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This thesis contains four parts that are all connected by their contributions to the Efficient Market Hypothesis and decision-making literature. Chapter two investigates how national stock market indices reacted to the news of national lockdown restrictions in the period from January to May 2020. The results show that lockdown restrictions led to different reactions in a sample of OECD and BRICS countries: there was a general negative effect resulting from the increase in lockdown restrictions, but the study finds strong evidence for underreaction during the lockdown announcement, followed by some overreaction that is corrected subsequently. This under-/overreaction pattern, however, is observed mostly during the first half of our time series, pointing to learning effects. Relaxation of the lockdown restrictions, on the other hand, had a positive effect on markets only during the second half of our sample, while for the first half of the sample, the effect was negative. The third chapter investigates the gender differences in stock selection preferences on the Taiwan Stock Exchange. By utilizing trading data from the Taiwan Stock Exchange over a span of six years, it becomes possible to analyze trading behavior while minimizing the self-selection bias that is typically present in brokerage data. To study gender differences, this study uses firm-level data. The percentage of male traders in a company is the dependent variable, while the company’s industry and fundamental/technical aspects serve as independent variables. The results show that the percentage of women trading a company rises with a company’s age, market capitalization, a company’s systematic risk, and return. Men trade more frequently and show a preference for dividend-paying stocks and for industries with which they are more familiar. The fourth chapter investigated the relationship between regret and malicious and benign envy. The relationship is analyzed in two different studies. In experiment 1, subjects had to fill out psychological scales that measured regret, the two types of envy, core self-evaluation and the big 5 personality traits. In experiment 2, felt regret is measured in a hypothetical scenario, and the subject’s felt regret was regressed on the other variables mentioned above. The two experiments revealed that there is a positive direct relationship between regret and benign envy. The relationship between regret and malicious envy, on the other hand, is mostly an artifact of core self-evaluation and personality influencing both malicious envy and regret. The relationship can be explained by the common action tendency of self-improvement for regret and benign envy. Chapter five discusses the differences in green finance regulation and implementation between the EU and China. China introduced the Green Silk Road, while the EU adopted the Green Deal and started working with its own green taxonomy. The first difference comes from the definition of green finance, particularly with regard to coal-fired power plants. Especially the responsibility of nation-states’ emissions abroad. China is promoting fossil fuel projects abroad through its Belt and Road Initiative, but the EU’s Green Deal does not permit such actions. Furthermore, there are policies in both the EU and China that create contradictory incentives for economic actors. On the one hand, the EU and China are improving the framework conditions for green financing while, on the other hand, still allowing the promotion of conventional fuels. The role of central banks is also different between the EU and China. China’s central bank is actively working towards aligning the financial sector with green finance. A possible new role of the EU central bank or the priority financing of green sectors through political decision-making is still being debated.
Building Fortress Europe Economic realism, China, and Europe’s investment screening mechanisms
(2023)
This thesis deals with the construction of investment screening mechanisms across the major economic powers in Europe and at the supranational level during the post-2015 period. The core puzzle at the heart of this research is how, in a traditional bastion of economic liberalism such as Europe, could a protectionist tool such as investment screening be erected in such a rapid manner. Within a few years, Europe went from a position of being highly welcoming towards foreign investment to increasingly implementing controls on it, with the focus on China. How are we to understand this shift in Europe? I posit that Europe’s increasingly protectionist shift on inward investment can be fruitfully understood using an economic realist approach, where the introduction of investment screening can be seen as part of a process of ‘balancing’ China’s economic rise and reasserting European competitiveness. China has moved from being the ‘workshop of the world’ to becoming an innovation-driven economy at the global technological frontier. As China has become more competitive, Europe, still a global economic leader, broadly situated at the technological frontier, has begun to sense a threat to its position, especially in the context of the fourth industrial revolution. A ‘balancing’ process has been set in motion, in which Europe seeks to halt and even reverse the narrowing competitiveness gap between it and China. The introduction of investment screening measures is part of this process.
