Halle Institute for Economic Research (IWH) – Member of the Leibniz Association

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IWH President Reint Gropp joins EU expert group on research and innovation policy

Reint Gropp was appointed to the European Commission’s ESIR expert group. ESIR provides independent, evidence based advice on the economic and societal impact of research and innovation to support forward looking EU policymaking.

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Compliance with the EU fiscal rules requires extensive consolidation

The IWH mid-term projection on macroeconomic developments up to the year 2040 shows that, under unchanged fiscal policies, public debt can be expected to continue rising.

Ein rot-weiß gestreifter Windsack, halb herabhängend, steht auf einer Grasebene vor einer Bergkulisse.

Slight upturn on the horizon, structural problems remain

20 years after Katrina: How the new start succeeded

In the summer of 2005, Katrina and other hurricanes caused one of the worst natural disasters in the history of the USA. The economic recovery has been more successful in areas with large numbers of church members, an IWH study shows.

“Best Research Environment 2024”: IWH Financial Markets Department among the winning teams

The IWH Financial Markets Department is one of ten scientific teams to receive the inaugural “Best Research Environment” award. The Junge Akademie and the Volkswagen Foundation are awarding the prize for the first time this year.

Private ownership boosts hospital performance

New research shows that private equity (PE) acquisitions lead to substantial operational efficiency gains in hospitals, challenging common public concerns. The study reveals that hospitals acquired by PE firms significantly reduce costs without harming patient care.

IWH founds a European centre for microdata research

The Halle Institute is once again growing significantly. Its new "Centre for Business and Productivity Dynamics" aims to understand better the structural change in Europe's economies. Microdata at firm level allow deeper insights into productivity, a prerequisite for prosperity.

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Chinese mass imports strengthen extreme parties

Globalisation has led to an increase in votes for the political fringes in Europe. A study by the Halle Institute is the first to show the long-term consequences of increased Chinese imports: Far-right and populist parties have benefited from the China shock.

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New database on Europe's real estate markets

Exclusively for non-commercial scientific purposes, the IWH European Real Estate Index (EREI) provides a comprehensive overview of residential property offers for sale and rent in 18 European countries.

Solidarity with Ukraine

The Alliance of Science Organisations in Germany draws consequences for academia.

Ein Heißluftballon schebt im blauen Himmel.

The Halle Spirit

We provide independent research on economic topics that aim to enrich society with facts and evidence-based insights that facilitate better economic decisions. We focus on growth and productivity. We promote young talents and work in flat hierarchies.

To the IWH mission statement

What are you interested in?

Research Networks, Data and Policy Advice

Press Releases

14.01.2026 • 2/2026

Compliance with the EU fiscal rules requires extensive consolidation – Medium-term projection of macroeconomic developments and public finances in Germany

Professor Dr Oliver Holtemöller

Abstract

Germany faces considerable structural burdens from both macroeconomic and fiscal perspectives, as potential growth is likely to be significantly lower than in past decades. A projection by the Halle Institute for Economic Research (IWH) on macroeconomic developments up to the year 2040 shows that, under unchanged fiscal policies, public debt can be expected to continue rising. The federal government's fiscal-structural plan assumes compliance with EU requirements, but this is only achievable under the assumption of high global spending cuts that have not yet been specified in detail.

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08.01.2026 • 1/2026

IWH-Insolvenztrend: Firmenpleiten 2025 auf höchstem Stand seit zwei Jahrzehnten

Professor Dr Steffen Müller

Abstract

Wie das Leibniz-Institut für Wirtschaftsforschung Halle (IWH) in einer heute veröffentlichten Analyse feststellt, stieg die Zahl der Insolvenzen von Personen- und Kapitalgesellschaften in Deutschland im Dezember wieder deutlich an. Im Gesamtjahr 2025 gab es so viele Firmenpleiten wie seit 20 Jahren nicht mehr.

