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Item About the Link of Monetary Policy to Household Debt, Risk in the Financial System, and Inequality(2019) Schmidt, Jörg HolgerMortgage Debt and Time-Varying Monetary Policy TransmissionWe study the role of monetary policy for the dynamics of U.S. mortgage debt, which accounts for the largest part of household debt, between 1957Q1 and 2014Q3. A time-varying parameter VAR model allows us to study the variation in the mortgage debt sensitivity to monetary policy. We find that identically-sized policy shocks have lesser effects the more we move to the present. We use a DSGE model to show that a fall in the share of adjustable-rate mortgages (ARMs) could replicate this finding. Calibrating the model to the drop in the ARM share since the 1980s yields a drop in the sensitivity of housing debt to monetary policy that is quantitatively similar to the VAR results. A sacrifice ratio for mortgage debt reveals that a policy tightening directed towards reducing household debt became more expensive in terms of a loss in employment. Counterfactuals show that this result cannot be attributed to changes in monetary policy itself. The results are consistent with the mortgage rate conundrum´ found by Justiniano and have strong implications for policy.Unconventional Monetary Policy and Bank Risk-Taking in the Euro AreaThis paper studies risk-taking by European banks. After an overview of the banking landscape in the euro area, we construct a measure of risk-taking that relates changes in three-month-ahead expected credit standards for several non-financial private sector categories to the risk of the macroeconomic environment banks operate in. With this approach, we want to tackle the question if credit standards react disproportionately strong to changes in the monetary policy stance. We use an estimated bond-market-based measure to assess the overall riskiness prevailing in the economy. We want to shed some light on whether banks act excessively risky and provide new evidence as well as an alternative assessment on the amplifying nature of the risk-taking channel of monetary policy. We put our measure into a VAR model in which structural innovations are identified with sign restrictions. The key outcomes of this paper are the following. Expansionary monetary policy shocks decrease our measure of risk-taking. Decreases in our measure are caused by disproportionately strong reactions in credit standards compared to the overall macroeconomic risk, especially since the recent financial crisis. Disproportionately in the sense that our macroeconomic risk measure is less affected by expansionary monetary policy shocks than credit standards. The credit granting reaction depends on the category: In general, loans to non-financial corporations are less sensitive to monetary policy shocks while mortgages seem to be affected more. We conclude that expansionary monetary policy shifts the portfolio of banks to overall riskier asset holdings.Risk, Asset Pricing and Monetary Policy Transmission in Europe: Evidence from a Threshold-VAR ApproachThis paper investigates in how far monetary policy shocks impact European asset markets, conditional on different risk states. We distinguish between macroeconomic risk, political risk, and financial risk and separately extract three factors via principal component analysis from a set of candidate variables that are assumed to be driven by these latent types of risk. Next, these factors augment a threshold-vectorautoregressive model that contains assets and a short-rate. We illustrate that during periods of severe crisis, different risk regimes coincide. This impedes a clear delimitation among these three types of risk. Further on, impulse responses show that we indeed see state-dependency in the reaction of asset prices to monetary policy shocks. AA-rated corporate bond yields only show minor state-dependency if we distinguish between states of high and low macroeconomic or financial risk, but show very pronounced state-dependency for political risk. Their sensitivity to monetary policy shocks is highest if political risk is low. Non-investment-grade corporate bond yields as well as equity of industrial firms face the strongest state-dependency when we differentiate between macroeconomic or financial risk. If these risks are high, junk-bond yields are very sensitive to monetary policy shocks while the opposite holds for equity of industrial corporations. Interestingly, financial equity reacts positively or insignificant to hikes in short-rates. The positive reaction is most pronounced for states of high financial risk. Consequently, monetary policy transmission via distinct asset markets highly depends on the degree of these different kinds of risk inherent in European asset markets.fMoving Closer or Drifting Apart: Distributional Effects of Monetary PolicyThe heating debate about increasing income inequality forces monetary policy makers and academia to (re-)assess the nexus between (unconventional) monetary policy and inequality. We use a VAR framework to unveil the distributional effects of monetary policy and the role of redistribution in six advanced economies. While all of them experience an increase in Gini coefficients of gross income due to an expansionary monetary policy shock, only countries with relatively little redistribution display a significant response of net income inequality as well. To examine the underlying transmission channels we take a closer look at the sources of income, i.e. labor and capital income. Our findings suggest that the disproportional surge in capital income is the driving force behind the increase in net income inequality.Item The analysis of unconventional economic datasets(2016) Lüdering, JochenThe doctoral thesis at hand encompasses five research papers on three subject areas. Two manuscripts discuss the suitability of latency as measure for Internet quality across countries. The following two are concerned with the application of topic models and automatic classification of texts in an economic context, while the last paper suggests to combine social network analysis with survival analysis in order to estimate the impact of centrality on professional success.At first glance the three research areas are very different and have little in common in terms of content. While the study of Internet quality fits into the macro-development and growth literature, the two papers on topic models are only similar in terms of applied method but address questions on monetary policy and economic history respectively. Finally, the study on social networks and success belongs in the field of labor economics, sociology