1. Discussion and Working Paper // 2015

    Covenant Violations, Loan Contracting, and Default Risk of Bank Borrowers

    Are borrowers rewarded for repaying their loans? This paper investigates the consequences of covenant violations on subsequent loans to the same borrower using a hand-collected sample of US syndicated loans…

  2. Discussion and Working Paper // 2015

    Zero Risk Contagion - Banks' Sovereign Exposure and Sovereign Risk Spillovers

    We investigate whether the application of risk weights impairs financial stability. Zero risk weight regulation associated with euro-denominated sovereign debt creates a “sovereign subsidy” for European banks,…

  3. Discussion and Working Paper // 2015

    Carbon Price and Wind Power in Denmark

    This paper aims at characterizing the conditions of wind power deployment in order to infer a carbon price level that would provide wind power with comparable advantage over fossil fuel technologies as effective…

  4. Discussion and Working Paper // 2015

    Flexibility in the Market for International Carbon Credits and Price Dynamics Difference with European Allowances

    We analyze the price dynamics of European allowances and international carbon credits in the second phase of the European carbon market. We develop and use a model combining fundamental drivers associated with…

  5. Discussion and Working Paper // 2015

    Accounting for the Spouse when Measuring Inequality of Opportunity

    Existing literature on inequality of opportunity (IOp) has failed to address the question as to how the circumstances and choices of spouses in a couple should be treated. By omitting information relevant to the…

  6. Discussion and Working Paper // 2015

    Equality of Opportunity: East vs. West Germany

    The case of German reunification has been subject to extensive research on earnings inequality and labor market integration. however, little is known about the development of equality of opportunity (EOp) in…

  7. Discussion and Working Paper // 2015

    Measuring the Use of Human Resources Practices and Employee Attitudes: The Linked Personnel Panel

    This paper introduces a new data source available for HRM researchers and personnel economists, the Linked Personnel Panel (LPP). The LPP is a longitudinal and representative employer-employee data set covering…

  8. Discussion and Working Paper // 2015

    Tax Information Exchange with Developing Countries and Tax Havens

    The exchange of tax information has received ample attention recently, due to a number of recent headlines on aggressive tax planning and tax evasion. Whilst both participating tax authorities will gain when…