FAU Discussion Papers in Economics


  1. Stübinger, J. (2018): Statistical arbitrage with optimal causal paths on high-frequency data of the S&P 500 (01-2018)
  2. Fischer, T., Krauss, C. and Treichel, A. (2018): Machine learning for time series forecasting – a simulation study (02-2018)
  3. Klein, I. and Doll, M. (2018): Tests on Asymmetry for Ordered Categorical Variables (03-2018)
  4. Kick, T., Kreiser, S. and Merkl, C. (2018): Loan Supply and Bank Capital: A Micro-Macro Linkage (04-2018)
  5. Doll, M. and Klein, I. (2018): Sample Size Analysis for Two-Sample Linear Rank Tests (05-2018)
  6. Augurzky, B., Bauer, T., Reichert, A.R., Schmidt, C.M. and Tauchmann, H. (2018): Habit Formation, Obesity, and Cash Rewards (06-2018)
  7. Endres, S. and Stübinger, J. (2018): A flexible regime switching model with pairs trading application to the S&P 500 high-frequency stock returns (07-2018)
  8. Badunenko, O. and Tauchmann, H. (2018): Simar and Wilson two-stage efficiency analysis for Stata (08-2018)
  9. Fackler, D., Fuchs, M., Lisa Hölscher, L. and Schnabel, C. (2018): Do startups provide employment opportunities for disadvantaged workers? (09-2018)
  10. Mense, A. (2018): What is the Information Value of Energy Efficiency Certificates in Buildings? (10-2018)


  1. Seth, S. and Stüber, H. (2017): Administrative Wage and Labor Market Flow Panel (AWFP) 1975–2014 (01-2017)
  2. Bachmann, R., Bayer, C., Merkl, C., Seth, S., Stüber, H. and Wellschmied, F. (2017): Job and Worker Flows: New Stylized Facts for Germany (02-2017)
  3. Merkl, C. and Stüber, H. (2017): Value Added, Wages, and Labor Market Flows at the Establishment Level (03-2017)
  4. Mangold, B. and Konopik, J. (2017): A General Class of Entropy Based Control Charts (04-2017)
  5. Clegg, M., Krauss, C. and Rende, J. (2017): partialCI: An R package for the analysis of partially cointegrated time series (05-2017)
  6. Mangold, B. (2017): New concepts of symmetry for copulas (06-2017)
  7. Reif, S., Wichert, S. and Wuppermann, A. (2017): Is it good to be too light? Birth weight thresholds in hospital reimbursement systems (07-2017)
  8. Brown, A.J.G., Kohlbrecher, B., Merkl, C. and Snower, D.J. (2017): The Effects of Productivity and Benefits on Unemployment: Breaking the Link (08-2017)
  9. Gehrke, B., Lechthaler, W. and Merkl, C. (2017): The German Labor Market During the Great Recession: Shocks and Institutions (09-2017)
  10. Stübinger, J. and Endres, S. (2017): Pairs trading with a mean-reverting jump-diffusion model on high-frequency data (10-2017)
  11. Fischer, T. and Krauss C. (2017): Deep learning with long short-term memory networks for financial market predictions (11-2017)
  12. Quis, J. S. and Reif, S. (2017): Health E‚ffects of Instruction Intensity – Evidence from a Natural Experiment in German High-Schools (12-2017)
  13. Knoll, J., Stübinger, J. and Grottke, M. (2017): Exploiting social media with higher-order Factorization Machines: Statistical arbitrage on high-frequency data of the S&P 500 (13-2017)
  14. Aufenanger, T. (2017): Treatment Allocation for Linear Models  (14-2017-2)
  15. Doll, M., Seebauer, M. and Tonn, M. (2017): Bargaining over waiting time in gain and loss framed ultimatum games (15-2017)
  16. Aufenanger, T. (2017): Machine Learning to Improve Experimental Design (16-2017-1)
  17. Endres, S. and Stübinger J. (2017): Optimal trading strategies for Lévy-driven Ornstein-Uhlenbeck processes (17-2017)
  18. Hafner, L., Reif, S. and Seebauer, M. (2017): Physician Behavior under Prospective Payment Schemes: Evidence from artefactual fi€eld and lab experiments (18-2017)
  19. Stübinger J., Walter D. and Knoll J. (2017): Financial market predictions with Factorization Machines: Trading the opening hour based on overnight social media data (19-2017)
  20. Oberfichtner, M. and Schnabel, C. (2017): The German Model of Industrial Relations: (Where) Does it still Exist? (20-2017)
  21. Carbonero, F. and Gartner, H. (2017): Inspecting the Relation of Search Cost and Search Duration for New Hires (21-2017)
  22. Doll, M. (2017): Finite Relative Efficiency of Confidence Interval Methods around Effect Sizes (22-2017)
  23. Bauer, A. and Lochner, B. (2017): History Dependence in Wages and Cyclical Selection: Evidence from Germany (23-2017)
  24. Mense, A., Michelsen, C. and Kholodilin, K. A. (2017): Empirics on the causal effects of rent control in Germany (24-2017)
  25. Klein, I. (2017): (Generalized) Maximum Cumulative Direct, Paired, and Residual 𝜙 Entropy Principle (25-2017)
  26. Hafner, L., Tauchmann, H. and Wübker, A. (2017): Does Moderate Weight Loss Affect Subjective Health Perception in Obese Individuals? Evidence from Field Experimental Data (26-2017)


