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  • Findeisen, Stefanie; Seifried, Jürgen (2023): Explaining skills of prospective teachers : Findings from a simulation study Vocations and Learning. Springer. 2023, 16(2), pp. 313-341. ISSN 1874-785X. eISSN 1874-7868. Available under: doi: 10.1007/s12186-023-09319-w

    Explaining skills of prospective teachers : Findings from a simulation study

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    Providing instructional explanations is a central skill of teachers. Using interactive simulations, we examined the explaining skills of 48 prospective teachers attending a teacher education program for accounting in vocational schools in Germany. We used a performance-based assessment that relies on explanatory quality as an indicator of teacher candidates’ explaining skills. Video analysis was used to assess the quality of prepared and impromptu explanations in respect of different quality aspects. We found that the prepared explanations of prospective teachers were of high quality in terms of student–teacher interaction and language. With respect to the quality of content (e.g., accuracy, multiple approaches to explaining) and representation (e.g., visualization, examples), prospective teachers performed significantly worse. The quality of teacher candidates’ improvised explanations was significantly lower. This was especially true for the quality of representations, the process structure, and the interaction between student and teacher. For four of the five quality criteria examined, no correlation could be found between the quality of prepared and improvised explanations. For the language criterion, however, there was a correlation between the two types of explaining situations. Implications on how to support teacher candidates in developing explaining skills during teacher education are discussed.

  • Maué, Elisabeth; Schumann, Stephan (2023): Gemeinsam für den Beruf lernen : Studierende der Wirtschaftspädagogik unterstützen Auszubildende mit Fluchthintergrund DIEDERICHS, Tamara, ed., Anna Katharina DESOYE, ed.. Transfer in Pädagogik und Erziehungswissenschaft : zwischen Wissenschaft und Praxis. Weinheim: Beltz Juventa, 2023, pp. 262-276. ISBN 978-3-7799-6979-2

    Gemeinsam für den Beruf lernen : Studierende der Wirtschaftspädagogik unterstützen Auszubildende mit Fluchthintergrund

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  • Three Essays on Estimating, Filtering, and Predicting Financial Volatility

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  • The Political Economy of Domestic and External Sovereign Debt

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    This paper explores the political and distributional consequences of sovereign debt and default taking into account that a sizable share of public debt is held by domestic creditors. We develop a quantitative macroeconomic model in which heterogeneous households face idiosyncratic income risk and save in non-state-contingent government bonds. Debt contracts are not enforceable and the government is politically constrained in its policy choices: A fiscal plan is required to receive the support of the majority of households. If neither fiscal plan is approved, the government has to default and to restructure domestic and external debt. Debt crises are characterized by a political conflict. In the course of a crisis, rising debt service costs force the government to cut redistributive spending. While wealthy households benefit from high interest rates on their savings, poor households support a default. Consequently, the approval of the fiscal plan decreases and the likelihood of a political default rises. Political constraints generate sizable welfare costs highlighting that individuals do not internalize the impact of their voting on interest rates and redistributive spending in equilibrium.

  • Effects of E-Commerce on Local Labor Markets

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    This paper studies the effect of e-commerce on local labor markets. We exploit cross-market variation in e-commerce price advantage stemming from the enactment of the Amazon Tax-state-level legislation that mandates state sales taxes collection to out-of-state online retailers. Introducing out-of-state sales taxes lowered employment and reduced wages in transportation and warehousing, industries complementary to e-commerce. Within the in-state retail sector, the decline in brick-and-mortar employment is somewhat offset by an increase in employment in warehouse clubs and supercenters. Our results are consistent with a general equilibrium model in which consumers substitute e-commerce for big-box purchases, crowding out brick-and-mortar retail.

