Otto-von-Guericke-Universität Magdeburg

 
 
 
 
 
 
 
 

Forschungsseminar

FWW - Forschungsseminar
Seminar Series

Wednesday Faculty Research Seminar



Organizers
Kathleen Kürschner

Time and Room
Time: Wednesdays, 1 pm s.t. - 2 pm
(exceptions will be noted below)
Location: Campus, building 22, room A-225 (Fakultätszentrum)

Further information
Kathleen Kürschner (kathleen.kuerschner@ovgu.de)
Tel.: +49 (0)391 / 67-51471




Date Speaker/Author Title
We. 11/10/17
1:00 pm
G23-103
Yue Huang (FWW - Angewandte Wirtschaftsforschung) Immigration and Crime: The 2015 Refugee Crisis in Germany
In the heyday of the European refugee crisis in 2015, more than one million refugees came to Germany, causing widespread concern that crime would rise as a result. Using self-compiled unique data, we investigate this question empirically. We find evidence for a hump-shaped relation at county level between the scale of the refugee inflow and the crime rate, both for the total number of crimes, and for violent and property crimes. The same pattern emerges when considering suspects instead of crimes. Importantly, and of particular interest from a policy perspective, the extent of decentralized accommodation of refugees appears to exert a negative effect on the crime rate. We also find a positive association between the population share of refugees and both the overall and the German victimization rate, especially for assault (bodily injury). However, this association disappears if we restrict the analysis to crimes involving at least one German victim and one foreign or refugee suspect.
We. 25/10/17
1:00 pm
Fakultätszentrum
Konstantin Wagner (IWH - Finanzmärkte) Managerial Compensation Structure and Mobility: Insights from the EU Bonus Cap
We. 08/11/17
1:00 pm
Fakultätszentrum
Lisa Rippe (IWH - Strukturwandel und Produktivität) Do startups provide employment opportunities for disadvantaged workers?
This paper analyzes whether startups help to overcome employment problems by offering job opportunities to groups of workers facing labor market problems. We compare the hiring patterns of newly founded establishments and incumbents using administrative linked employer-employee data for Germany that allow us to take the complete previous employment biographies of newly hired workers into account. Our results indicate that startups are more likely than incumbents to hire older and non-German applicants as well as workers with instable employment biographies, affected by plant closure, and recruited from outside the labor force. We cannot find, however, that the beneficial effect for these employees extends to wages, since our results suggest that disadvantageous worker characteristics come along with higher wage penalties in startups than in incumbent firms. Therefore, even if startups provide employment opportunities for at least certain groups of disadvantages workers, the quality of these jobs in terms of remuneration seems to be comparably low.
We. 15/11/17
1:00 pm
Fakultätszentrum
Carola Müller (IWH - Finanzmärkte) Basel III Capital Requirements and Heterogeneous Banks
With the pending migration of the leverage ratio in Basel Pillar I, banks will be subject to competing minimum capital requirements. I develop a theoretical model to investigate the effect of a simultaneous regulation with a leverage ratio and a risk-weighted ratio on banks’ risk taking. I extend a portfolio choice model by adding heterogeneity in productivity among banks in the form of differences in marginal costs. The model shows that less productive banks specialize in high-risk loans and are therefore constrained by the risk-weighted ratio. The leverage ratio mainly affects the portfolio choice of more productive banks that lend to low-risk firms. Hence, Basel III type capital requirements set incentives for more productive banks to increase high-risk lending. The analysis shows how regulation aimed at solvency can have negative side effects on average productivity and market structure in the banking market.
We. 29/11/17
1:00 pm
Fakultätszentrum
Antonios Mavropoulos (IWH - Finanzmärkte) The Demographic and Macro-Economic Background Of a Transition To Home-ownership
This paper provides evidence on the main drivers of housing tenure transition. We use a small panel component between the two waves of the Household Finance and Consumption Survey to investigate the demographic profile of households and the macro-economic environment which foster a transition to home-ownership. We find that freshly married, educated and households on the upper tail of each country''s income distribution are more likely to become home-owners. Furthermore, a 1%income growth from the previous period seems to make housing transition 1% more probable. Ascending and volatile house prices have a negative impact towards the transition to home-ownership. Furthermore, we extract that young home-owners on the upper tertile of the income distribution consume approximately 60% more housing.
We. 13/12/17
1:00 pm
Fakultätszentrum
Dominic Jamm (FWW - Unternehmensrechnung und Controlling) Intra-Organizational Knowledge Creation and Sharing in a Principal-Agent Setting
The purpose of this paper is to develop and analyze a reward structure that motivates agents to generate additional knowledge and subsequently share it with co-workers. In this context, creation and sharing are considered costly actions that, in turn, decrease the cost of providing an output-oriented effort. The optimal incentive structure is derived to balance the explicit incentives of monetary rewards and the implicit benefits associated with a higher level of private knowledge. The model suggests that the optimal effort level for sharing knowledge depends not only on an agent''s personal incentive, but more importantly on the marginal productivity and the incentive of other agents to efficiently apply the shared knowledge. However, stronger incentives to generate knowledge have a detrimental effect on each agents'' willingness to share and vice versa. The findings in this paper should help to further understand organizational learning and the transfer of developed knowledge. Furthermore, it provides insights into the trade-off between the creation and sharing of knowledge, which should aid managers to better design incentive contracts for employees to focus their attention on the desired task.
