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  1. Understanding cognitive decline in older ages
    the role of health shocks
    Erschienen: 2021
    Verlag:  RWI - Leibniz-Institut für Wirtschaftsforschung, Essen, Germany

    Individual cognitive functioning declines over time. We seek to understand how adverse physical health shocks in older ages contribute to this development. By use of event-study methods and data from the USA, England and several countries in... mehr

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    Individual cognitive functioning declines over time. We seek to understand how adverse physical health shocks in older ages contribute to this development. By use of event-study methods and data from the USA, England and several countries in Continental Europe we find evidence that health shocks lead to an immediate and persistent decline in cognitive functioning. This robust finding holds in all regions representing different health insurance systems and seems to be independent of underlying individual demographic characteristics such as sex and age. We also ask whether variables that are susceptible to policy action can reduce the negative consequences of a health shock. Our results suggest that neither compulsory education nor retirement regulations moderate the effects, thus emphasizing the importance of maintaining good physical health in old age for cognitive functioning.

     

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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9783969730652
    Weitere Identifier:
    hdl: 10419/247686
    Schriftenreihe: Ruhr economic papers ; #919
    Schlagworte: Cognitive decline; health shocks; retirement; education; event study
    Umfang: 1 Online-Ressource (circa 43 Seiten), Illustrationen
  2. Media abnormal tone, earnings announcements, and the stock market
    Erschienen: [2021]
    Verlag:  GERAD, HÉC Montréal, Montréal (Québec), Canada

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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Les cahiers du GERAD ; G-2021, 50 (September 2021)
    Schlagworte: Abnormal returns; abnormal tone; earnings announcements; event study; news media; sentometrics
    Umfang: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  3. Childbirth and women's labour market transitions in India (revised)
    Erschienen: October 2021
    Verlag:  United Nations University World Institute for Development Economics Research, Helsinki, Finland

    The impact of childbirth on women's employment has been discussed extensively in the context of developed countries. Constraints on mothers' labour market participation and consequent fall in earnings are characterised as the 'motherhood penalty'.... mehr

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    German Institute for Global and Area Studies, Bibliothek
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    The impact of childbirth on women's employment has been discussed extensively in the context of developed countries. Constraints on mothers' labour market participation and consequent fall in earnings are characterised as the 'motherhood penalty'. This phenomenon is relatively less explored in developing countries primarily because of the lack of suitable data. In this paper, we use primary data from India, collected via a life history calendar administered to men and women separately. Using an event study method, we estimate the impact of the first childbirth on women's labour market participation. Our main finding is that the birth of the first child does not impose a penalty, in the traditional understanding, on a mother's labour supply. While overall employment does not show any association with childbirth, women's paid work registers a significant increase two to three years post childbirth. This impact is largely due to an increase in informal paid work and driven by women with lower levels of education and from relatively poorer households. Our results suggest that in a developing country like India, characterised by informal labour markets, and early age of childbirth, the impact of motherhood on employment may need an alternate framing rather than one based on developed countries.

     

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    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789292670894
    Weitere Identifier:
    hdl: 10419/248363
    Schriftenreihe: WIDER working paper ; 2021, 149
    Schlagworte: Frau; Arbeitsmarkt; Partizipation; Geburt; Wirkung; Auswirkung; motherhood penalty; childbirth; event study; life history calendar; India
    Umfang: 1 Online-Ressource (circa 22 Seiten), Illustrationen
  4. The causal effect of transport infrastructure
    evidence from a new historical database
    Erschienen: [2021]
    Verlag:  Stockholm University, Department of Economics, Stockholm, Sweden

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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Auflage/Ausgabe: This version: May 28, 2021
    Schriftenreihe: Research papers in economics / Stockholm University, Department of Economics ; no. 2021, 1
    Schlagworte: railways; transport infrastructure; real income; land value; event study; treatment heterogeneity
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  5. Measuring the child penalty early in a career: the case of young adults in France
    Erschienen: October 2021
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    There is a large literature on the existence of a child penalty for mothers after the birth of a child. There is little discernible effect on fathers' labour incomes, although some studies find that there is a premium. We measure the penalty due to... mehr

