This paper examines heterogeneous capitalization effects of school renovations on residential property prices in Berlin. House prices in cities reflect object and local amenity qualities, however, information asymmetries about both qualities persist. Given that school is a decisive amenity for...

When consumers prefer to buy goods with high environmental quality and firms differ in their environmental qualities, firms have incentives to fight over environmental salience and thereby influence consumers' attention to the environmental dimension of the goods. A green firm prefers...

I study the impact of school social workers on youth crime and education. As a political reaction to a school rampage, a large German state introduced funding for school social workers, resulting in a strong increase in their numbers. Using the spatial and temporal variation in its...

We consider a model of infinitely repeated lottery contests in which the winner of the prior contest (incumbent) additionally gains the opportunity to bias the subsequent contest by exerting early effort in an intermediate stage. An effortmaximizing contest designer strategically chooses the...

Are sanctions bypassed by hiding money offshore? Using bilateral data on bank deposits, we compare how offshore deposits from sanctioned versus nonsanctioned countries develop after the U.S. and the EU impose financial sanctions. Sanctions targeting individuals increase offshore deposits, as...

We build a signaling game model of a firm's decision to acquire a costly green label which enables it to emit a green bond. A greenium may compensate it for the incurred cost. That cost is higher for non-green firms. With an investor that prefers a clean environment and dislikes being fooled...

In the SRI-augmented version of the Arrow-Debreu-model by Arnold (2023), the restriction to no risk of bankruptcy is immaterial. Furthermore, shareholder unanimity is still valid when a firm's bond issuance (viz., its leverage) is chosen endogenously. The debt-equity-ratio of firms may not only...

Multiple job holding (MJH) is increasingly frequent in industrialized countries. Individuals holding a secondary job add to their experience, skills, and networks. We study the long-run labor market outcomes after MJH and investigate whether career effects can be validated. We employ...

How does the death of soldiers shape women's participation in the labor market? Using county-level census data from 1925 to 1970, I examine how military mortality during World War II affected women's labor market status in the short and medium term in the German state of Bavaria. Employing a...

We quantify the economic impact of a potential secession of Catalonia from Spain. Using a novel dataset of trade flows between 17 Spanish sub-national regions and 142 countries, we estimate the effects of different levels of borders on trade flows and uncover heterogeneity in country-to-country,...