  1. Kohlbrecher, B. and Merkl, C. (2016): Business Cycle Asymmetries and the Labor Market (01-2016)
  2. Hochmuth, B., Gartner, H., Kohlbrecher, B. and Merkl, C. (2016): Labor Selection over the Business Cycle: An Empirical Assessment (02-2016)
  3. Krauss, C., Do, X. and Huck, N. (2016): Deep neural networks, gradient-boosted trees, random forests: Statistical arbitrage on the S&P 500 (03-2016)
  4. Riphahn, R. T. and Wiynck, F. (2016): Fertility Effects of Child Benefits (04-2016)
  5. Clegg, M. and Krauss, C. (2016): Pairs trading with partial cointegration (05-2016)
  6. Kohlbrecher, B., Merkl, C. and Nordmeier, D. (2016):  Revisiting the Matching Function (06-2016)
  7. Schwientek, C. (2016): Are immigrants overeducated in Germany? Determinants and wage effects of educational mismatch (07-2016)
  8. Collischon, M. (2016): Personality, Ability, Marriage and the Gender Wage Gap – Evidence from Germany (08-2016)
  9. Schmolke, K. U. and Utikal, V. (2016): Whistleblowing: Incentives and situational determinants (09-2016-neu)
  10. Hanfeld, M. and Schlüter, S. (2016): Operating a Swing Option on Today’s Gas Markets – How Least Squares Monte Carlo Works and Why it is Beneficial (10-2016)
  11. Stübinger, J., Mangold, B. and Krauss, C. (2016): Statistical arbitrage with vine copulas ( 11-2016 )
  12. Merkl, C. and Stüber, H. (2016): Wage Cyclicalities and Labor Market Dynamics at the Establishment Level: Theory and Evidence (12-2016)