or business economics.At second sight one may realize that there are nonetheless some issues, which are common to the individual manuscripts: the datasets used in this analysis all consist of secondary data. This means that they were not originally intended to be used in economic analysis. Consequently, a lot of data preparation and cleaning was necessary before any econometric methods could be applied. As the data had not been used for this kind of research before, their economic analysis provides interesting new insights, which may not have been possible with conventional data. Further, the datasets stand out for their complexity and size. Which, along with fast-speed of change, are the classical criteria for Big Data. This made it necessary to carefully select methods and tools to work around the associated difficulties. The choice of the title "The Analysis of Unconventional Economic Datasets" shall emphasize the complexity and secondary nature of the data, the latter being a feature rather than a criterion of Big Data. Laney (2001) came up with three dimensions along which data might be big, which could also serve as criteria for a definition of Big Data. According to Laney (2001) the data can be changing fast, be large in size and/or of high complexity due to which the use of conventional tools and methods will be challenging. Based on the aforementioned criteria the manuscripts in this thesis deal with Big Data problems. However, I refrain from including Big Data in the dissertations title, as it has become a widely used buzzword, whose meaning has been diluted in the public perception. In addition, a comprehensive overview of Big Data applications in economics would be beyond the scope of this thesis.Item Aufgabenträger oder Verkehrsunternehmen als Gesellschafter von Verkehrsverbünden? : eine Analyse bestehender Verbundstrukturen und eine Bewertung unterschiedlicher Organisationsmodelle unter institutionenökonomischen Gesichtspunkten(2004) Knieps, ManfredVerkehrsverbünde sind aus dem ÖPNV-Sektor heutzutage kaum mehr wegzudenken. Weite Teile des deutschen ÖPNV spielen sich inzwischen innerhalb von Verbundgebieten ab. In den letzten Jahren hat sich die Zahl der Verbünde, nicht zuletzt ausgelöst durch die Regionalisierung, sprunghaft erhöht, ihre Bedeutung ist dadurch stetig gewachsen. Den letztendlichen Erfolg oder Misserfolg eines Verkehrsverbundes exakt zu messen und zu beurteilen ist dabei ein äußerst schwieriges, wenn nicht gar völlig unmögliches Unterfangen. Dies liegt vor allem daran, dass sich zwischen den Organisationsmodellen der bestehenden Verbünde zum Teil erhebliche Unterschiede zeigen. Kaum ein Verbund gleicht dem anderen, es besteht vielmehr ein buntes Bild äußerst unterschiedlicher Verbundkonzepte. Die Gründe dafür liegen primär in den verschiedenen historischen Entwicklungen der Verbünde, den differierenden gesetzlichen Vorgaben sowie den unterschiedlichen politischen und verkehrlichen Gegebenheiten vor Ort. Die Verschiedenartigkeiten in den Organisationsmodellen der einzelnen Verbünde zu verdeutlichen ist eines der Hauptanliegen der Arbeit. Die Ausführungen sollen aber nicht auf eine reine Darstellung der bestehenden Verbundstrukturen beschränkt bleiben. Mit Hilfe von Elementen aus der Transaktionskostentheorie soll vielmehr auch untersucht werden, welche der drei unterschiedlichen Grundformen von Verbundmodellen - Unternehmens-, Misch- und Aufgabenträgerverbünde - unter welchen Bedingungen tendenziell mit den geringsten Transaktionskosten verbunden ist und damit unter volkswirtschaftlichen Gesichtspunkten am geeignetsten für die Abwicklung der Verbundaufgaben erscheint. Die Frage nach der aus transaktionskostentheoretischer Sicht effizientesten Verbundform bildet den zweiten Schwerpunkt der Untersuchung. In deren Rahmen wird zunächst die Entwicklung des Verbundwesens im deutschen ÖPNV dargestellt. Neben den Kooperationszielen und -motiven werden dabei die unterschiedlichen Zusammenarbeitsformen im ÖPNV erläutert, ein kurzer Abriss über die historische Entwicklung des Verbundwesens gegeben und auf dieser Grundlage dann eine Definition der KooperationsformItem Behavioral Accounting & Financial and Nonfinancial Disclosure(2022) Schneider, Julia; Ewelt-Knauer, Corinna; Wöhrmann, ArntThis doctoral thesis includes four research papers in the field of behavioral accounting that analyze management accounting, corporate governance and compliance issues (Chapter A) and seven research papers in the area of financial and nonfinancial disclosure (Chapter B). In Chapter A, research papers A1 and A3 examine how different control instruments and influencing factors in the work environment affect the extent to which an employee behaves (non)compliant, which is a central issue in research and practice. In detail, paper A1 asks whether the presence and structure of corporate giving constrain employees’ excessive risk taking that was, for example, often cited as a root cause of the past global financial crisis. Contrary to widespread practice, our experimental evidence suggests that firms could constrain employees’ excessive risk taking by linking existing contributions to project rather than corporate performance. Yet, too much personal involvement in a firm’s prosocial initiatives causes excessive risk taking to rise again so that our paper highlights an inverted U-shape curve of effectiveness of getting employees involved. Paper A3 investigates whether control result transparency and detrimental effects on others can influence employees’ noncompliance, particularly misreporting, and shows that both factors work as substitutes, not as complements. Removing employees’ anonymity by notifying peers about the control result in a control procedure alleviates misreporting as long as there are no detrimental effects on others. However, once other individuals can suffer economic harm, control result transparency does not significantly reduce misreporting any further. Paper A3 thus covers a multi-hierarchical perspective and demonstrates that injunctive norms activated by the firm’s management decision to make control results transparent and injunctive norms activated by social preferences for peers’ welfare interact, and differentially influence misreporting. Both instruments are effective at crowding-in ethical considerations which were suppressed by the control procedure in an audit environment. With a view to the quest for transparency in the management of firms, paper A2 analyzes the informal control instrument of mutual monitoring, i.e., the observability of employees’ inputs (i.e., efforts, actions and work routines) and output (i.e., performance), in a multi-task environment. Consequently, mutual