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on Microeconomic European Issues |
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Issue of 2023‒12‒11
23 papers chosen by Giuseppe Marotta, Università degli Studi di Modena e Reggio Emilia |
| By: | Sebastian Will; Timon Renz |
| Abstract: | We investigate the relationship between homeownership and life as well as housing satisfaction. Using panel data from Germany, we find that compared to renting, owning a home positively affects housing satisfaction. Contrarily, we find no significant effects on life satisfaction in the long-term. Analyzing short-term effects in an event-study design, we show that both life and housing satisfaction anticipate the event and adapt shortly after. Debt-free buyers, however, do not experience anticipation or adaptation effects at all. Comparing outright homebuyers to debt-financing owners, we show that having a real estate loan affects homeowners’ life satisfaction negatively. Paying off a loan does not differently affect the housing satisfaction of both types of buyers. We conclude that the negative effect of the financial burden of a mortgage could offset the positive effect of homeownership. |
| Keywords: | financial burden; Home Ownership; household finances; subjective well-being |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_170&r=eur |
| By: | Samuel Bentolila; Antonio Cabrales; Marcel Jansen |
| Abstract: | This paper analyzes the causal impact of dual vocational education and training (VET) on the labor market insertion of youth. Using matched education and social security records, we estimate the causal impact of a major reform that introduced a new dual track, which combines firm- and school-based training, on the labor market outcomes of the first three dual VET cohorts in the Spanish region of Madrid. The control group is composed of individuals who graduated in the same fields and years in school-based VET. Selection into dual VET is dealt with using a distance-based instrumental variable. Dual VET is found to generate sizable improvements in employment and earnings, but no significant impact on job quality. The results are not driven by pre-reform differences in the quality of the schools that adopted dual VET and the higher retention rate of dual VET graduates only partly explains the dual premium. |
| Keywords: | dual vocational education and training, school-to-work transition, Spain |
| JEL: | D92 G33 J23 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10762&r=eur |
| By: | Graeber, Daniel (DIW Berlin) |
| Abstract: | We describe the joint permanent health distribution of parents and children in Germany using 25 years of data from the Socio-Economic Panel. We derive three main results: First, a ten percentile increase in parental permanent health is associated with a 2.3 percentile increase in their child's health. Second, employing our anchoring method, we find that a percentile point increase in permanent health ranks is associated with a 0.8% to 1.4% increase in permanent earnings. Additionally, we conclude that health is particularly important for earnings at lower levels of health.We argue that our anchoring method has great potential to enhance the comparability of the literature across data sets and countries. Third, a more favorable socioeconomic status of the parents is predominantly associated with higher upward mobility in health. |
| Keywords: | intergenerational health mobility, health measurement, inequality |
| JEL: | I14 I12 J62 J13 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16567&r=eur |
| By: | Carlos Carrillo-Tudela; Leo Kaas; Benjamin Lochner |
| Abstract: | Firms and workers predominately match via job postings, networks of personal contacts or the public employment agency, all of which help to ameliorate labor market frictions. In this paper we investigate the extent to which these search channels have differential effects on labor market outcomes. Using novel linked survey-administrative data we document that (i) low-wage firms and low-wage workers are more likely to match via networks or the public agency, while high-wage firms and high-wage workers succeed more often via job postings; (ii) job postings help firms the most in poaching and attracting high-wage workers and help workers the most in climbing the job ladder. To evaluate the implications of these findings for employment, wages and labor market sorting, we structurally estimate an equilibrium job ladder model featuring two-sided heterogeneity, multiple search channels and endogenous recruitment effort. The estimation reveals that networks are the most cost-effective channel, allowing firms to hire quickly, yet attracting workers of lower average ability. Job postings are the most costly channel, facilitate hiring workers of higher ability, and matter most for worker-firm sorting. Although the public employment agency provides the lowest hiring probability, its removal has sizeable consequences, with aggregate employment declining by at least 1.4 percent and rising bottom wage inequality. |
| Keywords: | search channels, on-the-job search, recruitment effort, sorting wage dispersion |
| JEL: | E24 J23 J31 J63 J64 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10761&r=eur |
