Kurzportrait
Das IWH im Kurzportrait Das Leibniz-Institut für Wirtschaftsforschung Halle (IWH) wurde mit Wirkung zum 1. Januar 1992 gegründet. Als Institut der Leibniz-Gemeinschaft wird sein…
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R&D Tax Credits and the Acquisition of Startups
William McShane, Merih Sevilir
IWH Discussion Papers,
Nr. 15,
2023
Abstract
We propose a novel mechanism through which established firms contribute to the startup ecosystem: the allocation of R&D tax credits to startups via the M&A channel. We show that when established firms become eligible for R&D tax credits, they increase their R&D and M&A activity. In particular, they acquire more venture capital (VC)-backed startups, but not non-VC-backed firms. Moreover, the impact of R&D tax credits on firms’ R&D is increasing with their acquisition of VC-backed startups. The results suggest that established firms respond to R&D tax credits by acquiring startups rather than solely focusing on increasing their R&D intensity in-house. We also highlight evidence that startups do not appear to benefit from R&D tax credits directly, perhaps because they typically lack the taxable income necessary to directly benefit from the tax credits. In this context, established firms can play an intermediary role by acquiring startups and reallocating R&D tax credits, effectively relaxing the financial constraints faced by startups.
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DPE Course Programme Archive
DPE Course Programme Archive 2023 2022 2021 2020 2019 2018 2017 2016 2015 2014 2013 2012 2023 Microeconomics several lecturers winter term 2023/2024 (IWH) Econometrics several…
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IWH-DPE Call for Applications – Fall 2024 Intake
Vacancy The Halle Institute for Economic Research (IWH) is one of Germany’s leading economic research institutes. The IWH focuses on research in macroeconomics, financial…
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Robots and Female Employment in German Manufacturing
Liuchun Deng, Steffen Müller, Verena Plümpe, Jens Stegmaier
American Economic Association Papers and Proceedings,
May
2023
Abstract
We analyze the impact of robot adoption on female employment. Our analysis is based on novel micro data on robot use by German manufacturing establishments linked with social security records. An event study analysis for robot adoption shows increased churning among female workers. Whereas hiring rises significantly at robot adoption, separations increase with a smaller magnitude one year later. Overall, employment effects are modestly positive and strongest for medium-qualified women. We find no adverse employment effects for female workers in any of our broad qualification groups.
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Robot Hubs: The Skewed Distribution of Robots in US Manufacturing
Erik Brynjolfsson, Catherine Buffington, Nathan Goldschlag, J. Frank Li, Javier Miranda, Robert Seamans
American Economic Association Papers and Proceedings,
May
2023
Abstract
We use establishment-level data from the US Census Bureau's Annual Survey of Manufactures to study the characteristics and geographic locations of investments in robots. We find that the distribution of robots is highly skewed across locations. Some locations, which we call Robot Hubs, have far more robots than one would expect even after accounting for industry and manufacturing employment. We characterize these Robot Hubs along several industry, demographic, and institutional dimensions. The presences of robot integrators, which specialize in helping manufacturers install robots, and of higher levels of union membership are positively correlated with being a Robot Hub.
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Minimum Wages, Productivity, and Reallocation
Mirja Hälbig, Matthias Mertens, Steffen Müller
IZA Discussion Paper,
Nr. 16160,
2023
Abstract
We study the productivity effect of the German national minimum wage by applying administrative firm data. At the firm level, we confirm positive effects on wages and negative employment effects and document higher productivity even net of output price increases. We find higher wages but no employment effects at the level of aggregate industry × region cells. The minimum wage increased aggregate productivity in manufacturing. We do not find that employment reallocation across firms contributed to these aggregate productivity gains, nor do we find improvements in allocative efficiency. Instead, the productivity gains from the minimum wage result from within-firm productivity improvements only.
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Minimum Wages, Productivity, and Reallocation
Mirja Hälbig, Matthias Mertens, Steffen Müller
IWH Discussion Papers,
Nr. 8,
2023
Abstract
We study the productivity effect of the German national minimum wage combining administrative firm datasets. We analyze firm- and market-level effects, considering output price changes, factor substitution, firm entry and exit, labor reallocation, and short- versus long-run effects. We document higher firm productivity even net of output price increases. Productivity gains are persistent in manufacturing and service sectors. The minimum wage also increased manufacturing productivity at the aggregate level. Neither firm entry and exit nor other forms of employment reallocation between firms contributed to these gains. Instead, aggregate productivity gains from the minimum wage solely stem from within-firm productivity improvements.
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European Firm Concentration and Aggregate Productivity
Tommaso Bighelli, Filippo di Mauro, Marc Melitz, Matthias Mertens
Journal of the European Economic Association,
Nr. 2,
2023
Abstract
This paper derives a European Herfindahl–Hirschman concentration index from 15 micro-aggregated country datasets. In the last decade, European concentration rose due to a reallocation of economic activity toward large and concentrated industries. Over the same period, productivity gains from an increasing allocative efficiency of the European market accounted for 50% of European productivity growth while markups stayed constant. Using country-industry variation, we show that changes in concentration are positively associated with changes in productivity and allocative efficiency. This holds across most sectors and countries and supports the notion that rising concentration in Europe reflects a more efficient market environment rather than weak competition and rising market power.
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Wirtschaftliche Folgen des Gaspreisanstiegs für die deutsche Industrie
Steffen Müller
Wirtschaft im Wandel,
Nr. 1,
2023
Abstract
Die Gaspreise haben sich in Deutschland infolge des Lieferstopps russischen Erdgases deutlich erhöht, mit möglichen Folgen für die Wettbewerbsfähigkeit der deutschen Industrie. Wir berechnen den Gasverbrauch auf Produktebene für die Zeit vor der Energiekrise mit Hilfe der Mikrodaten der amtlichen Statistik, um zielgenau abschätzen zu können, bei welchen Produkten eine Drosselung der Produktion zur maximalen Gaseinsparung bei minimalen wirtschaftlichen Verlusten führen würde. Die Verwendung von Mikrodaten zeigt, dass die Folgen für Umsatz und Wertschöpfung in der Industrie bei Weitem nicht so negativ ausfallen werden wie von vielen befürchtet.
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