Why Is the Roy-Borjas Model Unable to Predict International Migrant Selection on Education? Evidence from Urban and Rural Mexico ...
Die garstige Lücke Warum Ostdeutschland auch 30 Jahre nach der Vereinigung um 20% ärmer ist...
IWH European Real Estate Index
IWH European Real Estate Index Die IWH European Real Estate Database ist ein neuer...
Produktivität: Mehr mit weniger durch besser Die verfügbaren Ressourcen sind begrenzt. Nur wenn wir sie...
IWH-FDI-Mikrodatenbank Die IWH-FDI-Mikrodatenbank (FDI = Foreign Direct Investment)...
Who Buffers Income Losses after Job Displacement? The Role of Alternative Income Sources, the Family, and the State ...
Brown Bag Seminar
Brown Bag Seminar Financial Markets Department In der Seminarreihe "Brown...
Bitcoin Flash Crash on May 19, 2021: What Did Really Happen on Binance?
IWH Discussion Papers,
Bitcoin plunged by 30% on May 19, 2021. We examine the outage the largest crypto exchange Binance experienced during the crash, when it halted trading for retail clients and stopped providing transaction data. We find evidence that Binance back-filled these missing transactions with data that does not conform to Benford‘s Law. The Bitcoin futures price difference between Binance and other exchanges was seven times larger during the crash period compared to a prior reference period. Data manipulation is a plausible explanation for our findings. These actions are in line with Binance aiming to limit losses for its futures-related insurance fund.
The Value of Firm Networks: A Natural Experiment on Board Connections
SAFE Working Papers,
We present causal evidence on the effect of boardroom networks on firm value and compensation policies. We exploit a ban on interlocking directorates of Italian financial and insurance companies as exogenous variation and show that firms that lose centrality in the network experience negative abnormal returns around the announcement date. The key driver of our results is the role of boardroom connections in reducing asymmetric information. The complementarities with the input-output and cross-ownership networks are consistent with this channel. Using hand-collected data, we also show that network centrality has a positive effect on directors’ compensation, providing evidence of rent sharing.