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67<link rel="preload" as="image" imagesrcset="/wp-content/uploads/go-x/u/65703ab5-1cdd-4b26-8671-53baa93c195c/l0,t199,w2000,h1340/image-1366x915.jpg 1366w,/wp-content/uploads/go-x/u/65703ab5-1cdd-4b26-8671-53baa93c195c/l0,t199,w2000,h1340/image-960x643.jpg 960w,/wp-content/uploads/go-x/u/65703ab5-1cdd-4b26-8671-53baa93c195c/l0,t199,w2000,h1340/image-683x458.jpg 683w,/wp-content/uploads/go-x/u/65703ab5-1cdd-4b26-8671-53baa93c195c/l0,t199,w2000,h1340/image-384x257.jpg 384w,/wp-content/uploads/go-x/u/65703ab5-1cdd-4b26-8671-53baa93c195c/l0,t199,w2000,h1340/image-768x515.jpg 768w,/wp-content/uploads/go-x/u/65703ab5-1cdd-4b26-8671-53baa93c195c/l0,t199,w2000,h1340/image-375x251.jpg 375w" imagesizes="(min-width: 1024px) 50vw,(min-width: 768px) 50vw,(min-width: 0px) 100v
67w"/><link rel="preload" as="image" imagesrcset="/wp-content/uploads/go-x/u/7f0a0fb6-0e25-4e68-a93c-6626e8a618ae/image-455x133.jpg 455w,/wp-content/uploads/go-x/u/7f0a0fb6-0e25-4e68-a93c-6626e8a618ae/image-320x94.jpg 320w,/wp-content/uploads/go-x/u/7f0a0fb6-0e25-4e68-a93c-6626e8a618ae/image-228x67.jpg 228w,/wp-content/uploads/go-x/u/7f0a0fb6-0e25-4e68-a93c-6626e8a618ae/image-128x37.jpg 128w,/wp-content/uploads/go-x/u/7f0a0fb6-0e25-4e68-a93c-6626e8a618ae/image-256x75.jpg 256w,/wp-content/uploads/go-x/u/7f0a0fb6-0e25-4e68-a93c-6626e8a618ae/image-125x37.jpg 125w" imagesizes="(min-width: 1024px) 17vw,(min-width: 768px) 17vw,(min-width: 0px) 33vw"/><title>FOR 5583 - Asset Allocation and Asset Pricing under Regulatory Uncertainty</title><meta name="description" content="We aims for a collective and concentrated research effort on the modeling, measurement and implications of regulatory uncertainty. 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68--grid-row-top-level-padding:16px;--grid-row-top-level-padding-lg:8px"><div class="grid-row-root grid-row-has-columns grid-row-bfa12fe6-7aa8-461f-acc0-c25c3cbd65c3" style="min-height:80vh;align-items:center;--grid-row-no-full-width:960px;--grid-row-full-width:1920px;--grid-row-spacing-unit:8px;--grid-row-top-level-padding:16px;--grid-row-top-level-padding-lg:8px"><div class="grid-column-root grid-column-small-4 grid-column-medium-1 grid-column-large-3 animated-element" style="--grid-column-spacing-unit:8px;--grid-column-vertical-spacing:16px"></div><div class="grid-column-root grid-column-small-12 grid-column-medium-10 grid-column-large-6 animated-element" style="--grid-column-spacing-unit:8px;--grid-column-vertical-spacing:16px"><div class="module-container-custom module-container-root"><div style="hyphens:none" class="heading-module-960ea341-d496-488e-bfd5-c7805cd1be20 heading-root"><div><h1 style="text-align:center"><strong>Asset Allocation and</strong><br><strong>Asset Pricing </strong><span class="theming-theme-accent3"><strong>under</strong></span><br><span class="theming-theme-accent3"><strong>Regulatory Uncertainty</strong></span></h1></div></div></div><div class="module-container-custom module-container-root"><div class="text-root text-bdcaa98e-c8e0-47e0-8c29-1b2aef67ac1b" style="--text-container-color:#f8f8f8;--text-container-anchor-color:#F0F0F0;--font-family:Nunito;--font-size:16px;--font-weight:normal;--word-wrap:break-word;--overflow-wrap:break-word;--font-style:normal;--text-decoration:none;--letter-spacing:normal;--line-height:normal;--text-transform:none;--tablet-font-downscale:0.875;--mobile-font-downscale:0.875;hyphens:none"><div></div></div></div><div class="module-container-custom module-container-root"><div class="text-root text-16970ba3-7a47-4723-ae4d-b2d1fc413e41" style="--text-container-color:#f8f8f8;--text-container-anchor-color:#F0F0F0;--font-family:Nunito;--font-size:16px;--font-weight:normal;--word-wrap:break-word;--overflow-wrap:break-word;--font-style:normal;--text-decoration:none;--letter-spacing:normal;--line-height:normal;--text-transform:none;--tablet-font-downscale:0.875;--mobile-font-downscale:0.875;hyphens:none"><div><p style="text-align:center;"><span class="desktop-font-size-24">FOR 5583</span></p></div></div></div></div><div class="grid-column-root grid-column-small-4 grid-column-medium-1 grid-column-large-3 animated-element" style="--grid-column-spacing-unit:8px;
68--grid-column-vertical-spacing:16px"></div></div></div></div></div></div><div data-zone-type="content" class="section section-root animated-element section-geometry section-geometry-rectangle" data-shape="rectangle" style="--heading-color-h1:#717171;--font-family-h1:NunitoSans;--font-size-h1:40px;--font-weight-h1:normal;--word-wrap-h1:break-word;--overflow-wrap-h1:break-word;--font-style-h1:normal;--text-decoration-h1:none;--letter-spacing-h1:normal;--line-height-h1:normal;--text-transform-h1:none;--tablet-font-downscale-h1:0.875;--mobile-font-downscale-h1:0.875;--heading-color-h2:#717171;--font-family-h2:NunitoSans;--font-size-h2:33px;--font-weight-h2:normal;--word-wrap-h2:break-word;--overflow-wrap-h2:break-word;--font-style-h2:normal;--text-decoration-h2:none;--letter-spacing-h2:normal;--line-height-h2:normal;--text-transform-h2:none;--tablet-font-downscale-h2:0.875;--mobile-font-downscale-h2:0.875;--heading-color-h3:#717171;--font-family-h3:NunitoSans;--font-size-h3:28px;--font-weight-h3:normal;--word-wrap-h3:break-word;--overflow-wrap-h3:break-word;--font-style-h3:normal;--text-decoration-h3:none;--letter-spacing-h3:normal;--line-height-h3:normal;--text-transform-h3:none;--tablet-font-downscale-h3:0.875;--mobile-font-downscale-h3:0.875;--heading-color-h4:#717171;--font-family-h4:NunitoSans;--font-size-h4:23px;--font-weight-h4:normal;--word-wrap-h4:break-word;--overflow-wrap-h4:break-word;--font-style-h4:normal;--text-decoration-h4:none;--letter-spacing-h4:normal;--line-height-h4:normal;--text-transform-h4:none;--tablet-font-downscale-h4:0.875;--mobile-font-downscale-h4:0.875;--heading-color-h5:#151515;--font-family-h5:NunitoSans;--font-size-h5:19px;--font-weight-h5:normal;--word-wrap-h5:break-word;--overflow-wrap-h5:break-word;--font-style-h5:normal;--text-decoration-h5:none;--letter-spacing-h5:normal;--line-height-h5:normal;--text-transform-h5:none;--tablet-font-downscale-h5:0.875;--mobile-font-downscale-h5:0.875;--heading-color-h6:#151515;--font-family-h6:NunitoSans;--font-size-h6:16px;--font-weight-h6:normal;--word-wrap-h6:break-word;--overflow-wrap-h6:break-word;--font-style-h6:normal;--text-decoration-h6:none;--letter-spacing-h6:normal;--line-height-h6:normal;--text-transform-h6:none;--tablet-font-downscale-h6:0.875;--mobile-font-downscale-h6:0.875;--text-container-color:#151515;--text-container-anchor-color:#717171;--font-family:Nunito;--font-size:16px;--font-weight:normal;--word-wrap:break-word;--overflow-wrap:break-word;--font-style:normal;--text-decoration:none;--letter-spacing:normal;--line-height:normal;--text-transform:none;--tablet-font-downscale:0.875;--mobile-font-downscale:0.875;--section-geometry:section-geometry-rectangle;--header-height:100%"><div class="section-inner section-edge18Inner" data-styled-section-id="2463d032-a55e-44f6-9677-8775350e28bc"></div><div class="section-inner-width section-inner-width-small" style="--section-small-width:960px;--section-medium-width:1280px;--section-large-width:1920px"><div class="section-content"><div class="section-content-with-grid-custom animated-element" style="padding-top:64px;padding-bottom:64px" data-top-level="true"><div id="section-content-with-grid-2463d032-a55e-44f6-9677-8775350e28bc" class="section-content-with-grid-grid-wrapper" style="--section-content-with-grid-content-width:960px;--section-content-with-grid-gap:12px"><div class="grid-module-container-root animated-element" style="--grid-module-container-v-alignment:flex-start;--grid-module-container-h-alignment:flex-start;--grid-module-container-text-alignment:left;--grid-module-grid-area-large:1 / 1 / 3 / 12;--grid-module-grid-area-small:1 / 1 / 2 / 2;--grid-module-z-index-large:11;--grid-module-max-height:initial"><div class="text-root text-3379d6a5-ac5e-4ce1-8cd7-c8390f2cad7a" style="--text-container-color:#151515;--text-container-anchor-color:#717171;--font-family:Nunito;--font-size:16px;--font-weight:normal;--word-wrap:break-word;--overflow-wrap:break-word;--font-style:normal;--text-decoration:none;--letter-spacing:normal;--line-height:normal;--text-transform:none;--tablet-font-downscale:0.875;--mobile-font-downscale:0.875;hyphens:none;width:100%"><div><p style="text-align:center;"><span class="desktop-font-size-32"><strong>Our Research Projects</strong></span></p></div></div></div><div id="grid-group-wrapper-c205a6af-7477-459e-8552-9ce89736aec4" class="grid-group-wrapper-root" style="--grid-group-wrapper-gap:12px;
68--grid-group-wrapper-grid-area-large:3 /1/ 6/ 12;--grid-group-wrapper-z-index-large:32;--grid-group-wrapper-grid-area-small:2 / 1/3 /2;--grid-group-wrapper-grid-template-rows-small:minmax(min-content, max-content)"><div class="grid-module-container-root animated-element" style="--grid-module-container-v-alignment:flex-start;--grid-module-container-h-alignment:flex-start;--grid-module-container-text-alignment:left;--grid-module-grid-area-large:1 / 1 / 3 / 4;--grid-module-grid-area-small:1 / 1 / 2 / 2;--grid-module-z-index-large:13;--grid-module-max-height:initial"><div class="text-root text-7d483568-1f91-428b-ac69-a7b3a973f258" style="--text-container-color:#151515;--text-container-anchor-color:#717171;--font-family:Nunito;--font-size:16px;--font-weight:normal;--word-wrap:break-word;--overflow-wrap:break-word;--font-style:normal;--text-decoration:none;--letter-spacing:normal;--line-height:normal;--text-transform:none;--tablet-font-downscale:0.875;--mobile-font-downscale:0.875;hyphens:none;width:100%"><div><p style="text-align:center;"><a href="/research/project-1/"><span class="desktop-font-size-28"><strong>Project 1</strong></span></a></p></div></div></div><div class="grid-module-container-root animated-element" style="--grid-module-container-v-alignment:flex-start;--grid-module-container-h-alignment:flex-start;--grid-module-container-text-alignment:left;--grid-module-grid-area-large:1 / 4 / 4 / 12;--grid-module-grid-area-small:2 / 1 / 3 / 2;--grid-module-z-index-large:24;--grid-module-max-height:initial;--heading-color-h1:#717171;--font-family-h1:NunitoSans;--font-size-h1:40px;--font-weight-h1:normal;--word-wrap-h1:break-word;--overflow-wrap-h1:break-word;--font-style-h1:normal;--text-decoration-h1:none;--letter-spacing-h1:normal;--line-height-h1:normal;--text-transform-h1:none;--tablet-font-downscale-h1:0.875;--mobile-font-downscale-h1:0.875;--heading-color-h2:#717171;--font-family-h2:NunitoSans;--font-size-h2:33px;--font-weight-h2:normal;--word-wrap-h2:break-word;--overflow-wrap-h2:break-word;--font-style-h2:normal;--text-decoration-h2:none;--letter-spacing-h2:normal;--line-height-h2:normal;--text-transform-h2:none;--tablet-font-downscale-h2:0.875;--mobile-font-downscale-h2:0.875;--heading-color-h3:#717171;--font-family-h3:NunitoSans;--font-size-h3:28px;--font-weight-h3:normal;--word-wrap-h3:break-word;--overflow-wrap-h3:break-word;--font-style-h3:normal;--text-decoration-h3:none;--letter-spacing-h3:normal;--line-height-h3:normal;--text-transform-h3:none;--tablet-font-downscale-h3:0.875;--mobile-font-downscale-h3:0.875;--heading-color-h4:#717171;--font-family-h4:NunitoSans;--font-size-h4:23px;--font-weight-h4:normal;--word-wrap-h4:break-word;--overflow-wrap-h4:break-word;--font-style-h4:normal;--text-decoration-h4:none;--letter-spacing-h4:normal;--line-height-h4:normal;--text-transform-h4:none;--tablet-font-downscale-h4:0.875;--mobile-font-downscale-h4:0.875;--heading-color-h5:#151515;--font-family-h5:NunitoSans;--font-size-h5:19px;--font-weight-h5:normal;--word-wrap-h5:break-word;--overflow-wrap-h5:break-word;--font-style-h5:normal;--text-decoration-h5:none;--letter-spacing-h5:normal;--line-height-h5:normal;--text-transform-h5:none;--tablet-font-downscale-h5:0.875;--mobile-font-downscale-h5:0.875;--heading-color-h6:#151515;--font-family-h6:NunitoSans;--font-size-h6:16px;--font-weight-h6:normal;--word-wrap-h6:break-word;--overflow-wrap-h6:break-word;--font-style-h6:normal;--text-decoration-h6:none;--letter-spacing-h6:normal;--line-height-h6:normal;--text-transform-h6:none;--tablet-font-downscale-h6:0.875;--mobile-font-downscale-h6:0.875"><div