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We use an excludable instrument to test the effect of bilateral foreign aid on economic growth in a sample of 96 recipient countries over the 1974-2009 period. We interact donor government fractionalization with a recipient country’s probability of receiving aid. The results show that fractionalization increases donors’ aid budgets, representing the over-time variation of our instrument, while the probability of receiving aid introduces variation across recipient countries. Controlling for country- and period-specific effects that capture the levels of the interacted variables, the interaction provides a powerful and excludable instru-ment. Making use of the instrument, our results show no significant effect of aid on growth in the overall sample. We also investigate the effect of aid on consumption, savings, and investments, and split the sample according to the quality of economic policy, democracy, and the Cold War period. With the excep-tion of the post-Cold War period (where abundant aid reduces growth), we find no significant effect of aid on growth in any of these sub-samples. None of the other outcomes are affected by aid.

Förderkennzeichen: 01GP1606A-C

Evidence for Higgs boson decay to a pair of muons is presented. This result combines searches in four exclusive categories targeting the production of the Higgs boson via gluon fusion, via vector boson fusion, in association with a vector boson, and in association with a top quark-antiquark pair. The analysis is performed using proton-proton collision data at s√ = 13 TeV, corresponding to an integrated luminosity of 137 fb−1, recorded by the CMS experiment at the CERN LHC. An excess of events over the back- ground expectation is observed in data with a significance of 3.0 standard deviations, where the expectation for the standard model (SM) Higgs boson with mass of 125.38 GeV is 2.5. The combination of this result with that from data recorded at s√ = 7 and 8 TeV, corresponding to integrated luminosities of 5.1 and 19.7 fb−1, respectively, increases both the expected and observed significances by 1%. The measured signal strength, relative to the SM prediction, is 1.19+0.40−0.39(stat)+0.15−0.14(syst). This result constitutes the first evidence for the decay of the Higgs boson to second generation fermions and is the most precise measurement of the Higgs boson coupling to muons reported to date. Individuals have received support from the Marie-Curie programme and the European Research Council and Horizon 2020 Grant, contract Nos. 675440, 752730, and 765710 (European Union); the Programa Estatal de Fomento de la Investigación Científica y Técnica de Excelencia María de Maeztu, grant MDM-2015-0509 and the Programa Severo Ochoa del Principado de Asturias. CMS collaboration: et al. Peer reviewed

We show that the efficient allocation of production capacity can turn a competitive industry and downstream market into an imperfectly competitive one. Even though downstream firms have symmetric production technologies, the downstream industry structure will be symmmetric only if capacity is sufficiently scarce. Otherwise it will be asymmetric, with one large fat capacity-hoarding firm and a fringe of smaller lean and fit firms, so that Tobin`s Q varies inversely with firm size. This is so even if the number of firms is infinitely large. As demand or input quantity varies, the industry may switch between symmetric and asymmetric phases, generating predictions for firm size and costs across the business cycle. Surprisingly, an increase in available capacity resulting in such a switch can cause a reduction in total output and consumer surplus.

The purpose of this study is to examine if and how the EU CBAM influences the climate policy debate in Ukraine, one of the countries that is expected to be most affected due to its large share of carbon- intensive exports to the EU. The study seeks to find out how the EU CBAM can be made more instrumental in promoting an increase in the country���s climate policy ambition. IASS Study, October 2021

