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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.

Geopolitical turn intensifies crisis – structural reforms even more urgent

The German economy will continue to tread water in 2025. In their spring report, the leading economic research institutes forecast an increase in gross domestic product of just 0.1% for the current year and of 1.3% for 2026.

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

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Research Networks, Data and Policy Advice

Press Releases

21.05.2025 • 17/2025

Uncertainty Holds Back European Economy ‒ Report by AIECE, a Network of European Economic Research Institutes

Dr Axel Lindner

Abstract

The AIECE Association of European Economic Research Institutes has today published its bi-annual General Report, following the Spring 2025 Meeting held in Oslo hosted by Statistics Norway. The Halle Institute for Economic Research (IWH) is a long-time member of this network and regularly contributes its economic expertise to the joint analyses and forecasts. On average, AIECE member institutes forecast EU GDP to grow by of 1.2% in 2025 and 1.5% in 2026. The average forecast for Euro Area GDP growth is 1.0% and 1.3%. These forecasts are a bit more optimistic than those presented in the OECD's March 2025 Interim Report and the IMF's Spring 2025 World Economic Outlook.

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14.05.2025 • 16/2025

Private ownership boosts hospital performance

Professor Merih Sevilir, PhD

Abstract

New research by the Halle Institute for Economic Research (IWH) and ESMT Berlin 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 and administrative staff without increasing closure rates or harming patient care.

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08.05.2025 • 15/2025

IWH-Insolvenztrend: Höchststand bei Firmenpleiten seit 20 Jahren

Professor Dr Steffen Müller

Abstract

Die Zahl der Insolvenzen von Personen- und Kapitalgesellschaften in Deutschland ist im April überraschend deutlich gestiegen. Laut Insolvenztrend des Leibniz-Instituts für Wirtschaftsforschung Halle (IWH) wurde der höchste Wert seit Juli 2005 erreicht. Die Zahl der betroffenen Jobs ging hingegen zurück.

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10.04.2025 • 14/2025

In East Germany, as in the west, the economy is in crisis - Implications of the Joint Economic Forecast Spring 2025 and new data for the East German economy

Professor Dr Oliver Holtemöller

Abstract

In 2024, the economy in East Germany shrank by 0.1% and in Germany as a whole by 0.2%. The Halle Institute for Economic Research (IWH) expects stagnation for East Germany in 2025 and growth of 1.1% in 2026. According to the IWH forecast, the unemployment rate is expected to be 7.8% in both 2025 and 2026, after 7.5% in 2024.

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Media Centre

Facts and Figures

The international political environment has fundamentally changed with looming trade wars and a deteriorating security situation in Europe. According to the spring forecast of the Halle Institute for Economic Research (IWH), gross domestic product in 2025 is likely to be roughly the same as in the previous year, and it will not increase significantly until 2026 (Data: March 11, 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

Carbon Transition Risk and Corporate Loan Securitization

Isabella Müller Huyen Nguyen Trang Nguyen

in: Journal of Financial Intermediation, forthcoming

Abstract

We examine how banks manage carbon transition risk by selling loans given to polluting borrowers to less regulated shadow banks in securitization markets. Exploiting the election of Donald Trump as an exogenous shock that reduces carbon risk, we find that banks’ securitization decisions are sensitive to borrowers’ carbon footprints. Banks are more likely to securitize brown loans when carbon risk is high but swiftly change to keep these loans on their balance sheets when carbon risk is reduced after Trump’s election. Importantly, securitization enables banks to offer lower interest rates to polluting borrowers but does not affect the supply of green loans. Our findings are more pronounced among domestic banks and banks that do not display green lending preferences. We discuss how securitization can weaken the effectiveness of bank climate policies through reducing banks’ incentives to price carbon risk.

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Inflation Concerns and Financial Stress

Sabrina Jeworrek Lena Tonzer

in: Economics Letters, forthcoming

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Tax Authority Attention and Financial Reporting

Iftekhar Hasan Tahseen Hasan Kose John

in: International Journal of Banking, Accounting and Finance, forthcoming

Abstract

We study the effects of Tax Authority (IRS) attention on a firm’s financial reporting. We explore whether firms institute a higher degree of accounting conservatism in response to IRS monitoring. Using data on IRS acquisition of public firms’ 10-K financial disclosures to proxy for IRS attention, we find that when firms are under IRS attention, they tend to initiate higher levels of unconditional and, to some extent, conditional accounting conservatism. We alleviate some of the endogeneity concerns by using pre- and post-IRS attention environments between the treated group (firms with IRS attention) and a propensity score that matches the control group of firms (no IRS attention). These results withstand several robustness tests and subsample analyses.

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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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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: Journal of Financial Stability, forthcoming

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.

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Voice at Work

Jarkko Harju Simon Jäger Benjamin Schoefer

in: American Economic Journal: Applied Economics, forthcoming

Abstract

We estimate the effects of worker voice on productivity, job quality, and separations. We study the 1991 introduction of a right to worker representation on boards or advisory councils in Finnish firms with at least 150 employees, designed primarily to facilitate workforce-management communication. Consistent with information sharing theories, our difference-in-differences design reveals that worker voice slightly raised labor productivity, firm survival, and capital intensity. In contrast to the exit-voice theory, we find no effects on voluntary job separations, and at most small positive effects on other measures of job quality. A 2008 introduction of shop-floor representation had similarly limited effects.

