ZEW Discussion Papers

Theoretical and practical portfolio management has been affected by the Modern Portfolio Theory (MPT) suggested by Markowitz (1952) for almost 60 years. An almost innumerable amount of research on this topic has…

Ever since the seminal papers of Fama (1965, 1970), the analysis of the efficient market hypothesis has been a key topic in both theoretical and empirical capital market analysis. The efficient market hypothesis…

This paper investigates the effect of mobility among a firm’s R&D personnel on its innovation performance. Since knowledge created within an R&D department of a firm is largely embodied in the person of the…

In the 1980s, the European Union (EU) started to develop its own technology policy independent from the member states. Since then the Framework Programme for Research and Technological Development (FP) has…

Research in real estate finance and economics has been dealing with the topic of efficiency in the housing market for over 25 years, mainly for the U.S., Canada, and the U.K. Most recent research on this topic…

The aging of populations in the demographic change in many industrialized countries will lead to increasing costs of professional support and care for frail elderly. In order to lower the resulting financial…

Skill gaps often arise already immediately after birth and increase during childhood long before formal education starts. Thus, early family environment can explain a crucial part of skill heterogeneity among…

In the context of a substantial welfare reform in 2005, a new employment program has been introduced in Germany, the so-called Temporary Extra Jobs. These jobs provide temporary work opportunities in the public…

Many new firms do not survive the first years in business. Even though, the financial risk for the parties that have a financial stake in the business (i.e. owners, lending institutions and other creditors, such…