in order to start understanding how ChatGPT and other AI-related services are influencing the labor market. Using the supply and demand model, I then assess...

One of the central debates in the empirical capital structure literature is the issue of capital structure stability. The purpose of this study is to examine the debate in the Nigerian context where it is largely an underexplored issue. This study employed the traditional leverage adjustment...

The tourism industry is very important to the economic prosperity of a country, even in a period of economic crisis. In last decade, tourism industry of Greece, which contributes significantly to the country's economy, faced many problems challenges during the economic crisis. To shed light on...