  1. Seebauer, M. (2015): Does Direct Democracy Foster Efficient Policies? An Experimental Investigation of Costly Initiatives (01-2015)
  2. Bünnings, Ch., Schmitz, H., Tauchmann, H. and Ziebarth, N. R. (2015): How Health Plan Enrollees Value Prices Relative to Supplemental Benefits and Service Quality (02-2015)
  3. Schnabel, C. (2015): United, yet apart? A note on persistent labour market differences between western and eastern Germany (03-2015)
  4. Dieckmann, A., Fischbacher, U., Grimm, V., Unfried, M., Utikal, V. and Valmasoni, L. (2015): Trust and Beliefs among Europeans: Cross-Country Evidence on Perceptions and Behavior (04-2015)
  5. Grimm, V., Utikal, V. and Valmasoni, L. (2015): In-group favoritism and discrimination among multiple out-groups (05-2015)
  6. Reichert, A. R., Tauchmann, H. and Wübker, A. (2015): Weight Loss and Sexual Activity in Adult Obese Individuals: Establishing a Causal Link (06-2015)
  7. Klein, I. and Mangold, B. (2015): Cumulative Paired ϕ-Entropy (
  8. Erbe, K. (2015): Tax Planning of Married Couples in East and West Germany (08-2015)
  9. Krauss, C. (2015): Statistical Arbitrage Pairs Trading Strategies: Review and Outlook (09-2015)
  10. Mangold, B. (2015): A multivariate rank test of independence based on a multiparametric polynomial copula (10-2015)
  11. Krauss, C., Herrmann, K. and Teis, S. (2015): On the power and size properties of cointegration tests in the light of high-frequency stylized facts (11-2015)
  12. Krauss, C., Beerstecher, D. and Krüger, T. (2015): Feasible Earnings Momentum in the U.S. Stock Market: An Investor’s Perspective (12-2015)
  13. Krauss, C., Krüger, T. and Beerstecher, D. (2015): The Piotroski F-Score: A Fundamental Value Strategy Revisited from an Investor’s Perspective (13-2015)
  14. Holzmann, C. and von Schwerin, A. (2015): Economic Integration and Interdependence of Tax Policy (14-2015)
  15. Krauss, C. and Stübinger, J. (2015): Nonlinear dependence modeling with bivariate copulas: Statistical arbitrage pairs trading on the S&P 100 (15-2015)


  1. Rybizki, L. (2014): Learning cost sensitive binary classification rules accounting for uncertain and unequal misclassification costs (01-2014)
  2. Abbiati, L, Antinyan, A. and Corazzini, L. (2014): Are Taxes Beautiful? A Survey Experiment on Information, Tax Choice and Perceived Adequacy of the Tax Burden (02-2014)
  3. Feicht, R., Grimm, V. and Seebauer, M. (2014): An Experimental Study of Corporate Social Responsibility through Charitable Giving in Bertrand Markets (03-2014)
  4. Grimm, V., Martin, A., Weibelzahl, M. and Zoettl, G. (2014): Transmission and Generation Investment in Electricity Markets: The Effects of Market Splitting and Network Fee Regimes (04-2014)
  5. Cygan-Rehm, K. and Riphahn, R. (2014): Teenage Pregnancies and Births in Germany: Patterns and Developments (05-2014)
  6. Martin, A. and Weibelzahl, M. (2014): Where and when to Pray? – Optimal Mass Planning and Efficient Resource Allocation in the Church (06-2014)
  7. Abraham, M., Lorek, K., Richter, F. and Wrede, M. (2014): Strictness of Tax Compliance Norms: A Factorial Survey on the Acceptance of Inheritance Tax Evasion in Germany (07-2014)
  8. Hirsch, B., Oberfichtner, M. and Schnabel C. (2014): The levelling effect of product market competition on gender wage discrimination (08-2014)
  9. Mangold, B. (2014): Plausible Prior Estimation (09-2014)
  10. Gehrke, B. (2014): Fiscal Rules and Unemployment (10-2014)
  11. Gehrke, B. and Yao, F. (2014): Phillips Curve Shocks and Real Exchange Rate Fluctuations: SVAR Evidence (11-2014)
  12. Mäder, M., Müller, St., Riphahn, R. and Schwientek, C. (2014): Intergenerational transmission of unemployment – evidence for German sons (12-2014)
  13. Casal, S., Ploner, M. and Sproten, A. N. (2014): Fostering the Best Execution Regime. An Experiment about Pecuniary Sanctions and Accountability in Fiduciary Money Management (13-2014)
  14. Lochner, B. (2014): Employment protection in dual labor markets – Any amplification of macroeconomic shocks? (14-2014)
  15. Herrmann, K., Teis, St. and Yu, W. (2014): Components of Intraday Volatility and Their Prediction at Different Sampling Frequencies with Application to DAX and BUND Futures (15-2014)


