COBRA Research
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Research at the Intersection of Policy, Firms, and Markets
COBRA conducts rigorous, data-driven research on how regulation, disclosure, taxation, and economic policy shape firm behavior, markets, and society. Through empirical analysis, innovative data infrastructure, and interdisciplinary collaboration, the Center connects academic research with real-world policy and business challenges.
Our work supports evidence-based policymaking, informed public debate, and a deeper understanding of economic outcomes.
Research Insights
The COBRA Research Blog provides accessible insights into current research, policy developments, and emerging debates in business, regulation, and economic policy. The blog is designed to make academic research more accessible to policymakers, businesses, journalists, students, and the wider public.
Marcel Olbert, Professor of Taxation at the University of MannheimThe impact of tax shields on bankruptcy risk and resource allocation
“My findings suggest that in Europe, at least until 2018, more generous tax loss offset rules helped firms avoid bankruptcy but also decreased efficient capital allocation because market-wide productivity decreased. This is likely because larger firms engaged in tax planning and thereby helped unproductive business units stay alive. So, there is a clear trade-off in tax policy when it comes to loss making firms!”
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This paper asks how tax rules on past losses affect whether struggling firms survive or go bankrupt. It focuses on what happens when governments make it harder for companies to use earlier losses to reduce future tax payments, and why this may matter especially for firms that are part of larger corporate groups.
Analysis
Using data from firms across 29 European countries, the paper studies how companies were affected when these tax rules became stricter. It also compares standalone firms with firms inside business groups to understand how internal support within groups shapes firm survival.
Impact
The paper shows that stricter rules increase bankruptcy risk, particularly for firms that belong to business groups. At the same time, productivity rises in sectors where many firms carry large past losses. The findings suggest that tax relief can help weak firms survive, but may also slow the shift of resources toward stronger and more productive businesses.
Prof. Dr. Christine Laudenbach, Goethe-Universität Frankfurt, Prof. Dr. Ulrike Malmendier, University of California, Prof. Dr. Alexandra Niessen-Ruenzi, University of MannheimThe Long-Lasting Effects of Experiencing Communism on Attitudes toward Financial Markets
“We show that more than three decades after German reunification, the legacy of communism is still visible in people’s financial decisions. This implies that attitudes toward capital markets are shaped not only by the economic system in which people live, but also by the personal experiences they associate with that system. More positive memories of communism are associated with more reluctance to invest in stocks even decades later. This can have severely negative consequences for wealth accumulation and retirement savings.”
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This paper asks whether life under communism still shapes people’s attitudes toward financial markets today. Focusing on East and West Germany, it examines whether personal experiences under the GDR continue to influence willingness to invest in stocks.
Analysis
The authors combine survey data with bank and brokerage records to compare investment behavior across East and West Germany. They also study whether people with more positive or more negative memories of life under communism differ in their openness toward stock market investing.
Impact
The study shows that people with experience of communism remain less likely to invest in stocks, even decades after reunification. The findings suggest that political systems can leave long-lasting effects on trust, financial behavior, and household wealth.
Johannes Gaul, Universität Mannheim, Inga Schulz, Universität MannheimThe Effect of Global Anti-Tax Avoidance Efforts on Sub-National Profit Shifting
"Our findings show that international anti-avoidance measures have bite – but firms adapt. Specifically, we document that multinationals most exposed to new reporting requirements significantly expanded their presence in domestic tax havens. This calls for increased awareness at the local level."
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This paper asks whether global efforts to curb tax avoidance can shift tax planning from the international to the local level. It focuses on whether multinational firms respond to stricter cross-border rules by making greater use of low-tax municipalities within Germany.
Analysis
The authors study Germany, where local business tax rates differ widely across municipalities. They track whether multinationals most affected by international tax reforms increased their presence in low-tax German municipalities after those reforms were introduced.
Impact
The paper finds that some multinationals did expand their activity in low-tax municipalities after international anti-avoidance rules became stricter. The findings suggest that global tax reforms can have unintended local effects and that tax policy needs coordination across both national and municipal levels.
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Research Support
We are committed to supporting faculty, students, and early-career researchers through funding opportunities, research assistance, academic collaboration and professional development initiatives that foster high-quality, policy-relevant research.
- Grants: Our bi-annual calls for proposals support innovative research projects, academic collaboration, conferences, and new research ideas with real-world relevance. We encourage ambitious, policy-relevant, and interdisciplinary work across COBRA’s core research areas.
- Bid for Research Assistance: Researchers can access dedicated research support for empirical projects, data-driven analysis, and collaborative initiatives. COBRA helps facilitate high-quality research through tailored assistance and close collaboration with research staff and early-career researchers.
- Awards and Scholarships: COBRA recognises and supports outstanding academic achievement, promising research talent, and innovative scholarship through a range of awards and stipends.
Pre-Doctoral Program & Internships
COBRA’s pre-doctoral research assistant program and internships provide outstanding students and early-career researchers with hands-on experience in rigorous, policy-relevant business research.
Pre-Doctoral Program
Pre-doctoral researchers work closely with faculty on projects exploring taxation, disclosure, sustainability, financial markets, and corporate behavior, while developing strong research skills in preparation for leading PhD programes and research-oriented careers.
Opportunities include:
- Close collaboration with faculty and researchers
- Advanced research training and mentorship
- Opportunities to engage with international research collaboration
- Participation in seminars, workshops, and conferences
The launch of COBRA’s first pre-doctoral cohort builds on the research team’s strong track record in mentoring early career researchers and supporting placements into leading international PhD programs. Examples of successful placements of our research team include:
- University of Chicago – Accounting
- University of Cambridge – Economics
- University of North Carolina – Economics
- London Business School – Economics
- University of Amsterdam – Finance
Internships
COBRA internships offer students the opportunity to gain hands-on experience across research, outreach, events, and engagement activities at the intersection of academia, policy, and business.
Interns contribute to a wide range of initiatives, from research communication and event support to policy and business engagement, while becoming part of an internationally connected and collaborative research environment. The internships provide valuable insight into how academic research is communicated, shared, and connected to real-world debates and developments.
Opportunities include:
- Involvement in outreach and public engagement activities
- Support for events, communications, and research initiatives
- Exposure to academic research and policy-relevant business topics
- Collaboration with researchers and the wider COBRA team
Academic Seminars & Conferences
COBRA hosts seminars, workshops, conferences, and events that bring together researchers, policymakers, and practitioners from around the world.
These events foster international academic exchange and create opportunities for discussion on current developments in regulation, taxation, disclosure, sustainability, and corporate behavior.
The center’s seminar series provides a platform for presenting frontier research and building collaboration across disciplines and institutions.
Publications
COBRA researchers publish in leading international journals across accounting, finance, economics, and public policy.
Our publications explore how firms respond to regulation and economic policy, with a focus on real-world implications for markets, businesses, and society.
Alongside academic publications, the center also promotes accessible research summaries and featured insights to support broader engagement with current research.
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