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11.12.2025 • 34/2025

Slight upturn on the horizon, structural problems remain

Professor Dr Oliver Holtemöller

Abstract

As the year draws to a close, it remains uncertain whether the German economy is on a path to recovery, as export weakness persisted through the autumn. Nevertheless, a slight upturn is forecast for 2026, supported by fiscal stimulus and rising real incomes. According to the winter forecast of the Halle Institute for Economic Research (IWH), output is projected to grow by 1.0% in 2026, after an increase of just 0.2% in 2025. In September, the IWH economists had predicted growth of 0.8% for 2026 and 0.2% for the current year. According to this forecast, the pace of expansion in East Germany is expected to be slightly slower, mainly due to demographic factors.

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09.12.2025 • 33/2025

IWH-Insolvenztrend: Erster Rückgang der Insolvenzzahlen seit Jahren – aber keine Trendwende

Professor Dr Steffen Müller

Abstract

Wie das Leibniz-Institut für Wirtschaftsforschung Halle (IWH) in einer heute veröffentlichten Analyse feststellt, ist die Zahl der Insolvenzen von Personen- und Kapitalgesellschaften in Deutschland im November deutlich gesunken. Erstmals seit dreieinhalb Jahren liegen die monatlichen Fallzahlen wieder unter dem Niveau des entsprechenden Vorjahresmonats. Eine Trendwende bedeutet dies allerdings noch nicht.

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Media Centre

Facts and Figures

Reales Bruttoinlandsprodukt (BIP) in Deutschland (Quartalswerte): Die kombinierte Säulen- und Liniengrafik zeigt für jedes Quartal den absoluten Wert des BIP in Mrd. Euro (Linie) und die Veränderung gegenüber dem Vorquartal in % (Säule). Die Zeitreihe beginnt etwa drei Jahre vor dem Zeitpunkt der Veröffentlichung und reicht vom Zeitpunkt der Veröffentlichung aus etwa fünf Quartale in die Zukunft (Prognose). — As the year draws to a close, it remains uncertain whether the German economy is on a path to recovery, as export weakness persisted through the autumn. Nevertheless, a slight upturn is forecast for 2026, supported by fiscal stimulus and rising real incomes. According to the winter forecast of the IWH, output is projected to grow by 1.0% in 2026, after an increase of just 0.2% in 2025 (Data: December 10, 2025).

This figure shows the different pillars that form the basis of the new regulatory framework in Europe. The Single Rulebook applies to all 28 member states. The three pillars of the European Banking Union are obligatory for Euro Area countries and voluntary for the remaining EU member states. Source: Koetter, Michael; Krause, Thomas; Tonzer, Lena (2017): Delay determinants of European Banking Union implementation. IWH Discussion Papers 24/2017, Halle Institute for Economic Research (IWH).

The graph shows the percentage share of firms that have been classified as zombies in a given year and country. Zombie firms are firms, that for at least two consecutive years have negative returns, negative investment, and debt servicing capacity (EBITDA/ financial debt) below 5 %. Source: Koetter, Michael; Setzer, Ralph; Storz, Manuela; Westphal, Andreas (2017): Do we want these two to tango? On zombie firms and stressed banks in Europe. IWH Discussion Papers 13/2017, Halle Institute for Economic Research (IWH).

EU: European Commission, Economic Forecast, November 2017; IMF: World Economic Outlook, October 2017, ECB: December 2017 staff macroeconomic projections. OECD: Economic Outlook, November 2017; Consensus: Consensus Economics, Consensus Forecasts, December 2017. Source: EFN-European Forecasting Network (2017): EFN Report: Economic Outlook for the Euro Area in 2018 and 2019.

This figure (a) shows headline inflation rates in the Euro area and in ten member countries of the European Monetary Union (EMU). The possible inflation drivers may all have contributed to the low inflation rate in recent years. The series of survey- and market-based inflation expectations were obtained from Consensus Economics, Thomson Reuters and own calculations. For the remaining data sources it is referred to the data and estimation section. Source: Dany-Knedlik, Geraldine; Holtemöller, Oliver (2017): Inflation dynamics during the financial crisis in Europe: Cross-sectional identification of long-run inflation expectations. IWH Discussion Papers 10/2017, Halle Institute for Economic Research (IWH).