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    There is a large literature on the existence of a child penalty for mothers after the birth of a child. There is little discernible effect on fathers' labour incomes, although some studies find that there is a premium. We measure the penalty due to the birth of a first child for both parents for cohorts of young adults after leaving the educational system. Using an event study approach, this paper contributes to the literature by examining the child penalty in France not only in terms of monthly earnings, but also the employment rate, working hours, hourly earnings, and other outcomes. Using on a rich dataset, we estimate child penalty by educational level and for different cohorts. We find evidence of a significant child penalty for mothers: 23% in monthly earnings overall, rising to 35% for those with secondary education only. For the 2010 cohort, we observe the same level of absolute child penalties for mothers, whereas the relative penalty has narrowed. This is due to a decrease in monthly earnings, and more precisely in employment rate of fathers before and after the birth of the child in the aftermath of the 2008 crisis.

     

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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/250424
    Schriftenreihe: Discussion paper series / IZA ; no. 14763
    Schlagworte: child penalty; young adults; event study
    Umfang: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  6. How do investors value the publication of tax information?
    evidence from the European public country-by-country reporting
    Erschienen: [2021]
    Verlag:  ZEW - Leibniz Centre for European Economic Research, Mannheim, Germany

    We examine the capital market reaction to the announcement of the European Union (EU) to introduce a public tax country-by-country reporting (CbCR) regime. By employing an event study methodology, we find a significant cumulative average abnormal... mehr

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    Universitätsbibliothek Mannheim
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    We examine the capital market reaction to the announcement of the European Union (EU) to introduce a public tax country-by-country reporting (CbCR) regime. By employing an event study methodology, we find a significant cumulative average abnormal return (CAAR) of -0.699%, which translates into a monetary value drop of approximately EUR 65 billion. We conclude that investors evaluate reputational risks arising from public scrutiny and competitive disadvantages to outweigh potential benefits of an extended information environment or more sustainable corporate tax strategies. In cross-sectional tests, we find that the average investor reaction is more pronounced for firms with low effective book tax rates, indicating that reputational concerns play a significant role in the marginal investor's investment behavior. Furthermore, our cross-sectional results indicate that the market reaction is stronger for firms operating in industries with high growth in market participants, providing an initial indication for the role of the competitive environment as an additional channel. Our inferences are of particular importance in light of the current ongoing debates on similar disclosure rules (particularly in the United States; cf. "Disclosure of Tax Havens and Offshoring Act") as well as for sustainability standard setters.

     

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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/244406
    Auflage/Ausgabe: This version: October 2021
    Schriftenreihe: Discussion paper / ZEW ; no. 21, 077 (10/2021)
    Schlagworte: tax transparency; tax disclosure; tax avoidance; event study; country-by-country reporting
    Umfang: 1 Online-Ressource (44 Seiten), Illustrationen
  7. Impact of EU-wide insurance stress tests on equity prices and systemic risk
    Erschienen: [2021]
    Verlag:  Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Prague

    Since the global financial crisis in 2007, stress tests have become standard tools for regulators and supervisors to assess the risks and vulnerabilities of financial sectors. To this end, the Insurance and Occupational Pensions Authority (EIOPA)... mehr

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    Since the global financial crisis in 2007, stress tests have become standard tools for regulators and supervisors to assess the risks and vulnerabilities of financial sectors. To this end, the Insurance and Occupational Pensions Authority (EIOPA) regularly performs EU-wide insurance stress tests. This paper analyses the impact of the conducted exercises in 2014, 2016 and 2018 on the equity prices of insurance companies. Using an event study framework, we find a statistically significant impact only for the publication of the 2018 exercise results. Our empirical analysis further suggests that the final version of technical specifications for the 2014 exercise, the initiation of public consultation, and the published stress test scenario of the 2018 exercise contributed to the decline in systemic risk. To our best knowledge, this is the first paper that investigates this topic for the European insurance sector. Our empirical results could help improve the communication and design of future stress test exercises.