Up until May 2021, the post-election insecurity in Belarus had mostly been a national affair, but with Lukashenka’s regime starting to retaliate against foreign actors, the crisis internationalised. This article follows the development of Belarus-Lithuania border dynamics between the 2020 Belarusian presidential election and the start of the 2022 Russian invasion of Ukraine. A qualitative content analysis of English-language articles published by Lithuanian public broadcaster LRT shows that shows that there were relatively few changes to the border dynamics in the period between 9 August 2020 and 26 May 2021. After 26 May 2021, the border dynamics changed significantly: The Belarusian regime started facilitating migration, and more than 4,200 irregular migrants crossed into Lithuania from Belarus in 2021. In response, Lithuania reinforced its border protection and tried to deal with the irregular migration flows. Calls for action were made, protests were held, and the country received international support.
Structured Eurobonds - Optimal Construction, Impact on the Euro and the Influence of Interest Rates
(2020)
Structured Eurobonds are a prominent topic in the discussions how to complete the monetary and fiscal union. This work sheds light on several issues going hand in hand with the introduction of common bonds. At first a crucial question is on the optimal construction, e.g. what is the optimal common liability. Other questions that arise belong to the time after the introduction. The impact on several exchnage rates is examined in this work. Finally an approximation bias in forward-looking DSGE models is quantified which would lead to an adjustment of central bank interest rates and therefore has an impact on the other two topics.
Religion, churches and religious communities have growing importance in the Law of the European Union. Since long a distinct law on religion of the European Union is developing. This collection of those norms of European Union Law directly concerning religion mirrors today's status of this dynamic process.
Religion, churches and religious communities have growing importance in the Law of the European Union. Since long a distinct law on religion of the European Union is developing.rnThis collection of those norms of European Union Law directly concerning religion mirrors today's status of this dynamic process.
The 23rd Annual Congress of the European Consortium for Church and State Research took place in Oxford, United Kingdom from 29 September to 2 October 2011. Founded in 1989, the Consortium unites experts in law and religion from Member States of the European Union. The Oxford conference took as its theme Religion and Discrimination Law focusing on the manner in which State governments had sought to implement the non-discrimination policy of the EU by legislation and through courts and tribunals. The proceedings comprise three introductory papers considering the historical, cultural and social background; the prohibition on discrimination, and the exemptions to the general prohibition. This is followed by national reports from twenty-three countries describing the reach of discrimination law in the field of religion. These are supplemented by further papers analysing the jurisprudence of the Strasbourg Court and the background to EU Directive 2000/78/EC and by some concluding reflections. The proceedings begin with the text of a public lecture given at the opening of the Congress by Sir Nicolas Bratza, President of the European Court of Human Rights on the subject of freedom of religion under Article 9 of the Convention.
The 22nd annual conference of the European Consortium for Church and State Research took place from 11 to 14 November 2010 in Trier, Germany. Founded in 1989, the Consortium unites experts of law and religion of all Member States of the European Union. In annual meetings, various topics of the relations between religions and states within the European Union are discussed. This year- conference was dedicated to the topic "Religion in Public Education". Scholars from 27 European countries discussed inter alia the role of religion in the European member states" educational systems, opting out of school obligations for religious reasons, home schooling as well as religious dress and symbols in public schools. The present proceedings contain the opening lectures, all country reports and a report on the European Union law.
The vision of a future information and communication society has prompted leading politicians in the United States, the European Union and Japan to influence or even lead the economic and social transition in the context of an active technology policy. The technological development of society, however, is a product of a complex interplay of technological, economic and socio-political constraints. These constraints limit the political decision-making and implementation abilities. Moreover, facts and information are continuously changing during a paradigmatic technological, economic and social shift, which limits political decision-making abilities. This study compares political decision-making to promote computer-mediated communications in the Triad since the beginning of the 1980s, on four levels: the development of a political vision, the long-term aims and strategies, technology policy (e.g. the promotion of technological development and competition policy) and regulatory policy (e.g. universal access, protection of privacy and intellectual property). While technology policy tends to be uncontroversial, during a paradigmatic shift regulatory policy is difficult and lengthy. Nevertheless, the inclusion of interest groups, which rise during this paradigmatic shift and which are close to the technologies and their societal consequences, help to aid decision-making processes. In this context, politics in the United States has been more successful that in the European Union and especially Japan. Although this study predates the rise of eCommerce over the Internet, it addresses many of the themes underlying it. Of these themes, many remain politically unsettled, both on national, supranational and especially international levels. For example, for encryption and secure payments, which are necessary for eCommerce, no international standards do yet exist. The issue of taxation has hardly been opened for discussions. In sum, this study does not only offer a historical overview of the development of the Internet, but it also discusses issues of continuing present concern.