We. 13/12/17!
3:00 pm
Fakultätszentrum
Carlo Wix (Goethe-Universität Frankfurt)
Inviting person:
Professor Reint E. Gropp
The Long-Run Real Effects of Banking Crises: Firm-Level Investment Dynamics and the Role of Wage Rigidity
This paper studies the long-run effects of credit market disruptions on real firm outcomes and how these effects depend on nominal wage rigidities at the firm level. I trace out the long-run investment and growth trajectories of firms which are more adversely affected by a transitory shock to aggregate credit supply. Affected firms exhibit a temporary investment gap for two years following the shock, resulting in a persistent accumulated growth gap. I show that affected firms with a higher degree of wage rigidity exhibit a steeper drop in investment and grow more slowly than affected firms with more flexible wages.
We. 20/12/17
1:00 pm
Fakultätszentrum
Toni Krüger (FWW - Unternehmensrechnung/Accounting) Zur Vorteilhaftigkeit der Direktzusage: Innenfinanzierungspotential und Einfluss auf den Unternehmenswert
Die Direktzusage ist der nach Deckungsmitteln bedeutendste Durchführungsweg der betrieblichen Altersversorgung und nimmt einen hohen Stellenwert in der Unternehmensbilanz ein. Deren bilanzielle Abbildung in Form von Pensionsrückstellungen stellt dabei eine sehr bedeutsame Möglichkeit der Innenfinanzierung dar. Aufgrund des Niedrigzinsumfelds sinkt jedoch deren Attraktivität für das Unternehmen. Der Gesetzgeber hat mit dem § 246 Abs. 2 Satz 2 HGB die Möglichkeit der Ausfinanzierung (Saldierung) bestehender Pensionsrückstellungen mit Deckungsvermögen geschaffen. Hierbei stellt sich die Frage, wie sich die Ausfinanzierung auf die Attraktivität der Direktzusage im aktuellen Niedrigzinsumfeld aus Unternehmenssicht auswirkt. Auf Basis des Fremdkapitalverdrängungsmodells wird gezeigt, dass die Erteilung einer Direktzusage auch im aktuellen Niedrigzinsumfeld für das Unternehmen attraktiv ist und sich hieraus ein positiver Effekt für den Unternehmenswert ableiten lässt. Dieses Modell wird um die Ausfinanzierung bestehender Pensionsverpflichtungen erweitert. Hierbei kann gezeigt werden, dass die Ausfinanzierung im Vergleich zur vollumfänglichen Abbildung der Pensionsverpflichtungen in der Unternehmensbilanz vorteilhaft ist. Diese Erkenntnis wird genutzt, um eine Erweiterung des Residualgewinnbewertungsmodells vorzustellen. Anhand eines Beispielfalls konnte auch hier der Vorteil der ausfinanzierten Direktzusage gegenüber der bilanzierten Direktzusage gezeigt werden.
We. 17/01/18
1:00 pm
Fakultätszentrum
Gordon Schulze (FWW - Finanzierung und Banken) Carry Trade Returns and Segmented Risk Pricing
The carry trade strategy, which exploits the forward premium puzzle, shows a persistent outperformance compared to a passive benchmark strategy, even on a risk-adjusted basis. So far, the literature has not come up with a consistent explanation and controversially discusses a risk-based approach as well as peso problems and crash risk. This paper introduces a different view and examines if carry trade returns could be explained by persistent differences in risk pricing between single carry trade countries. Firstly, based on the consumption model, I relate the country interest rate under uncertainty to the first and second moment of domestic consumption growth and find large and persistent differences in country risk aversion of dominant carry trade currencies. Thereby, investment currencies are more sensitive to U.S. consumption risk, while funding currencies provide a hedge. Secondly, I test for the country market implied risk aversion based on option-implied and realized volatility, where I could not find large differences of dominant carry trade currencies. The country interest rate differential constitutes a leading part in the carry trade performance. Thus, persistent differences in country risk aversion seem to offer a risk-based explanation of carry trade returns. However, this also implies that there is no unifying pricing kernel and, consequently, the interest rate market and equity market are segmented in risk pricing for dominant carry trade countries.
We. 24/01/18
1:00 pm
Fakultätszentrum
Sven Wegner (FWW - Unternehmensrechnung/Accounting) Nonlinear composite valuation as an estimation of prices
Instead of simple multiples valuations, I investigate how one can estimate equity prices by a combination of value estimates, which are based on different multiples. This study focuses not only on linear combinations but also on nonlinear combinations that follow a Cobb-Douglas function. I show empirically that such composite valuations can estimate stock prices more accurate than valuations that are based on simple multiples. In addition, I discuss the nonlinear combination and show empirically that a nonlinear combination can produce more accurate price estimates than linear combinations. Especially when simple multiples valuations of the peer-group items are outliers in relation to the other peer-group items, then a linear combination might lead to unwarranted negative valuations. A nonlinear combination does not result in negative values and its mean percentage valuation error compared to realized stock prices is much more closer to zero than the linear composite valuation. However, nonlinear composite valuations are more likely to produce unsubstantially high valuations. I also find empirical evidence that the arithmetic mean of simple multiples valuations does not outperform the nonlinear combination in terms of valuation accuracy and vice versa.


Idee und Umsetzung: Prof. Dr. Abdolkarim Sadrieh und Dipl.-Kfm. Harald Wypior | © 2018
Letzte Änderung: 11.11.2016 - Ansprechpartner: Webmaster