Z E W N E W S L E T T E R E N G L I S H E D I T I O N No. 2013-05 May 29, 2013 (Yvonne Braeutigam, newsletter-en at zew.de ) http://www.zew.eu _____________________________________________________________________ _____________________________________________________________________ Content 1. NEWS 2. STAFF 2.1. Awards 2.2. Visiting Researchers 3. PRESS RELEASES 4. RECENT PUBLICATIONS IN ENGLISH 4.1. ZEW policy brief 4.2. Financial Market Report Switzerland 4.3. ZEW Discussion Papers IN GERMAN 4.4. ZEWnews German Edition 4.5. ZEW Finanzmarktreport (ZEW Financial Market Report) 4.6. Gutachten/Forschungsberichte (Expertises/Research Reports) 5. NEW RESEARCH PROJECTS 6. EVENTS 6.1. Scientific Events 7. JOB OFFERS _____________________________________________________________________ 1. NEWS 29.05.2013 Dr. Simone Schwanitz, Director at the Ministry of Science, Research and the Arts, Visits ZEW: Dr. Simone Schwanitz, Director at the Ministry of Science, Research and the Arts of Baden-Wuerttemberg, visited the Centre for European Economic Research (ZEW) in Mannheim on May 29, 2013. During her visit she was introduced to the new ZEW President, Professor Dr. Clemens Fuest, and received in-depth information about the institute's work. Read more on the visit: http://www.zew.de/news2326 24.05.2013 ZEW policy brief Published - Comparing Online Shopping Prices Is Worth the Effort: Internet shopping is becoming more and more popular. On price comparison sites users can obtain helpful advice, where to find the best price. A study conducted by the Centre for European Economic Research (ZEW) in Mannheim and the University of Linz within the framework of the SEEK research programme shows that price comparisons are worth the effort. The results show that already ten additional competitors in the market offering the same product reduce the markup of the cheapest provider by 1.7 percentage points. Download the four-sided ZEW policy brief at: http://ftp.zew.de/pub/zew-docs/policybrief/pb02-13.pdf 06.05.2013 ZEW President Clemens Fuest on the Reform of International Taxation - An Uphill Battle: The taxation of multinational companies is not a topic suited for soapbox platitudes. It is simply too complex. Yet politicians continue to make it a subject of public debate. The governments of France, Germany, and the UK have declared that public coffers are threatened by the tax avoidance practices of multinational companies. EU Council President van Rompuy has placed this issue on the agenda of the next EU summit in May. And the president of France, Francois Hollande, has even declared that he wants to "eradicate" tax havens. Read more: http://www.zew.de/news2312 02.05.2013 Q&A: University Studies or Vocational Training - What Returns to Education Can Be Expected? Each additional year of school, vocational training, or university education pays off, leading on average to hourly earnings six per cent higher in one's later professional life. PD Dr. Friedhelm Pfeiffer, an educational economist at ZEW, talks about various aspects of this finding. Read the complete interview: http://www.zew.de/news2314 29.04.2013 Can Family Policy Measures Increase Birth Rates? Sub-Study on Fertility in the Context of the "Overall Evaluation of the Monetary Family Related Benefits" Published: Today, the Centre for European Economic Research, Hamburgisches WeltWirtschaftsInstitut (HWWI), Forschungszentrum Familienbewusste Personalpolitik (Munster) as well as the universities of Cologne and Duisburg-Essen published the first of two studies planned for the "fertility" module of the overall evaluation (sub-study a). The sub-study is titled "Geburten und Kinderwuensche in Deutschland - Bestandsaufnahme, Einflussfaktoren und Datenquellen" (Birth Rates and the Desire to Have Children in Germany - Survey, Determinants, and Data Sources). Researchers of the institutes involved currently examine the impact of monetary family-related benefits and measures on the fertility behaviour in Germany, and analyse which factors influence the decision to have (more) children. Read more: http://www.zew.de/news2305 For current news, please visit: http://www.zew.de/news 2. STAFF 2.1. Awards ZEW Researcher Receives DAI-Hochschulpreis: Dr. Gunnar Lang, deputy head of ZEW's Research Department "International Finance and Financial Management", received the renowned university award (DAI-Hochschulpreis) of Deutsches Aktieninstitut e.V. (DAI) in Frankfurt am Main in April 2013. DAI annually honours the best scientific works in the field of stock and capital markets on the basis of a competitive review