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Professor Dr. Felix Noth

Professor Dr. Felix Noth
Aktuelle Position

seit 10/16

Stellvertretender Leiter der Abteilung Finanzmärkte

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 3/14

Leiter der Forschungsgruppe Anpassungsfähigkeit und Resilienz des Finanzsystems

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

seit 7/20

Professor für Banken und Finanzsysteme

Otto-von-Guericke-Universität, Magdeburg

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Forschungsschwerpunkte
  • Bankenmärkte und realwirtschaftliches Wachstum
  • Bankenregulierung und Risikoanreize für Banken
  • Naturkatastrophen und Auswirkungen auf Banken

Felix Noth ist seit März 2014 Mitglied der Abteilung Finanzmärkte am IWH und Professor für Banken und Finanzsysteme an der Otto-von-Guericke-Universität Magdeburg. Er forscht zu den Themen empirische Bank- und Finanzwirtschaft.

Felix Noth studierte an der Ludwig-Maximilians-Universität München und promovierte an der Goethe-Universität Frankfurt. Bevor er zum IWH kam, war er wissenschaftlicher Assistent an der Goethe-Universität Frankfurt am Main.

Ihr Kontakt

Professor Dr. Felix Noth
Professor Dr. Felix Noth
Mitglied - Abteilung Finanzmärkte
Nachricht senden +49 345 7753-702

Publikationen

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The Impact of Financial Transaction Taxes on Stock Markets: Short-Run Effects, Long-Run Effects, and Reallocation of Trading Activity

Sebastian Eichfelder Mona Noack Felix Noth

in: National Tax Journal, Nr. 3, 2022

Abstract

We investigate the French 2012 financial transaction tax (FTT) and find robust evidence for anticipation effects before the implementation date. Controlling for short-run effects, we only find weak evidence for a long-run reduction in trading activity. Thus, the main impact of the French FTT on trading activity is short-run. In line with liquidity clientele effects, we find a more potent effect for low-liquidity stocks and a reallocation of trading to high-liquidity stocks from the Supplemental Liquidity Provider (SLP) program. Finally, we find weak evidence for a persistent volatility reduction but no indication of a significant FTT impact on price efficiency.

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A Note of Caution on Quantifying Banks' Recapitalization Effects

Felix Noth Kirsten Schmidt Lena Tonzer

in: Journal of Money, Credit and Banking, Nr. 4, 2022

Abstract

Unconventional monetary policy measures like asset purchase programs aim to reduce certain securities' yield and alter financial institutions' investment behavior. These measures increase the institutions' market value of securities and add to their equity positions. We show that the extent of this recapitalization effect crucially depends on the securities' accounting and valuation methods, country-level regulation, and maturity structure. We argue that future research needs to consider these factors when quantifying banks' recapitalization effects and consequent changes in banks' lending decisions to the real sector.

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Understanding Climate Activism: Who Participates in Climate Marches Such As “Fridays for Future” and What Can We Learn from It?

Felix Noth Lena Tonzer

in: Energy Research and Social Science, February 2022

Abstract

Young people are marching around the globe to ask for measures against climate change and to protect the environment. Using novel survey data, we ask who participates in such powerful movements and what can be learned from our findings. The survey was conducted in German and is based on answers from more than 600 participants. We find that survey respondents are less likely to participate in climate marches like “Fridays for Future” in case they trust more in (large) corporations suggesting a link between trust and climate activism. We also ask whether worries about climate change or attitudes towards more environmentally friendly behavior match their participation frequency in climate marches. Results reveal that respondents being more worried about climate change or the environment tend to participate more often in marches addressing these concerns. Similarly, participation in climate marches correlates positively with acting environmentally sustainable. Hence, our findings might be relevant for corporations in case they want to keep the support of young customers participating in climate marches.

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Arbeitspapiere

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Banking Market Deregulation and Mortality Inequality

Iftekhar Hasan Thomas Krause Stefano Manfredonia Felix Noth

in: Bank of Finland Research Discussion Papers, Nr. 14, 2022

Abstract

This paper shows that local banking market conditions affect mortality rates in the United States. Exploiting the staggered relaxation of branching restrictions in the 1990s across states, we find that banking deregulation decreases local mortality rates. This effect is driven by a decrease in the mortality rate of black residents, implying a decrease in the black-white mortality gap. We further analyze the role of mortgage markets as a transmitter between banking deregulation and mortality and show that households' easier access to finance explains mortality dynamics. We do not find any evidence that our results can be explained by improved labor outcomes.

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A Note on the Use of Syndicated Loan Data

Isabella Müller Felix Noth Lena Tonzer

in: IWH Discussion Papers, Nr. 17, 2022

Abstract

Syndicated loan data provided by DealScan has become an essential input in banking research over recent years. This data is rich enough to answer urging questions on bank lending, e.g., in the presence of financial shocks or climate change. However, many data options raise the question of how to choose the estimation sample. We employ a standard regression framework analyzing bank lending during the financial crisis to study how conventional but varying usages of DealScan affect the estimates. The key finding is that the direction of coefficients remains relatively robust. However, statistical significance seems to depend on the data and sampling choice.

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Cultural Resilience, Religion, and Economic Recovery: Evidence from the 2005 Hurricane Season

Iftekhar Hasan Stefano Manfredonia Felix Noth

in: IWH Discussion Papers, Nr. 9, 2021

Abstract

This paper investigates the critical role of religion in the economic recovery after high-impact natural disasters. Exploiting the 2005 hurricane season in the southeast United States, we document that establishments in counties with higher religious adherence rates saw a significantly stronger recovery in terms of productivity for 2005-2010. Our results further suggest that a particular religious denomination does not drive the effect. We observe that different aspects of religion, such as adherence, shared experiences from ancestors, and institutionalised features, all drive the effect on recovery. Our results matter since they underline the importance of cultural characteristics like religion during and after economic crises.

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Schlagworte

Finanzstabilität Finanzmärkte Evaluierung von Politikmaßnahmen Geldpolitik Risiko Regulierung Finanzinstitutionen Ökonometrie Energiewende
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