29.07.2021 • 20/2021
Kommunikation statt Konflikt – was weibliche CEOs für Hedgefonds interessant macht
Der Wert weiblich geführter Unternehmen wird durch die Intervention aktivistischer Investoren stärker erhöht als der von Unternehmen mit männlichen CEOs. Das geht aus einer aktuellen Veröffentlichung von Iftekhar Hasan (Fordham University und IWH) und Qiang Wu (Rensselaer Polytechnic Institute, RPI) am Leibniz Institut für Wirtschaftsforschung Halle (IWH) hervor. „Die Ergebnisse zeigen, dass weibliche CEOs aufgrund ihrer starken kommunikativen und zwischenmenschlichen Fähigkeiten besonders von der Intervention von aktivistischen Hedgefonds profitieren“, erklärt Iftekhar Hasan. Denn im Durchschnitt erhöht das Eingreifen eines aktivistischen Hedgefonds den Wert des Unternehmens ex post. Um das zu erreichen, setzen aktivistische Hedgefonds wie Carl Icahn, Trian Fundmanagement oder Elliott bevorzugt auf Kommunikation und Kooperation mit dem Management.
Reint E. Gropp
Pressemitteilung lesen
International Trade Barriers and Regional Employment: The Case of a No-Deal Brexit
Hans-Ulrich Brautzsch, Oliver Holtemöller
Journal of Economic Structures,
Nr. 11,
2021
Abstract
We use the World Input–Output Database (WIOD) combined with regional sectoral employment data to estimate the potential regional employment effects of international trade barriers. We study the case of a no-deal Brexit in which imports to the United Kingdom (UK) from the European Union (EU) would be subject to tariffs and non-tariff trade costs. First, we derive the decline in UK final goods imports from the EU from industry-specific international trade elasticities, tariffs and non-tariff trade costs. Using input–output analysis, we estimate the potential output and employment effects for 56 industries and 43 countries on the national level. The absolute effects would be largest in big EU countries which have close trade relationships with the UK, such as Germany and France. However, there would also be large countries outside the EU which would be heavily affected via global value chains, such as China, for example. The relative effects (in percent of total employment) would be largest in Ireland followed by Belgium. In a second step, we split up the national effects on the NUTS-2 level for EU member states and additionally on the county (NUTS-3) level for Germany. The share of affected workers varies between 0.03% and 3.4% among European NUTS-2 regions and between 0.15% and 0.4% among German counties. A general result is that indirect effects via global value chains, i.e., trade in intermediate inputs, are more important than direct effects via final demand.
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Measuring and Accounting for Innovation in the Twenty-First Century
Carol Corrado, Jonathan Haskel, Javier Miranda, Daniel Sichel
Studies in Income and Wealth,
2021
Abstract
Measuring innovation is challenging both for researchers and for national statisticians, and it is increasingly important in light of the ongoing digital revolution. National accounts and many other economic statistics were designed before the emergence of the digital economy and the growing importance of intangible capital. They do not yet fully capture the wide range of innovative activity that is observed in modern economies.
This volume examines how to measure innovation, track its effects on economic activity and prices, and understand how it has changed the structure of production processes, labor markets, and organizational form and operation in business. The contributors explore new approaches to, and data sources for, measurement—such as collecting data for a particular innovation as opposed to a firm, and the use of trademarks for tracking innovation. They also consider the connections between university-based R&D and business startups, and the potential impacts of innovation on income distribution.
The research suggests potential strategies for expanding current measurement frameworks to better capture innovative activity, such as more detailed tracking of global value chains to identify innovation across time and space, and expanding the measurement of the GDP impacts of innovation in fields such as consumer content delivery and cloud computing.