process. The awarded dissertation titled "Macro Attractiveness and Micro Decisions in the Mutual Fund Industry - An Empirical Analysis" addresses the attractiveness of financial centres as well as corporate decisions in the mutual fund industry and their impact on the economy. It will be published as volume 47 of the ZEW Economic Studies at Physica Verlag Heidelberg. Additional information on Dr. Gunnar Lang at: http://www.zew.de/staff_gla 2.2. Visiting Researchers Dr. Yu Shen Visiting Researcher at ZEW: Dr. Yu Shen, postdoc researcher from Fudan University in Shanghai, China, was visiting researcher at ZEW's Research Department "International Finance and Financial Management" from May 8-22, 2013. His main research fields are mutual funds and venture capital. During his visit he conducted research on financial markets in Asia with ZEW researchers. Prof. Francis Greene Visiting Researcher at ZEW: Professor of Small Business and Entrepreneurship Francis Greene, PhD, from the University of Birmingham, UK, was visiting researcher at ZEW's Research Department "Industrial Economics and International Management" from May 16-18, 2013. His research interests lie in the area of new firm start-ups and firm dynamics. During his visit he worked together with ZEW researchers on new firm closure and restarters' learning effects. Additional information on Prof. Francis Greene: http://www.birmingham.ac.uk/schools/business/staff/profile.aspx?ReferenceId=34416 3. PRESS RELEASES 22.05.2013 - ZEW (tko/eje) ZEW Annual Report 2012 Published - ZEW Successful in Raising Third-Party Funds: In 2012, the Centre for European Economic Research (ZEW) in Mannheim increased its total revenues by 2.3 million euros to 20.5 million euros. It was in particular the growth of third-party funding which contributed to the result. This information is provided by the annual report (German version) recently published by the institute. Read more: http://www.zew.de/press2319 16.05.2013 - ZEW (zil/ggr) ZEW-Erste Group Bank Economic Sentiment Indicator for Central and Eastern Europe (CEE) - Optimistic Trend Recurs: In May 2013 economic expectations for Central and Eastern Europe including Turkey (CEE) display a revision of last month's decline, thereby crawling back to a positive trend. The ZEW-Erste Group Bank Economic Sentiment Indicator for Central and Eastern Europe increases by 15.4 points (April 2013: decline by 20.4 points after four consecutive increases). The balance of experts' expectations is currently set at 44.9 points. In spite of prevailing uncertainty in the eurozone, experts' optimism increases in May for all countries in the CEE region and for the eurozone (indicator increase by 31.1 points). Read more: http://www.zew.de/press2318 15.05.2013 - ZEW/CS (lja/ggr) ZEW-CS Financial Market Test Switzerland - Economic Expectations Cede Last Month's Gains: In May 2013 the ZEW-CS Indicator of Economic Expectations for Switzerland falls by 17.8 points to a level of 2.2 points. Last month's significant gains are thus lost and the indicator falls back to the level of March 2013. The ZEW-CS Indicator is calculated monthly by the Centre for European Economic Research (ZEW) in cooperation with Credit Suisse (CS). The indicator reflects the expectations of the surveyed financial market experts regarding the economic development in Switzerland on a six-month time horizon. Read more: http://www.zew.de/press2316 14.05.2013 - ZEW (fmo/jri/kbo) ZEW Indicator of Economic Sentiment - ZEW Indicator Remains Unchanged: After a sharp decline last month, the ZEW Indicator of Economic Sentiment for Germany moved sideways in May 2013. The indicator gained 0.1 points compared to the previous month and is now hovering at the 36.4 -points mark. "Despite mostly positive economic data for the German economy, the ZEW Indicator remains at the level of the previous month. This may be due to the still poor economic situation in the eurozone, that is also reflected by the recent ECB interest rate cut", says ZEW President Prof. Dr. Clemens Fuest. Read more: http://www.zew.de/press2315 30.04.2013 - ZEW (fmo) Experts Expect Increasingly Dynamic GDP Growth Throughout the Year: The growth of the German gross domestic product (GDP) will accelerate in 2013. For the first and second quarter of 2013, experts expect a median GDP growth of 0.2 and 0.3 per cent. In the third quarter an increase by 0.4 per cent is expected. This is the result of the analysis of a special question for the quarterly ZEW survey among financial market experts conducted by the Centre for European Economic Research (ZEW) in