monitoring enables peer control by accessing richer, more accurate, more extensive, more disaggregated, and more real-time information on employees’ effort allocation between easier and more difficult tasks. The paper shows that mutual monitoring of inputs and outputs incites impression management and facades of proficiency prompting employees to prioritize easy tasks over difficult ones. Since observability also provides the basis for many widely accepted practices in total quality management implementations, the research also highlights the effect of the firm’s error culture. The research results indicate a moderation such that an open (versus a blame) error culture only without mutual monitoring significantly lowers easy task prioritization suggesting that privacy is important in supporting self-focused experimentation and distraction avoidance. These results should inspire managers to critically reflect on modern facilities that often provide nearperfect observability of the actions and performance of every employee by leveraging technological advancements (e.g., communication of real-time information) and open-workspace design. Additional to these papers, paper A4 also focuses on lower hierarchies, but refers to another employee behavior and examines the effect of donation rankings on employee performance. The study identifies an important motivational spillover effect: prosocial incentives can spill over to employees' motivation to increase performance. While it is not surprising that being ranked on the task at hand matters to how employees perform this task, it is surprising that systems on unrelated, prosocial activities like workplace giving also matter. Chapter B refers to research papers that rather focus on financial and nonfinancial disclosure topics at the management level or company level and therefore deal with questions on a company’s investor relations system. Against this background, paper B1 asks whether corporate social responsibility (CSR) reporting is an appropriate means of attracting young talents. In order to answer this research question empirically, the annual and nonfinancial reports of publicly listed German firms are processed and analyzed using computer-linguistic methods. While more pronounced CSR disclosures on the aggregate benefit a firm in increasing its attractiveness as a potential employer, the study also reveals that a strategic fit between financial and nonfinancial information may be important to credibly communicate the firm’s CSR endeavors and thereby to attract young talents. Paper B2 investigates the relation between different institutional and demographic characteristics and a firm’s Internet-based disclosure practices using a two-period panel approach. The focus is first and foremost on the novel technological features of investor communication enabling the investor to self-select targetspecific information and present information content in a user-friendly, timely and transparent way. More sophisticated and innovative investor communication practices tend to be associated with the presence of a Chief Information or Chief Sustainability Officer, lower management board turnover and an older (a younger) management board (Chief Executive Officer). Moreover, a Chief Digitalization Officer and a Digitalization committee tend to facilitate domain-specific innovative investor communication, e.g., concerning mobile applications or state-of-the-art share price information features on the firms’ investor relations website. Paper B3 examines the monetary valuation of environmental externalities on corporate level both normatively and empirically and proposes a valuation framework. While there are clear opportunities (e.g., the facilitation of comparisons between various impacts, the facilitation of communicating environmental externalities and the estimation of costs connected to potential internalizations), there are also central problems: possible ideological concerns of stakeholders as well as the subjectivity and uncertainty of the results. Overall, the controversial position of monetizing environmental externalities seems warranted. Paper B4 critically evaluates the recognition, measurement and disclosure requirements under IFRS 17. In particular, it discusses the new valuation model, the so-called building block approach which entails massive changes for the insurance industry. Paper B5 asks whether the women's quota creates transparency for investors by particularly considering the supervisory board committee level. Since the empirical findings reveal that firms provide very inhomogeneous and sometimes nontransparent and incomplete accounts of their objectives and the status quo of greater participation of women, the paper develops a "quota mirror". While paper B5 expressly addresses gender diversity, paper B6 likewise refers to a nonfinancial issue, but concentrates on sustainability reporting according to the standards of the Global Reporting Initiative and the Sustainability Accounting Standards Board covering the triple-bottom-line (economy, environment, society). Finally, paper B7 touches on both financial and nonfinancial issues by analyzing the remuneration transparency report according to §§ 21, 22 EntgTanspG. (Non-) collectively bargained firms can leverage the drafted template best practice as a guide for their next reporting season in 2021, or 2023 respectively, and remedy the disclosure deficiencies that have been apparent to date with regard to their measures to promote equality and achieve equal pay.Item Besteuerung von Wohnimmobilien in Deutschland - kritische Analyse und Ansatzpunkte einer Reform(2022) Caspari, Carolin; Scherf, Wolfgang; Bohnet, ArminDie Wirkungen der beiden bedeutenden Immobiliensteuern - Grundsteuer und Grunderwerbsteuer - stehen durch die aktuellen Entwicklungen im Mittelpunkt der finanzwissenschaftlichen und politischen Diskussion. Die erforderliche Neuregelung der Grundsteuer anlässlich des Urteils des Bundesverfassungsgerichts und die wachsende Bedeutung der Grunderwerbsteuer durch den Anstieg der Steuersätze seit der Föderalismusreform II stellen umfangreiche Änderungen im Rahmen der Immobilienbesteuerung dar. Neben diesen beiden Steuern gehören zu den relevanten Steuerarten im Bereich der Immobilienbesteuerung noch die Einkommensteuer, die Erbschaftsteuer und die Zweitwohnungsteuer. Damit wird die Immobilie von insgesamt fünf Steuern erfasst, die ganz unterschiedliche Anknüpfungspunkte haben. Ziel dieser Arbeit ist die Vorstellung und Bewertung der auf die Wohnimmobilien im Privatvermögen zugreifenden Steuerarten und ihre Stellung bzw. Verzahnung im deutschen Steuersystem. Auf Basis dieser Erkenntnisse werden abschließend