     

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    Weitere Identifier:
    hdl: 10419/247392
    Schriftenreihe: IES working paper ; 2021, 25
    Schlagworte: European insurance sector; EU-wide insurance stress test; systemic risk; event study; equity prices
    Umfang: 1 Online-Ressource (circa 23 Seiten)
  8. Childbirth and women's labour market transitions in India
    Erschienen: July 2021
    Verlag:  United Nations University World Institute for Development Economics Research, Helsinki, Finland

    The impact of childbirth on the labour market participation of women has been discussed extensively in the context of developed countries, constraints on mothers labour market participation and earnings being characterized as the motherhood penalty .... mehr

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    The impact of childbirth on the labour market participation of women has been discussed extensively in the context of developed countries, constraints on mothers labour market participation and earnings being characterized as the motherhood penalty . In the developing country context, and specifically for India, similar studies are limited, primarily due to the lack of longitudinal data. In this paper, using a Life History Calendar approach, we collect retrospective information on major events (education, marriage, and childbirth) and the concurrent employment status of men and women over their adult lives. Using an event study method, we estimate the impact of first childbirth on women s labour market participation. Our main finding is that the birth of the first child does not impose a penalty on the mother s labour supply. While, overall, employment does not show any association with childbirth, women s paid work actually registers a significant increase two to three years post childbirth even after controlling for several other factors. The life history analysis also shows that, conditional on participating in the labour market, women are unlikely to have several episodes of entry and exit. We hypothesize that, in a developing country context such as India s, motherhood may not be accompanied by a penalty in terms of labour market participation given the predominance of informal and flexible employment arrangements and the early age of marriage and childbirth for women.

     

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    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789292670689
    Weitere Identifier:
    hdl: 10419/248342
    Schriftenreihe: WIDER working paper ; 2021, 128
    Schlagworte: motherhood penalty; childbirth; event study; life history calendar; India
    Umfang: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  9. Human capital and education policy
    evidence from survey data
    Erschienen: [2021]
    Verlag:  ifo Institut, München

    Elisabeth Grewenig prepared this study while she was working at the Center for Economics of Education at the ifo Institute. The study was completed in March 2021 and accepted as doctoral thesis by the Department of Economics at the LMU Munich. It... mehr

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    Technische Informationsbibliothek (TIB) / Leibniz-Informationszentrum Technik und Naturwissenschaften und Universitätsbibliothek
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    Elisabeth Grewenig prepared this study while she was working at the Center for Economics of Education at the ifo Institute. The study was completed in March 2021 and accepted as doctoral thesis by the Department of Economics at the LMU Munich. It consists of five distinct empirical essays that address various aspects of human capital formation and education policy. Chapters 2 and 3 are concerned with the determinants of human capital formation. In particular, chapter 2 investigates the impact of gender norms on labor-supply expectations of adolescents. Chapter 3 analyzes the effects of the Corona-induced school closures on students' time spent with different educational activities. Chapters 4 and 5 are concerned with the implementation and feasibility of educational reforms. Thereby, chapter 4 evaluates the impact of recent reforms on binding teacher recommendations by studying educational outcomes of students in primary and secondary schools. Chapter 5 examines whether support for educational policies is amenable to information provision about party-positions. Finally, chapter 6 contributes to the methodological debate around survey measurement by investigating belief elicitation in large-scale online surveys.

