19.06.2024 • 19/2024
Sachsen-Anhalts Mittelstand weiter in konjunktureller Schwächephase
Die Wirtschaft in Sachsen-Anhalt befindet sich weiterhin im Abschwung. Die Stimmungslage der mittelständischen Unternehmen hat sich im Frühjahr 2024 weiter verschlechtert. Das geht aus der gemeinsamen Umfrage von Creditreform und Leibniz-Institut für Wirtschaftsforschung Halle (IWH) hervor, an der sich rund 430 Unternehmen aus Sachsen-Anhalt beteiligten.
Axel Lindner
Lesen
The Reverse Revolving Door in the Supervision of European Banks
Stefano Colonnello, Michael Koetter, Alex Sclip, Konstantin Wagner
IWH Discussion Papers,
Nr. 25,
2023
Abstract
We show that around one third of executive directors on the boards of national supervisory authorities (NSA) in European banking have an employment history in the financial industry. The appointment of executives without a finance background associates with negative valuation effects. Appointments of former bankers, in turn, spark positive stock market reactions. This „proximity premium“ of supervised banks is a more likely driver of positive valuation effects than superior financial expertise or intrinsic skills of former executives from the financial industry. Prior to the inception of the European Single Supervisory Mechanism, the presence of former financial industry executives on the board of NSA associates with lower regulatory capital and faster growth of banks, pointing to a more lenient supervisory style.
Artikel Lesen
Global Political Ties and the Global Financial Cycle
Gene Ambrocio, Iftekhar Hasan, Xiang Li
IWH Discussion Papers,
Nr. 23,
2023
Abstract
We study the implications of forging stronger political ties with the US on the sensitivities of stock returns around the world to a global common factor – the global financial cycle. Using voting patterns at the United Nations as a measure of political ties with the US along with various measures of the global financial cycle, we document evidence indicating that stronger political ties with the US amplify the sensitivities of stock returns in developing countries to the global financial cycle. We explore several channels and find that a deepening of financial linkages along with a reduction in information asymmetries and an amplification of sentiment are potentially important factors behind this result.
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Medienecho
Medienecho November 2024 Steffen Müller: Firmaer er oftere i problemer in: Flensborg Avis, 22.11.2024 Steffen Müller: Zahl der Insolvenzen steigt in: Süddeutsche.de, 21.11.2024…
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Archiv
Medienecho-Archiv 2021 2020 2019 2018 2017 2016 Dezember 2021 IWH: Ausblick auf Wirtschaftsjahr 2022 in Sachsen mit Bezug auf IWH-Prognose zu Ostdeutschland: "Warum Sachsens…
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DPE Course Programme Archive
DPE Course Programme Archive 2024 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2024 Presenting and Writing about your Research Tim Korver October 14-15, 2024 (IWH)…
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Wirtschaft im Wandel
Wirtschaft im Wandel Die Zeitschrift „Wirtschaft im Wandel“ unterrichtet die breite Öffentlichkeit über aktuelle Themen der Wirtschaftsforschung. Sie stellt wirtschaftspolitisch…
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"Let Me Get Back to You" — A Machine Learning Approach to Measuring NonAnswers
Andreas Barth, Sasan Mansouri, Fabian Wöbbeking
Management Science,
Nr. 10,
2023
Abstract
Using a supervised machine learning framework on a large training set of questions and answers, we identify 1,364 trigrams that signal nonanswers in earnings call questions and answers (Q&A). We show that this glossary has economic relevance by applying it to contemporaneous stock market reactions after earnings calls. Our findings suggest that obstructing the flow of information leads to significantly lower cumulative abnormal stock returns and higher implied volatility. As both our method and glossary are free of financial context, we believe that the measure is applicable to other fields with a Q&A setup outside the contextual domain of financial earnings conference calls.
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Department Profiles
Research Profiles of the IWH Departments All doctoral students are allocated to one of the four research departments (Financial Markets – Laws, Regulations and Factor Markets –…
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IWH-FDI-Mikrodatenbank
IWH-FDI-Mikrodatenbank Die IWH-FDI-Mikrodatenbank (FDI = Foreign Direct Investment) umfasst eine in der Projektlaufzeit ständig aktualisierte Grundgesamtheit von…
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