mögliche Reformansätze formuliert.Item Econometric Modelling of Energy & Financial Markets(2019) Lips, JohannesThis dissertation consists of two parts with different themes, the first part is made up of three articles in the broad category of empirical energy economics. The first paper in this category analyses the impact of changes in the prices of fossil fuels on the electricity prices. The following two articles are closely related and empirically analyse the North American oil industry to see if the financial decisions and conditions of the firms and the oil industry are affected by oil price changes. The final article provides a literature review prepared for the handbook "Corruption and Fraud in Financial Markets: Malpractice, Misconduct and Manipulation. with an accompanying data analysis on the detection of financial fraud and manipulations using Benford s law.Item The economics of geographically differentiated agri-food products : Theoretical considerations and empirical evidence(2010) Teuber, RamonaGeographical names for agri-food products and particularly the legal protection of those names are discussed more than ever. The reasons for this recent interest are manifold. First, an increasing consumer segment is concerned about food safety and food quality issues and thus wants to know where the food they eat comes from. Second, from a policy point of view it is assumed that the protection and promotion of geographically differentiated agri-food products (GDAFPs) can foster rural development. For the European Commission, geographically differentiated products even constitute one main pillar of the EU s agricultural quality policy besides organic and other food quality certification schemes. Against this background, the dissertation provides a comprehensive picture of the eco-nomic aspects of geographically differentiated agri-food products in general, while at the same time presenting very specific results for certain products and markets.The first section introduces major research questions discussed in the context of GDAFPs and provides a comprehensive review and assessment of the economic analysis of these products. Section II presents results from two consumer studies carried out in Germany. The first study analyses consumers preferences for regional food in general, whereas the second one addresses the protection of Hessian Apple wine as a geographical indication in particular. In both studies logit models based on survey data are estimated. The obtained results indicate that psychographic factors such as the wish to support domestic producers are central deter-minants of consumers preferences and willingness to pay for GDAFPs, whereas sociodemo-graphic and economic factors do not possess much explanatory power. Section III provides empirical evidence with respect to the importance of country- and region-of-origin effects in the price formation of single-origin coffees. All four articles in this section are closely linked with each other. The econometric results highlight that coffees from origins without any established reputation for high quality are discounted even after having controlled for sensory quality differences. These significant origin effects can be interpreted as collective reputation effects, a phenomenon well known for wine. Methodologically section III contributes to the exisiting scientific literature by (i) analysing how a two-stage hedonic model can be specified according to the available data set and (ii) providing an empirical application for single-origin coffee data consisting of nonlinear hedonic price functions at stage one and an inverse demand function for sensory quality at stage two.Item The effects of procedures on decision making : experimental evidence(2009) Mertins, VanessaThere is substantial empirical evidence and increasing recognition that not only outcomes, but also the procedures leading to them, can affect people' s utility from, and their reactions to, those decisions. However, there is still a large gap between numerous studies by non-economists (e.g., psychologists, sociologists, political scientists, and legal scholars) and the fact that economists began to investigate the role of procedures only recently. Thus, there is still an important research agenda to be developed by economists. The dissertation contributes to this by investigating the underlying question how people react to otherwise identical decisions which came about by different procedures. Behavioral and experimental economics may serve as an important link. Its aim is to integrate the insights of cognitive and social psychologists, as well as those of experimental economists, with neoclassical economic theory. The dissertation is divided into two parts. The first part explores the relevance of procedures for social interaction whereas the main focus is put on recent experimental and theoretical findings in the social sciences (chapter 2). Besides, it discusses two methodological questions: First, do players decisions depend on the preference elicitation method, and second, does the approach of classifying people according to player types assist to a better understanding of behavior in experimental games (chapter 3). The second part introduces three new economic experiments for the research into procedural aspects (chapter 4-6). The objective is to analyze possible effects of (a) procedural fairness judgments, (b) procedural satisfaction, and (c) participation opportunities. Clear experimental evidence suggests that people not only value outcomes, but also the way that led to them. Thus, the dissertation contributes to a better understanding of human decision-making.Item Entwicklung des Wettbewerbs im deutschen Agrar- und Ernährungssektor - Betrachtungen aus industrieökonomischer Perspektive(2024) Spahn, Laurin; Kühl, RainerDie Arbeit zeichnet in vier Untersuchungen ein aktuelles Bild der Wettbewerbsentwicklungen im deutschen Agrar- und Ernährungssektor. Theoretische Grundlage der Untersuchungen ausgewählter Stufen der Wertschöpfungskette für Lebensmittel bildet das industrieökonomische Structure-Conduct-Performance-Paradigma. Besonderes Augenmerk wird auf die Wechselwirkungen zwischen Markt- bzw. Branchenstrukturen und des beobachtbaren Unternehmensverhaltens gelegt. Untersuchung 1 analysiert die Zusammenhänge zwischen dem durch Fusionen und Übernahmen (M&A) geprägten Strukturwandel und der Produktdifferenzierung im deutschen Molkereisektor. Dafür werden Markstrukturen, M&A-Ereignisse und rund 6.000 Markteinführungen neuer Molkereiprodukte empirisch analysiert. Es wird festgestellt, dass die Anzahl jährlicher Produkteinführungen trotz zunehmender Konzentration nicht abnimmt. Gleichzeitig