| By: | Carlsson Hauff, Jeanette (Department of Marketing, Gothenburg School of Business, Economics and Law, Gothenburg, Sweden); Hermansson, Cecilia (Department of Real Estate and Construction Management, Royal Institute of Technology) |
| Abstract: | This paper investigates gender roles in children’s savings. It uses a sample of more than 58, 000 children to investigate the overall gender roles, specified as differences pertaining to age, capital invested, financial activity, and portfolio composition. We conclude that there are gender differences between young female and male account holders. Boys in the sample are significantly older and are also more active savers, while girls hold more capital on their accounts. We find that these gender differences increase with age, capital and activity. Focusing on the level of activity, mirroring financial interest, we note that activity interacts significantly with both gender, age and capital, and that activity is decisive in explaining financial behavior, especially of boys. Somewhat surprisingly, we conclude that girls have a significantly lower share of saving in direct owned stock compared to boys, already at age 0. This difference linger on throughout childhood, and peak for children aged 15-17. We discuss our findings with the realms of socialization theory, proposing that our sample enables us to distinguish between the mixture of implicit and explicit parental financial behavior that prevails among adolescents, and the case where parents take care of saving for their very young children. For policymakers and managers, the awareness that substantial gender differences regarding financial behavior still prevail is an important insight. |
| Keywords: | saving; children; parents; gender; portfolio composition; activity; socialization theory |
| JEL: | D14 G11 G51 |
| Date: | 2023–11–15 |
| URL: | http://d.repec.org/n?u=RePEc:hhs:kthrec:2023_012&r=eur |
| By: | Colin Wessendorf; Nils Grashof |
| Abstract: | This study analyses the influence of Key Enabling Technologies (KETs) on radical innovation at the firm-level in 27 EU countries. KETs are a group of six technologies that are considered to be promising for Europe’s industrial competitiveness and innovativeness because they are horizontal and widely combinable, representing properties of General Purpose Technologies. We test this by investigating whether KET knowledge promotes the emergence of radical innovation in firms and whether regional specialization in KETs can moderate this relationship. Based on a unique firm-level database, our results show that KETs generally facilitate the emegence of radical innovation and that firms lacking KET knowledge in particular can benefit from being located in regions specialised in KETs. However, when focusing on the six individual KETs, the results get markedly heterogeneous and point to differences in the influence of engineering-oriented and science-based KETs. Our results therefore call for tailored, KET-specific, approaches – both in research and policy. |
| Keywords: | Radical Innovation, Recombinant Novelty, Knowledge Creation, General Purpose Technologies, Key Enabling Technologies, Firm-Level |
| JEL: | L25 O31 O33 R10 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:atv:wpaper:2303&r=eur |
| By: | Lange, Martin; Sommerfeld, Katrin |
| Abstract: | Does large-scale refugee immigration affect crime rates in receiving countries? We address this question based on the large and unexpected refugee inflow to Germany that peaked in 2015-2016. Arriving refugees were dispersed across the country based on a binding dispersal policy, yet we show that systematic regional sorting remains. Our empirical approach examines spatial correlations between refugee inflows and crime rates using the administrative allocation quotas as instrumental variables. Our results indicate that crime rates were not affected during the year of refugee arrival, but there was an increase in crime rates one year later. This lagged effect is small per refugee but large in absolute terms and is strongest for property and violent crimes. The crime effects are robust across specifications and in line with increased suspect rates for offenders from refugees' origin countries. Yet, we find some indication of over-reporting. |
| Keywords: | Crime, Immigration, Refugees, Dispersal Policy |
| JEL: | F22 J15 K42 R10 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:zewdip:279816&r=eur |
| By: | Paloma Taltavull de La Paz |
| Abstract: | In this paper, we explore the health consequences of housing affordability on household members. We use the information about health in EU-Silc microdata from 2008 to 2020 for the European countries and identify the different impacts that lack of ‘ex-post’ housing affordability would have had at the country and regional levels. Based on previous studies, the paper tests whether different situations of lack of housing affordability (measured by the affordability ratio and housing stress) would have contributed to health conditions at a personal level, focusing on the different persons in the household and paying attention to children’s health. Thus, the personal files of EU-Silc are used for this purpose in a panel analysis for 2008-2020. The paper identifies and test the channels of transmission of lack of affordability to health, as direct and indirect. They are tested using panel-regression methods for 33 European countries. Results give empirical evidence that lack of housing affordability affects the self-reported health status in households with special incidence of mental health. |
