Union density in Germany has declined remarkably during the last two decades. We estimate socio-economic and workplace-related determinants of union membership in East and West Germany using data from the German…
This paper analyses the performance of real estate securities and their relationship to other asset classes as well as to consumer price inflation in an international comparison over the period from 1990 to…
The confidence that financial markets are able to discipline the debt behaviour of governments in the euro area is not very high. One possible reason could be that the European Central Bank accepts all European…
The confidence that financial markets are able to discipline the debt behaviour of governments is not very high. Therefore, the Stability and Growth Pact has been implemented as an institutional constraint to…
We study the performance of conditional asset pricing models in explaining the German cross-section of stock returns. Our test assets are portfolios sorted by size and book-to-market as in the paper by Fama and…
