25 Jahre IWH

Juniorprofessor Dr. Felix Noth

Juniorprofessor 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 Innovationen im finanz- und realwirtschaftlichen Sektor

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 3/14

Juniorprofessor für Banken und Finanzsysteme

Otto-von-Guericke-Universität, Magdeburg

Forschungsschwerpunkte

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

Seit dem 1. März 2014 ist Felix Noth Koordinator der Forschungsgruppe "Innovationen im finanz- und realwirtschaftlichen Sektor" am Leibniz-Institut für Wirtschaftsforschung Halle (IWH) und Juniorprofessor für Banken und Finanzsysteme an der Otto-von-Guericke-Universität Magdeburg (OvGU).

Zwischen 2003 und 2007 studierte er Volkswirtschaftslehre an der Ludwig-Maximilians-Universität München, bevor er im September 2007 für seine Doktorarbeit zum Thema "Financial Intermediation and its Consequences for the Real Economy" an die Goethe-Universität Frankfurt am Main wechselte. Nach erfolgreichem Abschluss der Doktorarbeit im Juni 2011 war Felix Noth bis Februar 2014 wissenschaftlicher Assistent an der Goethe-Universität Frankfurt am Main.

Ihr Kontakt

Juniorprofessor Dr. Felix Noth
Juniorprofessor Dr. Felix Noth
Mitglied - Abteilung Finanzmärkte
Nachricht senden +49 345 7753-702

Publikationen

How Do Banks React to Catastrophic Events? Evidence from Hurricane Katrina

Claudia Lambert Felix Noth U. Schuewer

in: Review of Finance , im Erscheinen

Publikation lesen

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Regional Banking Instability and FOMC Voting

Stefan Eichler Tom Lähner Felix Noth

in: Journal of Banking & Finance , 2018

Abstract

This study analyzes if regionally affiliated Federal Open Market Committee (FOMC) members take their districts’ regional banking sector instability into account when they vote. Considering the period 1979–2010, we find that a deterioration in a district's bank health increases the probability that this district's representative in the FOMC votes to ease interest rates. According to member-specific characteristics, the effect of regional banking sector instability on FOMC voting behavior is most pronounced for Bank presidents (as opposed to Governors) and FOMC members who have career backgrounds in the financial industry or who represent a district with a large banking sector.

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Structural Reforms in Banking: The Role of Trading

Jan Pieter Krahnen Felix Noth U. Schuewer

in: Journal of Financial Regulation , Nr. 1, 2017

Abstract

In the wake of the recent financial crisis, significant regulatory actions have been taken aimed at limiting risks emanating from banks’ trading activities. The goal of this article is to look at the alternative reforms in the US, the UK and the EU, specifically with respect to the role of proprietary trading. Our conclusions can be summarized as follows: First, the focus on a prohibition of proprietary trading, as reflected in the Volcker Rule in the US and in the current proposal of the European Commission (Barnier proposal), is inadequate. It does not necessarily reduce risk-taking and it is likely to crowd out desired trading activities, thereby possibly affecting financial stability negatively. Second, trading separation into legally distinct or ring-fenced entities within the existing banking organizations, as suggested under the Vickers proposal for the UK and the Liikanen proposal for the EU, is a more effective solution. Separation limits cross-subsidies between banking and proprietary trading and diminishes contagion risk, while still allowing for synergies and risk management across banking, non-proprietary trading, and proprietary trading.

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Arbeitspapiere

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Predicting Earnings and Cash Flows: The Information Content of Losses and Tax Loss Carryforwards

Sandra Dreher Sebastian Eichfelder Felix Noth

in: IWH-Diskussionspapiere , Nr. 30, 2017

Abstract

We analyse the relevance of losses, accounting information on tax loss carryforwards, and deferred taxes for the prediction of earnings and cash flows up to four years ahead. We use a unique hand-collected panel of German listed firms encompassing detailed information on tax loss carryforwards and deferred taxes from the tax footnote. Our out-of-sample predictions show that considering accounting information on tax loss carryforwards and deferred taxes does not enhance the accuracy of performance forecasts and can even worsen performance predictions. We find that common forecasting approaches that treat positive and negative performances equally or that use a dummy variable for negative performance can lead to biased performance forecasts, and we provide a simple empirical specification to account for that issue.

Publikation lesen

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Badly Hurt? Natural Disasters and Direct Firm Effects

Felix Noth Oliver Rehbein

in: IWH-Diskussionspapiere , Nr. 25, 2017

Abstract

We investigate firm outcomes after a major flood in Germany in 2013. We robustly find that firms located in the disaster regions have significantly higher turnover, lower leverage, and higher cash in the period after 2013. We provide evidence that the effects stem from firms that already experienced a similar major disaster in 2002. Overall, our results document a positive net effect on firm performance in the direct aftermath of a natural disaster.

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Banking Globalization, Local Lending, and Labor Market Effects: Micro-level Evidence from Brazil

Felix Noth Matias Ossandon Busch

in: IWH-Diskussionspapiere , Nr. 7, 2017

Abstract

This paper estimates the effect of a foreign funding shock to banks in Brazil after the collapse of Lehman Brothers in September 2008. Our robust results show that bank-specific shocks to Brazilian parent banks negatively affected lending by their individual branches and trigger real economic consequences in Brazilian municipalities: More affected regions face restrictions in aggregated credit and show weaker labor market performance in the aftermath which documents the transmission mechanism of the global financial crisis to local labor markets in emerging countries. The results represent relevant information for regulators concerned with the real effects of cross-border liquidity shocks.

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