This figure (b) shows unemployment rates in the Euro area and in ten member countries of the European Monetary Union (EMU). The possible inflation drivers may all have contributed to the low inflation rate in recent years. The series of survey- and market-based inflation expectations were obtained from Consensus Economics, Thomson Reuters and own calculations. For the remaining data sources it is referred to the data and estimation section. Source: Dany-Knedlik, Geraldine; Holtemöller, Oliver (2017): Inflation dynamics during the financial crisis in Europe: Cross-sectional identification of long-run inflation expectations. IWH Discussion Papers 10/2017, Halle Institute for Economic Research (IWH).

This figure shows the payments of the bank levy (in million euros) by German banks for the years 2011-2015, broken down by banking group. During the years 2011-2014, banks had to contribute to the national restructuring fund as specified in the Restructuring Fund Act. In 2015, banks contributions were for the first time calculated as specified in the Banking Resolution and Restructuring Directive. Source of Figure: Deutscher Bundestag Drucksache 18/5993, BB8/5993he 18 5 December 2015. Source: Buch, Claudia; Tonzer, Lena; Weigert, Benjamin (2017): Assessing the effects of regulatory bank levies. VOX CEPR's Policy Portal: Research-based policy analysis and commentary from leading economists.

This figure shows the development of aggregated foreign funding for Brazilian banks between January 2007 and December 2010. The vertical line is set at September 2008, the month when the collapse of Lehman Brothers triggered a freeze in global interbank markets. Foreign funding is aggregated from the bank-level data in the baseline sample. The variable is reported in real 2013 US$ millions. Source: Noth, Felix; Ossandon Busch, Matias (2017): Banking globalization, local lending, and labor market effects: Micro-level evidence from Brazil. IWH Discussion Papers 7/2017, Halle Institute for Economic Research (IWH).

The unemployment rate of EU nationals in most countries is slightly higher than that of domestic nationals; these rates are almost perfectly correlated for all member states. As the figure displays, the unemployment rate of citizens from non-EU member states is significantly higher than that of domestic nationals in almost all countries; the dispersion of the rates is also significantly greater. Source: Altemeyer-Bartscher, Martin; Holtemöller, Oliver; Lindner, Axel; Schmalzbauer, Andreas; Zeddies, Götz (2016): On the Distribution of Refugees in the EU. In: Intereconomics, Volume 51, July/August 2016, Number 4, pp. 220-228.

In fact, there is a positive correlation between the number of applications for asylum in recent years and the difference in the unemployment rates of domestic nationals and of citizens from non-EU member states (as shown in the figure at hand). This indicates that the marginal costs of integrating refugees do indeed increase as the number of refugees grows. Source: Altemeyer-Bartscher, Martin; Holtemöller, Oliver; Lindner, Axel; Schmalzbauer, Andreas; Zeddies, Götz (2016): On the Distribution of Refugees in the EU. In: Intereconomics, Volume 51, July/August 2016, Number 4, pp. 220-228.

Large differences between nationals and foreigners from non-EU countries can also be observed when it comes to the employment rate. In most countries, the employment rate is considerably lower for non-EU citizens than for domestic nationals; this is the case especially for women, but it applies to men as well. While the employment rate of male non-EU foreigners increases at least somewhat with the employment rate of male domestic nationals, the employment rate of female non-EU foreigners is largely disconnected from the domestic rate (see figure above). Source: Altemeyer-Bartscher, Martin; Holtemöller, Oliver; Lindner, Axel; Schmalzbauer, Andreas; Zeddies, Götz (2016): On the Distribution of Refugees in the EU. In: Intereconomics, Volume 51, July/August 2016, Number 4, pp. 220-228.

