ZEW Discussion Papers

This paper contributes to a relatively new research area called "carbon finance". In simple terms, carbon finance deals with finance and carbon dioxide permit market related issues. The research focuses, for…

The provision of public goods often relies on voluntary contributions and cooperation. Many economic experiments have studied the determinants of cooperative behavior as well as the implementation of…

This paper presents a new corporate microsimulation model, ZEW TaxCoMM, which allows for the coherent micro-based analysis (ex ante and ex post) of reform induced revenue implications and the distribution of the…

What is the optimal degree of income tax progressivity when both labour supply and wages are endogenous, and households are heterogeneous in several dimensions? This question is answered using a numerical…

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…