wächst der Anteil von Konzernen am gesamten Produktangebot. Zudem wird gezeigt, dass Fusionen und Übernahmen zu reduzierter Produktdifferenzierung bei den beteiligten Unternehmen führen. Untersuchung 2 stellt eine umfangreiche Diskussion lebensmittelbezogener Kartellfälle dar. Dazu wird der Einfluss der horizontalen Wettbewerbsbedingungen innerhalb der Ernährungsindustrie und des vertikalen Stufenwettbewerbs zwischen Ernährungsindustrie und Lebensmitteleinzelhandel auf Kartellbildungen analysiert. Die Hypothese von „Abwehrkartellen“, die sich gegen die vermeintlich nachfragemächtige Handelsstufe richten, wird widerlegt. Stattdessen dienen die untersuchten Kartelle der Reduktion der horizontalen Wettbewerbsintensität. In Untersuchung 3 werden unter Berücksichtigung der Besonderheiten der Plattformökonomie Wettbewerbswirkungen digitaler Landhandelsplattformen untersucht. Als Auswirkungen des Plattformhandels werden verringerte Transaktionskosten, eine gesteigerte Markttransparenz sowie eine Senkung von Markteintrittsbarrieren konstatiert. So ist mit einer Steigerung der Wettbewerbsintensität und einem beschleunigten Strukturwandel im Landhandel zu rechnen. Eine Ausschaltung der Landhandelsstufe ist dagegen nicht zu erwarten. In Untersuchung 4 werden strategische Anpassungsreaktionen ländlicher Warengenossenschaften an sich verändernde Marktstrukturen analysiert. Dafür werden die Produkt- und Dienstleistungsportfolien von 110 genossenschaftlichen Unternehmen hinsichtlich der daraus abzuleitenden Strategien empirisch untersucht. Als Ergebnis zeigt sich, dass viele ländliche Warengenossenschaften angesichts der Branchenentwicklung sowohl vertikale Integration als auch Diversifikation außerhalb des eigentlichen Agrargeschäfts als Strategieoptionen wählen. Weiterhin wird dargelegt, dass Genossenschaften verschiedener Größen häufig ähnliche Strategien verfolgen. Die vier Untersuchungen zeigen, dass im Agrar- und Ernährungssektor trotz zunehmender Konzentration eine hohe Wettbewerbsintensität zu beobachten ist. Der vorherrschende Wettbewerbsdruck führt zu hoher Produktvielfalt, niedrigen Preisen und geringen Margen. Bei fortlaufender Konzentration werden allerdings gesellschaftlich unerwünschte Auswirkungen wie eine reduzierte Produktdifferenzierung, die Entstehung von Monopolstellungen oder Kartellbildungen möglich. Aus diesem Grund ist eine weitere Analyse der Wettbewerbsentwicklung essentiell, damit kartellrechtliche und politische Eingriffe bei unerwünschten Entwicklungen schnell umgesetzt werden können.Item Erfolgsfaktoren direktvermarktender Weinbaubetriebe(2016) Iselborn, Maximilian K.Ziel der vorliegenden Arbeit war die Untersuchung von Erfolgsfaktoren direktvermarktender Weinbaubetriebe. Im Einzelnen wurden dabei das unternehmerische Zielsystem als Abbild des unternehmerischen Erfolges, das strategische Verhalten der Betriebsleiter und die produktions- und vermarktungsstrategischen Erfolgsfaktoren untersucht. Hierzu wurden bilanzielle und strukturelle Daten von 213 Weinbaubetrieben über einen Zeitraum von fünf Wirtschaftsjahren ausgewertet und um eine Primärerhebung mit 288 Weinbaubetrieben erweitert. Durch die Kombination beider Datenbasen konnten umfassende Erkenntnisse gewonnen werden, die zur agrarwissenschaftlichen Erfolgsfaktorenforschung beitragen.Der unternehmerische Erfolg wurde anhand von zehn Einzelzielen abgebildet und weiterführend faktoranalytisch in wirtschaftliche Kernziele (WKZ), wirtschaftliche Ziele (WZ) und persönliche Ziele (PZ) unterteilt. Ziele mit hoher Bedeutung sind Kundenzufriedenheit, sichere Liquiditätslage des Unternehmens, Sicherung des Unternehmensbestandes und Arbeitsfreude im Tagesgeschäft. Im Gegensatz dazu wurden die Ziele Umsatzwachstum, Steuerlicher Gewinn und Ansehen des Unternehmens bei Mitbewerbern als am unbedeutendsten eingeschätzt. Die Untersuchung des Zielsystems zeigt, dass insbesondere Ziele, die sich der wirtschaftlichen Stabilität von Betrieb und Unternehmerfamilie sowie Individualzielen zuordnen lassen, eine hohe Bedeutung im unternehmerischen Zielsystem einnehmen. Darüber hinaus ist die Rangordnung des unternehmerischen Zielsystems mit dem untersuchten Betriebstyp verbunden.Zur Untersuchung des strategischen Verhaltens wurde auf die Konzepte Marktorientierung und unternehmerische Orientierung zurückgegriffen. Beide Konzepte weisen mittelhohe Ausprägungen auf. Zwischen Marktorientierung und unternehmerischer Orientierung liegt ein mittelstarker Zusammenhang vor, der zu ähnlichen Zusammenhängen der strategischen Konzepte mit der Betriebsgröße und wirtschaftlichen Erfolgskenngrößen führt. Betriebsleiter großer Weinbaubetriebe (größer gleich 30 ha) führen ihre Unternehmen marktorientierter und lassen sich gleichermaßen als unternehmerischer orientiert bezeichnen. Dieses Ergebnis lässt sich auf die unterschiedlichen Vermarktungs- und Organisationsstrukturen zurückführen, die sich zwischen kleinen (kleiner gleich 9,99 ha) und großen Weinbaubetrieben (größer gleich 30 ha) unterscheiden. Ein expliziter Zusammenhang zwischen den untersuchten strategischen Konzepten und wirtschaftlichen Erfolgsindizes kann in der vorliegenden Untersuchung nicht bestätigt werden.Wirtschaftliche Erfolgsunterschiede zwischen Direktvermarktern lassen sich auf die hohen betrieblichen Erträge/ha und höhere betriebliche Aufwendungen/ha zurückführen, die aus einem zunehmenden Einsatz externer Produktionsfaktoren resultieren. Eine hohe Umsatzproduktivität/ha (Erträge/ha) lässt sich über das Zusammenspiel überdurchschnittlicher Stückerlöse/l, Naturalerträge in hl/ha und Zukäufe in hl/ha erklären. Die wirtschaftlich erfolgreichsten Betriebe der vorliegenden Stichprobe entkoppeln über Zukäufe von Roh- und Verarbeitungsware die negative Beziehung zwischen Weinqualität und Preisniveau, die sich aus dem Menge-Güte-Gesetz ableiten lässt. Dieses Vorgehen ermöglicht die simultane Abschöpfung hoher Preise und Verarbeitungsmengen. Darüber hinaus weisen die wirtschaftlich erfolgreicheren Betriebe eine hohe Eigen- und Fremdkapitalrentabilität auf.Zur Untersuchung der Erfolgsfaktoren wurde auf einen kausalanalytischen Untersuchungsansatz zurückgegriffen. Die Kausalanalyse gibt Aufschluss über die produktions- und vermarktungsstrategischen Erfolgsfaktoren direktvermarktender Weinbaubetriebe und lässt eine Interpretation von Ursache-Wirkungs-Beziehungen zu. Als theoretischer Bezugsrahmen wurden die generischen Wettbewerbsstrategien der Kosten- und Differenzierungsorientierung herangezogen, die branchenspezifisch als Naturalertragsorientierung und Differenzierungsorientierung modelliert wurden.Sowohl die Naturalertragsorientierung als auch die Differenzierungsorientierung beeinflussen den wirtschaftlichen