Figure_8_Average_work_performance_corresponding_to_meaning_of_task.jpg — The figure demonstrates that the average number of responses differs between the three treatment groups "Original Meaning", "No Meaning" and "Alternative Meaning". It shows the average work performance of workers fulfilling the same task with the same reward but with different information about the usefulness or meaning of their work done before. Since some workers did not respond at first and only participated in the experiment as latecomers after they were sent further invitations, these were considered as a special group. Therefore, two different groups were created "Immediate" and "Pooled" and were considered separately. In essence, the additional "Pooled" group consists of latecomers grouped together with the employees that immediately participated in the experiment. Source: Chadi, Adrian; Jeworrek, Sabrina; Mertins, Vanessa (2016): When the Meaning of Work Has Disappeared: Experimental Evidence on Employees’ Performance and Emotions. Management Science 63(6): 1696-1707.

Publications

Employment Effects of Investment Grants and Firm Heterogeneity

Eva Dettmann Antje Weyh Mirko Titze

in: Regional Studies, forthcoming

Abstract

This study estimates the firm-level employment effects of investment grants in Germany. In addition to the average treatment effect on the treated, we examine discrimination in the funding rules as a potential source of effect heterogeneity. We combine a staggered difference-in-differences approach with a matching procedure at the cohort level. The findings reveal a positive effect of investment grants on employment development. The subsample analyses yield strong evidence for heterogeneous effects based on firm characteristics and the economic environment. They highlight the responsibility of the local funding authorities to clarify ex ante which goals of a funding programme are most important in their regions.

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A Note on the Use of Syndicated Loan Data

Isabella Müller Felix Noth Lena Tonzer

in: International Finance, forthcoming

Abstract

Syndicated loan data provided by DealScan is an essential input in banking research to answer urging questions on bank lending, e.g., in the presence of financial or geopolitical shocks or climate change. However, many data options raise the question of how to choose the estimation sample. We employ a standard regression framework analyzing bank lending during the financial crisis of 2007/08 to study how conventional but varying usages of DealScan affect the estimates. The key finding is that the direction of coefficients remains relatively robust. However, statistical significance depends on the data and sampling choice, and we provide guidelines for applied research.

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Individualism and the Formation of Human Capital

Katharina Hartinger Sven Resnjanskij Jens Ruhose Simon Wiederhold

in: Journal of the European Economic Association, forthcoming

Abstract

There is an ongoing debate about the economic effects of individualism. We establish that individualism leads to better educational and labor market outcomes. Using data from the largest international adult skill assessment, we identify the effects of individualism by exploiting variation between migrants at the origin country, origin language, and person level. Migrants from more individualistic cultures have higher cognitive skills and larger skill gains over time. They also invest more in their skills over the life-cycle, as they acquire more years of schooling and are more likely to participate in adult education activities. In fact, individualism is more important in explaining adult skill formation than any other cultural trait that has been emphasized in previous literature. In the labor market, more individualistic migrants earn higher wages and are less often unemployed. We show that our results cannot be explained by selective migration or omitted origin-country variables.

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Going Public and the Internal Organization of the Firm

Daniel Bias Benjamin Lochner Stefan Obernberger Merih Sevilir

in: Journal of Finance, forthcoming

Abstract

We examine how firms adapt their organization when they go public. To conform with the requirements of public capital markets, we expect IPO firms to become more organized, making the firm more accountable and its human capital more easily replaceable. We find that IPO firms transform into a more hierarchical organization with smaller departments. Managerial oversight increases. Organizational functions dedicated to accounting, finance, information and communication, and human resources become much more prominent. Employee turnover is sizeable and directly related to changes in hierarchical layers. New hires are better educated, but younger and less experienced than incumbents, which reflects the staffing needs of a more hierarchical organization. Wage inequality increases as firms become more hierarchical. Overall, going public is associated with a comprehensive transformation of the firm's organization which becomes geared towards efficiently operating a public firm.

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Market Feedback Effect on CEO Pay: Evidence from Peers’ Say-on-Pay Voting Failures

Agnes Cheng Iftekhar Hasan Feng Tang Jing Xie

in: Journal of Financial and Quantitative Analysis, forthcoming

Abstract

We find that a firm’s stock price drops when its compensation peer firm announces a severe say-on-pay voting failure. This price drop causes a reduction in the focal firm CEO’s pay in the following period. The effect on CEO pay is stronger when the board of directors is more powerful, when the proxy advisor holds a negative view of the CEO’s pay, and when the hired compensation consultant is less reputable. Directors who cut their CEO’s pay following the price drop receive more voting support from investors than other directors. Our findings show that the peer firm’s voting failure induces a market-feedback effect for focal firm directors.