  • Rauseo, Martina; Harder, Andreas; Glassey-Previdoli, Deborah; Cattaneo, Alberto; Schumann, Stephan; Imboden, Serge (2023): Same, but Different? : Digital Transformation in Swiss Vocational Schools from the Perspectives of School Management and Teachers Technology, Knowledge and Learning. Springer. 2023, 28, pp. 407-427. ISSN 2211-1662. eISSN 2211-1670. Available under: doi: 10.1007/s10758-022-09631-9

    Same, but Different? : Digital Transformation in Swiss Vocational Schools from the Perspectives of School Management and Teachers

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    The COVID-19 pandemic has further highlighted the importance of the digital transformation of educational organizations. The effects of this transformation process are not limited to the classroom level but extend into various areas of the school, such as Equipment and Technology , Strategy and Leadership , Organization , Employees , and Culture . Against this background, we assessed the status quo of the digital transformation in Swiss vocational schools from the perspective of both school management members and teachers. For this endeavor, two surveys were conducted: the first one in the period from November 2019 to January 2020 (school management members) and the second one between June and September 2020 (teachers). In total, 202 school management members and 1,739 teachers from 62 schools participated in the study. The results of the analyses indicate that the digitization-related dimensions of Strategy and Leadership , as well as Pedagogical IT Support , were perceived better by school management members, whereas teachers considered the areas of Digital Competencies , Attitudes , and Culture to be more advanced. Furthermore, linear regression models show that the dimensions considered important when assessing the status quo of digital transformation differ between the groups. The results emphasize the importance of communication between and the inclusion of all school stakeholders for the successful management of the digital transformation.

  • The Politics of Redistribution and Sovereign Default

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    This paper studies how distributional and electoral concerns shape sovereign default incentives within a quantitative model of sovereign debt with heterogeneous agents and non-linear income taxation. The small open economy is characterized by a two-party system in which the left-wing party has a larger preference for redistribution than the right-wing party. Political turnover is the endogenous outcome of the electoral process. Fiscal policy faces a tradeoff: On the one hand, the government has incentives to finance redistribution via external debt to avoid distortionary income taxation. On the other hand, the accumulation of external debt raises the cost of borrowing. Quantitative findings suggest that the left-wing party implements a more progressive income tax, is more prone to default, and has a lower electoral support than the right-wing party due to worse borrowing conditions and the distortionary effects of income taxation. In equilibrium, electoral uncertainty raises sovereign default risk.

  • Shirokova, Galina; Selivanovskikh, Louisa; Morris, Michael H.; Bordunos, Aleksandra (2023): Unravelling the Relationship between Dark Triad Traits and Effectuation and Causation within Small- and Medium-sized Enterprises British Journal of Management. Wiley. 2023, 34(3), pp. 1555-1583. ISSN 1045-3172. eISSN 1467-8551. Available under: doi: 10.1111/1467-8551.12646

    Unravelling the Relationship between Dark Triad Traits and Effectuation and Causation within Small- and Medium-sized Enterprises

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    Prior studies have examined effectuation and causation as alternative behavioural logics used by entrepreneurs to manage uncertainty, noting a number of antecedents of the tendency to rely on a given logic at different levels of analysis. This study aims to broaden the understanding of individual-level antecedents by examining the role of the so-called dark side of the CEO personality on decision-making processes within small- and medium-sized enterprises (SMEs). Using the lens of upper echelons theory and trait-activation theory, we focus on three personality characteristics: narcissism, psychopathy, and Machiavellianism. The impact of dark triad traits on the behavioural logic employed by the CEO is argued to be moderated by the perceived level of uncertainty experienced by the firm. A set of hypotheses regarding these relationships are tested with a random sample of CEOs of Russian SMEs. The findings suggest that CEOs scoring higher in psychopathy tend to adopt a causal logic, while Machiavellians rely on an effectual logic. The level of uncertainty shapes these relationships by weakening the links between dark triad traits and behavioural logics.

