bluuebunny/crossref_metadata_2025_split huggingface dataset:
Business Cycle Co-movement and Trade Intensity in the Euro Area: is there a Dynamic Link?
Authors: Kappler Marcus 
Published: April 2016

Summary
This paper extends the recent literature that exclusively looks at the static link between bilateral trade intensity and business cycle synchronisation. A cross section augmented VAR framework with an unobservered common factor structure is used in order to apply the concept of Granger causality to test for dynamic links between variables. I conclude that although countries with intensive trade linkages also tend to have more similar business cycles in the long-run, the trade channel does not help to explain much of the short-run variation of business cycle co-movement in the euro area. The common factors have high predictive power for both business cycle co-movement and bilateral trade intensity. Thus, the paper provides evidence for the common shock view on business cycle synchronisation.
Kosten des Europäischen Finanzstabilisierungsmechanismus (EFSM) aus deutscher Sicht / The Costs of the European Financial Stability Facility (EFSF) – The German Point of View
Authors: Meyer Dirk 
Published: April 2016

Summary
The European Financial Stability Facility (EFSF), which is supported by the German Gesetz zur Übernahme von Gewährleistungen im Rahmen des europäischen Stabilisierungsmechanismus (StabMechG), suspends the Stability and Growth Pact as the basis of the European Economic and Monetary Union. The actual ‘suspension’ from the ’no bail-out’ restriction (Art. 125 TFEU) and the prohibition of funding national debts (Art. 123 TFEU) transfers risks and financial burdens from deeply indebted states to solvent EU member states. As a result an unauthorized „transfer union‘‘ emerges, whose Central Bank lost its independence to a political leadership and cannot focus on its objective of price stability as contracted any longer. Even without the use of financial and guarantee aids the German economy suffers from a distorted yield structure and crowding-out effects of private investments. From the economic point of view the used measures are neither appropriate nor necessary for achieving financial stability within the European Economic and Monetary Union. Much less these measures are proportionate. Of course, the alternative of accepting a ‘controlled’ national bankruptcy would not have been without its formidable costs.However, its attribution of arrangements in the line with market requirements and the adherence to EU-contract provisions would have been the more worthwhile regulatory policy option for a more solid budgetary policy in the future.
Product Diversification and Profitability in German Manufacturing Firms
Authors: Braakmann Nils , Wagner Joachim 
Published: April 2016

Summary
We use unique rich data for German manufacturing enterprises to investigate the product diversification - firm performance relationship.We find that an increase in the degree of product diversification has a negative impact on profitability when observed and unobserved firm characteristics are controlled for. The effects are statistically significant and large from an economic point of view. This helps to understand the fact that nearly 40 percent of all enterprises with at least 20 employees are single-product firms according to a detailed classification of products, and that multi-product enterprises with a large number of goods are a rare species.
Is the Boone-Indicator Applicable? – Evidence from a Combined Data Set of German Manufacturing Enterprises
Authors: Schiersch Alexander , Schmidt-Ehmcke Jens 
Published: April 2016

Summary
Boone (2008a) proposes a new competition measure based on Relative Profit Differences (RPD) that, from its theoretical properties, proves to be more robust than the Lerner-Index. However, the proof of the empirical practicability and robustness of the Boone-Indicator is missing. To fill this gap, we use a rich, newly built, data set for German manufacturing enterprises and test its empirical validity using cartel cases. Since all of the identified cartels significantly restricted market competition, we expect fiercer competition after the uncovering. We asses the validity of the indicators by comparing the indicated competition levels before and after the cartels were uncovered and stopped. The Boone-Indicator is calculated as RPDs and as a beta coefficient of a log-log regression. The Lerner-Index is used as a benchmark. Our analysis finds that the Boone-Indicator, based on a simple regression approach, fails to correctly indicate competition. Since the Boone-Indicator, based on pure RPDs, proves to be inapplicable, we propose an augmented indicator based on size-adjusted RPDs, which performs better. However, our findings suggest that, given the information typically available in census data, the Lerner-Index is still the only measure that correctly indicates competitive changes.
The Economic Consequences of One-third Co-determination in German Supervisory Boards
Authors: Boneberg Franziska 
Published: April 2016