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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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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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Carbon Transition Risk and Corporate Loan Securitization

Isabella Müller Huyen Nguyen Trang Nguyen

in: Journal of Financial Intermediation, forthcoming

Abstract

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Inflation Concerns and Financial Stress

Sabrina Jeworrek Lena Tonzer

in: Economics Letters, forthcoming

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Tax Authority Attention and Financial Reporting

Iftekhar Hasan Tahseen Hasan Kose John

in: International Journal of Banking, Accounting and Finance, forthcoming

Abstract

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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

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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: Journal of Financial Stability, forthcoming

Abstract

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Voice at Work

Jarkko Harju Simon Jäger Benjamin Schoefer

in: American Economic Journal: Applied Economics, forthcoming

Abstract

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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

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

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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

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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

read publication

Facts and Figures
Publications

Carbon Transition Risk and Corporate Loan Securitization

Isabella Müller Huyen Nguyen Trang Nguyen

in: Journal of Financial Intermediation, forthcoming

Abstract

read publication

Inflation Concerns and Financial Stress

Sabrina Jeworrek Lena Tonzer

in: Economics Letters, forthcoming

read publication

Tax Authority Attention and Financial Reporting

Iftekhar Hasan Tahseen Hasan Kose John

in: International Journal of Banking, Accounting and 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

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: Journal of Financial Stability, forthcoming

Abstract

read publication

Voice at Work

Jarkko Harju Simon Jäger Benjamin Schoefer

in: American Economic Journal: Applied Economics, 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

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

Carbon Transition Risk and Corporate Loan Securitization

Isabella Müller Huyen Nguyen Trang Nguyen

in: Journal of Financial Intermediation, forthcoming

Abstract

read publication

Inflation Concerns and Financial Stress

Sabrina Jeworrek Lena Tonzer

in: Economics Letters, forthcoming

read publication

Tax Authority Attention and Financial Reporting

Iftekhar Hasan Tahseen Hasan Kose John

in: International Journal of Banking, Accounting and 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

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: Journal of Financial Stability, forthcoming

Abstract

read publication

Voice at Work

Jarkko Harju Simon Jäger Benjamin Schoefer

in: American Economic Journal: Applied Economics, 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

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

Current Events

Jun 2025

14:15 - 15:45

IWH Research Seminar

The Changing Nature of Technology Shocks

Christoph Görtz University of Augsburg

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Afroza Alam Annika Backes Shai B. Bernstein 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 Nils Torben Hollandt Oliver Holtemöller Dennis Hutschenreiter Sabrina Jeworrek Martina Kämpfe Onur Can Karabulut Aleksandr Kazakov Michael Koetter Boris Kozyrev David Krutzki Shasha Li Xiang Li Axel Lindner Melina Ludolph Lin Ma Filippo di Mauro Javier Miranda Sukanya Mukherjee Steffen Müller Huyen Nguyen Felix Noth Patrick Nüß Madalina Patru Verena Plümpe Johanna Raith Alexander Reifschneider Sebastian Reinartz Lotte Rothschild Tommaso Santini Alessandro Sardone Benjamin Schoefer Hendrik Schub Christoph Schult Birgit Schultz Merih Sevilir Anna Solms Daniel Streitz Müge Süer Wiebke Szymczak Jatin Taneja Mirko Titze Lena Tonzer Mathias Trabandt Margarita Tsoutsoura Sochima Uzonwanne Jiamin Wang Simon Wiederhold Birte Winter Fabian Wöbbeking Shuo Xia Marie Young-Brun Götz Zeddies Anna Zherdeva Hua Zhou

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Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

Private ownership boosts hospital performance

Geopolitical turn intensifies crisis – structural reforms even more urgent

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

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Academics

Media

Politics

Career

Research Networks, Data and Policy Advice

Press Releases

21.05.2025 • 17/2025

Uncertainty Holds Back European Economy ‒ Report by AIECE, a Network of European Economic Research Institutes

Abstract

14.05.2025 • 16/2025

Private ownership boosts hospital performance

Abstract

08.05.2025 • 15/2025

IWH-Insolvenztrend: Höchststand bei Firmenpleiten seit 20 Jahren

Abstract

10.04.2025 • 14/2025

In East Germany, as in the west, the economy is in crisis - Implications of the Joint Economic Forecast Spring 2025 and new data for the East German economy

Abstract

Media Centre

Facts and Figures

A Turning Point for the German Economy?

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

Carbon Transition Risk and Corporate Loan Securitization

Abstract

Inflation Concerns and Financial Stress

Tax Authority Attention and Financial Reporting

Abstract

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

Abstract

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

Abstract

Voice at Work

Abstract

Going Public and the Internal Organization of the Firm

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

Carbon Transition Risk and Corporate Loan Securitization

Abstract

Inflation Concerns and Financial Stress

Tax Authority Attention and Financial Reporting

Abstract

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

Abstract

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

Abstract

Voice at Work

Abstract

Going Public and the Internal Organization of the Firm

Abstract

The (Heterogeneous) Economic Effects of Private Equity Buyouts

Abstract