Gesetzgebung, Regulierung und Faktormärkte

Traditionell wird die Regulierung von Finanz- und Arbeitsmärkten isoliert analysiert. Die neue Abteilung „Gesetzgebung, Regulierung und Faktormärkte“ erforscht systematisch die Interaktion von Regulierungen der Finanz- und Arbeitsmärkte und deren Auswirkungen auf die langfristige realwirtschaftliche Entwicklung. Dies wird erreicht, indem wachstums- und strukturrelevante Aspekte der Rahmenbedingungen an Finanz- und Arbeitsmärkten gemeinsam erforscht werden. Das Alleinstellungsmerkmal der neuen Abteilung ist die Untersuchung der Interdependenz von staatlicher Regulierung im Bereich der Finanz- und Arbeitsmärkte und der realwirtschaftlichen Entwicklung.

Ihr Kontakt

Professorin Merih Sevilir, Ph.D.
Professorin Merih Sevilir, Ph.D.
- Abteilung Gesetzgebung, Regulierung und Faktormärkte
Nachricht senden +49 345 7753-808 LinkedIn Profil

Referierte Publikationen

cover_journal-of-finance.png

Going Public and the Internal Organization of the Firm

Daniel Bias Benjamin Lochner Stefan Obernberger Merih Sevilir

in: Journal of Finance, im Erscheinen

Abstract

<p>We examine how firms adapt their organization when they go public. To conform with the requirements of public capital markets, we expect IPO firms to become more organized, making the firm more accountable and its human capital more easily replaceable. We find that IPO firms transform into a more hierarchical organization with smaller departments. Managerial oversight increases. Organizational functions dedicated to accounting, finance, information and communication, and human resources become much more prominent. Employee turnover is sizeable and directly related to changes in hierarchical layers. New hires are better educated, but younger and less experienced than incumbents, which reflects the staffing needs of a more hierarchical organization. Wage inequality increases as firms become more hierarchical. Overall, going public is associated with a comprehensive transformation of the firm's organization which becomes geared towards efficiently operating a public firm.</p>

Publikation lesen

cover_American-Economic-Journal-Applied-Economics.png

Voice at Work

Jarkko Harju Simon Jäger Benjamin Schoefer

in: American Economic Journal: Applied Economics, im Erscheinen

Abstract

<p>We estimate the effects of worker voice on productivity, job quality, and separations. We study the 1991 introduction of a right to worker representation on boards or advisory councils in Finnish firms with at least 150 employees, designed primarily to facilitate workforce-management communication. Consistent with information sharing theories, our difference-in-differences design reveals that worker voice slightly raised labor productivity, firm survival, and capital intensity. In contrast to the exit-voice theory, we find no effects on voluntary job separations, and at most small positive effects on other measures of job quality. A 2008 introduction of shop-floor representation had similarly limited effects.</p>

Publikation lesen

cover_economics-letters.gif

Inflation Concerns and Financial Stress

Sabrina Jeworrek Lena Tonzer

in: Economics Letters, im Erscheinen

Publikation lesen

cover_review-of-financial-studies.png

Cross-Subsidization of Bad Credit in a Lending Crisis

Nikolaos Artavanis Brian Lee Stavros Panageas Margarita Tsoutsoura

in: Review of Financial Studies, Nr. 5, 2025

Abstract

<p>We study the corporate-loan pricing decisions of a major, systemic bank during the Greek financial crisis. A unique aspect of our data set is that we observe both the actual interest rate and the “break-even rate” (BE rate) of each loan, as computed by the bank’s own loan-pricing department (in effect, the loan’s marginal cost). We document that low-BE-rate (safer) borrowers are charged significant markups, whereas high-BE-rate (riskier) borrowers are charged smaller and even negative markups. We rationalize this de facto cross-subsidization through the lens of a dynamic model featuring depressed collateral values, impaired capital-market access, and limit pricing.</p>

Publikation lesen

cover_the-review-of-economic-studies.png

Reservation Raises: The Aggregate Labour Supply Curve at the Extensive Margin

Preston Mui Benjamin Schoefer

in: Review of Economic Studies, Nr. 1, 2025

Abstract

<p>We measure desired labour supply at the extensive (employment) margin in two representative surveys of the U.S. and German populations. We elicit reservation raises: the percent wage change that renders a given individual indifferent between employment and nonemployment. It is equal to her reservation wage divided by her actual, or potential, wage. The reservation raise distribution is the nonparametric aggregate labour supply curve. Locally, the curve exhibits large short-run elasticities above 3, consistent with business cycle evidence. For larger upward shifts, arc elasticities shrink towards 0.5, consistent with quasi-experimental evidence from tax holidays. Existing models fail to match this nonconstant, asymmetric curve.</p>

