ZEW Discussion Papers

This paper investigates price formation in the European Union Emissions Trading Scheme (EU ETS). The aim of the paper is to know what is happening to the European Union Allowance (EUA) price, when new…

Cross-section inequality increased in the last decade in Germany. Wage mobility can at least partly offset the increase in cross-section inequality and thus leads to a better understanding of inequality and…

Drawing on a large-scale German Linked Employer- Employee data set, this paper studies the extent to which employers insure workers against firm-level shocks. Particular emphasis is given to the question of…

A sizeable literature reports that financial market analysts and forecasters herd for reputational reasons (See e.g. Devenow and Welch (1996) and Hirshleifer and Teoh (2003) for surveys). As an example, Lamont…

New firms are regarded to be of substantial importance for the development of an economy, especially for innovation, growth, and the creation of jobs. However, new firms also face a high risk of failure. Thus,…

Company-wide packages of enterprise software for planning and controlling business processes, referred to as enterprise systems, are widely used in many different industries throughout many countries around…

In recent years, the view on patents as an instrument for firms to appropriate the returns from inventive activities has shifted towards a more explicit consideration of a patent's strategic importance. In fact,…

It is a well-known fact that the level of parents' education is strongly correlated with the educational achievement of their children. This effect is more robust than that of any school or institutional…

In this paper I test the prediction that the reference standard for income comparisons increases in a person's productive ability, which is proxied for by education. The prediction is derived from a model by…