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    <title>EconStor Collection: Ilmenau Economics Discussion Papers, Technische Universität Ilmenau</title>
    <link>http://hdl.handle.net/10419/187</link>
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      <title>On the use of event studies to evaluate economic policy decisions: A note of caution</title>
      <link>http://hdl.handle.net/10419/68238</link>
      <description>Title: On the use of event studies to evaluate economic policy decisions: A note of caution
&lt;br/&gt;
&lt;br/&gt;Authors: Beigi, Maryam Haji Ali; Budzinski, Oliver
&lt;br/&gt;
&lt;br/&gt;Abstract: Event studies represent an increasingly popular method to evaluate (future) welfare effects of economic policy decisions. The basic idea is to hire the stock market as a referee, i.e. that stock market reactions to the announcement of policy decision are interpreted to contain superior information about the (future) welfare effects of these decisions. This paper investigates the degree of reliability of event studies as a policy programs evaluation method by critically reflecting upon two underlying assumptions. Since both the information superiority and efficiency of financial markets and, in particular, the conclusion from abnormal returns to (future) economic welfare effects consist of considerable interpretation problems, we issue a note of caution: scientists and policymakers should be very reluctant to rely on stock market reactions as a referee on economic policy decisions. Event studies cannot replace thorough theory-driven economic analysis.</description>
      <pubDate>Sat, 29 Oct 2011 22:58:59 GMT</pubDate>
    </item>
    <item>
      <title>On the use of event studies to evaluate economic policy decisions: A note of caution</title>
      <link>http://hdl.handle.net/10419/68238</link>
      <description>Title: On the use of event studies to evaluate economic policy decisions: A note of caution
&lt;br/&gt;
&lt;br/&gt;Authors: Beigi, Maryam Haji Ali; Budzinski, Oliver
&lt;br/&gt;
&lt;br/&gt;Abstract: Event studies represent an increasingly popular method to evaluate (future) welfare effects of economic policy decisions. The basic idea is to hire the stock market as a referee, i.e. that stock market reactions to the announcement of policy decision are interpreted to contain superior information about the (future) welfare effects of these decisions. This paper investigates the degree of reliability of event studies as a policy programs evaluation method by critically reflecting upon two underlying assumptions. Since both the information superiority and efficiency of financial markets and, in particular, the conclusion from abnormal returns to (future) economic welfare effects consist of considerable interpretation problems, we issue a note of caution: scientists and policymakers should be very reluctant to rely on stock market reactions as a referee on economic policy decisions. Event studies cannot replace thorough theory-driven economic analysis.</description>
      <pubDate>Sat, 29 Oct 2011 22:58:59 GMT</pubDate>
    </item>
    <item>
      <title>The (monetary) value of competitive balance for sport consumers: A stated preferences approach to European professional football</title>
      <link>http://hdl.handle.net/10419/67113</link>
      <description>Title: The (monetary) value of competitive balance for sport consumers: A stated preferences approach to European professional football
&lt;br/&gt;
&lt;br/&gt;Authors: Pawlowski, Tim; Budzinski, Oliver
&lt;br/&gt;
&lt;br/&gt;Abstract: Ever since the pioneering work of Rottenberg (1956) and Neale (1964), the uncertainty of outcome hypothesis (UOH) has played a major role in the economic analysis of professional sport leagues. However, decades f empirical research have not been successful in establishing clear evidence for the importance of competitive balance (CB) for attendance or TV viewers in European professional football. In order to find possible reasons for the gap between the UOH and (the lack of) its empirical validation, our paper adopts a stated preference approach focused on the fans' perception of CB and its relevance in three European professional football leagues. The results indicate that a tipping point/threshold value of CB exists and that crossing this threshold can lead to massive demand eactions. However, since the threshold has not been reached in the leagues included in the sample, the paper provides a possible explanation for the above mentioned gap.</description>
      <pubDate>Sat, 29 Oct 2011 22:58:59 GMT</pubDate>
    </item>
    <item>
      <title>International antitrust institutions</title>
      <link>http://hdl.handle.net/10419/67112</link>
      <description>Title: International antitrust institutions
&lt;br/&gt;
&lt;br/&gt;Authors: Budzinski, Oliver
&lt;br/&gt;
&lt;br/&gt;Abstract: The paper discussed the economic theory of international antitrust institutions. Economic theory shows that non-coordinated competition policies of regimes that are territorially smaller than the international markets on which business companies compete violate cross-border allocative efficiency and are deficient with respect to global welfare. At the same time, some diversity of antitrust institutions and policies promotes dynamic and evolutionary efficiency so that globally binding, worldwide homogenous competition rules do not represent a first-best solution either. After reviewing the existing international antitrust institutions and their prospects and limits from an economic perspective (with a focus on the International Competition Network, ICN), the paper discusses reform proposals from economic literature.</description>
      <pubDate>Sat, 29 Oct 2011 22:58:59 GMT</pubDate>
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