Erfolg ähnlich hoch. Aufgrund des hohen unternehmerischen Gestaltungsspielraums von Naturalertragsniveau und Weinqualität bei der Produktion und Vermarktung von Flaschenwein überwiegt keine der beiden Strategien als kritischer Erfolgsfaktor. Die Auswahl einer der beiden Strategien und deren konsequente Umsetzung führen somit jeweils zum wirtschaftlichen Erfolg. Kritische Erfolgsfaktoren der Naturalertragsorientierung sind die Marketingintensität, die Vertriebsintensität und die Mechanisierungsintensität, während sich die Differenzierungsorientierung über die Marketingintensität und Personalintensität abgrenzen lässt. Weiterführend lässt sich die Marketingintensität über Marketingaktivitäten und die Mitgliedschaft in reputationssteigernden Marketingverbänden erklären.Die Ergebnisse der kausalanalytischen Untersuchung erlauben eine Abgrenzung der Erfolgsfaktoren zwischen agrarwirtschaftlichen Rohwarenproduzenten und veredelnden Agrarbetrieben mit eigener Vermarktung. Naturalertragsorientierung erfolgt im Marktfruchtbau ausschließlich über die Maximierung der Naturalerträge unter der Nebenbedingung objektiver Qualitätsparameter. In veredelnden Weinbaubetrieben mit eigener Vermarktung erfolgt dieNaturalertragsorientierung über die Maximierung der Naturalerträge unter der Nebenbedingung objektiver und subjektiver Qualitätsparameter. Darüber hinaus bietet sich die Möglichkeit Roh- und Verarbeitungsware unterschiedlicher Qualitätsstufen zuzukaufen, die im Betrieb verarbeitet und anschließend vermarktet werden. Eine Differenzierungsorientierung, die auf die Abschöpfung hoher Produktpreise abzielt, findet im Marktfruchtbau überwiegend über die Bereitstellung objektiver Produktqualität, zeitlicher Spekulationen und hoher Produktionsmengen statt. Während zeitliche Spekulationen und hohe Produktionsmengen in direktvermarktenden Weinbaubetrieben keinen Einfluss auf den Preis nehmen, erfolgt die Preissteigerung ausschließlich über die Bereitstellung hoher Qualitäten. Der Weinpreis wird dabei durch die objektive und subjektive Produktqualität bestimmt. Während sich die objektive Produktqualität u. a. durch ein geringes Naturalertragsniveau erzielen lässt, kann die subjektive Weinqualität über eine hohe Marketingintensität beeinflusst werden.Durch die in der vorliegenden Untersuchung gewählte mehrstufige Modellspezifikation wurden nicht nur die Einflüsse der unternehmerischen Strategien, sondern auch deren verursachende Faktoren untersucht. Das theoretische Erfolgsmodell direktvermarktender Weinbaubetriebe bietet neue Erkenntnisse zu den Erfolgsfaktoren veredelnder Agrarbetriebe mit eigener Vermarktung und schafft eine Abgrenzung von Erfolgsfaktoren zwischen agrarwirtschaftlichen Betriebstypen.Als zusammenfassendes Fazit der Arbeit lässt sich sagen, dass sich die agrarwirtschaftliche Erfolgsfaktorenforschung in Zukunft weg von allgemeingültigen Modellen hin zu branchen- und betriebstypenspezifischen Untersuchungen orientieren sollte. Erfolgsfaktoren sind eng mit der Branche, dem Betriebstyp und dem Grad der Wertschöpfungsstufe verbunden, was auch in der vorliegenden Untersuchung deutlich wird.Item Essays in Household Finance and FinTech(2019) Meyll, TobiasThis thesis consists of five independent research papers empirically addressing several questions relating to topics in Household Finance and FinTech .The first paper investigates potential gender gaps in over-indebtedness.The second paper analyzes why households rely solely on bank deposits despite the existence of subsidized pension products, which are secure as bank deposits but offer higher expected returns.The third paper studies the relationship between using smartphones to conduct mobile payments and individuals credit card misbehavior.The fourth paper investigates potential gender gaps with respect to knowledge of recent financial technologies, such as Bitcoin.The fifth paper analyzes how negative life events, such as becoming a victim of consumer fraud, affect individuals financial well-being.Item Essays on Accounting - Enforcement, Education & Sustainability(2023) Herrmann, Fabienne Esther Maria; Ewelt-Knauer, Corinna; Wöhrmann, ArntThis dissertation includes seven papers on the subject of financial accounting and is divided into three sections on different topics: Enforcement (Section A), Accounting Education (Section B) and Sustainability in Accounting (Section C). Specifically, the empirical study in Section A examines the capital market reaction to error announcements of the German enforcement system and investigates the role of enforcement institutions in the processing of financial accounting-related information by investors. The research papers in Section B deal with the area of Accounting Education. Innovative teaching concepts are a key instrument to counteract the declining interest of students in the accounting field as well as the shortage of qualified staff in the audit and accounting sector. In this context, paper B1 empirically examines the digital teaching concept of the video series "Bibi Bilanzierung" and analyses the influence of this edutainment approach on students' motivation and performance. Paper B2 illustrates the importance of such a digital teaching concept and shows how to embed it in higher education classes. Paper B3, deals with the general issue and possible approaches to solving the shortage of qualified staff in the auditing profession. Section C contains three normative essays that deal with financial accounting in the context of sustainability related-issues. Paper C1 addresses current discussions about accounting of "green" loans. For this type of financing, the financial terms depend, i.a., on ESG factors of the borrower. The accounting of these financial instruments by the lender leads to uncertainties in the application of IFRS 9, which are picked up on and discussed in this paper. Paper C2 deals with ESG-ratings and descriptively evaluates the results of a consultation of the EU Commission on the ESG-rating market in 2022. It systematically analyses the challenges perceived by stakeholders and the need for regulation. Paper C3 deals with accounting issues of power purchase agreements (PPAs) in the context of IFRS 16. In a conceptual analysis, the paper investigates under which conditions PPAs constitute a lease in accordance with IFRS 16.Item Essays on Behavioral Finance and Corporate Governance(2022-07-26) Semmler, Darwin; Bannier, Christina E.; Walter, AndreasThis doctoral thesis consists of five papers, of which four deal with experiments in household finance to investigate deviations from rational choice, one deals with diversity in corporate boards. The first four papers in this thesis evaluate the question, how