     

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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Dissertation
    Format: Online
    ISBN: 9783959420990
    Weitere Identifier:
    hdl: 10419/243180
    Schriftenreihe: ifo Beiträge zur Wirtschaftsforschung ; 96 (2021)
    Schlagworte: Stranded assets; climate policy; expectations; utilities; event study; green innovation; patents; panel analysis; green finance; climate risk; intangible assets; institutional investors; renewable energy; crowding-out; regional economics; input-output ana; Gender Norms; Female Labor Supply; Survey Experiments; EducationalInequality; COVID-19; Low-Achieving Students; Home Schooling; DistanceTeaching; School Tracking; Admission Policies; Student Performance; Political Parties; Partisanship; Information; Endogenous Preferences; Voters,Family Policy; Beliefs; Incentives; Online Search
    Umfang: 1 Online-Ressource (circa 294 Seiten), Illustrationen
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    Erscheint auch als Druck-Ausgabe

    Dissertation, Universität München, 2021

  10. The Fed takes on corporate credit risk: an analysis of the efficacy of the SMCCF
    Erschienen: 2021
    Verlag:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Medientyp: Buch (Monographie)
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    Schriftenreihe: BIS working papers ; no 963 (September 2021)
    Schlagworte: Covid-19; credit market support facilities; diff-in-diff; event study; purchase effects
    Umfang: 1 Online-Ressource (circa 47 Seiten), Illustrationen
  11. Elections and government efficiency
    Autor*in: Dorn, Florian
    Erschienen: November 2021
    Verlag:  ifo Institute - Leibniz Institute for Economic Research at the University of Munich, Munich, Germany

    Politicians are expected to influence policy outcomes in a way to gain electoral advantage. There is, however, a pending question whether efficiency in the provision of public goods and services is affected by strategic behavior. I examine how... mehr

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    Politicians are expected to influence policy outcomes in a way to gain electoral advantage. There is, however, a pending question whether efficiency in the provision of public goods and services is affected by strategic behavior. I examine how electoral cycles influence local government efficiency by using OLS fixed effects, event study, and instrumental variable estimations in a large balanced panel of around 2,000 municipalities in the German state of Bavaria. Cost efficiency is estimated by employing a fixed effects semi-parametric stochastic frontier analysis. The results show that electoral cycles increase government efficiency in election and pre-election years by around 0.75- 0.85 %. The effect is larger when executive and council electoral cycles coincide, and when incumbent mayors run for office again. My findings suggest an efficiencyenhancing effect of elections at given institutional conditions.

     

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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/248561
    Schriftenreihe: Ifo working papers ; 363 (2021)
    Schlagworte: Electoral cycle; efficiency; local government; stochastic frontier analysis (sfa); panel data; event study; instrumental variables
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen
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    Erscheint auch als Druck-Ausgabe

  12. Wage effects of employer
    mediated transfers
    Erschienen: July 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We explore whether the way in which tax credits are disbursed affects the gross wage of workers. We exploit an unusual reform in Argentina that shifted the disbursement responsibility of child benefits from employers to a government agency in a... mehr

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    We explore whether the way in which tax credits are disbursed affects the gross wage of workers. We exploit an unusual reform in Argentina that shifted the disbursement responsibility of child benefits from employers to a government agency in a staggered fashion, from 2003 to 2010. Using population-wide administrative data and an event-study approach based on firms’ switching dates set by the government, we show that the way tax credits are disbursed matters for the final economic incidence. Our evidence suggests that employers capture about 6-14 percent of the transfers through lower wages when they mediate the payments. We argue that in the firm-based system, transfers were likely understood as part of the starting compensation package and employers exploited this confusion to extract rents. Our findings therefore accord with the hypothesis that transfers are not entirely captured dollar for dollar by workers. More generally, this paper suggests that relying on firms as mediators in the tax-benefit system could have unintended consequences; as less salient schemes may lead to rent capture.

