The Brexit referendum and the decision of British voters to leave the EU have sparked a comprehensive debate on the future of European integration. A key issue in this debate is the appropriate division of…

• European Banks Under Stress – Crisis Scenario Reveals Huge Capital Shortfalls
• Digitisation in the Electricity Industry Proceeds at Too Slow a Pace
• State Aid for Companies in Financial Straits Realised Desired…

We compare auctions with bidder qualification before or after the bidding process. We show that although post-auction qualification is more efficient, the auctioneer prefers pre-auction qualification when…

Mögliche Folgen der zunehmend automatisierten und digitalisierten Arbeitswelt werden gegenwärtig intensiv diskutiert. Dabei stand bislang die Frage nach dem technisch Machbaren im Mittelpunkt. Ob dies jedoch…

I study the causal effect of the European Union Emissions Trading System (EU ETS) on the productivity of German manufacturing firms. Using administrative firm-level data, I estimate robust production functions…

• International financial market data — assessments and expectations
• Higher long-term interest rates anticipated
• Analysts count on stable CHF
• Majority expects higher inflation rates
• Cautious assessment of the stock…

We analyze the best price clauses (BPCs) of online travel agents (OTAs) using meta-search price data of more than 45,000 hotels in different countries. Although OTAs apparently have not changed their standard…

Using panel data on the full population of corporate tax returns of Armenian firms, we study the behavioral response of firms to three size-dependent regulations. We find: i) a strong response to an accounting…