1. Über das IWH
  2. Team
  3. Wissenschaftliche Mitarbeiter

Professorin Dr. Lena Tonzer

Professorin Dr. Lena Tonzer
Aktuelle Position

seit 9/21

Research Fellow der Abteilung Finanzmärkte

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 5/14

Leiterin der Forschungsgruppe Regulierung internationaler Finanzmärkte und Banken und der International Banking Library

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 4/23

Professorin

Otto-von-Guericke-Universität Magdeburg

CV herunterladen
Forschungsschwerpunkte
  • Banken- und Staatsschuldenkrisen
  • Integration auf Finanzmärkten
  • Bankenregulierung
  • International Banking Library

Lena Tonzer ist seit April 2023 Professorin an der Otto-von-Guericke-Universität Magdeburg und seit Mai 2014 Mitglied der Abteilung Finanzmärkte am IWH. Seit 2019 ist sie zudem SUERF Research Affiliate. Sie leitete von 2017-2022 das ESF-Projekt Die politische Ökonomie der europäischen Bankenunion und forscht zu den Themen Banken- und Staatsschuldenkrisen, Integration auf Finanzmärkten und Bankenregulierung.

Lena Tonzer studierte an der Eberhard Karls Universität Tübingen und promovierte am Europäischen Hochschulinstitut (EUI) in Florenz, Italien. Von 2017 bis 2021 unterrichtete sie an der Martin-Luther-Universität Halle-Wittenberg, von 2021 bis 2023 an der VU Amsterdam.

Ihr Kontakt

Professorin Dr. Lena Tonzer
Professorin Dr. Lena Tonzer
- Abteilung Finanzmärkte
Nachricht senden +49 345 7753-835 Persönliche Seite

Publikationen

Zitationen
701

cover_journal-of-corporate-finance.jpg

Cultural Norms and Corporate Fraud: Evidence from the Volkswagen Scandal

Iftekhar Hasan Felix Noth Lena Tonzer

in: Journal of Corporate Finance, October 2023

Abstract

<p>We examine a corporate governance role of local culture via its impact on consumer behavior following corporate scandals. Our proxy for culture is the presence of local Protestantism. Exploiting the unexpected nature of the Volkswagen (VW) diesel scandal in September 2015, we show that new registrations of VW cars decline significantly in German counties with a Protestant majority following the VW scandal. Further survey evidence shows that, compared to Catholics, Protestants respond significantly more negatively to fraud but not to environmental issues. Our findings suggest that the enforcement culture in Protestantism facilitates penalizing corporate fraud.</p>

Publikation lesen
cover_imf-economic-review.jpg

Financial Linkages and Sectoral Business Cycle Synchronization: Evidence from Europe

Hannes Böhm Julia Schaumburg Lena Tonzer

in: IMF Economic Review, December 2022

Abstract

We analyze whether financial integration leads to converging or diverging business cycles using a dynamic spatial model. Our model allows for contemporaneous spillovers of shocks to GDP growth between countries that are financially integrated and delivers a scalar measure of the spillover intensity at each point in time. For a financial network of ten European countries from 1996 to 2017, we find that the spillover effects are positive on average and much larger during periods of financial stress, pointing towards stronger business cycle synchronization. Dismantling GDP growth into value added growth of ten major industries, we observe that spillover intensities vary significantly. The findings are robust to a variety of alternative model specifications.

Publikation lesen
cover_european-economic-review.jpg

Completing the European Banking Union: Capital Cost Consequences for Credit Providers and Corporate Borrowers

Michael Koetter Thomas Krause Eleonora Sfrappini Lena Tonzer

in: European Economic Review, September 2022

Abstract

The bank recovery and resolution directive (BRRD) regulates the bail-in hierarchy to resolve distressed banks in the European Union (EU). Using the staggered BRRD implementation across 15 member states, we identify banks’ capital cost responses and subsequent pass-through to borrowers towards surprise elements due to national transposition details. Average bank capital costs increase heterogeneously across countries with strongest funding cost hikes observed for banks located in GIIPS and non-EMU countries. Only banks in core E(M)U countries that exhibit higher funding costs increase credit spreads for corporate borrowers and contract credit supply. Tighter credit conditions are only passed on to more levered and less profitable firms. On balance, the national implementation of BRRD appears to have strengthened financial system resilience without a pervasive hike in borrowing costs.

Publikation lesen
Alle referierten Publikationen durchsuchen

Arbeitspapiere

cover_DP_2024-12.jpg

How Do EU Banks’ Funding Costs Respond to the CRD IV? An Assessment Based on the Banking Union Directives Database

Thomas Krause Eleonora Sfrappini Lena Tonzer Cristina Zgherea

in: IWH Discussion Papers, Nr. 12, 2024

Abstract

The establishment of the European Banking Union constitutes a major change in the regulatory framework of the banking system. Main parts are implemented via directives that show staggered transposition timing across EU member states. Based on the newly compiled Banking Union Directives Database, we assess how banks’ funding costs responded to the Capital Requirements Directive IV (CRD IV). Our findings show an upward trend in funding costs which is driven by an increase in cost of equity and partially offset by a decline in cost of debt. The diverging trends are most present in countries with an ex-ante lower regulatory capital stringency, which is in line with banks’ short-run adjustment needs but longer-run benefits from increased financial stability.

Publikation lesen
cover_DP_2024-10.jpg

Inflation Concerns and Green Product Consumption: Evidence from a Nationwide Survey and a Framed Field Experiment

Sabrina Jeworrek Lena Tonzer

in: IWH Discussion Papers, Nr. 10, 2024

Abstract

<p>Promoting green product consumption is one important element in building a sustainable society. Yet green products are usually more costly. In times of high inflation, not only budget constraints but also the fear that prices will continue to rise might dampen green product consumption and, hence, limit the effectiveness of exerted efforts to promote sustainable behaviors. To test this suggestion, we conducted a Germany-wide survey with almost 1,200 respondents, followed by a framed field experiment (N=500) to confirm causality. In the survey, respondents’ stated “green” purchasing behavior is, as to be expected, positively correlated with concerns about climate change. It is also negatively correlated with concerns about future inflation and energy costs, but after controlling for observable characteristics such as income and educational level only the correlation with concerns about future prices remains significant. This result is driven by individuals with below-median environmental attitude. In the framed field experiment, we use the priming method to manipulate the saliency of inflation concerns. Whereas sizably relaxing the budget constraint (i.e., by 50 percent) has no impact on the share of organic products in participants’ baskets, the priming significantly decreases the share of organic products for individuals with below-median environmental attitude, similar to the survey data.</p>

Publikation lesen
cover_DP_2023-24.jpg

Distributional Income Effects of Banking Regulation in Europe

Lars Brausewetter Melina Ludolph Lena Tonzer

in: IWH Discussion Papers, Nr. 24, 2023

Abstract

We study the impact of stricter and more harmonized banking regulation along the income distribution using household survey data for 25 EU countries. Exploiting country-level heterogeneity in the implementation of European Banking Union directives allows us to control for confounders and identify effects. Our results show that these regulatory reforms aimed at increasing financial system resilience affected households heterogeneously. More stringent regulation reduces income growth for low-income households due to employment exits. Yet it tends to increase growth rates at the top of the distribution both for employee and self-employed income.

Publikation lesen
Alle Arbeitspapiere durchsuchen

Themen

Regulierung Geldpolitik Finanzinstitutionen Finanzmärkte Neues Europa Risiko Finanzstabilität Evaluierung von Politikmaßnahmen Internationale Finanzen
Mitglied der Leibniz-Gemeinschaft LogoTotal-Equality-LogoGefördert durch das BMWK