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30 Jahre nach der Wiedervereinigung hat das Bruttoinlandsprodukt als Indikator ausgedient
Oliver Holtemöller
Wirtschaftsdienst,
Konferenzband "30 Jahre Deutsche Einheit", März
2021
Abstract
Der Vergleich der Lebensverhältnisse in Ost- und Westdeutschland orientiert sich häufig am Bruttoinlandsprodukt je Einwohner:in. Dieses Maß ist jedoch für sich genommen kein guter Wohlfahrtsindikator. Es ist davon auszugehen, dass gemessen am Bruttoinlandsprodukt je Einwohner:in in absehbarer Zukunft keine wesentliche weitere Angleichung der Wirtschaftskraft in Ost- und Westdeutschland mehr stattfinden wird. Denn die Altersstruktur Ostdeutschlands, d. h. das Verhältnis von Erwerbstätigenzahl zu Einwohnerzahl, ist ungünstiger als im Westen. Betrachtet man hingegen wichtige Wohlfahrtsindikatoren wie Konsummöglichkeiten, Lebenserwartung, Freizeit und Einkommensungleichheit, so sind die Lebensverhältnisse in Ost- und Westdeutschland ähnlicher als das Bruttoinlandsprodukt je Einwohner:in suggeriert. In den Debatten über den Aufholprozess Ostdeutschlands sollte daher stärker auf die Arbeitsproduktivität als Maß für die Wirtschaftskraft und auf andere Wohlfahrtsindikatoren als Maß für die Angleichung der Lebensverhältnisse abgestellt werden.
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Introduction to "Measuring and Accounting for Innovation in the Twenty-First Century"
Javier Miranda
Measuring and Accounting for Innovation in the Twenty-First Century,
NBER Studies in Income and Wealth, Vol 78 /
2021
Abstract
Measuring innovation is challenging both for researchers and for national statisticians, and it is increasingly important in light of the ongoing digital revolution. National accounts and many other economic statistics were designed before the emergence of the digital economy and the growing importance of intangible capital. They do not yet fully capture the wide range of innovative activity that is observed in modern economies. This volume examines how to measure innovation, track its effects on economic activity and prices, and understand how it has changed the structure of production processes, labor markets, and organizational form and operation in business. The contributors explore new approaches to, and data sources for, measurement—such as collecting data for a particular innovation as opposed to a firm, and the use of trademarks for tracking innovation. They also consider the connections between university-based R&D and business startups, and the potential impacts of innovation on income distribution. The research suggests potential strategies for expanding current measurement frameworks to better capture innovative activity, such as more detailed tracking of global value chains to identify innovation across time and space, and expanding the measurement of the GDP impacts of innovation in fields such as consumer content delivery and cloud computing.
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The Influence of Bondholder Concentration and Temporal Orientation on Investments in R&D
Pengfei Ye, Jonathan O’Brien, Christina Matz Carnes, Iftekhar Hasan
Journal of Management,
Nr. 3,
2021
Abstract
Although innovation can be a critical source of competitive advantage, research has found that debt can erode management’s willingness to invest in R&D. In this article, we employ a stakeholder bargaining power perspective to argue that this effect is most pronounced when the firm’s bonds are concentrated in the hands of bond blockholders. Furthermore, we contend that the temporal orientation of bondholders influences this relationship. Specifically, while it is commonly assumed that bondholders have a limited temporal orientation that induces them to focus on short-term value appropriation, we argue that some bond blockholders adopt a long-term temporal orientation. This orientation, in turn, makes them more inclined to support long-term value creation for the firm in the form of enhanced investments in R&D. Moreover, while agency theory suggests that there is an inherent conflict of interest between shareholders and bondholders, our results suggest that the temporal orientation of investors (i.e., both shareholders and bondholders) matters much more than whether they invested in the firm’s equity or its debt.
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To Rent or not to Rent: A Household Finance Perspective on Berlin's Short-term Rental Regulation
Antonios Mavropoulos
IWH-Diskussionspapiere,
Nr. 1,
2021
Abstract
With the increasing concerns that accompany the rising trends of house sharing economies, regulators impose new laws to counteract housing supply scarcity. In this paper, I investigate whether the ban on short-term entire house listings activated in Berlin in May 2016 had any adverse effects from a household finance perspective. More specifically, I derive short-term rental income and counter-factually compare it with long-term rental income to find that the ban, by decreasing the supply of short-term housing, accelerated short-term rental income but did not have any direct effect on long-term rental income. Commercial home-owners therefore would find renting on the short-term market to be financially advantageous.
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