style="hyphens:none;width:100%" class="heading-module-1c90e290-23c0-456a-b6db-d7c9edd67add heading-root"><div><h2><p><span class="desktop-font-size-28">Modelling regulatory uncertainty in financial decisions with applications to taxation and insurance</span></p></h2></div></div></div></div><div id="grid-group-wrapper-82b9f04b-4432-46a7-9787-c36ddfe59b54" class="grid-group-wrapper-root" style="--grid-group-wrapper-gap:12px;--grid-group-wrapper-grid-area-large:6 /1/ 8/ 12;--grid-group-wrapper-z-index-large:33;--grid-group-wrapper-grid-area-small:3 / 1/4 /2;--grid-group-wrapper-grid-template-rows-small:minmax(min-content, max-content)"><div class="grid-module-container-root animated-element" style="--grid-module-container-v-alignment:flex-start;--grid-module-container-h-alignment:flex-start;--grid-module-container-text-alignment:left;--grid-module-grid-area-large:1 / 1 / 3 / 4;--grid-module-grid-area-small:1 / 1 / 2 / 2;--grid-module-z-index-large:28;--grid-module-max-height:initial"><div class="text-root text-a9e1f80d-6325-4a72-a464-a5a701a0c23c" style="--text-container-color:#151515;--text-container-anchor-color:#717171;--font-family:Nunito;--font-size:16px;--font-weight:normal;--word-wrap:break-word;--overflow-wrap:break-word;--font-style:normal;--text-decoration:none;--letter-spacing:normal;--line-height:normal;--text-transform:none;--tablet-font-downscale:0.875;--mobile-font-downscale:0.875;hyphens:none;width:100%"><div><p style="text-align:center;"><a href="/research/project-2/"><span class="desktop-font-size-28"><strong>Project 2</strong></span></a></p></div></div></div><div class="grid-module-container-root animated-element" style="--grid-module-container-v-alignment:flex-start;--grid-module-container-h-alignment:flex-start;--grid-module-container-text-alignment:left;--grid-module-grid-area-large:1 / 4 / 3 / 12;--grid-module-grid-area-small:2 / 1 / 3 / 2;--grid-module-z-index-large:23;--grid-module-max-height:initial;--heading-color-h1:#717171;--font-family-h1:NunitoSans;--font-size-h1:40px;--font-weight-h1:normal;--word-wrap-h1:break-word;--overflow-wrap-h1:break-word;--font-style-h1:normal;--text-decoration-h1:none;--letter-spacing-h1:normal;--line-height-h1:normal;--text-transform-h1:none;--tablet-font-downscale-h1:0.875;--mobile-font-downscale-h1:0.875;--heading-color-h2:#717171;--font-family-h2:NunitoSans;--font-size-h2:33px;--font-weight-h2:normal;--word-wrap-h2:break-word;--overflow-wrap-h2:break-word;--font-style-h2:normal;--text-decoration-h2:none;--letter-spacing-h2:normal;--line-height-h2:normal;--text-transform-h2:none;--tablet-font-downscale-h2:0.875;--mobile-font-downscale-h2:0.875;--heading-color-h3:#717171;--font-family-h3:NunitoSans;--font-size-h3:28px;--font-weight-h3:normal;--word-wrap-h3:break-word;--overflow-wrap-h3:break-word;--font-style-h3:normal;--text-decoration-h3:none;--letter-spacing-h3:normal;--line-height-h3:normal;--text-transform-h3:none;--tablet-font-downscale-h3:0.875;--mobile-font-downscale-h3:0.875;--heading-color-h4:#717171;--font-family-h4:NunitoSans;--font-size-h4:23px;--font-weight-h4:normal;--word-wrap-h4:break-word;--overflow-wrap-h4:break-word;--font-style-h4:normal;--text-decoration-h4:none;--letter-spacing-h4:normal;--line-height-h4:normal;--text-transform-h4:none;--tablet-font-downscale-h4:0.875;--mobile-font-downscale-h4:0.875;--heading-color-h5:#151515;--font-family-h5:NunitoSans;--font-size-h5:19px;--font-weight-h5:normal;--word-wrap-h5:break-word;--overflow-wrap-h5:break-word;--font-style-h5:normal;--text-decoration-h5:none;--letter-spacing-h5:normal;--line-height-h5:normal;--text-transform-h5:none;--tablet-font-downscale-h5:0.875;--mobile-font-downscale-h5:0.875;--heading-color-h6:#151515;--font-family-h6:NunitoSans;--font-size-h6:16px;--font-weight-h6:normal;--word-wrap-h6:break-word;--overflow-wrap-h6:break-word;--font-style-h6:normal;--text-decoration-h6:none;--letter-spacing-h6:normal;--line-height-h6:normal;--text-transform-h6:none;--tablet-font-downscale-h6:0.875;--mobile-font-downscale-h6:0.875"><div style="hyphens:none;width:100%" class="heading-module-d86c6067-9ad2-450e-aa84-04daa09611e4 heading-root"><div><h2><span class="desktop-font-size-28">Identification, measurement and pricing of spillover risks with 
68networks</span></h2></div></div></div></div><div id="grid-group-wrapper-ff17090f-b8dd-47fa-97dd-94844cf2fefa" class="grid-group-wrapper-root" style="--grid-group-wrapper-gap:12px;--grid-group-wrapper-grid-area-large:8 /1/ 12/ 11;--grid-group-wrapper-z-index-large:34;--grid-group-wrapper-grid-area-small:4 / 1/5 /2;--grid-group-wrapper-grid-template-rows-small:minmax(min-content, max-content)"><div class="grid-module-container-root animated-element" style="--grid-module-container-v-alignment:flex-start;--grid-module-container-h-alignment:flex-start;--grid-module-container-text-alignment:left;--grid-module-grid-area-large:2 / 1 / 4 / 4;--grid-module-grid-area-small:1 / 1 / 2 / 2;--grid-module-z-index-large:29;--grid-module-max-height:initial"><div class="text-root text-4fd26c6e-776c-4ba1-be39-f23c42a66f36" style="--text-container-color:#151515;--text-container-anchor-color:#717171;--font-family:Nunito;--font-size:16px;--font-weight:normal;--word-wrap:break-word;--overflow-wrap:break-word;--font-style:normal;--text-decoration:none;--letter-spacing:normal;--line-height:normal;--text-transform:none;--tablet-font-downscale:0.875;--mobile-font-downscale:0.875;hyphens:none;width:100%"><div><p style="text-align:center;"><a href="/research/project-3/"><span class="desktop-font-size-28"><strong>Project 3</strong></span></a></p></div></div></div><div class="grid-module-container-root animated-element" style="--grid-module-container-v-alignment:flex-start;--grid-module-container-h-alignment:flex-start;--grid-module-container-text-alignment:left;--grid-module-grid-area-large:2 / 4 / 5 / 11;--grid-module-grid-area-small:2 / 1 / 3 / 2;--grid-module-z-index-large:25;--grid-module-max-height:initial;--heading-color-h1:#717171;--font-family-h1:NunitoSans;--font-size-h1:40px;--font-weight-h1:normal;--word-wrap-h1:break-word;--overflow-wrap-h1:break-word;--font-style-h1:normal;--text-decoration-h1:none;--letter-spacing-h1:normal;--line-height-h1:normal;--text-transform-h1:none;--tablet-font-downscale-h1:0.875;--mobile-font-downscale-h1:0.875;--heading-color-h2:#717171;--font-family-h2:NunitoSans;--font-size-h2:33px;--font-weight-h2:normal;--word-wrap-h2:break-word;--overflow-wrap-h2:break-word;--font-style-h2:normal;--text-decoration-h2:none;--letter-spacing-h2:normal;--line-height-h2:normal;--text-transform-h2:none;--tablet-font-downscale-h2:0.875;--mobile-font-downscale-h2:0.875;--heading-color-h3:#717171;--font-family-h3:NunitoSans;--font-size-h3:28px;--font-weight-h3:normal;--word-wrap-h3:break-word;--overflow-wrap-h3:break-word;--font-style-h3:normal;--text-decoration-h3:none;--letter-spacing-h3:normal;--line-height-h3:normal;--text-transform-h3:none;--tablet-font-downscale-h3:0.875;--mobile-font-downscale-h3:0.875;--heading-color-h4:#717171;--font-family-h4:NunitoSans;--font-size-h4:23px;--font-weight-h4:normal;--word-wrap-h4:break-word;--overflow-wrap-h4:break-word;--font-style-h4:normal;--text-decoration-h4:none;--letter-spacing-h4:normal;--line-height-h4:normal;--text-transform-h4:none;--tablet-font-downscale-h4:0.875;--mobile-font-downscale-h4:0.875;--heading-color-h5:#151515;--font-family-h5:NunitoSans;--font-size-h5:19px;--font-weight-h5:normal;--word-wrap-h5:break-word;--overflow-wrap-h5:break-word;--font-style-h5:normal;--text-decoration-h5:none;--letter-spacing-h5:normal;--line-height-h5:normal;--text-transform-h5:none;--tablet-font-downscale-h5:0.875;--mobile-font-downscale-h5:0.875;--heading-color-h6:#151515;--font-family-h6:NunitoSans;--font-size-h6:16px;--font-weight-h6:normal;--word-wrap-h6:break-word;--overflow-wrap-h6:break-word;--font-style-h6:normal;--text-decoration-h6:none;--letter-spacing-h6:normal;--line-height-h6:normal;--text-transform-h6:none;--tablet-font-downscale-h6:0.875;--mobile-font-downscale-h6:0.875"><div style="hyphens:none;width:100%" class="heading-module-69e11289-867b-4590-8b26-b7a24b17ca1d heading-root"><div><h2><span class="desktop-font-size-28">Regime switches and optimal asset allocation in climate finance and insurance</span></h2></div></div></div></div><div id="grid-group-wrapper-600713b5-5a11-4da3-aeeb-4f9f34507345" class="grid-group-wrapper-root" style="--grid-group-wrapper-gap:12px;
68--grid-group-wrapper-grid-area-large:12 /1/ 14/ 11;--grid-group-wrapper-z-index-large:35;--grid-group-wrapper-grid-area-small:5 / 1/6 /2;--grid-group-wrapper-grid-template-rows-small:minmax(min-content, max-content)"><div class="grid-module-container-root animated-element" style="--grid-module-container-v-alignment:flex-start;--grid-module-container-h-alignment:flex-start;--grid-module-container-text-alignment:left;--grid-module-grid-area-large:1 / 1 / 3 / 4;--grid-module-grid-area-small:1 / 1 / 2 / 2;--grid-module-z-index-large:30;--grid-module-max-height:initial"><div class="text-root text-959546e6-387d-40eb-9e01-233317e6ab4f" style="--text-container-color:#151515;--text-container-anchor-color:#717171;--font-family:Nunito;--font-size:16px;--font-weight:normal;--word-wrap:break-word;--overflow-wrap:break-word;--font-style:normal;--text-decoration:none;--letter-spacing:normal;--line-height:normal;--text-transform:none;--tablet-font-downscale:0.875;--mobile-font-downscale:0.875;hyphens:none;width:100%"><div><p style="text-align:center;"><a href="/research/project-4/"><span class="desktop-font-size-28"><strong>Project 4</strong></span></a></p></div></div></div><div class="grid-module-container-root animated-element" style="--grid-module-container-v-alignment:flex-start;--grid-module-container-h-alignment:flex-start;--grid-module-container-text-alignment:left;--grid-module-grid-area-large:1 / 4 / 3 / 11;--grid-module-grid-area-small:2 / 1 / 3 / 