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Professor Michael Koetter, Ph.D.

Professor Michael Koetter, Ph.D.
Aktuelle Position

seit 10/20

Stellvertretender Präsident

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 9/16

Leiter der Abteilung Finanzmärkte

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 9/16

Professor für Financial Economics

Otto-von-Guericke-Universität, Magdeburg

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Forschungsschwerpunkte
  • Allokation von Unternehmensinvestition und Gesamtwachstum
  • Finanzintermediation
  • Finanzmarktstabilität und Bankenregulierung
  • Risikobereitschaft und Wettbewerb
  • reale Auswirkungen auf Geldpolitik und Wirtschaftspolitik

Michael Koetter ist stellvertretender Präsident des Instituts und Leiter der Abteilung Finanzmärkte am IWH. Er ist Professor für Financial Economics an der Otto-von-Guericke-Universität Magdeburg. Die Abteilung richtet die jährliche FIN-FIRE conference on challenges to financial stability aus. Seine Forschung untersucht vornehmlich mithilfe empirischer Methoden die Interaktionen zwischen Finanzinstitutionen und -systemen, Regulation, Politik und der Realwirtschaft.

Michael Koetter promovierte an der Universität Utrecht und studierte International Money and Banking an der Universität Maastricht. Er war Professor an der Frankfurt School of Finance & Management (2012 – 2016) und an der Universität Groningen (2006 – 2012). Zurzeit ist er Mitglied des wissenschaftlichen Beratungsausschusses des Forschungsdaten- und Servicezentrums der Deutschen Bundesbank, Editor bei der Fachzeitschrift Economics of Transition and Institutional Change (ETIC) sowie Associate Editor beim Journal of Financial Stability. Er fungierte regelmäßig als Berater bei Zentralbanken und war Präsident der IBEFA.

Ihr Kontakt

Professor Michael Koetter, Ph.D.
Professor Michael Koetter, Ph.D.
- Abteilung Finanzmärkte
Nachricht senden +49 345 7753-727 Persönliche Seite LinkedIn Profil

Publikationen

Zitationen
6218

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A Belowground Perspective on the Nexus between Biodiversity Change, Climate Change, and Human Well-being

Michael Koetter et al.

in: Journal of Sustainable Agriculture and Environment, Nr. 2, 2024

Abstract

<p>Soil is central to the complex interplay among biodiversity, climate, and society. This paper examines the interconnectedness of soil biodiversity, climate change, and societal impacts, emphasizing the urgent need for integrated solutions. Human-induced biodiversity loss and climate change intensify environmental degradation, threatening human well-being. Soils, rich in biodiversity and vital for ecosystem function regulation, are highly vulnerable to these pressures, affecting nutrient cycling, soil fertility, and resilience. Soil also crucially regulates climate, influencing energy, water cycles, and carbon storage. Yet, climate change poses significant challenges to soil health and carbon dynamics, amplifying global warming. Integrated approaches are essential, including sustainable land management, policy interventions, technological innovations, and societal engagement. Practices like agroforestry and organic farming improve soil health and mitigate climate impacts. Effective policies and governance are crucial for promoting sustainable practices and soil conservation. Recent technologies aid in monitoring soil biodiversity and implementing sustainable land management. Societal engagement, through education and collective action, is vital for environmental stewardship. By prioritizing interdisciplinary research and addressing key frontiers, scientists can advance understanding of the soil biodiversity–climate change–society nexus, informing strategies for environmental sustainability and social equity.</p>

Publikation lesen
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Non-Standard Errors

Albert J. Menkveld Anna Dreber Felix Holzmeister Juergen Huber Magnus Johannesson Michael Koetter Markus Kirchner Sebastian Neusüss Michael Razen Utz Weitzel Shuo Xia et al.

in: Journal of Finance, Nr. 3, 2024

Abstract

<p>In statistics, samples are drawn from a population in a data-generating process (DGP). Standard errors measure the uncertainty in estimates of population parameters. In science, evidence is generated to test hypotheses in an evidence-generating process (EGP). We claim that EGP variation across researchers adds uncertainty—nonstandard errors (NSEs). We study NSEs by letting 164 teams test the same hypotheses on the same data. NSEs turn out to be sizable, but smaller for more reproducible or higher rated research. Adding peer-review stages reduces NSEs. We further find that this type of uncertainty is underestimated by participants.</p>

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Compensation Regulation in Banking: Executive Director Behavior and Bank Performance after the EU Bonus Cap

Stefano Colonnello Michael Koetter Konstantin Wagner

in: Journal of Accounting and Economics, Nr. 1, 2023

Abstract

The regulation that caps executives’ variable compensation, as part of the Capital Requirements Directive IV of 2013, likely affected executive turnover, compensation design, and risk-taking in EU banking. The current study identifies significantly higher average turnover rates but also finds that they are driven by CEOs at poorly performing banks. Banks indemnified their executives by off-setting the bonus cap with higher fixed compensation. Although our evidence is only suggestive, we do not find any reduction in risk-taking at the bank level, one purported aim of the regulation.

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Arbeitspapiere

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Illusive Compliance and Elusive Risk-shifting after Macroprudential Tightening: Evidence from EU Banking

Michael Koetter Felix Noth Fabian Wöbbeking

in: IWH Discussion Papers, Nr. 4, 2025

Abstract

<p>We study whether and how EU banks comply with tighter macroprudential policy (MPP). Observing contractual details for more than one million securitized loans, we document an elusive risk-shifting response by EU banks in reaction to tighter loan-to-value (LTV) restrictions between 2009 and 2022. Our staggered difference-in-differences reveals that banks respond to these MPP measures at the portfolio level by issuing new loans after LTV shocks that are smaller, have shorter maturities, and show a higher collateral valuation while holding constant interest rates. Instead of contracting aggregate lending as intended by tighter MPP, banks increase the number and total volume of newly issued loans. Importantly, new loans finance especially properties in less liquid markets identified by a new European Real Estate Index (EREI), which we interpret as a novel, elusive form of risk-shifting.</p>

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Supply Chain Disruptions and Firm Outcomes

Michael Koetter Huyen Nguyen Sochima Uzonwanne

in: IWH Discussion Papers, Nr. 3, 2025

Abstract

<p>This paper examines how firms’ exposure to supply chain disruptions (SCD) affects firm outcomes in the European Union (EU). Exploiting heterogeneous responses to workplace closures imposed by sourcing countries during the pandemic as a shock to SCD, we provide empirical evidence that firms in industries relying more heavily on foreign inputs experience a significant decline in sales compared to other firms. We document that external finance, particularly bank financing, plays a critical role in mitigating the effects of SCD. Furthermore, we highlight the unique importance of bank loans for small and solvent firms. Our findings also indicate that highly diversified firms and those sourcing inputs from less distant partners are less vulnerable to SCD.</p>

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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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Themen

Finanzinstitutionen Finanzmärkte Finanzstabilität Evaluierung von Politikmaßnahmen Geldpolitik Neues Europa Risiko Regulierung Immobilien Mittelstand Corona Energiewende
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