Media Response
Media Response May 2026 Oliver Holtemöller: Rekordtief bei Geburten schadet der Wirtschaft in: Allgäuer Zeitung, 13.05.2026 Steffen Müller: Firmenpleiten Insolvenzgeld: Wie stark…
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IWH-CompNet 5th FINPRO
IWH-CompNet 5th Finance and Productivity Conference 24-25 April, 2026 - Tokyo, Japan The IWH-CompNet 5th Finance and Productivity Conference (FINPRO5), held on 24–25 April 2026 at…
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Alumni
Alumni IWH provides guidance and support in job placement after graduation, including letters of recommendation and career advice. Graduates have found placements in academia…
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Research Clusters
Three Research Clusters Each IWH research group is assigned to a topic-oriented research cluster. The clusters are not separate organisational units, but rather bundle the…
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Research Data Centre
Research Data Centre (IWH-RDC) Direct link to our Data Offer The IWH Research Data Centre offers external researchers access to microdata and micro-aggregated data sets that…
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Halle Institute for Economic Research
Energy Price Shock Dampens Recovery – Inflation Rises Although the leading economic research institutes, in their joint spring forecast, consider the German economy to be in a…
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Research Articles
Research Articles Explore cutting-edge research based on CompNet’s micro-aggregated firm-level data and related analytical tools. These articles cover empirical and theoretical…
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Archive
Media Response Archive 2021 2020 2019 2018 2017 2016 December 2021 IWH: Ausblick auf Wirtschaftsjahr 2022 in Sachsen mit Bezug auf IWH-Prognose zu Ostdeutschland: "Warum Sachsens…
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The Corporate Investment Benefits of Mutual Fund Dual Holdings
Rex Wang Renjie, Patrick Verwijmeren, Shuo Xia
Journal of Financial and Quantitative Analysis,
Vol. 60 (2),
2025
Abstract
Mutual fund families increasingly hold bonds and stocks from the same firm. We present evidence that dual ownership allows firms to increase valuable investments and refinance by issuing bonds with lower yields and fewer restrictive covenants, especially when firms face financial distress. Dual holders also prevent overinvestment by firms with entrenched managers. Overall, our results suggest that mutual fund families internalize the agency conflicts of their portfolio companies, highlighting the positive governance externalities of intra-family cooperation.
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Centre for Evidence-based Policy Advice
Centre for Evidence-based Policy Advice (IWH-CEP) The Centre for Evidence-based Policy Advice (IWH-CEP) of the IWH was founded in 2014. It is a platform that bundles and…
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