| Keywords: | Health; Housing Affordability; Housing Stress |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_279&r=eur |
| By: | Kai Fischer |
| Abstract: | How do skilled migrant workers affect firms’ performance and output? I estimate the causal effect of EU nurse withdrawal after the Brexit referendum on the performance of English hospitals. Exploiting variation in the reliance on EU workers across hospital providers in pre-referendum years, I find that providers with a mean share of EU nurses before the referendum persistently face 2% more hospital-related deaths after the referendum. This translates to 5, 900 additional hospital-related deaths p.a. in England. Unexpected readmissions of patients increase by 5% and reported incidents with harm to patients by 7% respectively. Providers respond to missing EU nurses by hiring UK nurses and fostering promotions in the short run, and by recruiting non-European nurses in the long run. |
| Keywords: | skilled labour shortage, public healthcare, e-/immigration, Brexit |
| JEL: | J24 J61 I18 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10747&r=eur |
| By: | Roland Füss (University of St. Gallen, NTNU Business School, and Swiss Finance Institute); Kathleen Kürschner Rauck (University of St. Gallen; Swiss Finance Institute); Alois Weigand (University of St. Gallen) |
| Abstract: | We study how photovoltaic (PV) systems externally affect the prices of owner occupied houses and rents of residential dwellings. By creating a three-dimensional topographical model of Switzerland, we model each building’s view at surrounding PV installations and merge this data with housing price observations. In our hedonic difference-in-differences regressions, we provide evidence of how this view (impaired or unimpaired) on a PV system is associated with lower residential rents. This effect is stronger for the view at multiple PV systems rather than at a single one as well as in situations where seeing is more likely. However, price penalties are attenuated if rental dwellings have their own PV system or if neighboring properties have a view at comparably large PV systems which may benefit surrounding tenants in terms of electricity provision. Furthermore, by using municipal voting results on the Swiss Energy Act 2017 and the Swiss CO2 Act in 2021, we show how the attitude towards sustainability is driving the external effects of PV systems on rents. In contrast, we cannot document significant impacts of view on prices for owner-occupied housing. |
| Keywords: | Residential Real Estate; Rents; House Prices; Photovoltaic System; View |
| JEL: | Q40 R11 R32 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:chf:rpseri:rp23100&r=eur |
| By: | Cátia Cerqueira (NIPE/Center for Research in Economics and Management, University of Minho, Portugal); Fernando Alexandre (NIPE/Center for Research in Economics and Management, University of Minho, Portugal); Miguel Portela (NIPE/Center for Research in Economics and Management, University of Minho, Portugal; and IZA, Bonn) |
| Abstract: | This paper examines firms’ characteristics and the impact on firm performance of being a first mover in the adoption of cloud computing and big data digital technologies, relative to followers and non-adopters. Our results show that firms with higher levels of education both for managers and workers, and shorter managerial tenure are more likely to be digital adopters. First movers in the adoption of big data show distinct characteristics from followers, namely they are younger and have a larger share of higher education workers. Regarding the impact on firm performance, we find that first movers in cloud computing experience significant performance gains, namely in gross value added and productivity, compared to non-adopters, but no gains relative to followers. Interestingly, first movers in big data exhibit a productivity edge over followers and non-adopters. Furthermore, we find that higher levels of education and shorter managerial tenure amplify the positive effects of big data adoption on firm performance. |
| Keywords: | cloud computing, big data, management, digitalization, productivity, ICT |
| JEL: | D24 M10 E22 E23 J24 O33 L20 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:nip:nipewp:11/2023&r=eur |
| By: | Bredtmann, Julia; Otten, Sebastian |
| Abstract: | Using data from the European Social Survey 2002-2020 covering immigrants in 25 European countries, this paper investigates the role of natives' gender norms in the labor market integration of female immigrants. To analyze the role of natives' gender norms, we exploit intertemporal, interregional, and age-specific variation in female-to-male labor force participation ratios. We find a positive and robust association between immigrant women's labor supply and the femaleto-male labor force participation ratio in their region of residence. No similar association is found among immigrant men. We provide evidence that our finding is due to the cultural assimilation of female immigrants to native women's gender norms, and not the result of exposure to similar institutions and economic conditions. Based on a gravity model of female immigrants' regional location choice, we further provide supportive evidence that the association between natives' gender norms and immigrant women's labor supply is not driven by a selective location choice of female immigrants. |
