Finanzen
Finanzen Zahlungs- und Kassenordnung ( Elke Fabian ) CompNet budget procedures Guidelines for the use of overhead payments ( Berit Luka ) Kostenträgerliste ( Elke Fabian )…
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Aktuelle Konjunktur
Aktuelle Konjunktur Lokal und global: Das IWH stellt regelmäßig aktuelle Wirtschaftsdaten zur Verfügung - von der Situation der ostdeutschen Wirtschaft über die…
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Personal
Personal Für Informationen und Fragen zum Thema Gehaltsabrechnung (Verdienstbescheinigung, Lohnsteuer, Krankenschein etc.) bitte folgende E-Mail-Adresse nutzen:…
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Advances in Using Vector Autoregressions to Estimate Structural Magnitudes
Christiane Baumeister, James D. Hamilton
Econometric Theory,
Nr. 3,
2024
Abstract
This paper surveys recent advances in drawing structural conclusions from vector autoregressions (VARs), providing a unified perspective on the role of prior knowledge. We describe the traditional approach to identification as a claim to have exact prior information about the structural model and propose Bayesian inference as a way to acknowledge that prior information is imperfect or subject to error. We raise concerns from both a frequentist and a Bayesian perspective about the way that results are typically reported for VARs that are set-identified using sign and other restrictions. We call attention to a common but previously unrecognized error in estimating structural elasticities and show how to correctly estimate elasticities even in the case when one only knows the effects of a single structural shock.
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The Bright Side of Bank Lobbying: Evidence from the Corporate Loan Market
Manthos D. Delis, Iftekhar Hasan, Thomas Y. To, Eliza Wu
Journal of Corporate Finance,
June
2024
Abstract
Bank lobbying has a bitter taste in most forums, ringing the bell of preferential treatment of big banks from governments and regulators. Using corporate loan facilities and hand-matched information on bank lobbying from 1999 to 2017, we show that lobbying banks increase their borrowers' overall performance. This positive effect is stronger for opaque and credit-constrained borrowers, when the lobbying lender possesses valuable information on the borrower, and for borrowers with strong corporate governance. Our findings are consistent with the theory positing that lobbying can provide access to valuable lender-borrower information, resulting in improved efficiency in large firms' corporate financing.
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Do Politicians Affect Firm Outcomes? Evidence from Connections to the German Federal Parliament
André Diegmann, Laura Pohlan, Andrea Weber
IWH Discussion Papers,
Nr. 15,
2024
Abstract
We study how connections to German federal parliamentarians affect firm dynamics by constructing a novel dataset linking politicians and election candidates to the universe of firms. To identify the causal effect of access to political power, we exploit (i) new appointments to the company leadership team and (ii) discontinuities around the marginal seat of party election lists. Our results reveal that connections lead to reductions in firm exits, gradual increases in employment growth without improvements in productivity. Adding information on credit ratings, subsidies and procurement contracts allows us to distinguish between mechanisms driving the effects over the politician’s career.
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Vorstand und Aufsichtsrat
Vorstand und Aufsichtsrat Als eingetragener Verein ist das IWH satzungsgemäß in verschiedene Organisationseinheiten (Gremien) gegliedert, die das Institut leiten, überprüfen,…
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Forschungsdatenzentrum
Forschungsdatenzentrum (IWH-FDZ) Direkt zu unserem Datenangebot Das IWH-Forschungsdatenzentrum bietet externen Forscherinnen und Forschern Zugang zu Mikrodaten und…
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CompNet Database
The CompNet Competitiveness Database The Competitiveness Research Network (CompNet) is a forum for high level research and policy analysis in the areas of competitiveness and…
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Vergebene Aufträge
Vergebene Aufträge Das IWH veröffentlicht an dieser Stelle eine Liste der nach beschränkten Ausschreibungen und freihändigen Vergaben vergebenen Aufträge/Verhandlungsvergaben nach…
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