2;--grid-module-z-index-large:26;--grid-module-max-height:initial;--heading-color-h1:#717171;--font-family-h1:NunitoSans;--font-size-h1:40px;--font-weight-h1:normal;--word-wrap-h1:break-word;--overflow-wrap-h1:break-word;--font-style-h1:normal;--text-decoration-h1:none;--letter-spacing-h1:normal;--line-height-h1:normal;--text-transform-h1:none;--tablet-font-downscale-h1:0.875;--mobile-font-downscale-h1:0.875;--heading-color-h2:#717171;--font-family-h2:NunitoSans;--font-size-h2:33px;--font-weight-h2:normal;--word-wrap-h2:break-word;--overflow-wrap-h2:break-word;--font-style-h2:normal;--text-decoration-h2:none;--letter-spacing-h2:normal;--line-height-h2:normal;--text-transform-h2:none;--tablet-font-downscale-h2:0.875;--mobile-font-downscale-h2:0.875;--heading-color-h3:#717171;--font-family-h3:NunitoSans;--font-size-h3:28px;--font-weight-h3:normal;--word-wrap-h3:break-word;--overflow-wrap-h3:break-word;--font-style-h3:normal;--text-decoration-h3:none;--letter-spacing-h3:normal;--line-height-h3:normal;--text-transform-h3:none;--tablet-font-downscale-h3:0.875;--mobile-font-downscale-h3:0.875;--heading-color-h4:#717171;--font-family-h4:NunitoSans;--font-size-h4:23px;--font-weight-h4:normal;--word-wrap-h4:break-word;--overflow-wrap-h4:break-word;--font-style-h4:normal;--text-decoration-h4:none;--letter-spacing-h4:normal;--line-height-h4:normal;--text-transform-h4:none;--tablet-font-downscale-h4:0.875;--mobile-font-downscale-h4:0.875;--heading-color-h5:#151515;--font-family-h5:NunitoSans;--font-size-h5:19px;--font-weight-h5:normal;--word-wrap-h5:break-word;--overflow-wrap-h5:break-word;--font-style-h5:normal;--text-decoration-h5:none;--letter-spacing-h5:normal;--line-height-h5:normal;--text-transform-h5:none;--tablet-font-downscale-h5:0.875;--mobile-font-downscale-h5:0.875;--heading-color-h6:#151515;--font-family-h6:NunitoSans;--font-size-h6:16px;--font-weight-h6:normal;--word-wrap-h6:break-word;--overflow-wrap-h6:break-word;--font-style-h6:normal;--text-decoration-h6:none;--letter-spacing-h6:normal;--line-height-h6:normal;--text-transform-h6:none;--tablet-font-downscale-h6:0.875;--mobile-font-downscale-h6:0.875"><div style="hyphens:none;width:100%" class="heading-module-fdb26603-68a4-453f-8e22-f7537f3ee6bc heading-root"><div><h2><span class="desktop-font-size-28">Measuring and modelling climate policy uncertainty&nbsp;</span></h2></div></div></div></div><div id="grid-group-wrapper-fae04edb-d898-4157-9929-48ac125881d5" class="grid-group-wrapper-root" style="--grid-group-wrapper-gap:12px;--grid-group-wrapper-grid-area-large:15 /1/ 17/ 11;--grid-group-wrapper-z-index-large:36;--grid-group-wrapper-grid-area-small:6 / 1/7 /2;--grid-group-wrapper-grid-template-rows-small:minmax(min-content, max-content)"><div class="grid-module-container-root animated-element" style="--grid-module-container-v-alignment:flex-start;--grid-module-container-h-alignment:flex-start;--grid-module-container-text-alignment:left;--grid-module-grid-area-large:1 / 1 / 3 / 4;--grid-module-grid-area-small:1 / 1 / 2 / 2;--grid-module-z-index-large:31;
68--grid-module-max-height:initial"><div class="text-root text-02dbb0d5-620b-4a70-9ea3-390bf525d5ed" style="--text-container-color:#151515;--text-container-anchor-color:#717171;--font-family:Nunito;--font-size:16px;--font-weight:normal;--word-wrap:break-word;--overflow-wrap:break-word;--font-style:normal;--text-decoration:none;--letter-spacing:normal;--line-height:normal;--text-transform:none;--tablet-font-downscale:0.875;--mobile-font-downscale:0.875;hyphens:none;width:100%"><div><p style="text-align:center;"><a href="/research/project-5/"><span class="desktop-font-size-28"><strong>Project 5</strong></span></a></p></div></div></div><div class="grid-module-container-root animated-element" style="--grid-module-container-v-alignment:flex-start;--grid-module-container-h-alignment:flex-start;--grid-module-container-text-alignment:left;--grid-module-grid-area-large:1 / 4 / 3 / 11;--grid-module-grid-area-small:2 / 1 / 3 / 2;--grid-module-z-index-large:27;--grid-module-max-height:initial;--heading-color-h1:#717171;--font-family-h1:NunitoSans;--font-size-h1:40px;--font-weight-h1:normal;--word-wrap-h1:break-word;--overflow-wrap-h1:break-word;--font-style-h1:normal;--text-decoration-h1:none;--letter-spacing-h1:normal;--line-height-h1:normal;--text-transform-h1:none;--tablet-font-downscale-h1:0.875;--mobile-font-downscale-h1:0.875;--heading-color-h2:#717171;--font-family-h2:NunitoSans;--font-size-h2:33px;--font-weight-h2:normal;--word-wrap-h2:break-word;--overflow-wrap-h2:break-word;--font-style-h2:normal;--text-decoration-h2:none;--letter-spacing-h2:normal;--line-height-h2:normal;--text-transform-h2:none;--tablet-font-downscale-h2:0.875;--mobile-font-downscale-h2:0.875;--heading-color-h3:#717171;--font-family-h3:NunitoSans;--font-size-h3:28px;--font-weight-h3:normal;--word-wrap-h3:break-word;--overflow-wrap-h3:break-word;--font-style-h3:normal;--text-decoration-h3:none;--letter-spacing-h3:normal;--line-height-h3:normal;--text-transform-h3:none;--tablet-font-downscale-h3:0.875;--mobile-font-downscale-h3:0.875;--heading-color-h4:#717171;--font-family-h4:NunitoSans;--font-size-h4:23px;--font-weight-h4:normal;--word-wrap-h4:break-word;--overflow-wrap-h4:break-word;--font-style-h4:normal;--text-decoration-h4:none;--letter-spacing-h4:normal;--line-height-h4:normal;--text-transform-h4:none;--tablet-font-downscale-h4:0.875;--mobile-font-downscale-h4:0.875;--heading-color-h5:#151515;--font-family-h5:NunitoSans;--font-size-h5:19px;--font-weight-h5:normal;--word-wrap-h5:break-word;--overflow-wrap-h5:break-word;--font-style-h5:normal;--text-decoration-h5:none;--letter-spacing-h5:normal;--line-height-h5:normal;--text-transform-h5:none;--tablet-font-downscale-h5:0.875;--mobile-font-downscale-h5:0.875;--heading-color-h6:#151515;--font-family-h6:NunitoSans;--font-size-h6:16px;--font-weight-h6:normal;--word-wrap-h6:break-word;--overflow-wrap-h6:break-word;--font-style-h6:normal;--text-decoration-h6:none;--letter-spacing-h6:normal;--line-height-h6:normal;--text-transform-h6:none;--tablet-font-downscale-h6:0.875;--mobile-font-downscale-h6:0.875"><div style="hyphens:none;width:100%" class="heading-module-3afe3507-ea18-4f06-bda7-439cecec3354 heading-root"><div><h2><span class="desktop-font-size-28">Derivatives-implied tax uncertainty&nbsp;</span></h2></div></div></div></div></div></div></div></div></div><div data-zone-type="content" class="section section-root animated-element section-geometry section-geometry-rectangle" data-shape="rectangle" style="--heading-color-h1:#717171;--font-family-h1:NunitoSans;--font-size-h1:40px;--font-weight-h1:normal;--word-wrap-h1:break-word;--overflow-wrap-h1:break-word;--font-style-h1:normal;--text-decoration-h1:none;--letter-spacing-h1:normal;--line-height-h1:normal;--text-transform-h1:none;--tablet-font-downscale-h1:0.875;--mobile-font-downscale-h1:0.875;--heading-color-h2:#717171;--font-family-h2:NunitoSans;--font-size-h2:33px;--font-weight-h2:normal;--word-wrap-h2:break-word;--overflow-wrap-h2:break-word;--font-style-h2:normal;--text-decoration-h2:none;--letter-spacing-h2:normal;--line-height-h2:normal;--text-transform-h2:none;--tablet-font-downscale-h2:0.875;--mobile-font-downscale-h2:0.875;--heading-color-h3:#717171;--font-family-h3:NunitoSans;--font-size-h3:28px;--font-weight-h3:normal;--word-wrap-h3:break-word;--overflow-wrap-h3:break-word;--font-style-h3:normal;--text-decoration-h3:none;--letter-spacing-h3:normal;--line-height-h3:normal;--text-transform-h3:none;--tablet-font-downscale-h3:0.875;--mobile-font-downscale-h3:0.875;--heading-color-h4:#717171;--font-family-h4:NunitoSans;--font-size-h4:23px;--font-weight-h4:normal;--word-wrap-h4:break-word;--overflow-wrap-h4:break-word;--font-style-h4:normal;--text-decoration-h4:none;--letter-spacing-h4:normal;--line-height-h4:normal;--text-transform-h4:none;--tablet-font-downscale-h4:0.875;--mobile-font-downscale-h4:0.875;--heading-color-h5:#151515;--font-family-h5:NunitoSans;--font-size-h5:19px;--font-weight-h5:normal;--word-wrap-h5:break-word;--overflow-wrap-h5:break-word;--font-style-h5:normal;--text-decoration-h5:none;--letter-spacing-h5:normal;--line-height-h5:normal;--text-transform-h5:none;--tablet-font-downscale-h5:0.875;--mobile-font-downscale-h5:0.875;--heading-color-h6:#151515;--font-family-h6:NunitoSans;--font-size-h6:16px;--font-weight-h6:normal;--word-wrap-h6:break-word;--overflow-wrap-h6:break-word;--font-style-h6:normal;--text-decoration-h6:none;--letter-spacing-h6:normal;--line-height-h6:normal;--text-transform-h6:none;--tablet-font-downscale-h6:0.875;--mobile-font-downscale-h6:0.875;--text-container-color:#151515;--text-container-anchor-color:#717171;--font-family:Nunito;--font-size:16px;--font-weight:normal;--word-wrap:break-word;--overflow-wrap:break-word;--font-style:normal;--text-decoration:none;--letter-spacing:normal;--line-height:normal;--text-transform:none;--tablet-font-downscale:0.875;--mobile-font-downscale:0.875;--section-geometry:section-geometry-rectangle;--header-height:100%"><div 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68--grid-row-top-level-padding:16px;--grid-row-top-level-padding-lg:8px"><div class="grid-row-root grid-row-has-columns grid-row-f05cea86-ecca-47cc-9643-a382a4437c7f" style="align-items:center;--grid-row-no-full-width:960px;--grid-row-full-width:1920px;--grid-row-spacing-unit:8px;--grid-row-top-level-padding:16px;--grid-row-top-level-padding-lg:8px"><div class="grid-column-root grid-column-small-12 grid-column-medium-6 grid-column-large-6 grid-column-0851259c-69aa-40a8-a7d1-680382fbe683 animated-element" style="padding:0;--grid-column-spacing-unit:8px;--grid-column-vertical-spacing:16px"><div class="module-container-custom module-container-root"><div style="justify-content:flex-end" class="image-container"><div style="padding-bottom:58.91379310344828%;width:87.93103448275862%;--image-img-grid-v-align:top" class="image-wrapper"><img decoding="async" src="/wp-content/uploads/go-x/u/65703ab5-1cdd-4b26-8671-53baa93c195c/l0,t199,w2000,h1340/image-1366x915.jpg" srcset="/wp-content/uploads/go-x/u/65703ab5-1cdd-4b26-8671-53baa93c195c/l0,t199,w2000,h1340/image-1366x915.jpg 1366w,/wp-content/uploads/go-x/u/65703ab5-1cdd-4b26-8671-53baa93c195c/l0,t199,w2000,h1340/image-960x643.jpg 960w,/wp-content/uploads/go-x/u/65703ab5-1cdd-4b26-8671-53baa93c195c/l0,t199,w2000,h1340/image-683x458.jpg 683w,/wp-content/uploads/go-x/u/65703ab5-1cdd-4b26-8671-53baa93c195c/l0,t199,w2000,h1340/image-384x257.jpg 384w,/wp-content/uploads/go-x/u/65703ab5-1cdd-4b26-8671-53baa93c195c/l0,t199,w2000,h1340/image-768x515.jpg 768w,/wp-content/uploads/go-x/u/65703ab5-1cdd-4b26-8671-53baa93c195c/l0,t199,w2000,h1340/image-375x251.jpg 375w" sizes="(min-width: 1024px) 50vw,(min-width: 768px) 50vw,(min-width: 0px) 100vw" class="image-img image-geometry-rectangle-1 no-aspect-ratio" data-shape="rectangle" /></div></div></div></div><div class="grid-column-root grid-column-small-12 grid-column-medium-6 grid-column-large-6 grid-column-af1e507c-6e32-4dcf-b9e3-c83123d91e2f animated-element" style="padding:0;--grid-column-spacing-unit:8px;
