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Subscribe to the IWH Newsletter “Wirtschaft im Wandel” The IWH newsletter "Wirtschaft im Wandel" quaterly notifies subscribers via e-mail of research results, new publications,…
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East Germany
The Nasty Gap 30 years after unification: Why East Germany is still 20% poorer than the West Dossier In a nutshell The East German economic convergence process is hardly…
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Information about Inequality in Early Child Care Reduces Polarization in Policy Preferences
Henning Hermes, Philipp Lergetporer, Fabian Mierisch, Guido Schwerdt, Simon Wiederhold
Journal of Economic Behavior and Organization,
Vol. 228 (December),
2024
Abstract
We investigate public preferences for equity-enhancing policies in access to early child care, using a survey experiment with a representative sample of the German population (n ≈ 4, 800). We observe strong misperceptions about migrant-native inequalities in early child care that vary by respondents’ age and right-wing voting preferences. Randomly providing information about the actual extent of inequalities has a nuanced impact on the support for equity-enhancing policy reforms: it increases support for respondents who initially underestimated these inequalities, and tends to decrease support for those who initially overestimated them. This asymmetric effect leads to a more consensual policy view, substantially decreasing the polarization in policy support between under- and overestimators. Our results suggest that correcting misperceptions can align public policy preferences, potentially leading to less polarized debates about how to address inequalities and discrimination.
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The Network
About IWH CompNet The Competitiveness Research Network (CompNet) is a leading European research initiative dedicated to advancing the understanding of competitiveness and…
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Policy Output
Reports › CompNet’s flagship and special reports provide in-depth, data-driven analysis on productivity, competitiveness, and related economic trends, using the latest CompNet…
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Supervision and Research
Supervision and Research Research A dissertation is, of course, first and foremost an individual endeavour which, in addition to the purely intellectual demands, also requires a…
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FAQ
Frequently Asked Questions Answers to the most frequently asked questions about doctoral studies at IWH. What are the IWH's main areas of research? Researchers at IWH are leading…
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Networks
Networks Central-German Doctoral Program Economics (CGDE) The programme connects students with partner universities, providing access to a broad academic network. International…
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Do Markets Value Manager-investor Interaction Quality? Evidence from IPO Returns
Shibo Bian, Iftekhar Hasan, Xunxiao Wang, Zhipeng Yan
Review of Quantitative Finance and Accounting,
Vol. 63 (August),
2024
Abstract
This paper investigates the impact of manager-investor interaction quality on stock returns by utilizing an online IPO roadshow dataset and leveraging a word-embedding model. We find that such interactions are positively valued, as reflected in initial returns. The effect is particularly pronounced for firms characterized by higher levels of information asymmetry, greater investor attention, increased question uncertainty, or discussions on topics not covered in prospectus. Additionally, our research reveals that effective management communication leads to increased first-day turnover rates and thus higher returns. These heightened returns persist up to 180 days following the IPO, without displaying a significant long-term reversal associated with interaction quality. These findings underscore the meaningful impact of the quality of manager-investor interactions on firm valuation.
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Internationalisation
Internationalisation The Leibniz Institute for Economic Research Halle (IWH) is responsible for economic research and economic policy advice on a scientific basis. The institute…
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