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In memory of Brigitte Haar
(2021)
Nachruf auf Brigitte Haar (1965-2019).
Combining insights from the history of citizenship with contemporary legal analysis, this article both highlights and problematizes what we may call sorting strategies – restrictive closure and selective openness – which rely on ‘varieties of affluence’ (income, wealth, equity, credit, and the like) in shaping possibilities for entry, settlement, and naturalization. By emphasizing the growing significance of income barriers and thresholds on the one hand, and fast-tracked investment-based entryways on the other, this article investigates the role of wealth as both accelerator and barrier to citizenship, contributing to the varied toolbox used by governments to advance goals that may at times appear contradictory; these tools both tighten and relax the requirements of access to membership at the same time. These new developments represent different facets of the same trend. Without explicitly stating as much, programs that turn wealth into a core criterion for admission conceptually reignite an older, exclusive, and exclusionary vision according to which individuals must hold property (in land, resources, or in relation to one’s ‘dependents,’ including women, slaves, and children) in order to qualify as a citizen. While such a trajectory is no stranT8ger to ancient models, it raises profound challenges to modernist accounts of political membership that place equality at their core.
In this study, we analyze the trading behavior of banks with lending relationships. We combine detailed German data on banks’ proprietary trading and market making with lending information from the credit register and then examine how banks trade stocks of their borrowers around important corporate events. We find that banks trade more frequently and also profitably ahead of events when they are the main lender (or relationship bank) for the borrower. Specifically, we show that relationship banks are more likely to build up positive (negative) trading positions in the two weeks before positive (negative) news events, and also that they unwind these positions shortly after the event. This trading pattern is more pronounced for unscheduled earnings events, M&A transactions, and after borrower obtain new bank loans. Our results suggest that lending relationships endow banks with important information, highlighting the potential for conflicts of interest in banking, which has been a prominent concern in the regulatory debate.
Do required minimum distribution 401(k) rules matter, and for whom? Insights from a lifecylce model
(2021)
Tax-qualified vehicles helped U.S. private-sector workers accumulate $25Tr in retirement assets. An often-overlooked important institutional feature shaping decumulations from these retirement plans is the “Required Minimum Distribution” (RMD) regulation, requiring retirees to withdraw a minimum fraction from their retirement accounts or pay excise taxes on withdrawal shortfalls. Our calibrated lifecycle model measures the impact of RMD rules on financial behavior of heterogeneous households during their worklives and retirement. We show that proposed reforms to delay or eliminate the RMD rules should have little effects on consumption profiles but more impact on withdrawals and tax payments for households with bequest motives.
Im Gesetzgebungsverfahren zur Umsetzung des Kohleausstiegs wurde kurz vor den abschließenden Beratungen auf Initiative des Ausschusses für Wirtschaft und Energie eine Vorschrift in das Gesetz zur Reduzierung und zur Beendigung der Kohleverstromung (KVBG) aufgenommen, die die “Notwendigkeit” des Braunkohletagebaus Garzweiler II rechtlich absichern soll (§48 KVBG; dazu 1). Unabhängig von der Frage, ob dieser Versuch durch die verschärften Jahresemissionsmengen für die Energiewirtschaft, die durch die Entscheidung des Bundesverfassungsgerichts vom 24.3.2021 veranlasst sind, bereits als überholt angesehen werden kann, und auch unabhängig von materiellen Bedenken fehlt dem Bund die Gesetzgebungskompetenz. Denn die Vorschrift ist an dem Erforderlichkeitsmaßstab des Art. 72 Abs. 2 GG zu messen (dazu 2) und die Anwendung der dazu in der Rechtsprechung entwickelten Kriterien (dazu 3) auf §48 KVBG führt zu dem Ergebnis, dass es an der Erforderlichkeit der Bedarfsfeststellung für Garzweiler II zur Wahrung der Wirtschaftseinheit im gesamtstaatlichen Interesse fehlt (dazu 4).
Expectations about economic variables vary systematically across genders. In the domain of inflation, women have persistently higher expectations than men. We argue that traditional gender roles are a significant factor in generating this gender expectations gap as they expose women and men to different economic signals in their daily lives. Using unique data on the participation of men and women in household grocery chores, their resulting exposure to price signals, and their inflation expectations, we document a tight link between the gender expectations gap and the distribution of grocery shopping duties. Because grocery prices are highly volatile, and consumers focus disproportionally on positive price changes, frequent exposure to grocery prices increases perceptions of current inflation and expectations of future inflation. The gender expectations gap is largest in households whose female heads are solely responsible for grocery shopping, whereas no gap arises in households that split grocery chores equally between men and women. Our results indicate that gender differences in inflation expectations arise due to social conditioning rather than through differences in innate abilities, skills, or preferences.