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The (Heterogeneous) Economic Effects of Private Equity Buyouts

Steven J. Davis John Haltiwanger Kyle Handley Ben Lipsius Josh Lerner Javier Miranda

in: Management Science, forthcoming

Abstract

The effects of private equity buyouts on employment, productivity, and job reallocation vary tremendously with macroeconomic and credit conditions, across private equity groups, and by type of buyout. We reach this conclusion by examining the most extensive database of U.S. buyouts ever compiled, encompassing thousands of buyout targets from 1980 to 2013 and millions of control firms. Employment shrinks 12% over two years after buyouts of publicly listed firms—on average, and relative to control firms—but expands 15% after buyouts of privately held firms. Postbuyout productivity gains at target firms are large on average and much larger yet for deals executed amid tight credit conditions. A postbuyout tightening of credit conditions or slowing of gross domestic product growth curtails employment growth and intrafirm job reallocation at target firms. We also show that buyout effects differ across the private equity groups that sponsor buyouts, and these differences persist over time at the group level. Rapid upscaling in deal flow at the group level brings lower employment growth at target firms. We relate these findings to theories of private equity that highlight agency problems at portfolio firms and within the private equity industry itself.

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COVID-19 and Political Preferences Through Stages of the Pandemic: The Case of the Czech Republic

Alena Bičáková Štěpán Jurajda

in: Political Research Quarterly, forthcoming

Abstract

We track the effects of the COVID-19 pandemic on political preferences through ‘high’ and ‘low’ phases of the pandemic. We ask about the effects of the health and the economic costs of the pandemic measured at both personal and municipality levels. Consistent with the literature, we estimate effects suggestive of political accountability of leaders during ‘high’ pandemic phases. However, we also find that the pandemic political accountability effects are mostly short-lived, and do not extend to the first post-pandemic elections.

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CEO Personality Traits and Compensation: Evidence from Investment Efficiency

Yao Du Iftekhar Hasan Chih-Yung Lin Chien-Lin Lu

in: Review of Quantitative Finance and Accounting, forthcoming

Abstract

We examine the effects of the big five personalities of CEOs (openness, conscientiousness, extroversion, agreeableness, and neuroticism) on their annual compensation. We hand-collect the tweets of S&P 1500 CEOs and use IBM's Watson Personality Insights to measure their personalities. CEOs with high ratings of agreeableness and conscientiousness get more compensation. We further find that the firms with these CEOs outperform their peers due to better investment efficiency. Firms are willing to pay higher compensation for talent, especially for firms with better operations, located in states with higher labor unionization, or facing higher competition in the product market. Overall, CEO personality is a valid predictor of CEOs' compensation.

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Sticky Prices or Sticky Wages? An Equivalence Result

Florin Bilbiie Mathias Trabandt

in: Review of Economics and Statistics, forthcoming

Abstract

We show an equivalence result in the standard representative agent New Keynesian model after demand, wage markup and correlated price markup and TFP shocks: assuming sticky prices and flexible wages yields identical allocations for GDP, consumption, labor, inflation and interest rates to the opposite case- flexible prices and sticky wages. This equivalence result arises if the price and wage Phillips curves' slopes are identical and generalizes to any pair of price and wage Phillips curve slopes such that their sum and product are identical. Nevertheless, the cyclical implications for profits and wages are substantially different. We discuss how the equivalence breaks when these factor-distributional implications matter for aggregate allocations, e.g. in New Keynesian models with heterogeneous agents, endogenous firm entry, and non-constant returns to scale in production. Lastly, we point to an econometric identification problem raised by our equivalence result and discuss possible solutions thereof.