  • Platz, Liane; Bonnes, Caroline (2023): Ökonomische Bildung für nachhaltige Entwicklung durch Serious Games BRAHM, Taiga, ed., Claudia WIEPCKE, ed.. Handbuch digitale Instrumente der Ökonomischen Bildung. Frankfurt am Main: Wochenschau Verlag, 2023, pp. 241-254. ISBN 978-3-7566-1554-4

    Ökonomische Bildung für nachhaltige Entwicklung durch Serious Games

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  • Gendered Effects of the Minimum Wage

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    Women are more likely to work in jobs with low hours than men. Low-hour jobs are associated with lower hourly wages and are more likely impacted by minimum wages that set a floor on hourly wages. We document that the first German minimum wage significantly increased women’s transition towards jobs with higher weekly hours. We construct and estimate an equilibrium search model with demographic and firm productivity heterogeneity. The model replicates observed gender gaps in employment, hours and wage and the positive relationship between hours and hourly wages. We implement the minimum wage in our model with a penalty to address non-compliance. Based on our model, the minimum wage primarily reduces the gender income gap through the gender wage gap. At its 2022 level, the German minimum wage reduces the gender employment and hours gap due to an upward reallocation effect, resulting in women’s increased participation in higher-hour jobs with lower separation rates. The upward reallocation effect is the strongest for women with children and varies by marital state and spousal income. While the minimum wage only modestly discourages firms from posting jobs, it shifts job offers toward full-time positions.

  • Dimitriadis, Timo; Liu, Xiaochun; Schnaitmann, Julie (2023): Encompassing Tests for Value at Risk and Expected Shortfall Multistep Forecasts Based on Inference on the Boundary Journal of Financial Econometrics. Oxford University Press. 2023, 21(2), pp. 412-444. ISSN 1479-8409. eISSN 1479-8417. Available under: doi: 10.1093/jjfinec/nbab004

    Encompassing Tests for Value at Risk and Expected Shortfall Multistep Forecasts Based on Inference on the Boundary

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    We propose forecast encompassing tests for the expected shortfall (ES) jointly with the value at risk (VaR) based on flexible link (or combination) functions. Our setup allows testing encompassing for convex forecast combinations and for link functions that preclude crossings of the combined VaR and ES forecasts. As the tests based on these link functions involve parameters that are on the boundary of the parameter space under the null hypothesis, we derive and base our tests on nonstandard asymptotic theory on the boundary. Our simulation study shows that the encompassing tests based on our new link functions outperform tests based on unrestricted linear link functions for one-step and multistep forecasts. We further illustrate the potential of the proposed tests in a real data analysis for forecasting VaR and ES of the S&P 500 index.

  • Berndt, Ralph; Fantapié Altobelli, Claudia; Sander, Matthias (2023): International Marketing Management

    International Marketing Management

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    dc.contributor.author: Berndt, Ralph; Fantapié Altobelli, Claudia

  • Increases in Market Power : Implications for the Real Effects of Nominal Shocks

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  • Hahn, Volker (2023): Implementing the commitment solution via discretionary policy-making Macroeconomic Dynamics. Cambridge University Press. 2023, 27(7), pp. 1866-1892. ISSN 1365-1005. eISSN 1469-8056. Available under: doi: 10.1017/S1365100522000499

    Implementing the commitment solution via discretionary policy-making

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    This paper demonstrates that, in a large class of linear-quadratic models with rational expectations, losses due to time-inconsistency problems can be avoided, as the commitment solution can be implemented by a policy-maker who acts under discretion. We focus on two approaches. First, we show that a non-Markovian, reputational equilibrium that implements the commitment solution always exists. Second, we show how delegation to a policy-maker with an additional objective for the policy instrument can be used to implement the commitment solution via a standard discretionary Markov equilibrium. Implementation is facilitated by the fact that the commitment outcome can be attained irrespective of the weight that the policy-maker assigns to the additional target. Using the standard new Keynesian model as an example, we study the dynamics of the economy under optimal additional output targets as well as optimal interest-rate targets for central banks.

  • Felfe, Christina; Saurer, Judith; Schneider, Patrick; Vornberger, Judith; Erhart, Michael; Kaman, Anne; Ravens-Sieberer, Ulrike (2023): The youth mental health crisis : Quasi-experimental evidence on the role of school closures Science Advances. American Association for the Advancement of Science (AAAS). 2023, 9(33), eadh4030. eISSN 2375-2548. Available under: doi: 10.1126/sciadv.adh4030

    The youth mental health crisis : Quasi-experimental evidence on the role of school closures

