Common ownership - when an investor holds shares in two or more companies - has recently attracted significant attention from policy-makers and researchers, studying mainly US firms. European firms, however, are different as top investors with large stakes, like governments, founding families...

This paper proposes a test for the existence and degree of contagious presenteeism and negative externalities in sickness insurance schemes. First, we theoretically decompose moral hazard into shirking and contagious presenteeism behavior and derive testable conditions. Then, we implement the...

Jobs offer different wages and different non-monetary working conditions. This paper investigates how the demand for non-monetary aspects evolves over changing wealth levels. Wages do not perfectly compensate individuals for differential utility of jobs in a labour market with informational...

In view of rising wage and income inequality, the introduction of a legal minimum wage has recently become an important policy issue in Germany. We analyze the distributional effects of a nationwide legal minimum wage of 7.50 € per hour on the basis of a microsimulation model which accounts...

The 2008-2009 global financial crisis has raised new questions about the relationship between equity fund flows and stock market returns. This paper analyses it using US monthly data over the period 2000:1-2015:08. A VAR-GARCH(1,1)-in-mean model with a BEKK representation is estimated, and a...

Macroprudential policies for financial institutions have received increasing prominence since the global financial crisis. These policies are often aimed at the commercial banking sector, while a host of other non-bank financial institutions, or shadow banks, may not fall under their...

Common ownership - where two firms are at least partially owned by the same investor - and its impact on product market outcomes has recently drawn attention from scholars and practitioners. Previous research links common ownership with higher prices. This paper focuses on implications for...

We quantify the causal link between exchange rate movements and sovereign risk of 16 major emerging market economies (EMEs) by means of structural vector autoregressive models (SVARs) using data from 10/2004 through 12/2016. We apply a novel data based identification approach of the structural...

Common ownership - where two firms are partially owned by the same investor - and its impact on product markets has recently drawn attention. This paper focuses on implications for entry. We consider the entry decisions of generic pharmaceutical firms into drug markets opened up by the end of...