consumers deal with multiple accounts, mainly credits. The main goal of our studies is to investigate heuristics in deviation from optimal behavior - which we call misallocation - in an experimental setting and shed light on the questions how people can be influenced to reduce misallocation. Furthermore, we generalize our findings on borrowing and investment situations. The last paper focuses on the development of ethnic diversity in boardrooms of French firms in the CAC40 index.Item Essays on Behavioral Finance in the Digital Age(2020) Czaja, Daniel LukaszThis dissertation includes four essays on behavioral finance in the digital age. Specifically, the research papers cover the following content:In the first paper, entitled "Self-attribution bias and overconfidence among nonprofessional traders", my co-author and I investigate consequences of the self-attribution bias for nonprofessional traders. By applying a textual analysis of more than 44,000 public comments on a large social trading platform, we contribute to empirical literature on investment and trading behavior in three ways: First, we show that one component of the self-attribution bias, the self-enhancement bias, leads to subsequent underperformance. Second, results support the theory that traders become overconfident due to biased self-enhancement. Third, we find that traders´ social trading portfolios attract higher investment flows from investors when showing self-enhancement biased behavior.In the second paper, entitled "Signaling in initial coin offerings - the key role of entrepreneurs´ self-efficacy and media presence , by analyzing data of more than 1,000 Initial Coin Offerings (ICOs) obtained from seven different ICO information platforms, my co-author and I investigate the effectiveness of projects´ quality signals (human capital, entrepreneurs´ self-efficacy, ambiguity reduction and level of media presence) with regard to ICO funding success. Results imply that media presence and entrepreneurs´ self-efficacy are effective signals of project quality in the ICO market and thus, can foster funding success. Project initiators that communicate (more actively) via social media collect more funds than those who do not.Analogously, entrepreneurs appearing self-efficacious with regard to the quality of their venture receive more funds.In the third paper, entitled "Among peers: the impact of homophily in online investment", my co-authors and I investigate if homophily peoples affinity for similar others is an issue in online investment, too. Drawing on nearly 14,000 loan applications and 65,000 investments obtained from one of the leading online peer-to-peer lending platforms in Europe, we document strong evidence in support of a homophily effect on investors´ financial decision making. Controlling for a host of alternative determinants, being in the same age group as a given investor increases a loan applicant´s odds of being funded by as much as 14%, while same-sex dyads are associated with 6% higher odds of investment. Moreover, any additional demographic similarity increases the average investment amount by nearly 10%. At this, the impact of homophily on investors´ funding propensity proves substantially larger for female investors. Finally, we document a 19bp. difference in risk-adjusted interest rates of loans associated with investor-borrower dyads exhibiting the highest versus lowest number of homophilous ties. This evidence is hard to square with the notion that investors´ affinity for similar borrowers in online peer-to-peer lending follows economic rationale.In the fourth paper, entitled "Occupational self-selection among bankers and financial regulators: evidence from content analysis", using a unique dataset of 532 face-to-face interviews from a German business newspaper, my co-authors and I examine the psychological characteristics of bankers and financial regulators. Applying computerized content analysis techniques, we find that linguistic styles differ significantly among bankers and regulators even when controlling for topics derived from structural topic modeling suggesting differences in well-known psychological characteristics.In particular, we find that bankers´ linguistic style marks them as more selfish and overconfident. Regulators, in contrast, show more linguistic markers of cognitive complexity. Results support existing theoretical considerations that suggest self-selection into different occupations by bankers and regulators due to different psychological characteristics.Item Essays on Monetary Policy and Macroeconomics(2022) Finck, David; Tillmann, PeterKumulative Dissertation bestehend aus 9 Papieren zu den Themen Geldpolitik und MakroökonomikItem Essays on R&D investments, market structure and welfare(2013) Saboori Memar, Ahmad RezaThe firms´Investments in research and development (R& D) are of key importance both for the overall economic development and for competition in oligopolistic market structures. While both product and process R& D can yield higher consumer welfare, it is often assumed that competition is a necessary condition for the implementation of this consumer-welfare-enhancing potential. This belief provides the background for the actions of competition authorities, such as prevention of price discrimination as well as mergers and acquisitions, in order to ensure genuine and undistorted competition. This is the point where this dissertation comes in. It investigates the firms´ R& D incentives in different oligopolistic market structures depending on the intensity of competition in the market. Moreover, this dissertation scrutinizes the above practices of competition authorities.Item Essays on remittance inflows and monetary policy in developing countries(2018) Machasio, Immaculate NafulaInternational remittances, the money that migrants send back to their home countries, are one of the key components of international capital flows. In 2017, officially recorded remittance flows to developing countries reached $466 billion and the amount is estimated to increase by about 4.1% to reach $485 billion in 2018. It has been observed that in many countries, remittances are larger and have exhibited more stability compared to foreign direct investments and, in certain scenarios, even larger than official development assistance. Most governments in developing countries have increasingly recognized the importance of remittance flows and are in the process of addressing constraints that hamper smooth flows in order to harness the benefits that remittances offer. This is occasioned by the fact that many developing countries are characterised by low domestic saving and high government expenditure. As a