IWH Research Seminar

Cursed Bets on Markets

The talk covers an experimental paper as well as a theory paper, both on economic situations where an agent's payoff depends on market interactions between other agents. In the experimental paper, we assess the ability of human agents to predict the quilibrium of such interactions.

IWH Research Seminar

Common Lenders and Product Market Competition

This paper explores how bank concentration affects product market competition of non-financial firms. We argue, and provide evidence, that sharing common lenders lowers the cost of debt financing. This is because common lenders internalize potential adverse effects of higher loan rates on the product market behavior of their borrowers’ competitors.

IWH Research Seminar

A General Approach to Recovering Market Expectations from Futures Prices with an Application to Crude Oil

Futures markets are a potentially valuable source of information about price expectations. Exploiting this information has proved difficult in practice, because time-varying risk premia often render the futures price a poor measure of the market expectation of the price of the underlying asset.

IWH Research Seminar

Show Me Yours and I’ll Show You Mine: Sharing Borrower Information in a Competitive Credit Market

We exploit detailed data on approved and rejected small-business loans to assess the impact of a new credit registry in Bosnia and Herzegovina.

IWH Research Seminar

Global Financial Stability Report - A Report by the Monetary and Capital Markets Department on Market Developments and Issues

The Global Financial Stability Report provides an assessment of the global financial system and markets, and addresses emerging market financing in a global context.

IWH Research Seminar

The Effects of Training Incidence and Duration on Labor Market Transitions

This paper develops a dynamic evaluation approach in discrete time to estimate the impact of training programs for the unemployed on employment transitions.

IWH Research Seminar

Labor Market Imperfections, Markups and Productivity in Multinationals and Exporters

This paper examines the links between the internationalization mode of firms and market imperfections in product and labor markets.

IWH Research Seminar

Limited Attention to Detail in Financial Markets

We show that analyst valuations became less accurate and more pessimistic following a large drop in accounting earnings that did not reveal new information about firm value.

IWH Research Seminar

The Market for SME Bonds - The German Experiment

IWH Research Seminar

Technological Change and Skill Demand in Non-Competitive Labor Markets

This paper investigates the consequences of technological change in the presence of non-competitive labor markets. We propose a model of technological progress where firms invest in innovation in the hope of developing new technologies.