Konstantin Wagner

Konstantin Wagner
Current Position

since 10/16

Economist in the Department of Financial Markets

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

Research Interests

  • financial markets
  • institutional economics
  • corporate finance

Konstantin Wagner joined the Department of Financial Markets as a doctoral student in October 2016. His research focuses on institutional economics and corporate finance.

Konstantin Wagner received his bachelor's degree from Friedrich Schiller University Jena and his master's degree from University of Tübingen. He also spent a semester at Fudan University Shanghai.

Your contact

Konstantin Wagner
Konstantin Wagner
Mitglied - Department Financial Markets
Send Message +49 345 7753-755


Working Papers


Effectiveness and (In)Efficiencies of Compensation Regulation: Evidence from the EU Banker Bonus Cap

Stefano Colonnello Michael Koetter Konstantin Wagner

in: IWH Discussion Papers, No. 7, 2018


We study if the regulation of bank executive compensation has unintended consequences. Based on novel data on CEO and non-CEO executives in EU banking, we show that capping the variable-to-fixed compensation ratio did not induce executives to abandon the industry. Banks indemnified executives sufficiently for the shock to retain them by raising fixed and lowering variable compensation while complying with the cap. At the same time, banks‘ risk-adjusted performance deteriorated due to increased idiosyncratic risk. Collateral damage for the financial system as a whole appears modest though, as average co-movement of banks with the market declined under the cap.

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