     

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    Format: Online
    Weitere Identifier:
    hdl: 10419/245357
    Schriftenreihe: CESifo working paper ; no. 9176 (2021)
    Schlagworte: tax credits; family allowances; means-tested transfers; incidence; wage effects; event study
    Umfang: 1 Online-Ressource (circa 83 Seiten), Illustrationen
  13. Investor rewards to climate responsibility: stock-price responses to the opposite shocks of the 2016 and 2020 U.S. elections
    Erschienen: 2021
    Verlag:  Harvard Kennedy School, John F. Kennedy School of Government, [Cambridge, MA]

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    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: Faculty research working paper series / Harvard Kennedy School, John F. Kennedy School of Government ; RWP21, 011 (March 2021)
    Schlagworte: Börsenkurs; Ankündigungseffekt; Klimapolitik; Präsidentschaftswahl; Regierungschef; USA; Climate finance; climate policy; CSR; election surprise; ESG; event study; institutional investors; policy boomerang; stock returns
    Umfang: 1 Online-Ressource (circa 74 Seiten), Illustrationen
  14. Motherhood and flexible jobs
    evidence from Latin American countries
    Erschienen: February 2021
    Verlag:  United Nations University World Institute for Development Economics Research, Helsinki, Finland

    We study the causal effect of motherhood on labour market outcomes in Latin America by adopting an event study approach around the birth of the first child based on panel data from national household surveys for Chile, Mexico, Peru, and Uruguay. Our... mehr

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    We study the causal effect of motherhood on labour market outcomes in Latin America by adopting an event study approach around the birth of the first child based on panel data from national household surveys for Chile, Mexico, Peru, and Uruguay. Our main contributions are: (i) providing new and comparable evidence on the effects of motherhood on labour outcomes in developing countries; (ii) exploring the possible mechanisms driving these outcomes; (iii) discussing the potential links between child penalty and the prevailing gender norms and family policies in the region. We find that motherhood reduces women's labour supply in the extensive and intensive margins and influences female occupational structure towards flexible occupations- part-time work, self-employment, and labour informality-needed for family-work balance. Furthermore, countries with more conservative gender norms and less generous family policies are associated with larger differences between mothers' and non-mothers' labour market outcomes.

     

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    Sprache: Englisch
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    Format: Online
    ISBN: 9789292569716
    Weitere Identifier:
    hdl: 10419/243359
    Schriftenreihe: WIDER working paper ; 2021, 33
    Schlagworte: child penalty; event study; female labour supply; self-employment; labour informality; developing countries; Latin America
    Umfang: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  15. Pricing protest
    the response of financial markets to social unrest
    Erschienen: March 2021
    Verlag:  International Monetary Fund, [Washington, DC]

    Using a new daily index of social unrest, we provide systematic evidence on the negative impact of social unrest on stock market performance. An average social unrest episode in an typical country causes a 1.4 percentage point drop in cumulative... mehr

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    Staatsbibliothek zu Berlin - Preußischer Kulturbesitz, Haus Potsdamer Straße
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    Using a new daily index of social unrest, we provide systematic evidence on the negative impact of social unrest on stock market performance. An average social unrest episode in an typical country causes a 1.4 percentage point drop in cumulative abnormal returns over a two-week event window. This drop is more pronounced for events that last longer and for events that happen in emerging markets. Stronger institutions, particularly better governance and more democratic systems, mitigate the adverse impact of social unrest on stock market returns

     

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    Quelle: Staatsbibliothek zu Berlin
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9781513572765
    Weitere Identifier:
    Schriftenreihe: IMF working paper ; WP/21, 79
    Schlagworte: Social unrest; stock markets; abnormal returns; event study; institutions; Abnormal Returns; Event Study; Institutions; Social Unrest; Stock Markets
    Umfang: 1 Online-Ressource (circa 71 Seiten), Illustrationen
  16. Euro area sovereign bond risk premia during the Covid-19 pandemic
    Erschienen: [2021]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    We decompose euro area sovereign bond yields into five distinct components: i) expected future short-term risk-free rates and a term premium, ii) default risk premium, iii) redenomination risk premium, iv) liquidity risk premium, and a v)... mehr

