Job Market Candidates
Job Market Candidates Marius Fourné Marius Fourné is a PhD candidate in Economics at the Halle Institute for Economic Research (IWH) and Martin Luther University of…
See page
Department Profiles
Research Profiles of the IWH Departments All doctoral students are allocated to one of the four research departments (Financial Markets – Laws, Regulations and Factor Markets –…
See page
Halle Institute for Economic Research
Job Market candidates from the IWH-DPE 2025/2026 Marius Fournés' dissertation explores how climate policy shapes cross-border capital flows and how globalisation influences…
See page
Past Events
Past Events 14. CompNet Annual Conference (Vilnius, 25-26 September 2025) The 14th CompNet Annual Conference, co-hosted with the Bank of Lithuania, took place on 25–26 September…
See page
CompNet & ECB Annual Conference
CompNet & ECB Annual Conference On 22 September 2020, a short online event took place. Please find all material below to be downloaded from the online conference. The coronavirus…
See page
1st FINPRO - Finance and Productivity Conference
1st FINPRO - Finance and Productivity Conference The Great Financial Crisis of 2007/2008 still casts a shadow on many developed economies in terms of real outcomes, such as…
See page
Climate Policy and International Capital Reallocation
Marius Fourné, Xiang Li
IWH Discussion Papers,
No. 20,
2024
Abstract
This study employs bilateral data on external assets to examine the impact of climate policies on the reallocation of international capital. We find that the stringency of climate policy in the destination country is significantly and positively associated with an increase in the allocation of portfolio equity and banking investment to that country. However, it does not show significant effects on the allocation of foreign direct investment and portfolio debt. Our findings are not driven by valuation effects, and we present evidence that suggests diversification, suasion, and uncertainty mitigation as possible underlying mechanisms.
Read article
IWH FDI Micro Database
IWH FDI Micro Database The IWH FDI Micro Database (FDI = Foreign Direct Investment) comprises a total population of affiliates of multinational enterprises (MNEs) in selected…
See page
Macro data interactive
Macro data interactive This service provides time series from official publications (Statistisches Bundesamt [German Federal Statistical Office], Arbeitskreis Volkswirtschaftliche…
See page
Flight to Safety: How Economic Downturns Affect Talent Flows to Startups
Shai B. Bernstein, Richard R. Townsend, Ting Xu
Review of Financial Studies,
No. 3,
2024
Abstract
Using proprietary data from AngelList Talent, we study how startup job seekers’ search and application behavior changed during the COVID-19 downturn. We find that workers shifted their searches and applications away from less-established startups and toward more-established ones, even within the same individual over time. At the firm level, this shift was not offset by an influx of new job seekers. Less-established startups experienced a relative decline in the quantity and quality of applications, ultimately affecting their hiring. Our findings uncover a flight-to-safety channel in the labor market that may amplify the procyclical nature of entrepreneurial activities.
Read article
