This paper is the first to analyze the joint determinants of premiums and spreads in structured financial products, while also focusing on issuers' hedging costs. We evaluate more than 396,000 single stock discount certificates on an intraday basis in the German secondary market. We find that...

We examine the impact of dynamic hedging demand of German option and discount certificate markets on the autocorrelation of German stock price changes. We theoretically model the demand of liquidity providers in the discount certificate market, a structured financial product with a concave...

The system of unemployment insurance (UI) used in the United States has often been cited as a model for Europe. The American model illustrates that it is possible to create and maintain a UI system based on federal-state co-financing that intensifies during economic crises and thus reinforces...

Die Auswirkungen der von Covid-19 ausgelösten Wirtschaftskrise auf die Arbeitslosigkeit könnten kaum unterschiedlicher sein als in den USA und Europa. Das gilt auch für die politischen Reaktionen: Während die EU-27 die Arbeitslosigkeit bisher weitgehend durch massiven Einsatz von Kurzarbeit...

Evaluating more than 317,000 discount certificates in the German secondary market, we find that premiums and spreads are endogenous and negatively related but depend on different key determinants. The fundamental determinants of the premiums are mainly profit-related, that is, dividends of the...

The effects that the economic crisis triggered by COVID-19 is having on unemployment could hardly differ more than in the United States and Europe. This divergence also applies to the political reactions to it. Whereas the 27 member states of the European Union (EU-27) managed to keep...

This policy note examines sectoral and occupational employment impacts of the Covid-19 crisis. The crisis hit EU economies (and advanced economies in general) as they were already undergoing important structural changes due to technological change (digitisation), a factor affecting most...

This paper describes the US Unemployment Insurance (UI) in particular the federal-state partnership in governance, funding and policy making. It discusses 'national interest' as defined by the Federal authorities in relation to UI: income support, economic and employment stabilization and...

This article reviews the origins, development and impact of the European Employment Strategy against the backdrop of the employment performances and policies of the EU, from the early 1990s up to the mid-term review of the Lisbon Strategy in 2005. It recalls how the issue of employment was put...