14.12.2020 • 25/2020
Deutsche Lebensversicherer investieren nicht ausreichend in Start-ups
Die deutschen Lebensversicherer legen ihr Kapital bislang zu wenig in Aktien an und hemmen so die wirtschaftliche Dynamik. Eine Studie des Leibniz-Instituts für Wirtschaftsforschung Halle (IWH) legt nahe, dass der Gründerszene Risikokapital fehlt, um erfolgreiche Start-ups zu finanzieren. Grund dafür ist das Anlageverhalten potenzieller Investoren. IWH-Präsident Reint Gropp fordert Reformen, die die Finanzierung innovativer Ideen fördern.
Reint E. Gropp
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Why Life Insurers are Key to Economic Dynamism in Germany
Reint E. Gropp, William McShane
IWH Online,
Nr. 6,
2020
Abstract
Young entrepreneurial firms are of critical importance for innovation. But to bring their new ideas to the market, these startups depend on investors who understand and are willing to accept the risk associated with a new firm. Perhaps the key reason as to why the US has succeeded in producing nearly all the most successful new firms of the 21st century is the economy’s ability to supply vast sums of capital to promising startups. The volume of venture capital (VC) invested in the US is more than 60 times that of Germany. In this policy note, we argue that differences in the regulatory and structural context of institutional investors, in particular life insurance companies, is a central driver of the relative lack of VC - and thereby successful startups - in Germany.
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On the International Dissemination of Technology News Shocks
João Carlos Claudio, Gregor von Schweinitz
IWH Discussion Papers,
Nr. 25,
2020
Abstract
This paper investigates the propagation of technology news shocks within and across industrialised economies. We construct quarterly utilisation-adjusted total factor productivity (TFP) for thirteen OECD countries. Based on country-specific structural vector autoregressions (VARs), we document that (i) the identified technology news shocks induce a quite homogeneous response pattern of key macroeconomic variables in each country; and (ii) the identified technology news shock processes display a significant degree of correlation across several countries. Contrary to conventional wisdom, we find that the US are only one of many different sources of technological innovations diffusing across advanced economies. Technology news propagate through the endogenous reaction of monetary policy and via trade-related variables. That is, our results imply that financial markets and trade are key channels for the dissemination of technology.
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Capital Misallocation and Innovation
Christian Schmidt, Yannik Schneider, Sascha Steffen, Daniel Streitz
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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Identifying Cooperation for Innovation ― A Comparison of Data Sources
Michael Fritsch, Mirko Titze, Matthias Piontek
Industry and Innovation,
Nr. 6,
2020
Abstract
The value of social network analysis is critically dependent on the comprehensive and reliable identification of actors and their relationships. We compare regional knowledge networks based on different types of data sources, namely, co-patents, co-publications, and publicly subsidized collaborative R&D projects. Moreover, by combining these three data sources, we construct a multilayer network that provides a comprehensive picture of intraregional interactions. By comparing the networks based on the data sources, we address the problems of coverage and selection bias. We observe that using only one data source leads to a severe underestimation of regional knowledge interactions, especially those of private sector firms and independent researchers.
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Promoting Higher Productivity in China — Does Innovation Expenditure Really Matter?
Hoang Minh Duy, Filippo di Mauro, Jo Van Biesebroeck
Singapore Economic Review,
Nr. 5,
2020
Abstract
The slowing down of the global economy adds additional challenges to China? economic policies as the country orchestrates its transition to lower resource dependency and higher technology intensity of output. Are policies aimed at technologically advanced sectors the right answer? Drawing from a newly created dataset of firms? balance sheets over the period 1998?2013, matched with patents data until 2009, we uncover that expenditure in innovation had limited effect on boosting productivity, without generating a clear gain in overall productivity for the high-tech sector. As a matter of fact, there is a much higher dispersion in productivity outcomes in firms belonging to the low-technology sectors, which derives from a bunch of champions in those sectors scoring higher productivity dynamics than in the High-technology sectors. The paper finds those barriers to entry and in general, market power of incumbents in the high-tech generate less than optimal resource reallocation, which hampers the overall productivity. Policies should presumably aim at removing such obstacles rather than solely promote innovation expenditure.
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Kommentar: Ohne Konsumverzicht keine CO2-Reduktion – auch, wenn man auf Innovation setzt
Oliver Holtemöller
Wirtschaft im Wandel,
Nr. 2,
2020
Abstract
In der Diskussion über die deutsche Klimapolitik steht häufig die Frage im Mittelpunkt, mit welchen Instrumenten sich eine Reduktion der CO2-Emissionen am wirksamsten erreichen lässt. So werden etwa die Vorund Nachteile von CO2-Steuern im Vergleich zur Versteigerung von CO2-Zertifikaten und die Reihenfolge der Abschaltung von Braunkohlekraftwerken diskutiert. Neben diesen eher mikroökonomischen Aspekten hat die Klimapolitik weitreichende makroökonomische Konsequenzen.
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01.07.2020 • 11/2020
IWH untersucht Folgen des Kohleausstiegs in Europa
Wie verändert der Kohleausstieg die Gesellschaft – und wie kann Politik darauf reagieren? Diese Fragen untersuchen
14 europäische Partner in einem neuen interdisziplinären Forschungsprojekt. Dabei wird das Leibniz-Institut für Wirtschaftsforschung Halle (IWH) ökonomische Folgen wie Arbeitslosigkeit und Abwanderung für ausgewählte Kohleregionen Europas analysieren. Die EU fördert das Gesamtprojekt für drei Jahre mit knapp drei Millionen Euro.
Oliver Holtemöller
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Is Social Capital Associated with Corporate Innovation? Evidence from Publicly Listed Firms in the U.S.
Iftekhar Hasan, Chun-Keung (Stan) Hoi, Qiang Wu, Hao Zhang
Journal of Corporate Finance,
June
2020
Abstract
We find that social capital in U.S. counties, as captured by strength of social norms and density of social networks, is positively associated with innovation of firms headquartered in the county, as captured by patents and citations. This relation is robust in fixed-effect regressions, instrumental variable regressions with a Bartik instrument, propensity score matching regressions, and a difference-in-differences design that isolates the effects of over time variations in social capital due to corporate headquarter relocations. Strength of social norms plays a more dominant role than density of social networks in producing these empirical regularities. Cross-sectional evidence indicates the prominence of the contracting channel through which social capital relates to innovation. Additionally, we find that social capital is also positively associated with trademarks and effectiveness of corporate R&D expenditures.
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Aktuelle Trends: Entwicklung der Firmengründungen in Deutschland
André Diegmann
Wirtschaft im Wandel,
Nr. 1,
2020
Abstract
Das Produktivitätswachstum in entwickelten Volkswirtschaften hat sich in den letzten Jahren deutlich verlangsamt. Ein Indikator für die wirtschaftliche Dynamik in einer Volkswirtschaft ist die Firmengründungsaktivität. Wenn neue Ideen entstehen, kann dies in eine zunehmende Gründungsaktivität münden und so positiv auf die Produktivitätsentwicklung wirken.
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