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    We decompose euro area sovereign bond yields into five distinct components: i) expected future short-term risk-free rates and a term premium, ii) default risk premium, iii) redenomination risk premium, iv) liquidity risk premium, and a v) segmentation (convenience) premium. Iden- tification is achieved by considering sovereign bond yields jointly with other rates, including sovereign credit default swap spreads with and without redenomination as a credit event fea- ture. We apply our framework to study the impact of European Central Bank (ECB) monetary policy and European Union (E.U.) fiscal policy announcements during the Covid-19 pandemic recession. We find that both monetary and fiscal policy announcements had a pronounced ef- fect on yields, mostly through default, redenomination, and segmentation premia. While the ECB's unconventional monetary policy announcements benefited some (vulnerable) countries more than others, owing to unprecedented exibility in implementing bond purchases, the E.U.'s fiscal policy announcements lowered yields more uniformly.

     

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    ISBN: 9789289947473
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    hdl: 10419/237700
    Schriftenreihe: Working paper series / European Central Bank ; no 2561 (May 2021)
    Schlagworte: Sovereign bond yields; ECB; Kalman lter; event study
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  17. Do elections accelerate the COVID-19 pandemic?
    evidence from a natural experiment
    Erschienen: 2021
    Verlag:  Global Labor Organization (GLO), Essen

    Elections define representative democracies, but also produce spikes in physical mobility if voters need to travel to electoral rooms. In this paper, we examine whether large-scale, in-person elections propagate the spread of COVID-19. We exploit a... mehr

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    Elections define representative democracies, but also produce spikes in physical mobility if voters need to travel to electoral rooms. In this paper, we examine whether large-scale, in-person elections propagate the spread of COVID-19. We exploit a natural experiment from the Czech Republic which biannually renews mandates in 1/3 of Senate constituencies rotating according to the 1995 election law. We show that in the second and third weeks after the 2020 elections (held on October 9-10), new COVID-19 infections grow significantly faster in voting compared to non-voting constituencies. A temporarily-related peak in hospital admissions and essentially no changes in test positivity rates suggest that the acceleration is not merely due to increased testing. The acceleration is absent in population above 65, consistently with strategic risk-avoidance by older voters. Our results have implications for postal voting reforms or postponing of large-scale, in-person (electoral) events during viral outbreaks.

     

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    hdl: 10419/235583
    Schriftenreihe: GLO discussion paper ; no. 891
    Schlagworte: election; COVID-19; natural experiment; event study
    Umfang: 1 Online-Ressource (circa 47 Seiten)
  18. The information content of stress test announcements
    Erschienen: February 17, 2021
    Verlag:  Divisions of Research & Statistics and Monetary Affairs, Federal Reserve Board, Washington, D.C.

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    Schriftenreihe: Finance and economics discussion series ; 2021, 012
    Schlagworte: Stress tests; event study; banks; overnight stock returns; CDS spreads
    Umfang: 1 Online-Ressource (circa 20 Seiten), Illustrationen
  19. Suspension of insurers' dividends as a response to the Covid-19 crisis: evidence from equity market
    Erschienen: 2021
    Verlag:  Institute of Economic Studies, Faculty of Social Sciences, Charles University in Prague, Prague

    The recent Covid-19 outbreak with significant increase of global uncertainties poses many challenges for financial sectors. Many supervisors took the measures aiming to safeguard resilience of financial institutions by requesting postponements any... mehr

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    The recent Covid-19 outbreak with significant increase of global uncertainties poses many challenges for financial sectors. Many supervisors took the measures aiming to safeguard resilience of financial institutions by requesting postponements any dividend distributions until uncertainties about further development will be reduced. In this respect, the European Insurance and Occupational Pensions Authority issued on Thursday 2nd April 2020 a statement requesting (re)insurers to suspend all discretionary dividend distributions and share buy backs aimed at remunerating shareholders. Although this should have a positive impact on the overall financial stability of the sector, it could also negatively influence insurers’ equity prices. Hence, this paper empirically investigates this potential effect using an event study methodology. Despite negative drops were observed in some cases, the obtained empirical results suggest that they were not statistically significant for the overall European insurers’ equity market when considering the event windows covering a few days after the statement was published.