Summary
In Germany, the establishment of supervisory boards and, therefore, the board-level employee representation are mandatory, depending on the legal form and size of a company. However, the empirical analysis reveals that the bigger part of the companies observed (Limited liability companies with 500 to 2000 employees active in the West-German service sector) does not satisfy the law. This fact has strong impact on research questions in the co-determination field: Many studies have tried to analyze the economic consequences of the German co-determination laws (all examining the 1976 Co-determination Act). However, as the regulations are compulsory, compelling results are difficult to obtain. The bigger part of the studies compares companies that fall into the scope of different co-determination laws. This implies that mainly big companies are contrasted to smaller ones. It is not difficult to see that a comparison of such kind entails further irregularities. The study presented allows better analysis. The data is taken from two sources: the commercial Hoppenstedt Database and official German statistics. Due to the special kind of data it is possible to compare companies of same size, same legal form, active in the same sector that only differ in the existence or non-existence of a supervisory board. Therefore, the study at hand provides more accurate evidence of the economic consequences of the German 2004 Co-determination Act.
Searching for the Concentration-Price Effect in the German Movie Theater Industry
Authors: Böhme Enrico , Müller Christopher 
Published: April 2016

Summary
The empirical relationship between market concentration and prices has been well established for a long time and for numerous industries. Recently it was confirmed for the US movie theater industry. This paper investigates, whether such a price-concentration relationship can be found on local cinema markets in Germany as well, focusing on up-to-date mainstream movies. First, we develop a model of monopolistic pricing and estimate its parameters using data of monopoly markets from a new set of German micro data. Then we apply the estimated model to simulate monopoly prices on local markets with two or more operators and compare them to the prices actually observed in these markets. We find no significant difference in admission prices, which puts our study in contrast to the results found on local US markets. Searching for an explanation, we test whether movie theater operators even though being located in the same geographic area, are local monopolists, but find no hint of that, either.
Value Function Iteration as a Solution Method for the Ramsey Model
Authors: Heer Burkhard , Maußner Alfred 
Published: April 2016

Summary
Value function iteration is one of the standard tools for the solution of dynamic general equilibrium models if the dimension of the state space is one ore two. We consider three kinds of models: the deterministic and the stochastic growth model and a simple heterogenous agent model. Each model is solved with six different algorithms: (1) simple value function iteration as compared to (2) smart value function iteration neglects the special structure of the problem. (3) Full and (4) modified policy iteration are methods to speed up convergence. (5) linear and (6) cubic interpolation between the grid points are methods that enhance precision and reduce the size of the grid. We evaluate the algorithms with respect to speed and accuracy. Accuracy is defined as the maximum absolute value of the residual of the Euler equation that determines the household’s savings. We demonstrate that the run time of all algorithms can be reduced substantially if the value function is initialized stepwise, starting on a coarse grid and increasing the number of grid points successively until the desired size is reached.We find that value function iteration with cubic spline interpolation between grid points dominates the other methods if a high level of accuracy is needed.
Plagiarism in Student Papers: Prevalence Estimates Using Special Techniques for Sensitive Questions
Authors: Coutts Elisabethen , Jann Ben , Krumpal Ivar , Näher Anatol-Fiete 
Published: April 2016

SummaryThis article evaluates three different questioning techniques for measuring the prevalence of plagiarism in student papers: the randomized response technique (RRT), the item count technique (ICT), and the crosswise model (CM). In three independent experimental surveys with Swiss and German university students as subjects (two web surveys and a survey using paper and- pencil questionnaires in a classroom setting), each of the three techniques is compared to direct questioning and evaluated based on the “more-is-better” assumption. According to our results the RRT and the ICT failed to reduce social desirability bias in self-reports of plagiarism. In contrast, the CM was more successful in eliciting a significantly higher rate of reported sensitive behavior than direct questioning. One reason for the success of the CM, we believe, is that it overcomes the “self-protective no” bias known from the RRT (and which may also be a potential problem in the ICT).We find rates of up to 22 percent of students who declared that they ever intentionally adopted a passage from someone else’s work without citing it. Severe plagiarism such as handing in someone else’s paper as one’s own, however, seems to be less frequent with rates of about 1 to 2 percent.
Pitfalls of International Comparative Research: Taking Acquiescence into Account
Authors: Franzen Axel , Vogl Dominikus 
Published: April 2016

Summary
Acquiescence can be the source of a serious response bias in international comparative research. We demonstrate this by referring to an example taken from environmental sociology. The effect of wealth on individuals’ willingness to pay for environmental protection is controversially discussed in the literature. Studies analyzing the International Social Survey Programme (ISSP) report that individuals in wealthier nations are more concerned about the environment, while studies using the World Values Survey (WVS) or the European Values Study (EVS) come up with the opposite finding. The puzzle is resolved when the different levels of acquiescence are taken into consideration. As it turns out, respondents in poorer nations in Asia and Eastern Europe have higher levels of acquiescence than respondents in richer Western nations. Thus, acquiescence conceals the wealth effect of studies analyzing the WVS or EVS and the issue is resolved when acquiescence is properly controlled for in multivariate statistical models.
WTP vs. WTA: Christmas Presents and the Endowment Effect
Authors: Bauer Thomas K. , Schmidt Christoph M. 
Published: April 2016