Die Anwendung von Ausschlusskriterien in der Geldanlage ist üblicherweise kein Gegenstand der sog. konventionellen Anlagenstrategie und -politik, die als Anlagegrundsätze ausschließlich die Parameter Rendite und Risiko zugrunde legt. Die Öffnung dieses Anlagenkorsetts um die Anreicherung mit sog. nicht-finanziellen oder extra-finanziellen Anlagekriterien, denen ökologische, soziale und/oder ethische Motive oder einer Vorstellung guter Unternehmensführung (Good Corporate Governance) zugrunde liegen, sind kennzeichnend für sog. nachhaltige Geldanlagen, im Englischen auch Socially Responsible Investments (SRI) oder Sustainable Investments genannt: "Nachhaltige Geldanlage ist die allgemeine Bezeichnung für nachhaltiges, verantwortliches, ethisches, soziales, ökologisches Investment und alle anderen Anlageprozesse, die in ihre Finanzanalyse den Einfluss von ESG (Umwelt, Soziales und Gute Unternehmensführung)-Kriterien einbeziehen. Es beinhaltet auch eine explizite schriftlich formulierte Anlagepolitik zur Nutzung von ESG-Kriterien." Die Verwendung von Ausschlusskriterien hat in der Praxis der nachhaltigen Geldanlage einen sehr hohen Stellenwert wie der nachfolgende Abschnitt 1.1 ausführt. Dies allein schon rechtfertigt eine gesonderte akademische und praxisbezogene Auseinandersetzung. An dieser Stelle soll nicht die an sich sehr wichtige Diskussion der Art und Weise behandelt werden, wie Ausschlusskriterien begründet werden können, wie ihre Umsetzung in der Anlagepraxis möglich ist und welche Widersprüche sich unter Umständen ergeben können. Auch ist die Verwendung von Ausschlusskriterien für ganz bestimmte Anlegerkreise der nachhaltigen Geldanlagen kennzeichnend und fast durchweg gängig, wie Analysen zu kirchlichen Anlegern zeigen. Im Mittelpunkt des vorliegenden Beitrags stehen die Fragen, welches die finanzwirtschaftlichen Übertragungswege von Ausschlüssen auf das Verhalten von Unternehmen sind (Frage der Stellhebel) und welche Ergebnisse hierzu aus empirischer Sicht vorliegen. Anschließend soll eine Einschätzung dieses Anlageverfahrens gegeben werden.

Im folgenden Bericht wird ein Konzept f��r ein systematisches Monitoring der globalen Wasserstoffwirtschaft vorgestellt. Der Bericht stellt Datenquellen und Indikatoren zur systematischen Erfassung der wichtigsten Trends und Entwicklungen im Rahmen einer globalen Wasserstoffwirtschaft vor. Ein entsprechendes Monitoring k��nnte einen wichtigen Beitrag zur kontinuierlichen ��berpr��fung von Politikma��nahmen im Rahmen der deutschen und europ��ischen Wasserstoffpolitik leisten. This report presents a framework for the systematic monitoring of the global hydrogen economy. It suggests data sources and indicators to systematically survey the most important trends and developments of a future global hydrogen economy. Monitoring based on this framework could provide an important knowledge base for the continuous review of policy measures related to the German and European hydrogen policy.

Measurements of the second Fourier harmonic coefficient (v2) of the azimuthal distributions of prompt and nonprompt D0 mesons produced in pp and pPb collisions are presented. Nonprompt D0 mesons come from beauty hadron decays. The data samples are collected by the CMS experiment at nucleon-nucleon center-of-mass energies of 13 and 8.16 TeV, respectively. In high multiplicity pp collisions, v2 signals for prompt charm hadrons are reported for the first time, and are found to be comparable to those for light-flavor hadron species over a transverse momentum (pT) range of 2–6 GeV. Compared at similar event multiplicities, the prompt D0 meson v2 values in pp and pPb collisions are similar in magnitude. The v2 values for open beauty hadrons are extracted for the first time via nonprompt D0 mesons in pPb collisions. For pT in the range of 2–5 GeV, the results suggest that v2 for nonprompt D0 mesons is smaller than that for prompt D0 mesons. These new measurements indicate a positive charm hadron v2 in pp collisions and suggest a mass dependence in v2 between charm and beauty hadrons in the pPb system. These results provide insights into the origin of heavy-flavor quark collectivity in small systems. Individuals have received support from the Marie-Curie program and the European Research Council and Horizon 2020 Grant, contract Nos. 675440, 752730, and 765710 (European Union); CERN; the Programa Estatal de Fomento de la Investigación Científica y Técnica de Excelencia María de Maeztu, grant MDM-2015-0509 and the Programa Severo Ochoa del Principado de Asturias. CMS Collaboration: et al. Funded by SCOAP3. Peer reviewed