     

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    Schriftenreihe: IES working paper ; 2021, 5
    Schlagworte: European insurance sector; suspension of dividend distributions; event study; EIOPA statement; equity market
    Umfang: 1 Online-Ressource (circa 22 Seiten)
  20. The economic effects of international sanctions
    an event study
    Erschienen: [2021]
    Verlag:  Universität Trier, Trier

    Although international sanctions are a widely used instrument of coercion, their economic effects are still not well-understood. This study uses a novel dataset and an event study approach to evaluate the economic consequences of international... mehr

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    Although international sanctions are a widely used instrument of coercion, their economic effects are still not well-understood. This study uses a novel dataset and an event study approach to evaluate the economic consequences of international sanctions, thereby visualizing pre-treatment and treatment dynamics in countries subject to sanctions. Our analysis focuses on the effects of sanctions on GDP growth as well as on various transmission channels through which sanctions suppress economic activity. We document a significant negative effect of sanctions on the growth rate of GDP and its components (consumption and investment) as well as on trade and foreign direct investment. Given that sanctions exert their adverse effect over the first years of a sanction episode and that sanctioned countries fail to recover during or immediately after the episode, we demonstrate the usefulness of sanctions as a political instrument of coercion. Long-lasting sanctions regimes, however, may not provide the political incentives needed to force additional concessions.

     

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    Auflage/Ausgabe: This Version: October 26, 2021
    Schriftenreihe: Research papers in economics ; no. 21, 3
    Schlagworte: Economic growth; event study; international sanctions; transmission channels
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  21. The economic effects of international sanctions
    an event study
    Erschienen: April 2021
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Although international sanctions are a widely used instrument of coercion, their economic effects are still not fully understood. This study uses a novel dataset and an event study approach to evaluate the economic consequences of international... mehr

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    Although international sanctions are a widely used instrument of coercion, their economic effects are still not fully understood. This study uses a novel dataset and an event study approach to evaluate the economic consequences of international sanctions, thereby accounting for pre-treatment dynamics in countries subject to sanctions. Our analysis focuses on the effects of sanctions on GDP growths as well as various transmission channels through which sanctions affect economic activity. We document a significant negative effect of international sanctions on GDP growth and its components (consumption, investment, and government expenditures) as well as on trade and foreign direct investment. Additional panel difference-in-differences estimations reveal that this detrimental effect is driven by financial sanctions and US unilateral sanctions.

     

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    Schriftenreihe: CESifo working paper ; no. 9007 (2021)
    Schlagworte: economic growth; event study; international sanctions; transmission channels
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  22. The economic effects of international sanctions
    an event study
    Erschienen: April 2021
    Verlag:  Universität Hamburg, Fakultät für Rechtswissenschaft, [Hamburg]

    Although international sanctions are a widely used instrument of coercion, their economic effects are still not fully understood. This study uses a novel dataset and an event study approach to evaluate the economic consequences of international... mehr

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    Although international sanctions are a widely used instrument of coercion, their economic effects are still not fully understood. This study uses a novel dataset and an event study approach to evaluate the economic consequences of international sanctions, thereby accounting for pre-treatment dynamics in countries subject to sanctions. Our analysis focuses on the effects of sanctions on GDP growths as well as various transmission channels through which sanctions affect economic activity. We document a significant negative effect of international sanctions on GDP growth and its components (consumption, investment, and government expenditures) as well as on trade and foreign direct investment. Additional panel difference-in-differences estimations reveal that this detrimental effect is driven by financial sanctions and US unilateral sanctions.

