Publications of the Research Unit Pensions and Sustainable Financial Markets

• Tax Reform: Only Few Growth Impulses
• Are Cities the Centres of Innovation?
• Biomass: A Promising Energy Source
• Results of the Survey in January 1999
• The End of the Depreciation Threat
• Pricing Strategies on Export…

In this paper we analyze the permanent price impact of trades in financial markets by investigating the relation between unexpected net order flow and price changes. We mainly focus on four questions. Does large…

Are the characteristics of the exchange rate regime relevant for the degree of fiscal discipline? What are the conclusions for fiscal behavior in Europe after the transition to EMU? These are the central…

Since the crisis of the Metallgesellschaft AG in 1993, their roll over hedging strategy with short-term oil futures has been a subject of controversal debate. Main issues of this controversy are whether a woll…