  1. Wrede, M. (2013): Rational choice of itemized deductions (01-2013)
  2. Wrede, M. (2013): Fair Inheritance Taxation in the Presence of Tax Planning (02-2013)
  3. Tinkl, F. (2013): Quasi-maximum likelihood estimation in generalized polynomial autoregressive conditional heteroscedasticity models (03-2013-1)
  4. Cygan-Rehm, K. (2013): Do Immigrants Follow Their Home Country’s Fertility Norms? (04-2013)
  5. Ardelean, V. and Pleier, Th. (2013): Outliers & Predicting Time Series: A comparative study (05-2013)
  6. Fackler, D. and Schnabel, C. (2013): Survival of spinoffs and other startups: First evidence for the private sector in Germany, 1976-2008 (06-2013)
  7. Schild, Ch.-J. (2013): Do Female Mayors Make a Difference? Evidence from Bavaria (07-2013)
  8. Brenzel, H., Gartner, H. and Schnabel C. (2013): Wage posting or wage bargaining? Evidence from the employers’ side (08-2013)
  9. Lechmann, D. S. and Schnabel C. (2013): Absence from work of the self-employed: A comparison with paid employees (09-2013)
  10. Bünnings, Ch. and Tauchmann, H. (2013): Who Opts Out of the Statutory Health Insurance? A Discrete Time Hazard Model for Germany (10-2013)


  1. Wrede, M. (2012): Wages, Rents, Unemployment, and the Quality of Life (01-2012-1neu)
  2. Schild, Ch.-J. (2012): Generalized Trust and Regional Innovation Activity (02-2012neu)
  3. Fischer, M. (2012): A skew and leptokurtic distribution with polynomial tails and characterizing functions in closed form (03-2012neu)
  4. Wrede, M. (2012): Heterogeneous Skills and Homogeneous Land: Segmentation and Agglomeration (04-2012-2)
  5. Ardelean, V. (2012): Detecting Outliers in Time Series (05-2012)


  1. Klein, I., Fischer, M. and Pleier, Th. (2011): Weighted Power Mean Copulas: Theory and Application (01-2011neu)
  2. Kiss, D. (2011): The Impact of Peer Ability and Heterogeneity on Student Achievement: Evidence from a Natural Experiment (002-2011neu)
  3. Zibrowius, M. (2011): Convergence or divergence? Immigrant wage assimilation patterns in Germany (003-2011neu)
  4. Klein, I., Christa, F. (2011): Families of Copulas closed under the Construction of Generalized Linear Means (04-2011-2neu)
  5. Schnitzlein, D. (2011): How important is the family? Evidence from sibling correlations in permanent earnings in the US, Germany and Denmark (05-2011neu)
  6. Schnitzlein, D. (2011): How important is cultural background for the level of intergenerational mobility? (06-2011neu)
  7. Müller, St. (2011): Teacher Experience and the Class Size Effect – Experimental Evidence (07-2011neu)
  8. Klein, I. (2011): Van Zwet Ordering for Fechner Asymmetry (08-2011neu)
  9. Tinkl, F. and Reichert, K. (2011): Dynamic copula-based Markov chains at work: Theory, testing and performance in modeling daily stock returns (09-2011neu)
  10. Hirsch, B. and Schnabel, C. (2011): Let’s Take Bargaining Models Seriously: The Decline in Union Power in Germany, 1992 – 2009 (10-2011neu)
  11. Lechmann, D.S.J. and Schnabel, C. (2011): Are the self-employed really jacks-of-all-trades? Testing the assumptions and implications of Lazear’s theory of entrepreneurship with German data (11-2011neu)
  12. Wrede, M. (2011): Unemployment, Commuting, and Search Intensity (12-2011neu)
  13. Klein, I. (2011): Van Zwet Ordering and the Ferreira-Steel Family of Skewed Distributions (13-2011neu)