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    During the COVID-19 pandemic, the youth mental health crisis has reached unprecedented levels. To which extent school closures, one of the most heavily debated pandemic measures, have contributed to or even caused this crisis is largely unknown. We seek to narrow this blind spot, by combining quasi-experimental variation in school closure and reopening strategies across the German federal states at the onset of the pandemic with nationwide, population-based survey data on youth mental health and high-frequency data from the largest crisis helpline. We show that prolonged school closures led to a substantial deterioration in youth health-related quality of life, precipitating early signs of mental health problems. The effects were most severe among boys, younger adolescents, and families with limited living space. We further provide evidence that family problems are a major issue that adolescents were struggling with when denied access to school. Overall, school closures largely explain the deterioration of youth mental health over the first pandemic wave.

  • Braun, Vera (2023): Meritocracy as a catalyst for the devaluation of vocational education and training MORENO HERRARA, Lázaro, ed., Marianne TERÄS, ed., Petros GOUGOULAKIS, ed., Janne KONTIO, ed.. Learning, teaching and policy making in VET. Stockholm: Atlas Akademi, 2023, pp. 420-447. Emerging issues in research on vocational education and training. 8. ISBN 978-91-7445-051-4

    Meritocracy as a catalyst for the devaluation of vocational education and training

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    The paper presents a research project that investigated the relationship between meritocracy and vocational education and training. In many countries, it can be observed that vocational education and training is not held in high social esteem and that a vast majority of young people prefers to go on to higher education. What is conspicuous here is a pronounced orientation towards the meritocratic principle. In the study, an ideal type of the relationship between meritocracy and vocational education and training was created, based on a synthesis of theoretical elaborations on performance/achievement, the merit principle, values and structures. According to the results, a meritocratic orientation acts as a catalyst for developments that contribute to the devaluation of vocational education and training. This leads, among other things, to vocational education and training only insufficiently fulfilling its qualification function and the employment market complaining of a shortage of skilled workers with a simultaneous surplus of academics.

  • Do Role Models Matter in Large Classes? : New Evidence on Gender Match Effects in Higher Education

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    We study whether female students benefit from being taught by female professors, and whether such gender match effects differ by class size. We use administrative records of a German public university, covering all programs and courses between 2006 and 2018. We find that gender match effects on student performance are sizable in smaller classes, but do not exist in larger classes. This difference suggests that direct and frequent interactions between students and professors are important for the emergence of gender match effects. Instead, the mere fact that one’s professor is female is not sufficient to increase performance of female students.

  • Performance Costs and Benefits of Collective Turnover : A Theory-Driven Measurement Framework and Applications

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    Building on job matching theory, we model the effect of collective turnover on workplace performance as the total of its costs from operational disruptions and benefits from better job-worker match quality, each component varying with turnover level. The resulting theoretical turnover-performance relationship is generally curvilinear, nesting all the hitherto known patterns – linear, "U-shape" and "inverted U-shape" – as special cases, and lends itself to an empirically estimable regression model from which one can derive the implied costs and benefits of turnover. Applications to data from two retail firms reveal some benefits from turnover in one firm, and none in the other. Turnover costs exceed benefits in both firms.

  • Fehrler, Sebastian; Hahn, Volker (2023): Committee Decision-Making under the Threat of Leaks The Journal of Politics. University of Chicago Press. 2023, 85(3), pp. 1107-1122. ISSN 0022-3816. eISSN 1468-2508. Available under: doi: 10.1086/723819

    Committee Decision-Making under the Threat of Leaks

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    Leaks are pervasive in politics. Hence, many committees that nominally operate under secrecy de facto operate under the threat that information might be passed on to outsiders. We study theoretically and experimentally how this possibility affects the behavior of committee members and decision-making accuracy. Our theoretical analysis generates two major predictions. First, a committee operating under the threat of leaks is equivalent to a formally transparent committee in terms of the probability of supporting the adoption of a new policy. Second, the threat of leaks leads to status quo bias. In our experimental analysis of a committee with possible leaks, individual behavior is often less strategic than theoretically predicted, which leads to frequent leaks. However, despite these deviations on the individual level, our experiment confirms the two major theoretical predictions.

  • Essays in Finance

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