Summary
Using data on the valuation of Christmas gifts received by students enrolled in different fields at a German university, we investigate whether the endowment effect, the difference between asking and bidding prices, differs between males and females, students of economics and other fields and whether it varies with the market price of the object under consideration. Our estimation results suggest that female students display a significantly higher endowment effect, indicating that experimental studies on the endowment effect are highly sensitive towards the choice of the subject pool. The results further indicate that the endowment effect depends on the market price of the object. Finally, even though the point estimates hint towards both, a lower WTP and WTA of economic students, these differences are not statistically significant at conventional levels.
Further Training and Company-Level Pacts for Employment in Germany
Authors: Bellmann Lutz , Gerner Hans-Dieter 
Published: April 2016

Summary
This paper aims at investigating whether or not and to what extent company-level pacts for employment and competitiveness (CLPs) have an impact on the accumulation of human capital. The effect of CLPs on further training is analyzed utilizing the IAB Establishment Panel data of the years 2003 to 2007. CLPs are agreements between firms’ management and their respective workforce that are characterized by reduced wages or prolonged working hours in exchange for employment guarantees or investment programs, such as further training. CLPs not only explicitly contain clauses concerning further training, but also increase employment stability and may increase the firms’ incentives for human capital investments, due to the employees’ wage concessions. In order to test this hypothesis we apply parametric as well as semiparametric cross-section time-series regression models. However, our findings suggest that CLPs do not exert positive causal effects on human capital formation as measured by further training incidence and intensity variables.
One for Sure or Maybe Three
Authors: Franck Egon , Theiler Philipp 
Published: April 2016

Summary
In order to avoid too many tied games after playing the five-minute overtime period, the National Hockey League (NHL) introduced two rule changes in the 1999-2000 season. First, a team that loses in overtime receives one point instead of zero points. Second, the number of skaters in overtime is reduced from five to four. The theoretical literature analyzing these rule changes predicted that they would also produce the unintended side-effect that more games would reach overtime and recommended that a team that wins in regulation should receive three points (instead of two) in order to counterbalance the converse effect. We are the first to empirically support this theoretical prediction using NHL data and data from Swiss ice hockey, in which the rule changes of the NHL were copied in the 2006–2007 season and in which the three-point rule was also introduced.
The Effects of Institutional Change in European Soccer
Authors: Haan Marco , Koning Ruud , Witteloostuijn Arjen van 
Published: April 2016

SummaryThe last decades have seen two profound changes in European soccer. First, international trade in talent has increased markedly. Second, international competitions such as the Champions League have become much more important. Using a theoretical model, we study how these changes affect competitive balance within national competitions, and quality differences between national competitions. Introducing international trade in talent leads to a flow to large countries, as the returns to talent are higher there. Wages increase in small countries, but decrease in large ones. The wage increase in small countries hurts small teams more than large ones. Therefore, competitive balance decreases. The wage decrease in large countries benefits small teams more, so competitive balance increases. The introduction of a Champions League implies the possibility to win a large amount of prize money. This is relatively more important for small teams. Hence, competitive balance increases in all countries, and talent flows from large to small countries, provided international trade is possible. Wages increase. When looking at both changes combined, we find that talent flows from small to large countries. Hence, in this sense, the trade effect dominates the Champions League effect. Competitive balance increases in all but the very smallest countries.
A Contest Model of a Professional Sports League with Two-Sided Markets
Authors: Dietl Helmut , Duschl Tobias , Franck Egon , Lang Markus 
Published: April 2016

SummaryThis paper develops a model of a professional sports league with network externalities by integrating the theory of two-sided markets into a two-stage contest model. In professional team sports, the competition of the clubs functions as a platform that enables sponsors to interact with fans. In these club-mediated interactions, positive network effects operate from the fan market to the sponsor market, while positive or negative network effects operate from the sponsor market to the fan market. We show that the size of these network effects determines the level of competitive balance within the league. If the market potential of the sponsors is small (large), competitive balance increases (decreases) with stronger combined network effects. We further deduce that clubs benefit from stronger combined network effects through higher profits and that network externalities can mitigate the negative effect of revenue sharing on competitive balance. Finally, we derive implications for improving competitive balance by taking advantage of network externalities. For example, our model suggests that an increase in the market potential of sponsors produces a more balanced league.
Infant Mortality of Professional Sports Clubs: An Organizational Ecology Perspective
Authors: Frick Bernd , Wallbrecht Björn 
Published: April 2016