68--grid-column-vertical-spacing:16px"><div class="grid-row-root grid-row-has-columns" style="--grid-row-no-full-width:960px;--grid-row-full-width:1920px;--grid-row-spacing-unit:8px;--grid-row-top-level-padding:16px;--grid-row-top-level-padding-lg:8px"><div class="grid-column-root grid-column-small-12 grid-column-medium-12 grid-column-large-2 animated-element" style="--grid-column-spacing-unit:8px;--grid-column-vertical-spacing:16px"></div><div class="grid-column-root grid-column-small-12 grid-column-medium-12 grid-column-large-8 grid-column-1f359c4b-bc09-4ba7-8af3-5e99640223cb animated-element" style="padding:var(--grid-column-vertical-spacing) calc(var(--grid-column-spacing-unit) + var(--grid-row-top-level-padding));--grid-column-spacing-unit:8px;--grid-column-vertical-spacing:16px"><div class="module-container-custom module-container-root"><div style="hyphens:none" class="heading-module-9f1027fd-fb2e-4524-9949-be5f344eb361 heading-root"><div><h2>About Us</h2></div></div></div><div class="module-container-custom module-container-root"><div class="text-root text-76e25a7f-eb5a-4a44-911a-5daae9e32acb" style="--text-container-color:#151515;--text-container-anchor-color:#717171;--font-family:Nunito;--font-size:16px;--font-weight:normal;--word-wrap:break-word;--overflow-wrap:break-word;--font-style:normal;--text-decoration:none;--letter-spacing:normal;--line-height:normal;--text-transform:none;--tablet-font-downscale:0.875;--mobile-font-downscale:0.875;hyphens:none"><div><p>Our research group consists of seven established professors from various universities across Germany.<
68/p></div></div></div><div class="module-container-custom module-container-root"><div style="--font-family-button:Nunito;--font-size-button:16px;--font-weight-button:normal;--word-wrap-button:break-word;--overflow-wrap-button:break-word;--font-style-button:normal;--text-decoration-button:none;--letter-spacing-button:normal;--line-height-button:normal;--text-transform-button:none;--tablet-font-downscale-button:0.875;--mobile-font-downscale-button:0.875;--button-background-color:#333333;--button-color-primary:#f8f8f8;--button-color-link:#333333;--button-color-ghost:#333333;text-align:left"><a href="/about-us/the-research-unit/" class="button-primary-button button-button" target="_self">Read more</a></div></div></div><div class="grid-column-root grid-column-small-12 grid-column-medium-12 grid-column-large-2 animated-element" style="--grid-column-spacing-unit:8px;--grid-column-vertical-spacing:16px"></div></div></div></div></div></div></div></div><div data-zone-type="content" class="section section-root animated-element section-geometry section-geometry-rectangle" data-shape="rectangle" style="--section-geometry:section-geometry-rectangle;--header-height:100%"><div class="section-inner section-edge18Inner" data-styled-section-id="d72687d3-2d02-46f3-8dc6-4a25329c9a83"></div><div class="section-inner-width section-inner-width-small" style="--section-small-width:960px;--section-medium-width:1280px;--section-large-width:1920px"><div class="section-content"><div class="grid-row-root grid-row-has-rows grid-row-top-level grid-row-aa3ac524-deba-4a1d-863b-4d23f8d18c9e" data-top-level="true" style="padding-top:80px;padding-bottom:80px;--grid-row-no-full-width:960px;--grid-row-full-width:1920px;--grid-row-spacing-unit:8px;
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68--grid-column-vertical-spacing:16px"><!-- wp:go-x/module-container {"classnames":"module-container-custom module-container-root","styles":{}} --><div class="module-container-custom module-container-root"><!-- wp:go-x/text {"payload":{"customFonts":[],"storedObjects":[]},"styles":{"u002du002dtext-container-color":"#ffffff","u002du002dtext-container-anchor-color":"#ffffff","u002du002dfont-family":"Nunito","u002du002dfont-size":"16px","u002du002dfont-weight":"normal","u002du002dword-wrap":"break-word","u002du002doverflow-wrap":"break-word","u002du002dfont-style":"normal","u002du002dtext-decoration":"none","u002du002dletter-spacing":"normal","u002du002dline-height":"normal","u002du002dtext-transform":"none","u002du002dtablet-font-downscale":0.875,"u002du002dmobile-font-downscale":0.875,"hyphens":"none"},"textContainerClass":"text-root","themingContainerClass":"text-65683f9d-8e0d-4cc4-ad21-e8caaef11f96","onGrid":false} --><div class="text-root text-65683f9d-8e0d-4cc4-ad21-e8caaef11f96" style="--text-container-color:#ffffff;--text-container-anchor-color:#ffffff;--font-family:Nunito;--font-size:16px;--font-weight:normal;--word-wrap:break-word;--overflow-wrap:break-word;--font-style:normal;--text-decoration:none;--letter-spacing:normal;--line-height:normal;--text-transform:none;--tablet-font-downscale:0.875;--mobile-font-downscale:0.875;hyphens:none"><div><p style="text-align:center;"><span class="desktop-font-size-14">© FOR 5583 Asset Allocation and Asset Pricing under Regulatory Uncertainty</span></p></div></div><!-- /wp:go-x/text --></div><!-- /wp:go-x/module-container --><!-- wp:go-x/module-container {"classnames":"module-container-custom module-container-root","styles":{}} --><div class="module-container-custom module-container-root"><!-- wp:go-x/social-media {"classes":{"container":"social-media-container","linkItemSmall":"social-media-link-item-small","linkItemMedium":"social-media-link-item-medium","linkItemLarge":"social-media-link-item-large"},"customStyles":{"justifyContent":"center"},"color":"#ffffff","styles":{"u002du002dfont-family":"Nunito","u002du002dfont-size":"16px","u002du002dfont-weight":"normal","u002du002dword-wrap":"break-word","u002du002doverflow-wrap":"break-word","u002du002dfont-style":"normal","u002du002dtext-decoration":"none","u002du002dletter-spacing":"normal","u002du002dline-height":"normal","u002du002dtext-transform":"none","u002du002dtablet-font-downscale":0.875,"u002du002dmobile-font-downscale":0.875,"u002du002dsocial-media-spacing":"8px"},"payload":{"size":"medium","links":[{"isActive":false,"linkType":"Facebook","accountUrl":"https://www.facebook.com/"},{"isActive":false,"linkType":"Instagram","accountUrl":"https://www.instagram.com/"},{"isActive":false,"linkType":"Twitter","accountUrl":"https://www.x.com/"},{"isActive":true,"linkType":"Tel","accountUrl":"0731-5031183"},{"isActive":true,"linkType":"LinkedIn","accountUrl":"https://www.linkedin.com/showcase/research-unit-5583-asset-allocation-and-asset-pricing-under-regulatory-uncertainty/posts/?feedView=allu0026viewAsMember=true"},{"isActive":false,"linkType":"Youtube","accountUrl":"https://dummy.com"},{"isActive":true,"linkType":"Email","accountUrl":"[email protected]"}],"style":{"fill":"filled","shape":"smooth"}}} --><div class="social-media-container" style="justify-content:center;--font-family:Nunito;--font-size:16px;--font-weight:normal;--word-wrap:break-word;--overflow-wrap:break-word;--font-style:normal;--text-decoration:none;--letter-spacing:normal;--line-height:normal;--text-transform:none;--tablet-font-downscale:0.875;--mobile-font-downscale:0.875;--social-media-spacing:8px"><a href="https://www.linkedin.com/showcase/research-unit-5583-asset-allocation-and-asset-pricing-under-regulatory-uncertainty/posts/?feedView=all&amp;viewAsMember=true" aria-label="LinkedIn" target="_blank" rel="noopener noreferrer" class="social-media-link-item-medium"><svg xmlns="http://www.w3.org/2000/svg" width="32" height="32" viewBox="0 0 24 24"><path class="social-media-icon" fill="#ffffff" d="M20,0H4C1.8,0,0,1.8,0,4v16c0,2.2,1.8,4,4,4h16c2.2,0,4-1.8,4-4V4C24,1.8,22.2,0,20,0z M7.2,20.4H3.6V8.3h3.6V20.4z
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106                  if (nextSource != null) {
107                    for (var nextKey in nextSource) {
108                      if (Object.prototype.hasOwnProperty.call(nextSource, nextKey)) {
109                        to[nextKey] = nextSource[nextKey];
110                      }
111                    }
112                  }
113                }
114                return to;
115              },
116              writable: true,
117              configurable: true
118            });
119        }
120        })();
121(function(){
122            window.CONSENT_REGISTRY = Object.assign(
123                {},
124                window.CONSENT_REGISTRY && window.CONSENT_REGISTRY, {
125                    'websiteTranslator': Object.assign(
126                        {},
127                        window.CONSENT_REGISTRY && Object.assign(
128                            {},
129                            window.CONSENT_REGISTRY['websiteTranslator'] && window.CONSENT_REGISTRY['websiteTranslator']
130                        ), {
131                            'websiteTranslatorModule': {
132                                consentAction: function(element) {
133                                    
134            document.querySelectorAll('.iwt_switcher_wrapper').forEach((el)=>{
135                el.removeEventListener('click', window.CONSENT_REGISTRY.websiteTranslator.websiteTranslatorModule.showBlocker)
136            });
137            window.CONSENT_REGISTRY.websiteTranslator.websiteTranslatorModule.load_tlib();
138            
139                                },
140                                revokeAction: function(element){
141                                    
142            document.querySelectorAll('.iwt_switcher_wrapper').forEach((el)=>{
143                el.addEventListener('click', window.CONSENT_REGISTRY.websiteTranslator.websiteTranslatorModule.showBlocker)
144            });
145            
146                                },
147                                showBlocker:function() {document.getElementById('pbModal').style.display = 'flex';},load_tlib:function() {
148                    if (!window.iwt_translate_script) {
149                        window.iwt_translate_script = document.createElement('script');
150                        iwt_translate_script.src =
151                            'https://translate.google.com/translate_a/element.js?cb=googleTranslateElementInit2';
152                        document.body.appendChild(iwt_translate_script);
153                    }
154                },
155                            }
156                        }
157                    )
158                }
159            );
160        })();
161(function(){
162
163        function markVisible(el) {
164            if (!el) return;
165
166            if (el.classList && el.classList.contains('animated-element')) {
167                el.classList.add('is-visible');
168            }
169
170            const animatedChildren = el.querySelectorAll(
171                '.animation-section-blur-in,' +
172                '.animation-blur-in,' +
173                '.animation-fade-bottom,' +
174                '.animation-fade-left,' +
175                '.animation-zoom-in,' +
176                '.animation-zoom-out,' +
177                '.animation-flip-top'
178            );
179            animatedChildren.forEach(child => child.classList.add('is-visible'));
180        }
181
182        function isInViewport(el) {
183            const rect = el.getBoundingClientRect();
184            const viewHeight = window.innerHeight || document.documentElement.clientHeight;
185            const viewWidth = window.innerWidth || document.documentElement.clientWidth;
186
187            return (
188                rect.bottom >= 0 &&
189                rect.right >= 0 &&
190                rect.top <= viewHeight &&
191                rect.left <= viewWidth
192            );
193        }
194
195        // IO uses root: null for live-site contexts. Preview iframes use a
196        // scroll listener with markVisible instead of IO (see triggerVisibleOnLoad).