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The Effects of the Iberian Exception Mechanism on Wholesale Electricity Prices and Consumer Inflation: A Synthetic-controls Approach

Miguel Haro Ruiz Christoph Schult Christoph Wunder

in: Applied Economic Letters, forthcoming

Abstract

This study employs synthetic control methods to estimate the effect of the Iberian exception mechanism on wholesale electricity prices and consumer inflation, for both Spain and Portugal. We find that the intervention led to an average reduction of approximately 40% in the spot price of electricity between July 2022 and June 2023 in both Spain and Portugal. Regarding overall inflation, we observe notable differences between the two countries. In Spain, the intervention has an immediate effect, and results in an average decrease of 3.5 percentage points over the twelve months under consideration. In Portugal, however, the impact is small and generally close to zero. Different electricity market structures in each country are a plausible explanation.

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Employment Effects of Investment Grants and Firm Heterogeneity

Eva Dettmann Antje Weyh Mirko Titze

in: Regional Studies, forthcoming

Abstract

read publication

A Note on the Use of Syndicated Loan Data

Isabella Müller Felix Noth Lena Tonzer

in: International Finance, forthcoming

Abstract

read publication

Individualism and the Formation of Human Capital

Katharina Hartinger Sven Resnjanskij Jens Ruhose Simon Wiederhold

in: Journal of the European Economic Association, forthcoming

Abstract

read publication

Going Public and the Internal Organization of the Firm

Daniel Bias Benjamin Lochner Stefan Obernberger Merih Sevilir

in: Journal of Finance, forthcoming

Abstract

read publication

Market Feedback Effect on CEO Pay: Evidence from Peers’ Say-on-Pay Voting Failures

Agnes Cheng Iftekhar Hasan Feng Tang Jing Xie

in: Journal of Financial and Quantitative Analysis, forthcoming

Abstract

read publication

The (Heterogeneous) Economic Effects of Private Equity Buyouts

Steven J. Davis John Haltiwanger Kyle Handley Ben Lipsius Josh Lerner Javier Miranda

in: Management Science, forthcoming

Abstract

read publication

COVID-19 and Political Preferences Through Stages of the Pandemic: The Case of the Czech Republic

Alena Bičáková Štěpán Jurajda

in: Political Research Quarterly, forthcoming

Abstract

read publication

CEO Personality Traits and Compensation: Evidence from Investment Efficiency

Yao Du Iftekhar Hasan Chih-Yung Lin Chien-Lin Lu

in: Review of Quantitative Finance and Accounting, forthcoming

Abstract

read publication

Sticky Prices or Sticky Wages? An Equivalence Result

Florin Bilbiie Mathias Trabandt

in: Review of Economics and Statistics, forthcoming

Abstract

read publication

The Effects of the Iberian Exception Mechanism on Wholesale Electricity Prices and Consumer Inflation: A Synthetic-controls Approach

Miguel Haro Ruiz Christoph Schult Christoph Wunder

in: Applied Economic Letters, forthcoming

Abstract

read publication

Facts and Figures
Publications

Employment Effects of Investment Grants and Firm Heterogeneity

Eva Dettmann Antje Weyh Mirko Titze

in: Regional Studies, forthcoming

Abstract

read publication

A Note on the Use of Syndicated Loan Data

Isabella Müller Felix Noth Lena Tonzer

in: International Finance, forthcoming

Abstract

read publication

Individualism and the Formation of Human Capital

Katharina Hartinger Sven Resnjanskij Jens Ruhose Simon Wiederhold

in: Journal of the European Economic Association, forthcoming

Abstract

read publication

Going Public and the Internal Organization of the Firm

Daniel Bias Benjamin Lochner Stefan Obernberger Merih Sevilir

in: Journal of Finance, forthcoming

Abstract

read publication

Market Feedback Effect on CEO Pay: Evidence from Peers’ Say-on-Pay Voting Failures

Agnes Cheng Iftekhar Hasan Feng Tang Jing Xie

in: Journal of Financial and Quantitative Analysis, forthcoming

Abstract

read publication

The (Heterogeneous) Economic Effects of Private Equity Buyouts

Steven J. Davis John Haltiwanger Kyle Handley Ben Lipsius Josh Lerner Javier Miranda

in: Management Science, forthcoming

Abstract

read publication

COVID-19 and Political Preferences Through Stages of the Pandemic: The Case of the Czech Republic

