Firms increasingly rely on markets for technology to acquire innovations developed outside their boundaries, yet acquiring intellectual property rights alone often does not guarantee successful implementation. Many technologies depend on tacit know-how that must be supplied by the provider after the transaction is completed. This paper examines whether common ownership between a technology provider and a potential adopter mitigates this implementation problem. I develop a model in which overlapping institutional investors cause the provider to partially internalize the adopter’s gains from successful implementation, strengthening incentives to transfer tacit know-how. This mechanism operates only when know-how is unverifiable – absent this friction, common ownership leaves matching and outcomes unchanged. Under moral hazard, the model predicts that common ownership increases the likelihood of technology transfer to a given adopter, that this effect is stronger when tacit know-how is more important, and that common ownership improves post-transfer outcomes conditional on adoption. I test these predictions using U.S. patent reassignments between publicly traded firms. Using within-deal variation across competing potential adopters and plausibly exogenous variation from passive index-fund holdings, I show that common ownership increases the likelihood that a firm acquires a technology, particularly when the transferred bundle is more tacit. Common ownership predicts stronger subsequent innovation and higher future firm value, especially when ownership overlap is concentrated among investors with stronger incentives to monitor the provider. These findings show how ownership structure shapes interfirm technology transfer by affecting not only who acquires a technology, but also how much value is created.

Using a market-indicator-based approach, this paper empirically examines whether the stability of the US and EU financial systems is affected by the digital finance revolution driven by BigTechs, FinTechs, and crypto-assets. These three sectors display different downside volatility profiles, with financial intermediaries being particularly sensitive to shocks from the crypto ecosystem only under extremely severe downturns, which are prevented in regulated equity markets. In that vein, we provide evidence that the Markets in Crypto Assets Regulation reduced financial systemic risk in EU. Overall, our empirical analysis shows that markets perceive the performance and riskiness of tech-driven companies and assets in differentiated ways, and that the transmission of shocks from digital finance ecosystems operates uniquely under varying conditions of systemic stress. Finally, we also document asymmetric spillover effects between advanced and emerging economies, with shock transmission from the US and EU to emerging markets being systematically stronger than in the reverse direction.

Im September 2025 reisten Finanzökonomen aus aller Welt zum elften Mal nach Halle, um am jährlichen FIN-FIRE-Workshop am IWH teilzunehmen. Zwei Tage lang gaben die Autoren von zehn Beiträgen einen umfassenden Überblick über aktuelle Themen, die potenzielle Herausforderungen für das Finanzsystem darstellen, z. B. mangelnden Datenschutz bei der Vergabe von Immobilienkrediten, Unsicherheiten in Anleihemärkten aufgrund von Klimarisiken, Intransparenz bei synthetischen Risikotransferprodukten, die Auswirkungen geopolitischer Risiken auf die Kreditvergabe sowie granulare Friktionen bei der Transmission geldpolitischer Maßnahmen. Ein intensiver Gedankenaustausch zwischen Autoren, Ko-Referenten und Plenum führte zu neuen Erkenntnissen über die Widerstandsfähigkeit und Fragilität unserer Finanzsysteme.

We study how and why local biodiversity affects residential property values. Leveraging remotely sensed greenness indicators and a novel dataset of granular property listings, we examine how changes in vegetation load on real estate prices. Hikes in greenness are associated with higher listing prices, fewer properties listed, and reduced liquidity in housing markets. These results suggest that price hikes in housing markets are driven by supply-side constraints instead of a “greenium” that buyers might be willing to pay due to innate preferences. Exogenous zoning shocks to foster biodiversity corroborate the presence of supply side constraints as price drivers in residential housing markets. Our findings emphasize the need to calibrate biodiversity and (social) housing policy objectives more explicitly.

This paper examines how firms adjust the number and types of workers they hire in response to increased biodiversity transition risk. Using the adoption of the Key Biodiversity Areas Standard of 2016 as a source of variation that increases the risk of future land-use restrictions, we find that firms reduce job postings in affected areas and reallocate labor to less exposed regions. This effect is concentrated among firms that make negative impacts on biodiversity. Cuts are stronger among production roles, while hiring in green and adaptive occupations increases. The effect is not driven by changes in capital investment or workers’ labor supply decisions. Our findings contribute to the ongoing debate on the costs and benefits of biodiversity conservation policies and their implications for labor market outcomes.

Wie es mit der internationalen Konjunktur in diesem und im kommenden Jahr weitergeht, hängt im Wesentlichen vom Fortgang der Handelskonflikte zwischen den USA und dem Rest der Welt ab. Alles in allem steigt die Weltproduktion in den Jahren 2025 und 2026 um jeweils 2,3%. Das größte weltwirtschaftliche Risiko besteht darin, dass die Handelskonflikte der USA mit der EU und insbesondere mit China weiter eskalieren. Für die deutsche Wirtschaft gibt es mehr und mehr Anzeichen für eine konjunkturelle Erholung, die jedoch ebenfalls erheblich von der möglichen Eskalation der US-Handelskonflikte gefährdet ist. Das Bruttoinlandsprodukt dürfte im Jahr 2025 mit 0,4% erstmals seit zwei Jahren wieder etwas zunehmen.