In May 2020, for the first time in its history, the Federal Constitutional Court (FCC) of Germany declared Union acts as being ultra vires. According to the FCC, the European Central Bank (ECB) and the Court of Justice of the European Union (CJEU) had acted beyond their mandates because they did...

Die ohne Zutun der europäischen Politik vom Europäischen Gerichtshof und der Kommission betriebene „Integration durch Recht“ hat eine extensive Dynamik der Liberalisierung entfaltet. Wie lässt sich dieser Umstand erklären? Mit dieser Frage hat sich die 2008 gegründete...

We revisit the role of time in measuring the price impact of trades using a new empirical method that combines spread decomposition and dynamic duration modeling. Previous studies which have addressed the issue in a vector-autoregressive framework conclude that times when markets are most active...

Increasingly, individuals are in charge of their own financial security and are confronted with ever more complex financial instruments. However, there is evidence that many individuals are not well-equipped to make sound saving decisions. This paper demonstrates widespread financial illiteracy...