Alena Bičáková Štěpán Jurajda

in: Political Research Quarterly, forthcoming

Abstract

read publication

CEO Personality Traits and Compensation: Evidence from Investment Efficiency

Yao Du Iftekhar Hasan Chih-Yung Lin Chien-Lin Lu

in: Review of Quantitative Finance and Accounting, forthcoming

Abstract

read publication

Sticky Prices or Sticky Wages? An Equivalence Result

Florin Bilbiie Mathias Trabandt

in: Review of Economics and Statistics, forthcoming

Abstract

read publication

The Effects of the Iberian Exception Mechanism on Wholesale Electricity Prices and Consumer Inflation: A Synthetic-controls Approach

Miguel Haro Ruiz Christoph Schult Christoph Wunder

in: Applied Economic Letters, forthcoming

Abstract

read publication

Employment Effects of Investment Grants and Firm Heterogeneity

Eva Dettmann Antje Weyh Mirko Titze

in: Regional Studies, forthcoming

Abstract

read publication

A Note on the Use of Syndicated Loan Data

Isabella Müller Felix Noth Lena Tonzer

in: International Finance, forthcoming

Abstract

read publication

Individualism and the Formation of Human Capital

Katharina Hartinger Sven Resnjanskij Jens Ruhose Simon Wiederhold

in: Journal of the European Economic Association, forthcoming

Abstract

read publication

Going Public and the Internal Organization of the Firm

Daniel Bias Benjamin Lochner Stefan Obernberger Merih Sevilir

in: Journal of Finance, forthcoming

Abstract

read publication

Market Feedback Effect on CEO Pay: Evidence from Peers’ Say-on-Pay Voting Failures

Agnes Cheng Iftekhar Hasan Feng Tang Jing Xie

in: Journal of Financial and Quantitative Analysis, forthcoming

Abstract

read publication

The (Heterogeneous) Economic Effects of Private Equity Buyouts

Steven J. Davis John Haltiwanger Kyle Handley Ben Lipsius Josh Lerner Javier Miranda

in: Management Science, forthcoming

Abstract

read publication

COVID-19 and Political Preferences Through Stages of the Pandemic: The Case of the Czech Republic

Alena Bičáková Štěpán Jurajda

in: Political Research Quarterly, forthcoming

Abstract

read publication

CEO Personality Traits and Compensation: Evidence from Investment Efficiency

Yao Du Iftekhar Hasan Chih-Yung Lin Chien-Lin Lu

in: Review of Quantitative Finance and Accounting, forthcoming

Abstract

read publication

Sticky Prices or Sticky Wages? An Equivalence Result

Florin Bilbiie Mathias Trabandt

in: Review of Economics and Statistics, forthcoming

Abstract

read publication

The Effects of the Iberian Exception Mechanism on Wholesale Electricity Prices and Consumer Inflation: A Synthetic-controls Approach

Miguel Haro Ruiz Christoph Schult Christoph Wunder

in: Applied Economic Letters, forthcoming

Abstract

read publication

Current Events

Feb 2026

14:15 - 15:45

IWH Research Seminar

AI as an Innovation in the Method of Innovation: Implications for Productivity Growth in the US and Europe