     

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    Auflage/Ausgabe: This Version: April 7, 2021
    Schriftenreihe: Institute of Law and Economics working paper series ; no. 49 (2021)
    Schlagworte: Economic growth; event study; international sanctions; transmission channels
    Umfang: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  23. StockTwits classified sentiment and stock returns
    Erschienen: [2021]
    Verlag:  Swiss Finance Institute, Geneva

    We classify the sentiment of a large sample of StockTwits messages as bullish,bearish or neutral, and create a stock-aggregate daily sentiment polarity measure.Polarity is positively associated with contemporaneous stock returns. On average,polarity... mehr

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    We classify the sentiment of a large sample of StockTwits messages as bullish,bearish or neutral, and create a stock-aggregate daily sentiment polarity measure.Polarity is positively associated with contemporaneous stock returns. On average,polarity is not able to predict next-day stock returns. But when we focus on specificevents, defined as sudden peaks of message volume, polarity has predictive power onabnormal returns. Polarity-sorted portfolios illustrate the economic relevance of our sentiment measure

     

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    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 21, 33
    Schlagworte: investor sentiment; event study; social media; micro-blogs; natural language processing
    Umfang: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  24. Interaction of cyclical and structural systemic risks: insights from around and after the global financial crisis
    Erschienen: 2021
    Verlag:  Czech National Bank, Economic Research Division, Praha

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    Schriftenreihe: Research and policy notes / Czech National Bank ; 2021,3
    Schlagworte: Cyclical risk; event study; financial cycle; panel regression; structural risks,systemic risk
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  25. The dynamic and heterogeneous effects of retirement on cognitive decline
    Erschienen: 2021
    Verlag:  RWI - Leibniz-Institut für Wirtschaftsforschung, Essen, Germany

    We study effects of retirement on cognitive abilities (up to ten years after retirement) using data from 21 countries in Continental Europe, England, and the US, and exploiting early-retirement thresholds for identification. For this purpose,... mehr

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    We study effects of retirement on cognitive abilities (up to ten years after retirement) using data from 21 countries in Continental Europe, England, and the US, and exploiting early-retirement thresholds for identification. For this purpose, combines event-study estimations with the marginal treatment effect framework to allow for effect heterogeneity. This helps to decompose event-study estimates into true medium-run effects of retirement and effects driven by differential retirement preferences. Our results suggest considerable negative effects of retirement on cognitive abilities. We also detect substantial effect heterogeneity: Those who retire as early as possible are not affected while those who retire later exhibit negative effects. Wir untersuchen die Auswirkungen des Ruhestands auf die kognitiven Fähigkeiten (bis zu zehn Jahre nach der Verrentung) anhand von Daten aus 21 Ländern in Europa und den USA. Zu diesem Zweck kombinieren wir Ereignisstudienmethoden und den Modellrahmen der Marginal Treatment Effects um sowohl dynamische Effekte schätzen zu können, als auch je Bevölkerungsgruppe heterogene Effekte zu erkennen. Wir können dadurch zwei Effekte trennen: solche, die durch die reine Dauer des Ruhestands zunehmen, und solche, die sich dadurch ergeben, dass Personen mit unterschiedlichen Präferenzen unterschiedliche Renteneintrittszeitpunkte wählen. Unsere Ergebnisse deuten auf erhebliche negative Auswirkungen des Ruhestands auf die kognitiven Fähigkeiten hin. Wir beobachten auch eine Heterogenität der Effekte: Diejenigen, die so früh wie möglich in Rente gehen, erleben keine kognitiven Einbußen, während diejenigen, die später in Rente gehen, starke negative Effekte auf ihre kognitiven Fähigkeiten erleiden.

     

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    ISBN: 9783969730645
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    hdl: 10419/251582
    Schriftenreihe: Ruhr economic papers ; #918
    Schlagworte: Cognitive abilities; retirement; event study; marginal treatment effects
    Umfang: 1 Online-Ressource (circa 55 Seiten), Illustrationen