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Professor Dr. Daniel Streitz

Professor Dr. Daniel Streitz
Aktuelle Position

seit 1/23

Leiter der Forschungsgruppe Finanzintermediäre und die Realwirtschaft

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 4/21

Senior Research Advisor der Abteilungen Finanzmärkte und Gesetzgebung, Regulierung und Faktormärkte

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 4/21

Professor für Volkswirtschaftslehre

Friedrich-Schiller-Universität Jena

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Forschungsschwerpunkte
  • Finanzintermediation
  • Unternehmensfinanzierung
  • Geldpolitik

Daniel Streitz ist seit April 2021 Senior Research Advisor am IWH und Professor an der Friedrich-Schiller-Universität Jena. Zu den Schwerpunkten seiner Forschung gehören die Finanzintermediation und die Unternehmensfinanzierung.

Daniel Streitz studierte an der Westfälischen Wilhelms-Universität Münster und promovierte an der Humboldt-Universität zu Berlin. Bevor er zum IWH kam, war er Assistenzprofessor an der Copenhagen Business School.

Ihr Kontakt

Professor Dr. Daniel Streitz
Professor Dr. Daniel Streitz
Mitglied - Abteilung Finanzmärkte
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Publikationen

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Credit Supply Shocks: Financing Real Growth or Takeovers?

Tobias Berg Daniel Streitz Michael Wedow

in: Review of Corporate Finance Studies, Nr. 2, 2024

Abstract

How do firms invest when financial constraints are relaxed? We document that firms affected by a large positive credit supply shock predominantly increase borrowing for transaction-based purposes. These treated firms have larger asset and employment growth rates; however, growth entirely stems from the increased takeover activity. Announcement returns indicate a low quality of the credit-supply-induced takeover activity. These results offer the possibility that credit-driven growth can simply reflect redistribution, rather than net gains in assets or employment.

Publikation lesen
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Financial Debt Contracting and Managerial Agency Problems

Björn Imbierowicz Daniel Streitz

in: Financial Management, Nr. 1, 2024

Abstract

This paper analyzes if lenders resolve managerial agency problems in loan contracts using sweep covenants. Sweeps require a (partial) prepayment when triggered and are included in many contracts. Exploiting exogenous reductions in analyst coverage due to brokerage house mergers and closures, we find that increased borrower opacity significantly increases sweep use. The effect is strongest for borrowers with higher levels of managerial entrenchment and if lenders hold both debt and equity in the firm. Overall, our results suggest that lenders implement sweep covenants to mitigate managerial agency problems by limiting contingencies of wealth expropriation.

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Spillover Effects in Empirical Corporate Finance

Tobias Berg Markus Reisinger Daniel Streitz

in: Journal of Financial Economics, Nr. 3, 2021

Abstract

Despite their importance, the discussion of spillover effects in empirical research often misses the rigor dedicated to endogeneity concerns. We analyze a broad set of workhorse models of firm interactions and show that spillovers naturally arise in many corporate finance settings. This has important implications for the estimation of treatment effects: i) even with random treatment, spillovers lead to a complicated bias, ii) fixed effects can exacerbate the spillover-induced bias. We propose simple diagnostic tools for empirical researchers and illustrate our guidance in an application.

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Arbeitspapiere

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Corporate Loan Spreads and Economic Activity

Anthony Saunders Alessandro Spina Sascha Steffen Daniel Streitz

in: SSRN Working Paper, 2021

Abstract

We use secondary corporate loan-market prices to construct a novel loan-market-based credit spread. This measure has considerable predictive power for economic activity across macroeconomic outcomes in both the U.S. and Europe and captures unique information not contained in public market credit spreads. Loan-market borrowers are compositionally different and particularly sensitive to supply-side frictions as well as financial frictions that emanate from their own balance sheets. This evidence highlights the joint role of financial intermediary and borrower balance-sheet frictions in understanding macroeconomic developments and enriches our understanding of which type of financial frictions matter for the economy.

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Capital Misallocation and Innovation

Christian Schmidt Yannik Schneider Sascha Steffen Daniel Streitz

in: SSRN Solutions Research Paper Series, 2020

Abstract

This paper documents that "zombie" lending by undercapitalized banks distorts competition and impedes corporate innovation. This misallocation of capital prevents both the exit of zombie and entry of healthy firms in affected industries adversely impacting output and competition. Worse, capital misallocation depresses patent applications, particularly in high technology- and R&D-intensive sectors, and industries with neck- and-neck competition. We strengthen our results using an IV approach to address reverse causality and innovation survey data from the European Commission. Overall, our results are consistent with externalities imposed on healthy firms through the misallocation of capital.

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Themen

Regulierung Finanzinstitutionen Unternehmensfinanzierung Evaluierung von Politikmaßnahmen Finanzmärkte Ökonometrie
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