Mannheim. The participants of the survey are asked to forecast the strength of GDP growth in the previous, the current and the subsequent quarter. In April 2013, 158 financial market experts participated in this survey. Read more: http://www.zew.de/press2306 30.04.2013 - ZEW (krs/eje/ybr) ZEW on Board of MS Wissenschaft 2013: The Centre for European Economic Research (ZEW) is again on board of the exhibition ship MS Wissenschaft (MS Science). On 30 April, the floating Science Centre will set sail from Berlin and begin its journey through Germany and Austria. This year, the interactive exhibition with the motto "Alle Generationen in einem Boot" (All generations in the same boat) focuses on demographic change. The Federal Ministry of Education and Research (BMBF) sent the MS Wissenschaft on her mission. Read more: http://www.zew.de/press2307 For current press releases, please visit: http://www.zew.de/en/presse 4. RECENT PUBLICATIONS IN ENGLISH 4.1. ZEW policy brief ZEW policy brief - No. 2, May 2013 Entry, Exit, and Pricing Strategies at Online Price-Comparison Sites: Do Price Markups Fall by Themselves, or Is Competition Crucial? Internet shopping is becoming more and more popular. On price comparison sites users can obtain helpful advice, where to find the best price. A study conducted by the Centre for European Economic Research (ZEW) in Mannheim and the University of Linz within the framework of the SEEK research programme shows that price comparisons are worth the effort. The results show that already ten additional competitors in the market offering the same product reduce the markup of the cheapest provider by 1.7 percentage points. Download as PDF file(*): http://ftp.zew.de/pub/zew-docs/policybrief/pb02-13.pdf 4.2. Financial Market Report Switzerland Financial Market Report Switzerland June 2013 * Trend Reversal in Credit Suisse-ZEW Indicator? * Further Eurozone Rate Cuts on the Radar Screen * Higher Gold Price Expected * Consistency on the Stock Market * Special Question: Asset Valuations Download as PDF file(*) (reference is given at the end of "RECENT PUBLICATIONS"): http://www.zew.de/FinancialMarketReportSwitzerland062013.pdf 4.3. ZEW Discussion Papers 13-034 Lars Feld; Alexander Kalb; Marc-Daniel Moessinger; Steffen Osterloh Sovereign Bond Market Reactions to Fiscal Rules and No-Bailout Clauses - The Swiss Experience Download as PDF file(*): http://ftp.zew.de/pub/zew-docs/dp/dp13034.pdf 13-033 Dominik Schober Static vs. Dynamic Impacts of Unbundling - Electricity Markets in South America Download as PDF file(*): http://ftp.zew.de/pub/zew-docs/dp/dp13033.pdf 13-032 Franz Westermaier; Brandt Morefield; Andrea M. Muehlenweg Impacts of Parental Health Shocks on Children's Non-Cognitive Skills Download as PDF file(*): http://ftp.zew.de/pub/zew-docs/dp/dp13032.pdf 13-031 Michael Huebler; Alexander Glas The Energy-Bias of North-South Technology Spillovers - A Global, Bilateral, Bisectoral Trade Analysis Download as PDF file(*): http://ftp.zew.de/pub/zew-docs/dp/dp13031.pdf 13-030 Patrice Bougette; Kai Hueschelrath; Kathrin Mueller Do Horizontal Mergers Induce Entry? Evidence from the U.S. Airline Industry Download as PDF file(*): http://ftp.zew.de/pub/zew-docs/dp/dp13030.pdf 13-029 Kai Hueschelrath; Sebastian Peyer Public and Private Enforcement of Competition Law - A Differentiated Approach Download as PDF file(*): http://ftp.zew.de/pub/zew-docs/dp/dp13029.pdf 13-028 Kai Hueschelrath; Kathrin Mueller Airline Networks, Mergers, and Consumer Welfare Download as PDF file(*): http://ftp.zew.de/pub/zew-docs/dp/dp13028.pdf 13-027 Christian Dick; Lena Jaroszek Knowing What Not to Do: Financial Literacy and Consumer Credit Choices Download as PDF file(*): http://ftp.zew.de/pub/zew-docs/dp/dp13027.pdf 13-026 Tim-Alexander Kroencke; Felix Schindler; Steffen Sebastian; Eric Theissen GDP Mimicking Portfolios and the Cross-Section of Stock Returns Download as PDF file(*): http://ftp.zew.de/pub/zew-docs/dp/dp13026.pdf 13-025 Peter J. Wood; Peter Heindl; Frank Jotzo; Andreas Loeschel Linking Price and Quantity Pollution Controls under Uncertainty Download as PDF file(*): http://ftp.zew.de/pub/zew-docs/dp/dp13025.pdf 13-024 Carlo Gallier; Andreas Loeschel; Bodo Sturm Did Fukushima Matter? Empirical Evidence of the Demand for Climate Protection in Germany Download as PDF file(*): http://ftp.zew.de/pub/zew-docs/dp/dp13024.pdf IN GERMAN 4.4. ZEWnews German Edition The ZEWnews May 2013 German edition contains the following articles: * More than Half of all Patent Infringement Litigations End Without a Verdict * Companies Promote the