Jonathan Haskel Imperial College London

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IWH at a Glance

Afroza Alam Pedro Armada Matthias Brachert Arsène Buzima Dunia Mete Can Jonathan Deist Eva Dettmann Julian Andres Diaz Acosta André Diegmann Andrej Drygalla Ofer Eldar Marius Fourné Sarah Fritz Jannik Greif Reint E. Gropp Alexandra Gutsch Mirja Hälbig Iftekhar Hasan Peter Haug Katja Heinisch Boris Hirsch Florian Hoffmann Oliver Holtemöller Dennis Hutschenreiter Sabrina Jeworrek Martina Kämpfe Onur Can Karabulut Aleksandr Kazakov Hendrik Keilbach Michael Koetter Boris Kozyrev David Krutzki Shasha Li Xiang Li Axel Lindner Melina Ludolph Lin Ma Filippo di Mauro Javier Miranda Anushka Mukherjee Sukanya Mukherjee Steffen Müller Huyen Nguyen Felix Noth Patrick Nüß Madalina Patru Verena Plümpe Johanna Raith Muriel Rath Alexander Reifschneider Sebastian Reinartz Tommaso Santini Alessandro Sardone Benjamin Schoefer Christoph Schult Birgit Schultz Merih Sevilir Anna Solms Daniel Streitz Müge Süer Zsigmond Szajbély Wiebke Szymczak Jatin Taneja Mirko Titze Lena Tonzer Mathias Trabandt Margarita Tsoutsoura Jiamin Wang Simon Wiederhold Birte Winter Fabian Woebbeking Marie Young-Brun Saleh Zakerinia Götz Zeddies Anna Zherdeva Hua Zhou

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Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

IWH President Reint Gropp joins EU expert group on research and innovation policy

Compliance with the EU fiscal rules requires extensive consolidation

Slight upturn on the horizon, structural problems remain

20 years after Katrina: How the new start succeeded

“Best Research Environment 2024”: IWH Financial Markets Department among the winning teams

Private ownership boosts hospital performance

IWH founds a European centre for microdata research

Chinese mass imports strengthen extreme parties

New database on Europe's real estate markets

Solidarity with Ukraine

The Halle Spirit

What are you interested in?

Academics

Media

Politics

Career

Academics

Media

Politics

Career

Research Networks, Data and Policy Advice

Press Releases

14.01.2026 • 2/2026

Compliance with the EU fiscal rules requires extensive consolidation – Medium-term projection of macroeconomic developments and public finances in Germany

Abstract

08.01.2026 • 1/2026

IWH-Insolvenztrend: Firmenpleiten 2025 auf höchstem Stand seit zwei Jahrzehnten

Abstract

11.12.2025 • 34/2025

Slight upturn on the horizon, structural problems remain

Abstract

09.12.2025 • 33/2025

IWH-Insolvenztrend: Erster Rückgang der Insolvenzzahlen seit Jahren – aber keine Trendwende

Abstract

Media Centre

Facts and Figures

IWH Economic Outlook 2026: Slight Upturn on the Horizon, Structural Problems Remain

New Regulatory Framework in Europe

Share of Zombie Firms 2010-2014 by Country

Comparison of EFN Forecasts with Alternative Forecasts

Euro Area Inflation Dynamics and Possible Drivers (a)

Euro Area Inflation Dynamics and Possible Drivers (b)

Bank Levies Paid by German Banks

Aggregated Foreign Funding for Brazilian Banks (2007-2010)

Unemployment Rates by Nationality (2014)

Labour Market Situation for Non-EU Foreigners in Relation to the Number of Applications for Asylum (2014)

Employment Rates by Nationality and Gender (2014)

Average Work Performance of Employees Based on Meaning of Task (2014)

Publications

Employment Effects of Investment Grants and Firm Heterogeneity

Abstract

A Note on the Use of Syndicated Loan Data

Abstract

Individualism and the Formation of Human Capital

Abstract

Going Public and the Internal Organization of the Firm

Abstract

Market Feedback Effect on CEO Pay: Evidence from Peers’ Say-on-Pay Voting Failures

Abstract

The (Heterogeneous) Economic Effects of Private Equity Buyouts

Abstract

COVID-19 and Political Preferences Through Stages of the Pandemic: The Case of the Czech Republic

Abstract

CEO Personality Traits and Compensation: Evidence from Investment Efficiency

Abstract

Sticky Prices or Sticky Wages? An Equivalence Result

Abstract

The Effects of the Iberian Exception Mechanism on Wholesale Electricity Prices and Consumer Inflation: A Synthetic-controls Approach

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Employment Effects of Investment Grants and Firm Heterogeneity

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A Note on the Use of Syndicated Loan Data

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Individualism and the Formation of Human Capital

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Going Public and the Internal Organization of the Firm

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Market Feedback Effect on CEO Pay: Evidence from Peers’ Say-on-Pay Voting Failures

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