197        var observerOptions = {
198            root: null,
199            rootMargin: '0px',
200            threshold: [0, 0.01, 0.25, 0.5, 0.75, 1],
201        };
202
203        var animationsIntersectionObserver = null;
204        if (typeof IntersectionObserver !== 'undefined') {
205            animationsIntersectionObserver = new IntersectionObserver(function(entries) {
206                entries.forEach(function(entry) {
207                    if (entry.isIntersecting) {
208                        // Add is-visible only to the observed element itself — no cascade.
209                        // markVisible() cascades to all animation-class descendants, which
210                        // prematurely marks off-screen sibling columns visible when the
211                        // section root barely enters the viewport. Each animated child has
212                        // animated-element and is individually observed, so it will trigger
213                        // on its own scroll entry.
214                        if (entry.target.classList) {
215                            entry.target.classList.add('is-visible');
216                        }
217                        animationsIntersectionObserver.unobserve(entry.target);
218                    }
219                });
220            }, observerOptions);
221        }
222
223        function observeAnimatedElements(elements) {
224            if (!elements || !animationsIntersectionObserver) return;
225
226            elements.forEach(function(element) {
227                if (element.classList && element.classList.contains('animated-element')) {
228                    animationsIntersectionObserver.unobserve(element);
229                    animationsIntersectionObserver.observe(element);
230                }
231            });
232        }
233
234        // window.frameElement is null for cross-origin iframes so it always returns
235        // false in the vibe-onboarding preview. window !== window.top detects any
236        // iframe regardless of origin, without needing a try/catch.
237        var isPreviewFrame = window !== window.top;
238
239        function triggerVisibleOnLoad() {
240            // Non-preview path: use IntersectionObserver (root:null is fine here because
241            // this context is either the published site or the editor with isEditor=true).
242            var animatedElements = document.querySelectorAll('.animated-element');
243            animatedElements.forEach(function(el) {
244                if (isInViewport(el)) {
245                    markVisible(el);
246                } else {
247                    observeAnimatedElements([el]);
248                }
249            });
250        }
251
252        // Shared selector for all animation child classes that markVisible() targets.
253        // The reset must cover these too — resetting only .animated-element leaves
254        // children at opacity:1 so their transitions never replay.
255        //
256        // Keep in sync with ANIMATION_CHILD_SELECTOR exported from useGlobalAnimations.ts.
257        // This inline script cannot import TypeScript modules, so the list is duplicated here.
258        var animationChildSelector = (
259            '.animation-section-blur-in,' +
260            '.animation-blur-in,' +
261            '.animation-fade-bottom,' +
262            '.animation-fade-left,' +
263            '.animation-zoom-in,' +
264            '.animation-zoom-out,' +
265            '.animation-flip-top'
266        );
267
268        // Snap all animated elements to their CSS initial state (opacity:0, transform)
269        // then trigger a rAF to re-apply is-visible for in-viewport elements so the
270        // forward CSS transition plays cleanly.
271        //
272        // Why transition:none + forced reflow instead of double-rAF:
273        //   CSS transitions take 700ms to reverse. A double-rAF fires ~32ms later so
274        //   checkScrollVisible runs while elements are still at ~95% opacity — re-adding
275        //   is-visible barely changes anything. transition:none + void offsetWidth snaps
276        //   all elements to opacity:0 instantly regardless of prior state, then the
277        //   restored transition lets the forward animation play from a clean baseline.
278        //
279        // Why a 200ms setTimeout for the initial call:
280        //   The animation stylesheet loads asynchronously (even from cache there is a
281        //   small delay before link.sheet is set and the CSS rules are applied). If we
282        //   trigger immediately, elements are still at the browser default opacity:1
283        //   (no CSS rule yet), markVisible adds is-visible, and when the stylesheet
284        //   eventually applies it finds is-visible already present — no transition plays.
285        //   200ms is well above the typical cached-stylesheet apply time (~5–20ms) and
286        //   imperceptible next to the 700ms animation.
287        function resetAndAnimate() {
288            var allAnimated = document.querySelectorAll(
289                '.animated-element,' + animationChildSelector
290            );
291            allAnimated.forEach(function(el) {
292                el.style.transition = 'none';
293                el.classList.remove('is-visible');
294            });
295            // Reflow 1: commits "opacity:0, transition:none" as the browser's
296            // last-known rendered state. Elements now snap to their CSS initial state.
297            void document.body.offsetWidth;
298            var vh = window.innerHeight || document.documentElement.clientHeight;
299            // rAF 1: restore CSS transitions WITHOUT adding is-visible yet.
300            // The browser will paint opacity:0 in this frame, establishing it as
301            // the "from" state for the upcoming transition.
302            requestAnimationFrame(function() {
303                allAnimated.forEach(function(el) { el.style.transition = ''; });
304                // rAF 2: now the browser knows "from = opacity:0 with transition enabled".
305                // Adding is-visible here triggers the full 700ms forward transition.
306                requestAnimationFrame(function() {
307                    document.querySelectorAll('.animated-element').forEach(function(el) {
308                        var rect = el.getBoundingClientRect();
309                        if (rect.bottom >= 0 && rect.top <= vh) {
310                            markVisible(el);
311                        }
312                    });
313                });
314            });
315        }
316
317        if (isPreviewFrame) {
318            // In a preview iframe, IO with root:null uses the IFRAME's own viewport
319            // (not the parent page's), so it correctly fires only for elements visible
320            // within the preview — same reliable mechanism as editor mode.
321            //
322            // The container starts visibility:hidden (WebviewInFrameB) and is only
323            // revealed after the rendering CSS link loads. We must not start IO before
324            // reveal() fires: IO fires based on geometry, not visibility, so elements in
325            // a hidden container would trigger IO and get is-visible before opacity:0 is
326            // ever painted — the transition would complete invisibly.
327            //
328            // Strategy:
329            //   1. Poll (rAF) until the container becomes visibility:visible.
330            //   2. Once visible, use the iframe's own IntersectionObserver exactly like
331            //      triggerVisibleOnLoad() does for editor mode.
332            //      IO fires asynchronously after the browser paints opacity:0, so the
333            //      CSS transition "from" state is already committed when is-visible is
334            //      added — the 0→1 transition plays reliably.
335            //   3. Keep the scroll listener for below-fold sections.
336
337            var animationBootTime = 0;
338
339            function startPreviewAnimations() {
340                animationBootTime = Date.now();
341
342                var animatedElements = document.querySelectorAll('.animated-element');
343                if (!animatedElements.length) return;
344
345                // Use IO for ALL elements — in-viewport and below-fold alike.
346                // IO fires asynchronously after the browser commits opacity:0 as the
347                // rendered "from" state, so the 0→1 CSS transition plays reliably.
348                // Calling markVisible() synchronously would add is-visible in the same
349                // frame as the container reveal, skipping the transition entirely.
350                animatedElements.forEach(function(el) {
351                    observeAnimatedElements([el]);
352                });
353            }
354
355            // Poll until the container transitions from visibility:hidden to visible.
356            // Bail out after 30 frames (~500 ms at 60 fps) with no animated elements:
357            // this indicates the script is running in the wrong document context.
358            // Hard stop at 200 frames (~3.3 s): container failed to become visible.
359            var waitCount = 0;
360            function waitForReveal() {
361                waitCount++;
362                if (waitCount > 30 && !document.querySelector('.animated-element')) return;
363                if (waitCount > 200) return;
364                var container = document.body && document.body.firstElementChild;
365                var hidden = container &&
366                    window.getComputedStyle(container).visibility === 'hidden';
367                if (hidden) {
368                    requestAnimationFrame(waitForReveal);
369                } else {
370                    startPreviewAnimations();
371                }
372            }
373            requestAnimationFrame(waitForReveal);
374
375            // Viewport-type switches (desktop→tablet→mobile) resize the iframe container.
376            // Ignored for 1000ms after boot so the reset cannot interrupt the 700ms
377            // transition that just started. Debounced so rapid resize events during a
378            // single switch coalesce into one reset.
379            // Scroll listener for below-fold sections that IO hasn't observed yet
380            // (elements that enter the viewport after the user scrolls).
381            var checkScrollVisible = function() {
382                var vh = window.innerHeight || document.documentElement.clientHeight;
383                document.querySelectorAll('.animated-element').forEach(function(el) {
384                    if (!el.classList.contains('is-visible')) {
385                        var rect = el.getBoundingClientRect();
386                        if (rect.bottom >= 0 && rect.top <= vh) {
387                            markVisible(el);
388                        }
389                    }
390                });
391            };
392            window.addEventListener('scroll', checkScrollVisible, { passive: true });
393
394            var resizeDebounceTimer = null; // number | null — clearTimeout(null) is a no-op
395            var resizeHandler = function() {
396                if (!animationBootTime || Date.now() - animationBootTime < 1000) return;
397                clearTimeout(resizeDebounceTimer);
398                resizeDebounceTimer = setTimeout(resetAndAnimate, 100);
399            };
400            window.addEventListener('resize', resizeHandler, { passive: true });
401
402            window.addEventListener('pagehide', function() {
403                window.removeEventListener('scroll', checkScrollVisible);
404                window.removeEventListener('resize', resizeHandler);
405            }, { once: true });
406        } else {
407            if (document.readyState === 'loading') {
408                document.addEventListener('DOMContentLoaded', triggerVisibleOnLoad);
409            } else {
410                triggerVisibleOnLoad();
411            }
412        }
413
414    
415
416    })();
417(function(){
418        var moreItems = document.getElementsByClassName('navigation-more-item');
419        var moreItemsButton = document.getElementsByClassName('navigation-more-item-wrapper');
420        var anchors = document.getElementsByClassName('navigation-anchor');
421        var menuToggler = document.getElementById('menuToggleTrigger');
422        var menuTogglerFooter = document.getElementById('menuToggleTrigger-footer');
423        var subpageToggle = document.getElementsByClassName('subpageToggle');
424        var headerSectionInner = document.querySelector('[data-zone-type="header"] .section-inner');
425        var sectionRoot = document.getElementsByClassName('section-root');
426        var stickySection = document.getElementsByClassName('section-sticky');
427        var navigation = document.getElementsByClassName('navigation');
428
429        if(stickySection[0]){
430            for (const child of sectionRoot) {
431                child.style.scrollMarginTop = headerSectionInner.offsetHeight + 'px'
432            }
433        }
434        for(i = 0; i < moreItems.length; i++) {
435            moreItems[i].setAttribute("onclick", "");
436        }
437        for(i = 0; i < moreItemsButton.length; i++) {
438            moreItemsButton[i].setAttribute("onclick", "");
439        }
440
441        // close navigation in tablet/mobile mode when anchor is pressed
442        for(i = 0; i < anchors.length; i++) {
443            anchors[i].addEventListener("click", function(){
444                if(menuToggler?.checked) {
445                    menuToggler?.click();
446                }
447                if(menuTogglerFooter?.checked) {
448                    menuTogglerFooter?.click();
449                }
450            } )
451        }
452        if(menuToggler) {
453            menuToggler.addEventListener('keydown', function(event) {
454                if (event.key === 'Enter' || event.keyCode === 13) {
455                    event.preventDefault();
456                    menuToggler.click();
457                }
458            });
459            menuToggler.addEventListener('click', function() {
460                for (let i = 0; i < navigation.length; i++) {
461                    navigation[i].setAttribute('aria-expanded', menuToggler.checked.toString());
462                }
463            });
464        }
465        if(menuTogglerFooter) {
466            menuTogglerFooter.addEventListener('keydown', function(event) {
467                if (event.key === 'Enter' || event.keyCode === 13) {
468                    event.preventDefault();
469                    menuTogglerFooter.click();
470                }
471            });
472            menuTogglerFooter.addEventListener('click', function() {
473                for (let i = 0; i < navigation.length; i++) {
474                    navigation[i].setAttribute('aria-expanded', menuTogglerFooter.checked.toString());
475                }
476            });
477        }
478        if (subpageToggle.length > 0) {
479            for (let i = 0; i < subpageToggle.length; i++) {
480                subpageToggle[i].addEventListener('keydown', function(event) {
481                    if (event.key === 'Enter' || event.keyCode === 13) {
482                        event.preventDefault();
483                        subpageToggle[i].click();
484                    }
485                });
486            }
487        }
488      if(navigation) {
489         for (let i = 0; i < navigation.length; i++) {
490            navigation[i].setAttribute('aria-expanded', "false");
491            navigation[i].addEventListener('keydown', function(event) {
492            if (event.key === 'Escape' || event.keyCode === 27) {
493                event.preventDefault();
494                if(menuToggler?.checked){
495                   menuToggler?.click();
496                }
497                if(menuTogglerFooter?.checked){
498                   menuTogglerFooter?.click();
499                }
500            }
501            });
502         }
503        }
504    })();
505(function(){window.DownloadWarning({"iconSize":"16px","buttonClass":"download-warning-button-font","modalClass":"download-warning-modal-font","message":"Sie sind im Begriff, eine Datei herunterzuladen.<br/>Möchten Sie fortfahren?","cancelBtn":"Abbrechen","downloadBtn":"Herunterladen"});})();
506(function(){
507        // templateId: d8fb5b71-76a6-43ef-8185-67ef076d8851 — embedded so this resource's content changes
508        // whenever the previewed template changes, forcing the resources registry to
509        // re-insert and re-execute this script instead of skipping it as a no-op dedup
510        // (the script itself is otherwise deterministic/parameterless).