SummaryDue to their limited financial resources winning the national championship or qualifying for an international cup competition is not a viable option for most small market clubs in any of the European professional team sports leagues, such as soccer, ice hockey, basketball or handball. However, since a particularly poor performance is usually punished by relegation and since being relegated to the respective second division is associated with a dramatic decline in revenues, avoiding relegation is a target in itself. Using data from seven different professional team sports leagues in four different countries we estimate various parametric and semi-parametric regression models to identify the determinants of the clubs’ length of stay in their respective first division. In line with the organizational ecology literature we find that club experience, previous club performance (number of previous championship titles and number of previous relegations) and market size (average attendance) affect survival in a statistically significant and economically relevant sense. Perhaps surprisingly, founding conditions seem to be irrelevant for a club’s length of stay in its respective first division.
Assessing the Real-Time Informational Content of Macroeconomic Data Releases for Now-/Forecasting GDP: Evidence for Switzerland
Authors: Siliverstovs Boriss , Kholodilin Konstantin A. 
Published: April 2016

Summary
This study utilizes the dynamic factor model of Giannone et al. (2008) in order to make now-/ forecasts of GDP quarter-on-quarter growth rate in Switzerland. It also assesses the informational content of macroeconomic data releases for forecasting of the Swiss GDP. We find that the factor model offers a substantial improvement in forecast accuracy of GDP growth rate compared to a benchmark naive constant-growth model at all forecast horizons and at all data vintages. The largest forecast accuracy is achieved when GDP nowcasts for an actual quarter are made about three months ahead of the official data release.We also document that both business tendency surveys as well as stock market indices possess the largest informational content for GDP forecasting, although their ranking depends on the underlying transformation of monthly indicators from which the common factors are extracted.
Cyclical Adjustment, Capital-labor Substitution and Total Factor Productivity Convergence – East Germany After Unification
Authors: Smolny Werner 
Published: April 2016

Summary
Despite rapid economic integration and massive help from the Federal Government East German productivity catching up faded out in the nineties. This paper presents panel-data estimates of the productivity adjustment based on a production function framework and a stylized adjustment model of the economy. The central empirical result is a decomposition of the sources of productivity growth. The estimates reveal that a large part of productivity growth in the early nineties is related to factors that were specific for that period. The fading out since the mid-nineties is attributed to the development of total factor productivity.
Diskussionsbeitrag / Discussion. Paper David Hume und die Target-Salden
Authors: Spahn Peter 
Published: April 2016

Summary
According to David Hume, the specie flow mechanism allows a stabilisation effect in the case of diverging current account imbalances in a gold standard system. Likewise in EMU, trade deficits and capital flight in GIPS countries generate a transfer of euro reserves into surplus countries. Positive Target balances do not represent credit claims on deficit countries. Money creation on behalf of GIPS national central banks contradict wise principles of monetary policy making, but it may contribute to the necessary restoration of price competitiveness.
HIV, Risky Behavior and Ethno-linguistic Heterogeneity
Authors: Tequame Miron 
Published: April 2016

Summary
Ethno-linguistic heterogeneity is associated with indicators of development like civil society, trust, quality of institutions, economic performance and participation. Recently, it has been found to be favorable for optimizing agents who want to engage in risky sexual behavior as they can select partners outside their own network and that of their spouse. This paper augments the literature by arguing that the effect of ethno-linguistic heterogeneity on risky sexual behavior is gender related. In contexts where women have more economic benefits (or losses) from sexual partners, they better internalize the cost of detection. This study shows that, with respect to men, ethno-linguistic heterogeneity significantly affects women’s HIV status and their risky sexual behavior. Accordingly, it also affects positively the probability of being in a discordant couple where the wife is HIV positive.
Multivariate Self-Exciting Threshold Autoregressive Modeling by Genetic Algorithms
Authors: Baragona Roberto , Cucina Domenico 
Published: April 2016

Summary
Several nonlinear time series models have been proposed in the literature to explain various empirical nonlinear features of many observed financial and economic time series. One model that has gained much attention is the so-called self-exciting threshold autoregressive (SETAR) model. It has been found very effective for modeling and forecasting nonlinear time series in a wide range of application fields. Furthermore, SETAR model is able to capture nonlinear characteristics as limit cycles, jump resonance, and time irreversibility. In this work the attention is focused on a multivariate SETAR (MSETAR) model where each linear regime follows a vector autoregressive (VAR) process and the thresholds are multivariate. We propose a methodology based on genetic algorithms (GAs) for building MSETAR models. The GA is designed to estimate the structural parameters, i. e. to determine the appropriate number of regimes and find multivariate threshold parameters. The behavior of the proposed methodology has been observed on a simulation experiment involving three artificial data sets.