  1. Mosthaf, A., Schnabel, C. and Stephani, J. (2010): Low-wage careers: Are there dead-end firms and dead-end jobs? (01-2010)
  2. Schlüter, St., Davison, M. (2010): Princing an European Gas Storage Facility using a continuous-Time Spot Price Model with GARCH Diffusion (02-2010)
  3. Fischer, M., Gao, Y. and Herrmann, K. (2010): Volatility Models with Innovations from New Maximum Entropy Densities at Work (03-2010)
  4. Schlüter, St., Deuschle, C. (2010): Using Wavelets for Time Series Forecasting – Does it Pay Off? (04-2010)
  5. Feicht, R., Stummer, W. (2010): Complete closed-form solution to a stochastic growth model and corresponding speed of economic recovery (05-2010)
  6. Hirsch, B., Schnabel, C. (2010): Women Move Differently: Job Separations and Gender (06-2010)
  7. Gartner, H., Schank, Th. and Schnabel, C. (2010): Wage cyclicality under different regimes of industrial relations (07-2010)
  8. Tinkl, F. (2010): A note on Hadamard differentiability and differentiability in quadratic mean (08-2010)


  1. Addison, J.T., Schnabel, C. (2009), Worker Directors: A German Product that Didn’t Export? (01-2009)
  2. Uhde, A., Heimeshoff, U. (2009), Consolidation in banking and financial stability in Europe: Emprirical evidence (02-2009)
  3. Gu, Y., Wenzel, T. (2009), Product Variety, Price Elasticity of Demand and Fixed Cost in Spatial Models (03-2009)
  4. Schlüter, St. (2009), A Two-Factor Model for Electricity Prices with Dynamic Volatility (04-2009)
  5. Schlüter, St., Fischer, M. (2009), A Tail Quantile Approximation Formula for the Student t and the Symmetric Generalized Hyperbolic Distribution (05-2009)
  6. Ardelean, V. (2009), The impacts of outliers on different estimators for GARCH processes: an empirical study (06-2009)
  7. Herrmann, K. (2009), Non-Extensitivity versus Informative Moments for Financial Models – A Unifying Framework and Empirical Results; published in EPL (2009) 30007 (07-2009)
  8. Herr, A. (2009), Product differentiation and welfare in a mixed duopoly with regulated prices: The case of a public and a private hospital (08-2009)
  9. Dewenter, R., Haucap, J., Wenzel, T. (2009, Indirect Network Effects with Two Salop Circles: The Example of the Music Industry (09-2009)
  10. Stuehmeier, T., Wenzel, T. (2009), Getting Beer During Commercials: Adverse Effects of Ad-Avoidance (10-2009)
  11. Klein, I., Köck, Ch., Tinkl, F. (2009), Spatial-serial dependency in multivariate GARCH models and dynamic copulas: A simulation study (11-2009)
  12. Schlüter, St. (2009), Constructing a Quasilinear Moving Average Using the Scaling Function (12-2009-neu)
  13. Blien, U., Dauth, W., Schank, T., Schnabel, C. (2009), The institutional context of an “empirical law”: The wage curve under different regimes of collective bargaining (13-2009neu)
  14. Mosthaf, A., Schank, T., Schnabel, C. (2009), Low-wage employment versus unemployment: Which one provides better prospects for women? (14-2009)


  1. Grimm, V., Zoettl, G., (2008), Strategic Capacity Choice under Uncertainty: The Impact of Market Structure on Investment and Welfare (01-2008)
  2. Grimm, V., Zoettl, G., (2008), Production under Uncertainty: A Characterization of Welfare Enhancing and Optimal Price Caps (02-2008)
  3. Engelmann, D., Grimm, V., (2008), Mechanisms for Efficient Voting with Private Information about Preferences (03-2008)
  4. Schnabel, C., Wagner, J., (2008), The Aging of the Unions in West Germany, 1980-2008 (04-2008)
  5. Wenzel, T., (2008), On the Incentives to Form Strategic Coalitions in ATM Markets (05-2008)
  6. Herrmann, K., (2008), Models for Time-varying Moments Using Maximum Entropy Applied to a Generalized Measure of Volatility (06-2008)
  7. Klein, I., Grottke, M.,(2008), On J.M. Keynes’ “The Principal Averages and the Laws of Error which Lead to Them” – Refinement and Generalisation (07-2008)