matter of fact, remittances which happen to constitute external source of finance play a critical role in local development and poverty reduction. There is a vast literature on remittances and their role with respect to developing countries. This dissertation identifies the gaps in existing literature and covers the additional pertinent issues of consideration that would be of concern to researchers and policy makers. We begin by viewing remittances in positive light by considering the potential stabilizing role of remittances. We then proceed to evaluate whether remittances could potentially pose a risk to monetary policy transmission process owing to their cyclical nature. Within this framework, we deem it necessary to critically investigate the cause of cyclicality in remittance flows owing to the fact that existing literature is inconclusive. Having set the concept on cyclicality of remittances clear, we finalize our discussion by evaluating whether remittances promote financial inclusion.Item Essays on Sustainable Finance and Corporate Social Responsibility(2021-10-21) Bofinger, Yannik; Bannier, Christina EveliesThis doctoral thesis consists of six academic papers and deals with international research on Corporate Social Responsibility (CSR) and Environmental, Social and Governance (ESG) topics from a corporate finance as well as an investors' perspective. While five papers have been accepted for publication in international peer reviewed journals, one paper is currently in a Revise & Resubmit process. The title page of each chapter provides information on the publication or peer review status including the journal's VHB-JOURQUAL3 rating as well as conference presentations.Item Essays on Technological Change and its Environmental Impacts(2023) Axenbeck, Janna; Bertschek, IreneGiven the climate crisis and the sharp rise in energy costs, discussions on the potential of new technologies to reduce energy consumption and mitigate environmental damage are frequently part of the public debate. In the thesis at hand, which is submitted in partial fulfilment of the requirements for the academic degree of doctor rerum politicarum, I contribute to this discourse by shedding new light on the measurement of current technological progress and its impact on energy use patterns, as well as changes in mobility. To this end, I apply econometric, text mining, and machine learning methods to firm-level data. My dissertation consists of four self-contained essays, which I wrote between December 2018 and April 2023 as an external doctoral candidate at the Chair of Economics of Digitalisation at the Justus Liebig University Giessen. During this time, I was employed as a researcher at ZEW Mannheim. The thesis is divided into six chapters.Item Essays on the Application of Statistical Learning in Empirical Economic Research(2022-05-31) Dörr, Julian Oliver; Winker, Peter; Aßmann, ChristianThis thesis was written between June 2020 and May 2022 as external Ph.D. candidate at the Chair of Statistics and Econometrics at the Justus Liebig University Giessen. At the time of writing, the author was employed as researcher at ZEW - Leibniz Centre for European Economic Research in the department of Economics of Innovation and Industrial Dynamics. The thesis is submitted in partial fulfillment of a Ph.D. degree. It consists of four chapters and contains three separate research articles. Chapter 1 gives an introduction to the rise of statistical learning methods in economic research. Inspired by the significant advances of these methods in recent years and their potential to open new avenues in economic research, this dissertation contributes in the form of three papers that use statistical learning methods to answer open research questions about the behavior of firms and economic policymakers under dynamic market conditions. Chapter 1 briefly introduces these research articles and provides a brief discussion on how statistical learning was used to answer the papers’ scope of research. Chapter 2 consists of two articles whose common linkage is the dynamics triggered by the unprecedented economic shock of COVID-19. Statistical learning methods were used to guide policymakers in their response measures and to evaluate the effect of policy interventions on firm closure dynamics. The second article in Chapter 2 already foreshadows the following work in Chapter 3, as the methodological focus is on the analysis of textual data and its application as a policy tool. The third paper presented in Chapter 3 introduces a novel text modeling approach to map technologies to business models, opening up a new possibility to evaluate technology profiles of market entrants. Article 1 (Chapter 2) empirically analyzes whether government support for ailing firms in the wake of the first COVID-19 induced lockdown led to a backlog of corporate insolvencies and, should this be the case, whether this backlog is disproportionally characterized by firms that were already in distress before COVID-19 hit. This might hint at the unwanted side-effect of interfering with Schumpeter’s natural market cleansing dynamics. For the estimation strategy, the paper makes use of a matching approach that builds on the Nearest Neighbor ($k$-NN) algorithm. This method of supervised learning allows for a comparison of companies with similar characteristics that have experienced almost the same updates to their credit ratings under different policy regimes, i.e., before and after the pandemic outbreak. Article 2 (Chapter 2) proposes a data framework that allows to assess the impact of an unforeseen economic shock at firm level and at near real-time. It shows that different sources of impact data can be integrated into a policy tool to overcome information deficits that policymakers typically face in highly dynamic situations such as at the beginning of the COVID-19 pandemic. Moreover, the framework shows that businesses’ communication patterns concerning the pandemic serve to forecast deterioration in their financial standing over the course of the crisis. In Article 3 (Chapter 3), I develop an approach to map technologies to business models based on a topic model architecture and text embedding models. In the paper, I show how patent texts and business descriptions can be transferred in a common vector space to measure companies’ technological orientation. The theoretical contribution of the paper is concerned with the role of market entrants in the diffusion and development of environmentally sound technologies. Chapter 4 concludes and suggests avenues for further research that could benefit from the work presented in this thesis.
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