511        //
512        // Concretely: in the vibe onboarding congratulations preview, clicking
513        // "Change Layout" swaps the rendered template in place (same page, same
514        // iframe) without a full navigation/reload. The registry only re-runs a
515        // resource when its content differs from what's already inserted — without
516        // templateId varying the content per swap, the second and later "Change
517        // Layout" clicks would be silently skipped, leaving the stale
518        // scroll-position/background state from the previous template's header
519        // in place (SMBDISCO-8179).
520        
521        var headerSectionInner = document.querySelector('[data-zone-type="header"] .section-inner');
522        var sectionRoot = document.getElementsByClassName('section-root');
523        var header = document.querySelector('[data-zone-type="header"]');
524        var navigation = document.getElementsByClassName('navigation-root')[0];
525        var firstSectionContent = document.getElementsByClassName('section-content')[0];
526        var shoppingCart = document.getElementsByClassName('shopping-cart-root')[0];
527        var shoppingBox = document.getElementsByClassName('shopping-searchbox-root')[0];
528        var shoppingAccount = document.getElementsByClassName('shopping-account-root')[0];
529        var textRoot = document.getElementsByClassName('text-root');
530        var socialMediaIcons = document.getElementsByClassName('social-media-icon');
531        var socialMediaStroke = document.getElementsByClassName('social-media-stroke');
532        var logo = document.getElementsByClassName(getComputedStyle(navigation).getPropertyValue('--sticky-theme-active'))[0]
533        var activeThemeClass = getComputedStyle(navigation).getPropertyValue('--sticky-theme-active');
534    ;
535        var hadSticky = false;
536        if(header?.classList.contains('section-sticky') && header?.classList.contains('section-overlaps')){
537            header.classList.remove('section-sticky');
538            hadSticky = true;
539        }
540        // Set immediately so sections have the correct --header-height on first paint,
541        // preventing the visible layout shift when the load event fires later.
542        for (const child of sectionRoot) {
543        child.style.setProperty('--header-height', headerSectionInner.offsetHeight + 'px');
544    };
545        window.addEventListener("load", () => {
546            // Re-run after load in case webfonts or images changed the header height.
547            for (const child of sectionRoot) {
548        child.style.setProperty('--header-height', headerSectionInner.offsetHeight + 'px');
549    };
550        });
551        window.addEventListener("resize", () => {
552            for (const child of sectionRoot) {
553        child.style.setProperty('--header-height', headerSectionInner.offsetHeight + 'px');
554    };
555        });
556        if(hadSticky){
557            
558        var headerBackgroundProps = JSON.parse(getComputedStyle(navigation).getPropertyValue('--sticky-bg-image'));
559
560        if(headerBackgroundProps.backgroundAttachment){
561            headerSectionInner.style.backgroundAttachment = headerBackgroundProps.backgroundAttachment;
562        }
563        if(headerBackgroundProps.backgroundImage){
564            headerSectionInner.style.backgroundImage = headerBackgroundProps.backgroundImage;
565        }else {
566            headerSectionInner.style.backgroundImage = 'unset';
567        }
568        if(headerBackgroundProps.backgroundSize){
569            headerSectionInner.style.backgroundSize = headerBackgroundProps.backgroundSize;
570        }
571        if(headerBackgroundProps.backgroundRepeat){
572            headerSectionInner.style.backgroundRepeat = headerBackgroundProps.backgroundRepeat;
573        }
574        if(headerBackgroundProps.backgroundPosition){
575            headerSectionInner.style.backgroundPosition = headerBackgroundProps.backgroundPosition;
576        }
577        headerSectionInner.style.backgroundColor = getComputedStyle(navigation).getPropertyValue('--sticky-overlaps-navigation-background-color');
578    ;
579            
580        var initialNavigationColor = getComputedStyle(navigation).getPropertyValue('--navigation-color');
581        var initialNavigationBackgroundColor = getComputedStyle(navigation).getPropertyValue('--navigation-background-color');
582        var initialBackgroundColorActive = getComputedStyle(navigation).getPropertyValue('--navigation-background-color-active');
583        var initialBackgroundColorActiveSecond = getComputedStyle(navigation).getPropertyValue('--navigation-background-color-active-second');
584        var initialNavigationActiveColor =  getComputedStyle(navigation).getPropertyValue('--navigation-active-color');
585        var initialNavigationContrastColor =  getComputedStyle(navigation).getPropertyValue('--navigation-contrast-color');
586        var initialTextContainerColor = getComputedStyle(textRoot[0]).getPropertyValue('--text-container-color');
587        var initialSocialColor = document.getElementsByClassName('social-media-icon')[0]?.getAttribute("fill");
588        var initialH1 = firstSectionContent.getAttribute("--heading-color-h1");
589        var initialH2 = firstSectionContent.getAttribute("--heading-color-h2");
590        var initialH3 = firstSectionContent.getAttribute("--heading-color-h3");
591        var initialH4 = firstSectionContent.getAttribute("--heading-color-h4");
592        var initialH5 = firstSectionContent.getAttribute("--heading-color-h5");
593        var initialH6 = firstSectionContent.getAttribute("--heading-color-h6");
594    ;
595            var _cachedNavigation = navigation;
596            // Tear down any scroll listener installed by a previous execution of this
597            // script (e.g. before a template switch) — otherwise re-executing on swap
598            // stacks a new listener on top of the stale one instead of replacing it.
599            if(window.__headerOverlapsScrollHandler){
600                document.removeEventListener('scroll', window.__headerOverlapsScrollHandler);
601            }
602            window.__headerOverlapsScrollHandler = function(){
603                
604        var headerSectionInner = document.querySelector('[data-zone-type="header"] .section-inner');
605        var sectionRoot = document.getElementsByClassName('section-root');
606        var header = document.querySelector('[data-zone-type="header"]');
607        var navigation = document.getElementsByClassName('navigation-root')[0];
608        var firstSectionContent = document.getElementsByClassName('section-content')[0];
609        var shoppingCart = document.getElementsByClassName('shopping-cart-root')[0];
610        var shoppingBox = document.getElementsByClassName('shopping-searchbox-root')[0];
611        var shoppingAccount = document.getElementsByClassName('shopping-account-root')[0];
612        var textRoot = document.getElementsByClassName('text-root');
613        var socialMediaIcons = document.getElementsByClassName('social-media-icon');
614        var socialMediaStroke = document.getElementsByClassName('social-media-stroke');
615        var logo = document.getElementsByClassName(getComputedStyle(navigation).getPropertyValue('--sticky-theme-active'))[0]
616        var activeThemeClass = getComputedStyle(navigation).getPropertyValue('--sticky-theme-active');
617    ;
618                if(!header?.classList.contains('section-overlaps')){
619                    return;
620                }
621                // Navigation DOM node identity check — detects template switches that
622                // replace the navigation element entirely. Does NOT detect in-place mutation.
623                var _navChanged = navigation !== _cachedNavigation;
624                if(_navChanged || (window.scrollY && !header?.classList.contains('section-sticky'))){
625                    
626        window.initialNavigationColor = getComputedStyle(navigation).getPropertyValue('--navigation-color');
627        window.initialNavigationBackgroundColor = getComputedStyle(navigation).getPropertyValue('--navigation-background-color');
628        window.initialBackgroundColorActive = getComputedStyle(navigation).getPropertyValue('--navigation-background-color-active');
629        window.initialBackgroundColorActiveSecond = getComputedStyle(navigation).getPropertyValue('--navigation-background-color-active-second');
630        window.initialNavigationActiveColor = getComputedStyle(navigation).getPropertyValue('--navigation-active-color');
631        window.initialNavigationContrastColor = getComputedStyle(navigation).getPropertyValue('--navigation-contrast-color');
632        window.initialTextContainerColor = textRoot[0]
633            ? getComputedStyle(textRoot[0]).getPropertyValue('--text-container-color')
634            : '';
635        window.initialSocialColor = document.getElementsByClassName('social-media-icon')[0]?.getAttribute("fill");
636        window.initialH1 = firstSectionContent.getAttribute("--heading-color-h1");
637        window.initialH2 = firstSectionContent.getAttribute("--heading-color-h2");
638        window.initialH3 = firstSectionContent.getAttribute("--heading-color-h3");
639        window.initialH4 = firstSectionContent.getAttribute("--heading-color-h4");
640        window.initialH5 = firstSectionContent.getAttribute("--heading-color-h5");
641        window.initialH6 = firstSectionContent.getAttribute("--heading-color-h6");
642    ;
643                    _cachedNavigation = navigation;
644                }
645                if(window.scrollY){
646                    
647        
648        var headerBackgroundProps = JSON.parse(getComputedStyle(navigation).getPropertyValue('--sticky-bg-image'));
649
650        if(headerBackgroundProps.backgroundAttachment){
651            headerSectionInner.style.backgroundAttachment = headerBackgroundProps.backgroundAttachment;
652        }
653        if(headerBackgroundProps.backgroundImage){
654            headerSectionInner.style.backgroundImage = headerBackgroundProps.backgroundImage;
655        }else {
656            headerSectionInner.style.backgroundImage = 'unset';
657        }
658        if(headerBackgroundProps.backgroundSize){
659            headerSectionInner.style.backgroundSize = headerBackgroundProps.backgroundSize;
660        }
661        if(headerBackgroundProps.backgroundRepeat){
662            headerSectionInner.style.backgroundRepeat = headerBackgroundProps.backgroundRepeat;
663        }
664        if(headerBackgroundProps.backgroundPosition){
665            headerSectionInner.style.backgroundPosition = headerBackgroundProps.backgroundPosition;
666        }
667        headerSectionInner.style.backgroundColor = getComputedStyle(navigation).getPropertyValue('--sticky-overlaps-navigation-background-color');
668    ;
669        header.classList.add('section-sticky');
670        headerSectionInner.style.opacity = 1;
671
672        if (activeThemeClass) {
673            logo?.classList.add(activeThemeClass+'-sticky');
674            logo?.classList.remove(activeThemeClass);
675        }
676
677        if(firstSectionContent){
678            firstSectionContent.style.setProperty('--heading-color-h1', getComputedStyle(navigation).getPropertyValue('--sticky-heading-color-h1'));
679            firstSectionContent.style.setProperty('--heading-color-h2', getComputedStyle(navigation).getPropertyValue('--sticky-heading-color-h2'));
680            firstSectionContent.style.setProperty('--heading-color-h3', getComputedStyle(navigation).getPropertyValue('--sticky-heading-color-h3'));
681            firstSectionContent.style.setProperty('--heading-color-h4', getComputedStyle(navigation).getPropertyValue('--sticky-heading-color-h4'));
682            firstSectionContent.style.setProperty('--heading-color-h5', getComputedStyle(navigation).getPropertyValue('--sticky-heading-color-h5'));
683            firstSectionContent.style.setProperty('--heading-color-h6', getComputedStyle(navigation).getPropertyValue('--sticky-heading-color-h6'));
684        }
685
686        // add geometry
687        var sectionGeometryName = getComputedStyle(header).getPropertyValue('--section-geometry');
688        if (sectionGeometryName) {
689            header.classList.add(sectionGeometryName, 'section-geometry');
690        }