| Keywords: | Female labor force participation, immigration, gender norms |
| JEL: | J16 J22 J61 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:zbw:rwirep:279542&r=eur |
| By: | Linden, Mikael |
| Abstract: | Regression discontinuity (RD) analysis of retirement durations and retiree death ages is conducted with the Finnish year 1947 birth cohort. Data consist of observations from the sample follow-up period in 1.1.2007 – 31.12.2019. For the year 1947 cohort the eligible retirement age with old-age pension is between the ages of 63 and 68 years. However, the observed pension ages are quite often less than 63 years although the statutory minimum retirement age regulates persons’ retirement times. This means that for some retirees age of 63 years constitutes a queuing age that is against their retirement intentions, and this affects their retirement spells. We find with RD methods that close after death age of 63 years, the retirement spells discontinuously shortens although the higher death age should give room for the longer retirement spells. The point estimates for regression discontinuity effects on terminated retirement spells are in the range of from –1.09 to –0.56 in loss of year depending on the used sub-samples, covariates, and estimation methods. These findings are interpreted to conflict retirement intentions of retirees retiring at age of 63 years. |
| Keywords: | Regression discontinuity, retirement duration, age of death, statutory minimum retirement |
| JEL: | C21 J10 J26 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:pra:mprapa:119168&r=eur |
| By: | Mathilde Muñoz |
| Abstract: | This paper studies how differences in labor market regulations shape countries' comparative advantage in the cross-border provision of labor-intensive services, using administrative data in Europe for the last two decades. I exploit exogenous variation in labor taxes and minimum wages faced by exporting firms engaged in a large European trade program. Firms from different countries compete to supply the same physical service in the same location but their employees are subject to different payroll taxes and minimum wages. These rules varied across countries, sectors, and over time. Reduced-form country case-studies as well as model-implied gravity estimates show evidence of large trade responses to lower labor taxes and minimum wages, with an elasticity that is around one. The Bolkestein directive, by exempting foreign firms from all labor regulations in the destination country, would have doubled exports of physical services from Eastern European countries, rationalizing the wave of protests in high-wage countries that led to the withdrawal of the proposal. |
| JEL: | F14 H25 J23 J31 J8 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:nbr:nberwo:31876&r=eur |
| By: | Arnaud Mertens; Philippe Van Kerm |
| Abstract: | This paper investigates the effect of commuting time on absenteeism using a natural experiment. This relationship is notoriously difficult to assess without exogenous shocks to commuting and with the survey data typically exploited. The study uses detailed administrative data for Luxembourg to measure the impact on work absences of a temporary shock to commuting time caused by large-scale roadworks at the border between Belgium and Luxembourg. The roadworks affected the commuting time of cross-border workers from Belgium, leaving cross-border commuters from France as a natural control group in a difference-in-difference setup. The findings reveal a positive -- but quantitatively relatively small -- effect of commuting time on absenteeism, driven mainly by increased absences due to reported illness or family reasons. Male workers appear to respond more than female workers to the shock in commuting time. |
| Keywords: | Absenteeism; Health; Commuting; Cross-border workers; Luxembourg |
| JEL: | J62 |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:irs:cepswp:2023-08&r=eur |
| By: | Francesco Moscone (Department of Economics, University Of Venice CÃ Foscari; Brunel University London, UK) |
| Abstract: | This paper explores regional disparities in avoidable mortalities and hospital discharges, influenced by factors associated with high-risk behaviors such as excessive alcohol consumption, smoking, and inadequate physical activity levels. We gathered data from various official sources (ISTAT and Eurostat) and conducted a comprehensive panel data regression analysis to investigate the intricate relationships between these variables. The study found that a higher prevalence of smokers is associated with increased avoidable mortality and hospital discharges. Specifically, a 1% decrease in the percentage of smokers led to an average reduction of 12.76 hospital discharges per 10, 000 inhabitants. This reduction translated to an estimated total saving of approximately 331 million Euros across all regions in 2020. Similarly, excessive wine consumption was linked to