@phdthesis{Teichert2018, author = {Teichert, Max}, title = {The interest rate risk of banks: current topics}, edition = {1. Auflage}, publisher = {W{\"u}rzburg University Press}, address = {W{\"u}rzburg}, isbn = {978-3-95826-070-2}, doi = {10.25972/WUP-978-3-95826-071-9}, url = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-153669}, school = {Universit{\"a}t W{\"u}rzburg}, pages = {XIX, 252}, year = {2018}, abstract = {Die vorliegende Dissertation besch{\"a}ftigt sich mit dem Zins{\"a}nderungsrisiko von Banken. Sie bearbeitet Themen mit hoher aktueller Relevanz angesichts gegenw{\"a}rtiger Entwicklungen in der Geldpolitik, der Volkswirtschaftslehre und der Bankenregulierung. Im ersten Teil werden vier Grundlagen gelegt. Erstens wird die moderne Auffassung des Bankgesch{\"a}fts vorgestellt, der nach Banken Geld in Form von Ersparnissen schaffen, wenn sie Kredite gew{\"a}hren. Mit dieser Auffassung geh{\"o}rt die {\"U}bernahme von Zins{\"a}nderungsrisiken zum normalen Bankgesch{\"a}ft. Zweitens wird ein {\"U}berblick {\"u}ber die Mikro{\"o}konomie des Bankgesch{\"a}fts gegeben, in dem der j{\"u}ngst vollzogene Wechsel zum Paradigma des Risikos dargestellt wird. Unter diesem Paradigma sind Banken wesentlich Risikonehmer auch von Zins{\"a}nderungsrisiko. Drittens wird die Geldtheorie der Transmissionskan{\"a}le zusammengefasst, wobei der Fokus auf dem zuletzt starke Beachtung findenden Risikoneigungskanal liegt. Dieser Transmissionskanal stellt auch eine Verbindung zwischen der Geldpolitik und der {\"U}bernahme von Zins{\"a}nderungsrisiko durch Banken her. Viertens werden Ans{\"a}tze und Spezifika der Behandlung des Zins{\"a}nderungsrisikos von Banken in der {\"o}konomischen Forschung zusammengetragen. Das ist das Handwerkszeug f{\"u}r die Erarbeitung neuer Forschungsbeitr{\"a}ge. Im zweiten Teil werden drei Erweiterungen entwickelt. Die erste Erweiterung begegnet dem nahezu vollst{\"a}ndigen Fehlen von spezifischen Daten zum Zins{\"a}nderungsrisiko von Banken in Deutschland mit einer umfassenden Auswertung allgemeiner, {\"o}ffentlich verf{\"u}gbarer Statistiken. Es zeigt sich, dass das Zins{\"a}nderungsrisiko von Banken in Deutschland {\"u}ber dem Durchschnitt des Euroraums liegt und einem steigenden Trend folgt, der sich insbesondere aus einer Verschiebung hin zu kurzfristigerer Refinanzierung speist. Von den unterschiedlichen Arten von Banken in Deutschland pr{\"a}sentieren sich Sparkassen und Genossenschaftsbanken als besonders exponiert. Die zweite Erweiterung untersucht die Ver{\"a}nderungen der Zinsstruktur in Deutschland und nimmt damit die zweite Komponente des Zins{\"a}nderungsrisikos neben der Position der Banken in den Blick. Analysen historischer sowie prognostizierter Ver{\"a}nderungen weisen auf ein sinkendes Zins{\"a}nderungsrisiko hin. Auch auf Basis einer erg{\"a}nzenden Szenarioanalyse ergeben sich konkrete Kritikpunkte an j{\"u}ngst auf internationaler Ebene beschlossenen regulatorischen Standards sowie genaue Vorschl{\"a}ge zur Erg{\"a}nzung im Rahmen ihrer Implementierung. Die dritte Erweiterung adressiert ein m{\"o}gliches Streben nach Rendite (search for yield) von Banken bei der {\"U}bernahme von Zins{\"a}nderungsrisiko, die geringere Profitabilit{\"a}t zu h{\"o}herer Risiko{\"u}bernahme f{\"u}hren l{\"a}sst. Ein theoretisches Modell f{\"u}hrt dieses Verhalten auf eine plausible Nutzenfunktion von Bankmanagern zur{\"u}ck. Eine empirische Untersuchung belegt die statistische Signifikanz und {\"o}konomische Relevanz mit Daten aus Deutschland.}, subject = {Zins{\"a}nderungsrisiko}, language = {en} } @article{MuellerSchmitz2016, author = {M{\"u}ller, Daniel and Schmitz, Patrick W.}, title = {Transaction costs and the property rights approach to the theory of the firm}, series = {European Economic Review}, volume = {87}, journal = {European Economic Review}, doi = {10.1016/j.euroecorev.2016.04.013}, url = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-188042}, pages = {92-107}, year = {2016}, abstract = {The standard property rights approach is focused on ex ante investment incentives, while there are no transaction costs that might restrain ex post negotiations. We explore the implications of such transaction costs. Prominent conclusions of the property rights theory may be overturned: A party may have stronger investment incentives when a non investing party is the owner, and joint ownership can be the uniquely optimal ownership structure. Intuitively, an ownership structure that is unattractive in the standard model may now be desirable, because it implies large gains from trade, such that the parties are more inclined to incur the transaction costs.}, language = {en} } @phdthesis{Mehringer2019, author = {Mehringer, Sarah}, title = {Essays on Intergenerational Income Mobility in Germany and the United States}, doi = {10.25972/OPUS-16069}, url = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-160693}, school = {Universit{\"a}t W{\"u}rzburg}, year = {2019}, abstract = {This dissertation consists of three contributions. Each addresses one specific aspect of intergenerational income mobility and is intended to be a stand-alone analysis. All chapters use comparable data for Germany and the United States to conduct country comparisons. As there are usually a large number of studies available for the United States, this approach is useful for comparing the empirical results to the existing literature. The first part conducts a direct country comparison of the structure and extent of intergenerational income mobility in Germany and the United States. In line with existing results, the estimated intergenerational income mobility of 0.49 in the United States is significantly higher than that of 0.31 in Germany. While the results for the