Creativity of Employees * BERUFSSTART plus under the Microscope * IT Outsourcing Stimulates Process Innovations in Service Companies * Q&A: University Studies or Vocational Training - What Returns to Education Can Be Expected? * Patent Protection in India - The "Case of Glivec" * "Europe must Press Ahead with Economic Integration" - Wolfgang Schaeuble at ZEW * About the Influence of Politicians and Institutional Framework on Public Finances * Statement on the Topic: Reforming International Taxation - An Uphill Battle Download as PDF file (German only)(*): http://ftp.zew.de/pub/zew-docs/zn/zn0513.pdf 4.5. ZEW Finanzmarktreport (ZEW Financial Market Report) ZEW Financial Market Report June 2013 * ZEW Index Remains on Previous Month's Level * ECB: Inflation Rate not Expected to Rise * USA: Economic Expectations Slightly Improving * Japan: Further Increase of Economic Expectations * Great Britain: Financial Market Experts Optimistic Again * Special Question: May 2013 - Inflation and Monetary Policy Download as PDF file (in German)(*): http://ftp.zew.de/pub/zew-docs/frep/062013.pdf 4.6. Gutachten/Forschungsberichte (Expertises/Research Reports) Christina Boll, Holger Bonin, Irene Gerlach, Karsten Hank, Inga Lass, Marc-Andre Nehrkorn-Ludwig, Nora Reich, Karsten Reuss, Reinhold Schnabel, Ann Kristin Schneider, Holger Stichnoth, and Christina B. Wilke (2013), Geburten und Kinderwuensche in Deutschland: Bestandsaufnahme Datenquellen (Birth Rates and the Desire to Have Children in Germany - Survey, Determinants, and Data Sources) - Expert's report for the Federal Ministry of Finance (BMF) and the Federal Ministry for Family Affairs, Senior Citizens, Women and Youth (BMFSFJ) on behalf of Prognos AG, Mannheim. Additional information and download: http://www.zew.de/publication6950 (*) Please note: PDF files can be displayed with Adobe Acrobat Reader. The software can be downloaded for free: http://get.adobe.com/uk/reader 5. NEW RESEARCH PROJECTS 2013 Report on the SME Sector in the Federal State of Bremen http://www.zew.de/project1304 SEEK Project 2013: Labour Market Adjustments in Response to Fundamental Technological Innovations http://www.zew.de/project1302 6. EVENTS 6.1. Scientific Events 03.-04.06.2013 Conference: 5th ZEW/MaCCI Conference on the Economics of Innovation and Patenting Location of the event: ZEW, Mannheim Additional information: http://www.zew.de/event1773 07.06.2013 Conference: 10 Years of Regulation 1/2003 Location of the event: ZEW, Mannheim Additional information: http://www.zew.de/event1813 21.-22.06.2013 Conference: 11th ZEW Conference on the Economics of Information and Communication Technologies Location of the event: ZEW, Mannheim Additional information: http://www.zew.de/event1777 24.-25.06.2013 Conference: Mannheim Energy Conference 2013 Location of the event: ZEW, Mannheim Additional information: http://www.zew.de/event1775 27.-28.06.2013 Workshop: SEEK Workshop on Social Network Formation and Peer Effects Additional information: http://www.zew.de/event1799 02.-05.07.2013 ZEW Summer Workshop: ZEW Summer Workshop 2013 - Current Fiscal Policy Challenges in Europe Location of the event: ZEW, Mannheim Additional information: http://www.zew.de/summerfiscalpolicy2013 18.-19.07.2013 Conference: 4th Conference on Recent Developments in Macroeconomics Location of the event: ZEW, Mannheim Additional information: http://www.zew.de/event1801 7. JOB OFFERS 16.05.2013 Researcher (Postdoc) for the Research Department "Environmental and Resource Economics, Environmental Management" For the complete job offer, please visit: http://www.zew.de/career384 ____________________________________________________________________ IMPRINT Publisher: Centre for European Economic Research GmbH (ZEW) L 7, 1 - 68161 Mannheim - Germany - http://www.zew.eu Phone +49 621/1235-01 Fax +49 621/1235-255 Seat of the company: Mannheim - Local Court Mannheim HRB 6554 Chairwoman of the Supervisory Board: Theresia Bauer, MdL, Minister of Science, Research, and the Arts of the State of Baden-Wuerttemberg Executive Directors: Prof. Dr. Clemens Fuest, Thomas Kohl Editors: Yvonne Braeutigam, yvonne.braeutigam at zew.de ; Patrick Pilarek, pilarek at zew.de E-mail: newsletter-en at zew.de Editorial assistants: Julia Glashauser; Jule Zenker Responsibility: Gunter Grittmann, grittmann at zew.de Legal note: http://www.zew.eu/legalnote You can subscribe/unsubscribe at any time - online via http://www.zew.eu/newsletter or - mail to zew-newsletter-englishedition-request at mx-assp2.zew.de Subject: (leave blank!) 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