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Can Germany’s economy stage an unexpected recovery?Steffen MüllerThe Economist, January 30, 2025
We create a new measure of the value of an important, but previously understudied, type of intangible asset—trademarks. We quantify the stock market reaction to the publication of almost one million individual trademarks manually matched to their corporate owners.
Does an increase in credit supply affect firms' likelihood to invest in green technologies? To answer this question, we use text algorithms to extract information on green investments from the comments to the financial statements of Italian SMEs between 2015 and 2019.
We build indexes of commodity-price developments by simulating news reading. Our proposed computer-based, narrative approach is flexible and spans all commodity markets, including energy, metals, agricultural and livestock.
We document that in the US residential mortgage market, the share of integrated intermediaries acting as both originator and servicer has declined dramatically. Exploiting a regulatory change, we show that borrowers with integrated servicers are more likely to refinance, and conditional on refinance, are more likely to be recaptured by their own servicer.
Vorstellung des Jahresgutachtens 2023/24 des Sachverständigenrats zur Begutachtung der gesamtwirtschaftlichen Entwicklung
I quantify the contribution of intermediary agency frictions to the cyclicality of lending by collateralized loan obligations (CLOs). CLOs’ cost of debt contains significant compensation for agency problems arising from CLOs’ discretion in trading.
This paper investigates the economic effects of carbon pricing policies using a panel of countries that are members of the EU Emissions Trading System.