Publikation lesen

Arbeitspapiere

cover_SSRN.png

Can Nonprofits Save Lives Under Financial Stress? Evidence from the Hospital Industry

Janet Gao Tim Liu Sara Malik Merih Sevilir

in: SSRN Working Paper, Nr. 4946064, 2024

Abstract

<p>We compare the effects of external financing shocks on patient mortality at nonprofit and for-profit hospitals. Using confidential patient-level data, we find that patient mortality increases to a lesser extent at nonprofit hospitals than at for-profit ones facing exogenous, negative shocks to debt capacity. Such an effect is not driven by patient characteristics or their choices of hospitals. It is concentrated among patients without private insurance and patients with higher-risk diagnoses. Potential economic mechanisms include nonprofit hospitals' having deeper cash reserves and greater ability to maintain spending on medical staff and equipment, even at the expense of lower profitability. Overall, our evidence suggests that nonprofit organizations can better serve social interests during financially challenging times.</p>

Publikation lesen

cover_SSRN.png

Too Poor to Be Green? The Effects of Wealth on the Residential Heating Transformation

Ulf Nielsson Daniel Streitz

in: SSRN Working Paper, 2024

Abstract

<p>Using the near-universe of Danish owner-occupied residential houses, we show that an exogenous increase in wealth significantly increases the likelihood to switch to green heating. We estimate an elasticity of one at the median of the wealth distribution, i.e., a 10% increase in wealth increase raises green heating adoption by 10%. Effects are heterogeneous along the wealth distribution: all else equal, a redistribution of wealth from rich households to poor households can significantly increase green heating adoption. We further explore potential channels of our findings (pro-social preferences, financial constraints, and luxury goods interpretation). Our results emphasize the role of economic growth for the green transition.</p>

Publikation lesen

cover_DP_2024-10.jpg

Inflation Concerns and Green Product Consumption: Evidence from a Nationwide Survey and a Framed Field Experiment

Sabrina Jeworrek Lena Tonzer

in: IWH Discussion Papers, Nr. 10, 2024

Abstract

<p>Promoting green product consumption is one important element in building a sustainable society. Yet green products are usually more costly. In times of high inflation, not only budget constraints but also the fear that prices will continue to rise might dampen green product consumption and, hence, limit the effectiveness of exerted efforts to promote sustainable behaviors. To test this suggestion, we conducted a Germany-wide survey with almost 1,200 respondents, followed by a framed field experiment (N=500) to confirm causality. In the survey, respondents’ stated “green” purchasing behavior is, as to be expected, positively correlated with concerns about climate change. It is also negatively correlated with concerns about future inflation and energy costs, but after controlling for observable characteristics such as income and educational level only the correlation with concerns about future prices remains significant. This result is driven by individuals with below-median environmental attitude. In the framed field experiment, we use the priming method to manipulate the saliency of inflation concerns. Whereas sizably relaxing the budget constraint (i.e., by 50 percent) has no impact on the share of organic products in participants’ baskets, the priming significantly decreases the share of organic products for individuals with below-median environmental attitude, similar to the survey data.</p>

Publikation lesen

cover_DP_2024-07.jpg

Do Public Bank Guarantees Affect Labor Market Outcomes? Evidence from Individual Employment and Wages

Laura Baessler Georg Gebhardt Reint E. Gropp Andre Guettler Ahmet Taskin

in: IWH Discussion Papers, Nr. 7, 2024

Abstract

<p>We investigate whether employees in Germany benefit from public bank guarantees in terms of employment probability and wages. To that end, we exploit the removal of public bank guarantees in Germany in 2001 as a quasi-natural experiment. Our results show that bank guarantees lead to higher employment, but lower wage prospects for employees after working in affected establishments. Overall the results suggest that employees do not benefit from bank guarantees.</p>

Publikation lesen

cover_DP_2023-15.jpg

R&D Tax Credits and the Acquisition of Startups

William McShane Merih Sevilir

in: IWH Discussion Papers, Nr. 15, 2023

Abstract

<p>We propose a novel mechanism through which established firms contribute to the startup ecosystem: the allocation of R&amp;D tax credits to startups via the M&amp;A channel. We show that when established firms become eligible for R&amp;D tax credits, they increase their R&amp;D and M&amp;A activity. In particular, they acquire more venture capital (VC)-backed startups, but not non-VC-backed firms. Moreover, the impact of R&amp;D tax credits on firms’ R&amp;D is increasing with their acquisition of VC-backed startups. The results suggest that established firms respond to R&amp;D tax credits by acquiring startups rather than solely focusing on increasing their R&amp;D intensity in-house. We also highlight evidence that startups do not appear to benefit from R&amp;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&amp;D tax credits, effectively relaxing the financial constraints faced by startups.</p>

Publikation lesen
Mitglied der Leibniz-Gemeinschaft LogoTotal-Equality-LogoGefördert durch das BMWK