higher rates of preventable mortality and hospital discharges. A one unit drop in the number of heavy drinkers per 1, 000 inhabitants would result in a saving of about 60 million Euros. Furthermore, the variable indicating the prevalence of individuals aged 3 and above who never engage in sports was positively correlated with adverse health outcomes. A 1% decrease in the number of individuals in this category would lead to a saving of approximately 223 million Euros. In parallel, we analyzed pathologies associated with smoking, which include lung cancer, respiratory ailments, and cerebrovascular diseases. Moreover, we explored the potential benefits of transitioning from high-risk to reduced-risk products, aiming at alleviating the strain on the healthcare system while reallocating resources to address critical health needs. The results suggest that if 50 percent of smokers transitioned to reduced-risk products such as e-cigarettes and heat-not-burn tobacco, the NHS could potentially save 722 million Euros in terms of smoking-related illnesses. Among the healthcare systems examined, Lombardy stands to gain the most from this transition, with an estimated annual saving of approximately 140 million Euros. The findings indicate that there is potential for further savings in the National Health Service (Servizio Sanitario Nazionale, NHS) by advocating for a reduction in high-risk behaviors. |
| Keywords: | Smoking; excessive alcohol consumption, inadequate physical activity, health expenditure, avoidable mortality, hospital discharges, Reduced-risk products, regional variations |
| JEL: | I11 I13 I14 I15 I19 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ven:wpaper:2023:22&r=eur |
| By: | Vincenzo Alfano; Salvatore Ercolano |
| Abstract: | This investigation quantifies the levels of cultural tightness and looseness prevalent in European societies, focusing on NUTS-2 regional divisions. Cultural dynamics occupy a pivotal role in shaping individual decision-making, particularly when addressing global risks like pandemics, environmental crises, and resource depletion. In an innovative approach, we introduce the Regional Index of Looseness (RIL) as a means to operationalize society's positioning along the spectrum of tightness-looseness. In contrast to previous cross-country studies, we harness regional data to acknowledge the intrinsic regional variations within European nations. The RIL index appraises two facets of looseness: the horizontal and vertical dimensions, providing a more nuanced understanding of societal values. The application of the RIL index to the investigation of its impact on vaccination choices and the effectiveness of NPIs offers invaluable insights for policymakers grappling with the management of global risks. This research presents a novel perspective at the regional level and scrutinizes the multi-dimensional aspects of cultural tightness and looseness. |
| Keywords: | tightness, looseness, culture, regional studies |
| JEL: | Z13 O57 I18 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ces:ceswps:_10731&r=eur |
| By: | Amoroso, Sara (DIW Berlin); Herrmann, Benedikt (European Commission); Kritikos, Alexander S. (DIW Berlin) |
| Abstract: | High growth firms (HGFs) are important for job creation and considered to be precursors of economic growth. We investigate how product- and labor-market regulations, as well as the quality of regional governments that implement these regulations, affect HGF development across European regions. Using data from Eurostat, OECD, WEF, and Gothenburg University, we show that both regulatory stringency and the quality of the regional government influence the regional shares of HGFs. Additionally, we find that the effect of labor- and product-market regulations ultimately depends on the quality of regional governments. The institutional quality has a moderating role in dening the effect of regulations on the regional shares of HGFs. Our findings contribute to the debate on the effects of regulations by showing that regulations are not, per se, "good, bad, and ugly", rather their impact depends on the efficiency of regional governments. Our paper offers important building blocks to develop tailored policy measures that may influence the development of HGFs in a region. |
| Keywords: | high growth firms, regulation, quality of governments, regional development |
| JEL: | H11 L25 L50 R11 R50 |
| Date: | 2023–10 |
| URL: | http://d.repec.org/n?u=RePEc:iza:izadps:dp16563&r=eur |
| By: | Savoia, Ettore |
| Abstract: | Using detailed micro-data, this paper documents that households with lower income risk (and higher income levels) exhibit a higher Marginal Propensity to Consume (MPC) in response to transitory income shocks, all else being equal. This finding is particularly significant among unconstrained households and supported by models with precautionary saving only if designed to account for the empirically observed negative correlation between income levels and income risk. This interaction generates saving dynamics such that the stationary distribution of wealth among households facing different risk levels is not polarized.Therefore, it is possible to compare their respective MPCs within wealth and identify the reduction in MPC due to labor income risk. Otherwise, the effects of income risk are masked by wealth effects. In neither case, the MPC depends on (permanent, persistent, or current) income levels, whose direct effect on the MPC is always ambiguous. Finally, simulations of targeted fiscal rebates for specific labor categories reveal that governments cannot simultaneously stimulate aggregate demand and mitigate income risk. JEL Classification: D12, D52, D81, E21, J31 |
