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Professor Dr. Felix Noth

Professor Dr. Felix Noth
Aktuelle Position

seit 10/16

Stellvertretender Leiter der Abteilung Finanzmärkte

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 3/14

Leiter der Forschungsgruppe Anpassungsfähigkeit und Resilienz des Finanzsystems

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 7/20

Professor für Banken und Finanzsysteme

Otto-von-Guericke-Universität, Magdeburg

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Forschungsschwerpunkte
  • Bankenmärkte und realwirtschaftliches Wachstum
  • Bankenregulierung und Risikoanreize für Banken
  • Naturkatastrophen und Auswirkungen auf Banken

Felix Noth ist seit März 2014 Mitglied der Abteilung Finanzmärkte am IWH und Professor für Banken und Finanzsysteme an der Otto-von-Guericke-Universität Magdeburg. Er forscht zu den Themen empirische Bank- und Finanzwirtschaft.

Felix Noth studierte an der Ludwig-Maximilians-Universität München und promovierte an der Goethe-Universität Frankfurt. Bevor er zum IWH kam, war er wissenschaftlicher Assistent an der Goethe-Universität Frankfurt am Main.

Ihr Kontakt

Professor Dr. Felix Noth
Professor Dr. Felix Noth
- Abteilung Finanzmärkte
Nachricht senden +49 345 7753-702 Persönliche Seite

Publikationen

Zitationen
1069

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Nothing Special about an Allowance for Corporate Equity: Evidence from Italian Banks

Dennis Dreusch Felix Noth Peter Reichling

in: Journal of International Money and Finance, February 2025

Abstract

<p>This paper analyzes the impact of reduced tax incentives for equity financing on banks' regulatory capital ratios under the Basel III regime. We are particularly interested in a recent interest rate cut in the Italian corporate equity allowance, which reduces the relative tax advantage of equity financing. The results show that banks respond to this increased tax disparity by significantly reducing their regulatory capital while at the same time reducing their risk-taking. The decline in capital is more pronounced for small banks and outweighs the initial capital gains from the introduction of this tax instrument. Our results challenge the use of equity allowances, in that financial stability gains persist only as long as costly tax subsidies remain intact and diminish as the size of the subsidy is reduced.</p>

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Church Membership and Economic Recovery: Evidence from the 2005 Hurricane Season

Iftekhar Hasan Stefano Manfredonia Felix Noth

in: Economic Journal, Nr. 664, 2024

Abstract

<p>This paper investigates the critical role of church membership in the process of economic recovery after high-impact natural disasters. We document a significant adverse treatment effect of the 2005 hurricane season in the Southeastern United States on establishment-level productivity. However, we find that establishments in counties with higher rates of church membership saw a significantly stronger recovery in terms of productivity for 2005–10. We also show that church membership is correlated with post-disaster entrepreneurship activities and population growth.</p>

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Does IFRS Information on Tax Loss Carryforwards and Negative Performance Improve Predictions of Earnings and Cash Flows?

Sandra Dreher Sebastian Eichfelder Felix Noth

in: Journal of Business Economics, January 2024

Abstract

We analyze the usefulness of accounting information on tax loss carryforwards and negative performance to predict earnings and cash flows. We use hand-collected information on tax loss carryforwards and corresponding deferred taxes from the International Financial Reporting Standards tax footnotes for listed firms from Germany. Our out-of-sample tests show that considering accounting information on tax loss carryforwards does not enhance performance forecasts and typically even worsens predictions. The most likely explanation is model overfitting. Besides, common forecasting approaches that deal with negative performance are prone to prediction errors. We provide a simple empirical specification to account for that problem.

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Arbeitspapiere

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Ecological Preferences and the Carbon Intensity of Corporate Investment

Michael Koetter Felix Noth

in: IWH Discussion Papers, Nr. 2, 2025

Abstract

<p>Lowering carbon intensity in manufacturing is necessary to transform current production technologies. We test if local agents’ preferences, revealed by vote shares for the Green party during local elections in Germany, relate to the carbon intensity of investments in production technologies. Our sample comprises all investment choices made by manufacturing establishments from 2005-2017. Our results suggest that ecological preferences correlate with significantly fewer carbon-intensive investment projects while investments stimulating growth and reducing carbon emissions increase by 14 percentage points. Both results are more distinct in federal states where the Green Party enjoys political power and local ecological preferences are high.</p>

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From Shares to Machines: How Common Ownership Drives Automation

Joseph Emmens Dennis Hutschenreiter Stefano Manfredonia Felix Noth Tommaso Santini

in: IWH Discussion Papers, Nr. 23, 2024

Abstract

<p>Does increasing common ownership influence firms’ automation strategies? We develop and empirically test a theory indicating that institutional investors’ common ownership drives firms that employ workers in the same local labor markets to boost automation-related innovation. First, we present a model integrating task-based production and common ownership, demonstrating that greater ownership overlap drives firms to internalize the impact of their automation decisions on the wage bills of local labor market competitors, leading to more automation and reduced employment. Second, we empirically validate the model’s predictions. Based on patent texts, the geographic distribution of firms’ labor forces at the establishment level, and exogenous increases in common ownership due to institutional investor mergers, we analyze the effects of rising common ownership on automation innovation within and across labor markets. Our findings reveal that firms experiencing a positive shock to common ownership with labor market rivals exhibit increased automation and decreased employment growth. Conversely, similar ownership shocks do not affect automation innovation if firms do not share local labor markets.</p>

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Banking Market Deregulation and Mortality Inequality

Iftekhar Hasan Thomas Krause Stefano Manfredonia Felix Noth

in: Bank of Finland Research Discussion Papers, Nr. 14, 2022

Abstract

This paper shows that local banking market conditions affect mortality rates in the United States. Exploiting the staggered relaxation of branching restrictions in the 1990s across states, we find that banking deregulation decreases local mortality rates. This effect is driven by a decrease in the mortality rate of black residents, implying a decrease in the black-white mortality gap. We further analyze the role of mortgage markets as a transmitter between banking deregulation and mortality and show that households' easier access to finance explains mortality dynamics. We do not find any evidence that our results can be explained by improved labor outcomes.

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Themen

Finanzstabilität Finanzmärkte Evaluierung von Politikmaßnahmen Geldpolitik Risiko Regulierung Finanzinstitutionen Ökonometrie Energiewende
Mitglied der Leibniz-Gemeinschaft LogoTotal-Equality-LogoGefördert durch das BMWK