691
692        // override the navigation css variables on scroll
693        navigation.style.setProperty(
694            '--navigation-color',
695            getComputedStyle(navigation).getPropertyValue('--sticky-overlaps-navigation-color')
696        );
697        navigation.style.setProperty(
698            '--navigation-background-color',
699            getComputedStyle(navigation).getPropertyValue('--sticky-overlaps-navigation-background-color')
700        );
701        navigation.style.setProperty(
702            '--navigation-background-color-active',
703            getComputedStyle(navigation).getPropertyValue('--sticky-overlaps-navigation-background-color-active')
704        );
705        navigation.style.setProperty(
706            '--navigation-background-color-active-second',
707            getComputedStyle(navigation).getPropertyValue('--sticky-overlaps-navigation-background-color-active-second')
708        );
709        navigation.style.setProperty(
710            '--navigation-active-color',
711            getComputedStyle(navigation).getPropertyValue('--sticky-overlaps-navigation-active-color')
712        );
713        navigation.style.setProperty(
714            '--navigation-contrast-color',
715            getComputedStyle(navigation).getPropertyValue('--sticky-overlaps-navigation-contrast-color')
716        );
717
718        // set description module
719        if (header.contains(textRoot[0])) {
720            textRoot[0].style.setProperty(
721                '--text-container-color',
722                getComputedStyle(navigation).getPropertyValue('--sticky-text-container-color')
723            );
724        }
725
726        //set shopping modules
727        shoppingCart?.style.setProperty(
728            '--shopping-cart-color',
729            getComputedStyle(navigation).getPropertyValue('--sticky-overlaps-navigation-color')
730        );
731        shoppingBox?.style.setProperty(
732            '--shopping-searchbox-body-text-color',
733            getComputedStyle(navigation).getPropertyValue('--sticky-overlaps-navigation-color')
734        );
735        shoppingBox?.style.setProperty(
736            '--shopping-searchbox-color',
737            getComputedStyle(navigation).getPropertyValue('--sticky-overlaps-navigation-color')
738        );
739        shoppingAccount?.style.setProperty(
740            '--shopping-account-color',
741            getComputedStyle(navigation).getPropertyValue('--sticky-overlaps-navigation-color')
742        );
743
744        // set social media colors
745        for (const item of socialMediaIcons) {
746            if (header.contains(item)) {
747                item.style.fill = getComputedStyle(navigation).getPropertyValue('--sticky-social-colors');
748            }
749        }
750        for (const item of socialMediaStroke) {
751            if (header.contains(item)) {
752                item.style.stroke = getComputedStyle(navigation).getPropertyValue('--sticky-social-colors');
753            }
754        }
755
756   ;
757
758                }else{
759                    
760        headerSectionInner.style.opacity = 0;
761        header.classList.remove('section-sticky');
762        if (activeThemeClass) {
763            logo?.classList.remove(activeThemeClass+'-sticky');
764            logo?.classList.add(activeThemeClass);
765        }
766
767
768        var sectionGeometryName = getComputedStyle(header).getPropertyValue('--section-geometry');
769        if (sectionGeometryName) {
770            header.classList.remove(sectionGeometryName, 'section-geometry');
771        }
772
773        // revert styles
774        navigation.style.setProperty('--navigation-color', initialNavigationColor);
775        navigation.style.setProperty('--navigation-background-color', initialNavigationBackgroundColor);
776        navigation.style.setProperty('--navigation-background-color-active', initialBackgroundColorActive);
777        navigation.style.setProperty('--navigation-background-color-active-second', initialBackgroundColorActiveSecond);
778        navigation.style.setProperty('--navigation-active-color', initialNavigationActiveColor);
779        navigation.style.setProperty('--navigation-contrast-color', initialNavigationContrastColor);
780        shoppingCart?.style.setProperty('--shopping-cart-color', initialNavigationColor);
781        shoppingBox?.style.setProperty('--shopping-searchbox-color', initialNavigationColor);
782        shoppingBox?.style.setProperty('--shopping-searchbox-body-text-color', initialNavigationColor);
783        shoppingAccount?.style.setProperty('--shopping-account-color', initialNavigationColor);
784
785        for (const item of socialMediaIcons) {
786            if (header.contains(item)) {
787                item.style.fill = initialSocialColor;
788            }
789        }
790
791        for (const item of socialMediaStroke) {
792            if (header.contains(item)) {
793                item.style.stroke = initialSocialColor;
794            }
795        }
796
797        if (header.contains(textRoot[0])) {
798            textRoot[0].style.setProperty('--text-container-color', initialTextContainerColor);
799        }
800
801        if(firstSectionContent) {
802            firstSectionContent.style.setProperty('--heading-color-h1', initialH1);
803            firstSectionContent.style.setProperty('--heading-color-h2', initialH2);
804            firstSectionContent.style.setProperty('--heading-color-h3', initialH3);
805            firstSectionContent.style.setProperty('--heading-color-h4', initialH4);
806            firstSectionContent.style.setProperty('--heading-color-h5', initialH5);
807            firstSectionContent.style.setProperty('--heading-color-h6', initialH6);
808        }
809    ;
810                }
811            };
812            document.addEventListener('scroll', window.__headerOverlapsScrollHandler, { passive: true });
813
814        }
815    })();
816(function(){function detectIOS() {return (['iPad Simulator', 'iPhone Simulator', 'iPod Simulator', 'iPad', 'iPhone', 'iPod'].indexOf(navigator.platform) > 0 ||(navigator.userAgent.indexOf('Mac') > 0 && 'ontouchend' in document));}const isIOS = detectIOS();if (isIOS) {let sections = window.document.body.querySelectorAll("[data-styled-section-id]");sections.forEach(function(section){section.style.backgroundAttachment= 'scroll';});}})();
817(function(){var ua = window.navigator.userAgent;var trident = ua.indexOf('Trident/');var msie = ua.indexOf("MSIE");if(trident > 0 || msie > 0) {setTimeout(function() {document.getElementById('old-browser-banner').style.top = 0;},1000);function handleCloseIEBanner() {document.getElementById('old-browser-banner').style.top = '-500px';}document.head.insertAdjacentHTML("beforeend", "    <style>        .old-browser-banner,        .old-browser-banner * {            box-sizing: border-box;        }        .old-browser-banner .banner-close-btn {            position: absolute;            top: 50%;            padding: 7px;            transform: translateY(-50%);            -webkit-transform: translateY(-50%);            -ms-transform: translateY(-50%);            right: 10px;            z-index: 2;            color: white;            cursor: pointer;            border-radius: 4px;            background-color: #111;        }        .old-browser-banner .banner-close-btn:hover {            background-color: #222;        }        .old-browser-banner {            display: flex;            display: -ms-flexbox;            position: fixed;            width: 100%;            top: -500px;            left: 0;            margin: 0;            padding: 0;            overflow: hidden;            background: white;            box-shadow: 0 6px 10px rgba(0, 0, 0, 0.3);            font-family: sans-serif;            font-size: 16px;            z-index: 333;            transition: all ease-out 1s;            -ms-transition: all ease-out 1s;        }        .old-browser-banner a {            text-decoration: none;            margin: 0 2px 0 2px;        }        .old-browser-banner .banner-wrapper {            background: white;            color: #718095;            padding: 0.5em;            width: 100%;            display: flex;            display: -ms-flexbox;            align-items: center;            justify-content: center;            position: relative;            max-width: 960px;            margin: 0 auto;        }        .old-browser-banner .banner-text {            margin-right: 12px;        }        .old-browser-banner h3 {            font-weight: normal;            font-size: 16px;            margin: 0.5em;        }        .old-browser-banner h3 svg {            vertical-align: middle;            position: relative;            top: -2px;        }        .old-browser-banner h3 strong {            display: inline-block;            background-color: #014a97;            background-image: radial-gradient(                ellipse 100% 160% at 65% 28%,                rgba(0, 0, 0, 0),                rgba(0, 0, 0, 0.7),                rgba(0, 0, 0, 0.7)            );            color: white;            padding: 0.3em;            font-weight: normal;            border-radius: 3px;            font-size: 17px;        }        @media screen AND (max-width: 768px) {            .old-browser-banner .banner-wrapper {                flex-direction: column;                -ms-flex-direction: column;            }            .old-browser-banner .banner-wrapper .browsers {                margin: 10px 0 52px 0;            }            .old-browser-banner .banner-close-btn {                right: 50%;                transform: translateX(50%);                -webkit-transform: translateX(50%);                -ms-transform: translateX(50%);                bottom: 15px;                top: auto;            }        }        @media screen AND (max-width: 600px) {            .old-browser-banner h3 {                font-size: 14px;                text-align: center;            }            .old-browser-banner h3 strong {                font-size: 14px;                display: flex;                display: -ms-flexbox;                flex-direction: column;                -ms-flex-direction: column;                align-items: center;            }        }    </style>");document.body.insertAdjacentHTML("beforeend", "<div class='old-browser-banner' id='old-browser-banner'>    <div class='banner-close-btn' id='banner-close-btn' onclick='handleCloseIEBanner()'>
817        Close    </div>    <div class='banner-wrapper'>        <div class='banner-text'>            <h3>                <strong>                    <svg                        xmlns='http://www.w3.org/2000/svg'                        height='24px'                        viewBox='0 0 24 24'                        width='24px'                        fill='#ffffff'                    >                        <path d='M1 21h22L12 2 1 21zm12-3h-2v-2h2v2zm0-4h-2v-4h2v4z' />                    </svg>                    <span id='banner-title'>Your web browser is old and not fully supported.