| Keywords: | income risk, marginal propensity to consume, precautionary saving |
| Date: | 2023–11 |
| URL: | http://d.repec.org/n?u=RePEc:ecb:ecbwps:20232866&r=eur |
| By: | Gianluca Biggi; Andrea Mina; Federico Tamagni |
| Abstract: | Using a firm-level dataset from the Spanish Technological Innovation Panel (2003-2016), this study explores the characteristics of environmentally innovative firms and quantifies the effects of pursuing different types of environmental innovation strategies (resource-saving, pollution-reducing, and regulation-driven innovations) on sales, employment, and productivity dynamics. The results indicate, first, that environmental innovations tend to be highly correlated with firms’ technological capabilities, although to varying degrees across types of environmental innovation, whereas structural characteristics are less significant. Second, we observe heterogeneous effects of different types of environmental innovation on performance outcomes. We find no evidence that any type of environmental innovation fosters sales growth while pollution-reducing and regulation-driven innovations boost employment growth. Moreover, both resource-saving and pollution-reducing innovations bring about productivity advantage. |
| Keywords: | Environmental Innovation; Green Investments, Resource-saving, Pollution-reduction, Envi- ronmental compliance; Firm performance. |
| Date: | 2023–11–20 |
| URL: | http://d.repec.org/n?u=RePEc:ssa:lemwps:2023/42&r=eur |
| By: | Sebastiano Cattaruzzo (Department of Economics, University Of Venice CÃ Foscari); Giancarlo Corò (Department of Economics, University Of Venice CÃ Foscari) |
| Abstract: | This research employs a quantile-based model to assess the key determinants of Erasmus mobility within European regions. Our analysis highlights the factors contributing to high Erasmus attractiveness, notably urbanization levels, the presence of capital cities, and the quality of governance. In contrast, regions with lower Erasmus appeal are often linked to tourism activity and the risk of developmental stagnation. A significant finding is the pivotal role of government quality, which can transform less attractive regions into more appealing destinations for Erasmus participants. We extensively examine the policy implications arising from the current hands-off approach in the management of Erasmus flows, shedding light on potential interventions to address regional disparities |
| Keywords: | Erasmus; mobility; policy; higher education; development; trap; regional |
| JEL: | I23 R11 O18 H75 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:ven:wpaper:2023:25&r=eur |
| By: | Darius Lambrecht; Jörn Block; Matthias Neuenkirch; Holger Steinmetz; Tom Willeke |
| Abstract: | Firms often struggle with the successful commercialization of innovations, and there is a need for reliable predictors. Prior research suggests that intellectual property (IP) rights play a key role in the commercialization of innovations. However, to what extent can IP rights be used to predict successful commercialization of innovations in the manufacturing industry? Our paper studies the role of patents and trademarks and their complementary and substitutive relationships to predict commercialization success as measured by sales. We also analyze potential reciprocal relationships between commercial success and IP rights. The relationships are explored in a panel dataset of 2, 617 German Mittelstand firms over a 10-year period. The results of a panel vector autoregressive model show a short-lived positive effect of patents on sales growth and vice versa. However, no significant effects are found between trademarks and sales growth. Finally, a positive and complementary relationship between patents and trademarks is documented. |
| Keywords: | Innovation, Commercialization, Patents, Trademarks, Panel Vector Autoregression |
| JEL: | O14 O30 O34 |
| Date: | 2023 |
| URL: | http://d.repec.org/n?u=RePEc:trr:wpaper:202310&r=eur |
| By: | Tijmen van Kempen; Sven Damen |
| Abstract: | Mandatory energy efficiency disclosure policies are increasingly being used by governments around the world to reduce information-driven market failures. We exploit two policy changes in Flanders to study the causal effect of mandatory energy efficiency disclosure policies on house prices. We find that the introduction of mandatory energy performance certificates in 2008 that include an energy efficiency score did not affect the association between energy efficiency and sales prices, indicating that the policy change did not reduce information frictions. However, the introduction of EPC labels in 2019 affected the willingness to pay for energy efficiency. |
| Keywords: | Energy Consumption; energy performance certificates; Information Asymmetry |
| JEL: | R3 |
| Date: | 2023–01–01 |
| URL: | http://d.repec.org/n?u=RePEc:arz:wpaper:eres2023_252&r=eur |