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

Professor Reint E. Gropp, Ph.D.
Professor Reint E. Gropp, Ph.D.
Mitglied - Abteilung Präsidialbereich
Nachricht senden +49 345 7753-700 Persönliche Seite

Referierte Publikationen

cover_journal-of-financial-services-research.jpg

The Real Effects of Universal Banking: Does Access to the Public Debt Market Matter?

Stefano Colonnello

in: Journal of Financial Services Research, im Erscheinen

Abstract

I analyze the impact of the formation of universal banks on corporate investment by looking at the gradual dismantling of the Glass-Steagall Act’s separation between commercial and investment banking. Using a sample of US firms and their relationship banks, I show that firms curtail debt issuance and investment after positive shocks to the underwriting capacity of their main bank. This result is driven by unrated firms and is strongest immediately after a shock. These findings suggest that universal banks may pay more attention to large firms providing more underwriting opportunities while exacerbating financial constraints of opaque firms, in line with a shift to a banking model based on transactional lending.

Publikation lesen

cover_journal_of_monetary_economics.jpg

Public Bank Guarantees and Allocative Efficiency

Reint E. Gropp Andre Guettler Vahid Saadi

in: Journal of Monetary Economics, December 2020

Abstract

A natural experiment and matched bank/firm data are used to identify the effects of bank guarantees on allocative efficiency. We find that with guarantees in place unproductive firms receive larger loans, invest more, and maintain higher rates of sales and wage growth. Moreover, firms produce less productively. Firms also survive longer in banks’ portfolios and those that enter guaranteed banks’ portfolios are less profitable and productive. Finally, we observe fewer economy-wide firm exits and bankruptcy filings in the presence of guarantees. Overall, the results are consistent with the idea that guaranteed banks keep unproductive firms in business for too long.

Publikation lesen

cover_finance-research-letters_nov2019.png

Executive Compensation, Macroeconomic Conditions, and Cash Flow Cyclicality

Stefano Colonnello

in: Finance Research Letters, November 2020

Abstract

I model the joint effects of debt, macroeconomic conditions, and cash flow cyclicality on risk-shifting behavior and managerial wealth-for-performance sensitivity. The model shows that risk-shifting incentives rise during recessions and that the shareholders can eliminate such adverse incentives by reducing the equity-based compensation in managerial contracts. Moreover, this reduction should be larger in highly procyclical firms. These novel, testable predictions provide insights into optimal shareholder responses to agency costs of debt throughout the business cycle.

Publikation lesen

cover_Journal_Money_Credit_Banking_52_2020.png

Banks’ Funding Stress, Lending Supply and Consumption Expenditure

H. Evren Damar Reint E. Gropp Adi Mordel

in: Journal of Money, Credit and Banking, Nr. 4, 2020

Abstract

We employ a unique identification strategy linking survey data on household consumption expenditure to bank‐level data to estimate the effects of bank funding stress on consumer credit and consumption expenditures. We show that households whose banks were more exposed to funding shocks report lower levels of nonmortgage liabilities. This, however, only translates into lower levels of consumption for low‐income households. Hence, adverse credit supply shocks are associated with significant heterogeneous effects.

Publikation lesen

cover_B.E.-journal-of-economic-analysis-_-policy.png

Executive Compensation and Labor Expenses

Stefano Colonnello

in: B.E. Journal of Economic Analysis and Policy, Nr. 1, 2020

Publikation lesen

Arbeitspapiere

cover_DP_2020-18.jpg

Banking Deregulation and Household Consumption of Durables

H. Evren Damar Ian Lange Caitlin McKennie Mirko Moro

in: IWH Discussion Papers, Nr. 18, 2020

Abstract

We exploit the spatial and temporal variation of the staggered introduction of interstate banking deregulation across the U.S. to study the relationship between credit constraints and consumption of durables. Using the American Housing Survey from 1981 to 1993, we link the timing of these reforms with evidence of a credit expansion and household responses on many margins. We find robust evidence that households are more likely to purchase new appliances and invest in home renovations and modifications after the deregulation. These durable goods allowed households to consume less electricity and spend less time in domestic activities after the reforms.

Publikation lesen
Mitglied der Leibniz-Gemeinschaft LogoTotal-Equality-LogoWeltoffen Logo