</span>                </strong>            </h3>            <h3 id='banner-subtitle'>                For a better experience, please use a modern browser:            </h3>        </div>        <div class='browsers'>            <a href='https://www.google.com/chrome/' target='_blank'>                <svg enable-background='new 0 0 32 32' height='32px' id='Layer_1' version='1.0' viewBox='0 0 32 32' width='32px' xml:space='preserve' xmlns='http://www.w3.org/2000/svg' xmlns:xlink='http://www.w3.org/1999/xlink'><g><path d='M16,24.188c-1.625,0-3.104-0.438-4.438-1.312c-1.334-0.875-2.334-2-3-3.375L2,8c-1.375,2.459-2,5.209-2,8   c0,4,1.302,7.49,3.906,10.469c2.604,2.979,5.844,4.76,9.719,5.344l4.641-8.031C17.799,23.919,17.02,24.188,16,24.188z' fill='#4AAE48'/><path d='M10.969,9.531C12.447,8.386,14.125,8,16,8c0.25,0,13.75,0,13.75,0c-1.417-2.416-3.344-4.458-5.781-5.875   C21.531,0.709,18.875,0,16,0c-2.5,0-4.834,0.531-7,1.594C6.833,2.656,4.828,4.203,3.359,6.188L8,14   C8.458,12.209,9.489,10.678,10.969,9.531z' fill='#EA3939'/><path d='M30.797,10H21.5c1.625,1.625,2.688,3.709,2.688,6c0,1.709-0.479,3.271-1.438,4.688L16.188,32   c4.375-0.042,8.104-1.625,11.188-4.75C30.458,24.125,32,20.375,32,16C32,13.959,31.656,11.812,30.797,10z' fill='#FED14B'/><circle cx='16' cy='16' fill='#188FD1' r='6'/></g><g/><g/><g/><g/><g/><g/></svg>            </a>            <a href='https://www.mozilla.org/firefox/download/' target='_blank'>                <svg enable-background='new 0 0 32 32' height='32px' id='Layer_1' version='1.0' viewBox='0 0 32 32' width='32px' xml:space='preserve' xmlns='http://www.w3.org/2000/svg' xmlns:xlink='http://www.w3.org/1999/xlink'><g><path d='M32,11.105c0,0.396-0.031,1.168-0.094,2.315c-0.063,1.146-0.198,2.273-0.406,3.379   c-0.209,1.105-0.594,2.346-1.156,3.723c-0.563,1.376-1.25,2.618-2.063,3.723c-0.812,1.104-1.927,2.148-3.343,3.128   c-1.417,0.979-3.021,1.68-4.812,2.096c-0.959,0.251-1.938,0.396-2.938,0.438c-0.041,0-0.124,0.021-0.249,0.062   c-0.835,0.041-1.667,0.041-2.5,0c-5.167-0.416-9.104-2.961-11.812-7.633c-1.25-2.212-1.96-4.317-2.125-6.319   c-0.125,0.584-0.21,1.085-0.25,1.501c-0.125-2.377,0.062-4.316,0.562-5.818C0.438,12.326,0.165,12.909,0,13.452   c0.333-1.877,0.771-3.358,1.312-4.442c0.04-0.25,0.29-0.71,0.75-1.376c0-0.084,0-0.146,0-0.188   C1.978,6.277,2.094,5.224,2.406,4.286s0.571-1.523,0.781-1.752c0.208-0.229,0.375-0.406,0.5-0.531   C3.728,3.003,4.25,3.962,5.25,4.88C5.5,4.921,5.728,4.943,5.938,4.943c1.04-0.209,2.125-0.188,3.25,0.062   c0.665-0.835,1.688-1.398,3.062-1.689l1.188-0.062c-1.21,0.709-1.938,1.73-2.188,3.065c0.458,0.959,1.062,1.439,1.812,1.439   c0.625,0,1.083,0,1.375,0c0.708,0,1.083,0.062,1.125,0.188v0.062v0.062c0.04,0.041,0.04,0.104,0,0.188v0.062v0.062   c-0.042,0.417-0.188,0.729-0.438,0.939c-0.042,0-0.062,0.01-0.062,0.031c0,0.021-0.022,0.031-0.062,0.031   c0,0.041-0.188,0.166-0.562,0.375c-0.5,0.333-0.897,0.604-1.188,0.813c-0.542,0.333-0.812,0.562-0.812,0.688v0.062h-0.062   c0.125,0.25,0.208,0.562,0.25,0.938c0.083,0.375,0.103,0.604,0.062,0.688c0,0.209,0,0.396,0,0.563c-0.5-0.25-0.979-0.417-1.438-0.5   c-0.585,0.25-0.917,0.521-1,0.812c-0.042,0.167-0.085,0.334-0.125,0.501c0,0.792,0.562,1.523,1.688,2.189   c0.458,0.292,0.927,0.46,1.406,0.501c0.478,0.042,0.853,0.021,1.125-0.062c0.271-0.084,0.603-0.209,1-0.376   c0.396-0.166,0.677-0.271,0.844-0.312c1.25-0.334,2.271-0.041,3.062,0.876c0.251,0.25,0.303,0.491,0.157,0.72   c-0.146,0.229-0.365,0.303-0.657,0.219c-0.124,0.041-0.208,0.053-0.249,0.031c-0.042-0.021-0.136,0-0.282,0.062   c-0.146,0.062-0.249,0.104-0.312,0.125c-0.063,0.02
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818(function(){function selectStoreSubpage(subpageId){var shopPage = document.querySelectorAll("[data-shop-page=true]");var shopSubpage = document.querySelectorAll(`[data-shop-subpage-id="${subpageId.substring(1,10)}"]`);if (shopPage) {shopPage.forEach( item => item.classList.remove('navigation-selected'));}if(shopSubpage){shopSubpage.forEach( item => item.classList.add("navigation-selected"))}const expandButton = document.querySelector("[data-shop-collapse=true]");if(expandButton){ expandButton.checked = true };};function selectStorePage(oldSubpageId) {var shopPage = document.querySelector("[data-shop-page=true]");var shopSubpage = document.querySelector(`[data-shop-subpage-id="${oldSubpageId.substring(1,10)}"]`);if (shopPage) {shopPage.classList.add('navigation-selected');}if(shopSubpage){shopSubpage.classList.remove("navigation-selected");}const expandButton = document.querySelector("[data-shop-collapse=true]");if(expandButton){expandButton.checked = false};};function changeSelectedPage() {const shopSubpageId = document.location.href.endsWith('/') ? document.location.href.slice(-11, -1) : document.location.href.slice(-10);const regex = new RegExp(/^c[0-9]*$/);if(shopSubpageId.length === 10 && regex.test(shopSubpageId)){const isSubcategory = document.querySelectorAll(`[data-shop-subpage-id="${shopSubpageId.substring(1,10)}"]`).length === 0;if(isSubcategory) { return };selectStoreSubpage(shopSubpageId);};};function changeSelectedPageInsideShopNavigation(oldHref) {if(document.location.hash.startsWith('#!/')){return};const oldSubpageId = oldHref.endsWith('/') ? oldHref.slice(-11, -1) : oldHref.slice(-10);const shopSubpageId = document.location.href.endsWith('/') ? document.location.href.slice(-11, -1) : document.location.href.slice(-10);const regex = new RegExp(/^c[0-9]*$/);const isCurrentPageCategory = regex.test(shopSubpageId);const isSubcategory = document.querySelectorAll(`[data-shop-subpage-id="${shopSubpageId.substring(1,10)}"]`).length === 0;if(!isCurrentPageCategory || isSubcategory) {selectStorePage(oldSubpageId);} else if (isCurrentPageCategory && !isSubcategory) {selectStoreSubpage(shopSubpageId);};};const observeUrlChange = () => {if(new RegExp("^/undefined/.").test(document.location.pathname)){changeSelectedPage();}let oldHref = document.location.href;const body = document.querySelector("body");const observer = new MutationObserver(mutations => {if (oldHref !== document.location.href) {changeSelectedPageInsideShopNavigation(oldHref);oldHref = document.location.href;}});observer.observe(body, { childList: true, subtree: true });};window.onload = observeUrlChange;})();
819(function(){function stylePopupBrowser(){const productBrowserPopup = document.querySelector('.ecwid-ProductBrowserPopup');productBrowserPopup.firstChild.style.background = "#FFF";productBrowserPopup.firstChild.style.borderColor = "transparent";const productBrowser = document.querySelector('.ecwid-productBrowser');productBrowser.style.backgroundColor = 'transparent';productBrowser.style.color = '#444';const closeButton = document.querySelector('.ecwid-popup-closeButton');closeButton.background = '#666 !important';closeButton.innerText = 'X';};const ecwidObserver = new MutationObserver(mutations => {if(mutations[0].addedNodes.length > 0){const nodeClassName = mutations[0].addedNodes[0].className;if(nodeClassName){if(nodeClassName.includes("ec-store__product-page") && document.location.hash.startsWith('#!')){stylePopupBrowser();document.head.insertAdjacentHTML("beforeend",'<style>.form-control--select{background: #FFF !important;color: #444 !important;}.form-control__radio-view-inner{background: #FFF !important;}.form-control__checkbox-view{color: #FFF !important;}.form-control__checkbox-view::after,.form-control__radio-view::after{border: 1px solid #444 !important;}.form-control__checkbox-view::after{background: #FFF !important;}.form-control__checkbox:checked~.form-control__checkbox-view::after{background: #444 !important;}.form-control--checkbox-button .form-control__inline-label label{background-color: #666 !important;color: #FFF !important;}.form-control--checkbox-button .form-control__inline-label label:hover{background: #333 !important;}.form-control__radio:checked~.form-control__inline-label label{background: #222 !important; color: #FFF !important;border-color: #222 !important;}.form-control:not(.form-control--loading) .form-control__button{background: #333 !important;color: #FFF !important;}.ec-likely__widget{background: #444 !important; color: #FFF !important;}.ec-likely__widget:hover{background: #333 !important;}.ec-likely svg{fill: #FFF !important;}.product-details__navigation{border: 1px solid #444 !important;}.product-details__navigation--arrow-left:hover{background:#f1f1f1 !important; fill: #444 !important;}.product-details__navigation--arrow-right:hover{background:#f1f1f1 !important; fill: #444 !important;}.ec-link--muted{color: #444 !important;}.ec-link--muted:hover{color: #666 !important;}.product-details-module__btn-more a{color: #444 !important;}.product-details-module__content--collapsed::after{background-image:linear-gradient(180deg, rgba(178,57,186,0) 0%, #555 95%) !important;}.ec-store .ec-footer{display: none !important;}.ec-store .form-control__text{background: #FFF !important; color: #444 !important; border-color: #444 !important;}.ec-store .form-control__textarea{background: #FFF !important; color: #444 !important; border-color: #444 !important;}.ec-store .form-control{color: #444 !important;}.ec-store .form-control:hover{background: #FFF !important;}.ec-pika-button--bound{background: #FFF !important;}.ec-pika-label{background: #FFF !important;}.ec-pika-button{background:#999 !important;}.ec-pika-button:hover{background #555 !important; color: #000 !important;}.ec-pika-button--today .ec-pika-button{color: #FFF !important;}.ec-pika-button--selected .ec-pika-button{background: #444 !important; color: #000 !important;}.breadcrumbs__link{color: #444 !important;}.breadcrumbs__link:hover{color: #555 !important;}.ec-text-muted,.product-details__product-price,.product-details__product-price-discount,.details-product-price-discount__text,.details-product-price-discount__value{color: #444 !important;}</style>')};if(nodeClassName === 'ec-notice ec-notice--info' && document.location.hash.startsWith('#!')){document.head.insertAdjacentHTML("beforeend",'<style>.ec-notice--info{background: #FFF !important;}.ec-notice__text,.ec-notice--info .ec-notice__icon{color: #444 !important;}</style>')};if(nodeClassName.includes("ec-store__cart-page--only-checkout") && document.location.hash.startsWith('#!')){stylePopupBrowser();document.head.insertAdjacentHTML("beforeend",'<style>
819.ec-text-muted,.ec-cart-item__control-inner{color: #444 !important;}.form-control__text{color: #444 !important!; background: #FFF !important;}.form-control__checkbox-wrap{color: #FFF !important;}.ec-cart__products,.ec-cart-next__header{border-color: #444 !important;}</style>')};if(nodeClassName.includes("ec-store__checkout-page") && document.location.hash.startsWith('#!')){stylePopupBrowser();document.head.insertAdjacentHTML("beforeend",'<style>.form-control__text{color: #444 !important; background: #FFF !important;}.form-control__radio-view-inner{background: #FFF;}.form-control__radio-view::after{border: 1px solid #444 !important;}.ec-cart-step__title,.form-control__select-text,.ec-cart-step__icon > svg ,.breadcrumbs__link{color: #444 !important;}.ec-cart-step__icon,.ec-cart-step--payment,.ec-cart__products,.ec-radiogroup__items{border-color: #444 !important;}.ec-radiogroup::before,.ec-radiogroup::after {background: transparent !important;}.ec-radiogroup__item{box-shadow: 0 0px 0 0 #e6e6e6 !important;}.ec-radiogroup__item--checked{background: #e8e8e8 !important; box-shadow: 0 0 0 1px #444, 0 0 0 1px #444 inset !important;}</style>')};if((nodeClassName === 'ec-confirmation' || nodeClassName.includes('ec-store__confirmation-page')) && document.location.hash.startsWith('#!')){stylePopupBrowser();document.querySelectorAll('.ec-confirmation__step').forEach(item => item.style.borderColor = '#444');document.querySelectorAll('.form-control__button').forEach(button => {button.style.background = '#333';button.style.color = '#FFF';button.style.border = 'none';});};if(mutations[0].addedNodes[0].className.startsWith("ec-storefront-v2 ec-minicart")){mutations[0].addedNodes[0].remove();return;};if(mutations[0].addedNodes[0].className.startsWith("ec-minicart__body")){mutations[0].addedNodes[0].parentElement.remove();};};};});ecwidObserver.observe(document.querySelector("body"), { childList: true, subtree: true });})();
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821window.addEventListener('DOMContentLoaded', function() { [].forEach.call(document.querySelectorAll('a[data-link-type=document]'), function(e){e.download=e.href.replace(new RegExp('.*/([^/]*)$'), '$1')}) })
822//# sourceURL=gox-script-2-js-after
823</script>
vendor: 1 bytes, line 823
823
824<script id="wp-emoji-settings" type="application/json">
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826</script>
vendor: 1 bytes, line 826
826
827<script type="module">
828/*! This file is auto-generated */
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830//# sourceURL=https://www.regulatoryuncertainty.de/wp-includes/js/wp-emoji-loader.min.js
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vendor: 1 bytes, line 831
831
832<script>
833
834    document.addEventListener('DOMContentLoaded', () => {
835        const findUrl = '/' + window.location.pathname.trim().replace(/\/$/, '').split("/")[1];
836        const navElements = document.querySelectorAll(".navigation-list .navigation-menu-item-wrapper > div");
837
838        navElements.forEach((e) => {
839            if (!e.classList.contains('navigation-selected')) {
840                if (e.querySelector(`a[href="${findUrl}"]`)) {
841                    e.classList.add("navigation-selected");
842                }
843            }
844        });
845    });
846</script>
846
847</body>
848
849</html>

Line numbers count LF bytes from the start of the resource, as the search results do. Vendor segments are library code the classifier recognised; they are stored but not indexed. Bytes are shown as Latin1 characters, one per byte.