ZEW Discussion Papers

New version, original title: Consumption-Based Asset Pricing with a Reference Level: New Evidence from the Cross-Section of Stock Returns

This paper presents an empirical evaluation of recently proposed asset…

This paper studies the incentives to undertake uncertain R&D initiatives in a dynamic duopoly network industry. It is shown that network externalities positively affect the incentives to invest in R&D. In the…

This paper analyzes the impact of network externalities on R&D competition between an incumbent and a potential entrant. The analysis shows that the incumbent always invests more than the entrant in the…

Recent labor market reforms in Germany aim, among other things, at reducing unemployment by restricting passive unemployment measures, emphasizing local labor market policies and re-structuring public employment…

Cross-border private equity deals have increased substantially in recent years. This study looks at the issue of how European investors view their local counterparts in the portfolio companies’ home countries.…

Mit den Daten des Mannheimer Innovationspanels wird für die Jahre 1999 bis 2002 untersucht, welche Faktoren die zweistufige betriebliche Weiterbildungsentscheidung determinieren. Eine Probit-Schätzung zeigt,…

This paper investigates the impact of a high school degree on the wage distribution in the period from 1984 to 2004 in Germany. In that period the share of male workers with a high school degree increased from…

In this paper the accuracy of a wide range of German business cycle forecasters is assessed for the past 10 years. For this purpose, a data set is used comprising forecasts published on a monthly basis by…

This paper provides the first full examination of the effect of German works councils on wages using matched employer-employee data (specifically, the LIAB for 2001). We find that works councils are associated…