ZEW Discussion Papers

Finance theory does not provide a comprehensive framework for explaining risk management within the imperfect financial environment in which firms operate. Corporate managers, however, rank risk management as…

Auch dreißig Jahre nach dem Artikel von Modigliani und Miller und zahllosen weiteren Veröffentlichungen ist die Frage zur Finanzierungsstruktur von Unternehmen weitgehend ungelöst. Dabei ist insbesondere in der…

Our study is based on the traditional Becker-Ehrlich deterrence model, but we analyse the model in the face of currently discussed factors of crime like demographic changes, youth-unemployment and income…

In this paper, a practicable scheme of SO2-emission permits for European power producers is developed. Background is the second UN-ECE Sulphur Protocol from 1994 (Protocol of Oslo). After discussing some…

This paper deals with the innovation behavior and the R&D activities at the firm level in East Germany. The theoretical and empirical analyses lead to the conclusion that the relatively low level of the R&D…

This paper investigates empirically the interrelationships between the daily stock market returns of the Nikkei 225, DAX and Dow Jones Industrial index. Contrary to former work this paper uses the succession of…

The objective of this paper is to present different equity rules that can be applied to the initial allocation of greenhouse gas entitlements and to analyse the potential impacts of these rules EU-wide as well…

War mit der Vereinigung Deutschlands ein starker Anstieg in der Mitgliederzahl der Gewerkschaften in Deutschland einhergegangen, erleben sie seit 1992 einen umso stärkeren Einbruch. Die von den Verbänden…

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…