intergenerational rank mobility are relatively similar, the level of intergenerational income share mobility is higher in the United States than in Germany. There are no significant indications of a nonlinear run of intergenerational income elasticity. A final decomposition of intergenerational income inequality shows both greater income mobility and stronger progressive income growth for Germany compared to the United States. Overall, no clear ranking of the two countries can be identified. To conclude, several economic policy recommendations to increase intergenerational income mobility in Germany are discussed. The second part examines the transmission channels of intergenerational income persistence in Germany and the United States. In principle, there are two ways in which well-off families may influence the adult incomes of their children: first through direct investments in their children's human capital (investment effect ), and second through the indirect transmission of human capital from parents to children (endowment effect ). In order to disentangle these two effects, a descriptive as well as a structural decomposition method are utilized. The results suggest that the investment effect and the endowment effect each account for approximately half of the estimated intergenerational income elasticity in Germany, while the investment effect is substantially more influential in the United States with a share of around 70 percent. With regard to economic policy, these results imply that equality of opportunity for children born to poor parents cannot be reached by the supply of financial means alone. Conversely, an efficient policy must additionally substitute for the missing direct transmission of human capital within socio-economically weak families. The third part explicitly focuses on the intergenerational income mobility among daughters. The restriction to men is commonly made in the empirical literature due to women's lower labor market participation. While most men work full-time, the majority of (married) women still work only part-time or not at all. Especially with the occurrence of assortative mating, daughters from well-off families are likely to marry rich men and might decide to reduce their labor supply as a result. Thus, the individual labor income of a daughter might not be a good indicator for her actual economic status. The baseline regression analysis shows a higher intergenerational income elasticity in Germany and a lower intergenerational income elasticity in the United States for women as compared to men. However, a separation by marital status reveals that in both countries unmarried women exhibit a higher intergenerational income elasticity than unmarried men, while married women feature a lower intergenerational income elasticity than married men. The reason for the lower mobility of unmarried women turns out to be a stronger human capital transmission from fathers to daughters than to sons. The higher mobility of married women is driven by a weaker human capital transmission and a higher labor supply elasticity with respect to spousal income for women as compared to men. In order to further study the effects of assortative mating, the subsample of married children is analyzed by different types of income. It shows that the estimated intergenerational income elasticity of children's household incomes is even higher than that of their individual incomes. This can be seen as an indication for strong assortative mating. If household income is interpreted as a measure of children's actual economic welfare, there are barely any differences between sons and daughters. The intergenerational income elasticity of spousal income with respect to parental income is again relatively high, which in turn supports the hypothesis of strong assortative mating. The elasticity of the sons-in-law with respect to their fathers-in-law in Germany is even higher than that of the sons with respect to their own fathers.}, subject = {Deutschland}, language = {en} } @article{ReifTesfaselassieWolters2021, author = {Reif, Magnus and Tesfaselassie, Mewael F. and Wolters, Maik H.}, title = {Technological Growth and Hours in the Long Run: Theory and Evidence}, series = {Economica}, volume = {88}, journal = {Economica}, number = {352}, doi = {10.1111/ecca.12385}, url = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-262801}, pages = {1016 -- 1053}, year = {2021}, abstract = {Over the last few decades, hours worked per capita have declined substantially in many OECD economies. Using the standard neoclassical growth model with endogenous work-leisure choice, we assess the role of trend growth slowdown in accounting for the decline in hours worked. In the model, a permanent reduction in technological growth decreases steady-state hours worked by increasing the consumption-output ratio. Our empirical analysis exploits cross-country variation in the timing and size of the decline in technological growth to show that technological growth has a highly significant positive effect on hours. A decline in the long-run trend of technological growth by 1 percentage point is associated with a decline in trend hours worked in the range of 1-3\%. This result is robust to controlling for taxes, which have been found in previous studies to be an important determinant of hours. Our empirical finding is quantitatively in line with the one implied by a calibrated version of the model, though evidence for the model's implication that the effect on hours works via changes in the consumption-output ratio is rather mixed.}, language = {en} } @phdthesis{Rademaker2020, author = {Rademaker, Manuel Elias}, title = {Composite-based Structural Equation Modeling}, doi = {10.25972/OPUS-21593}, url = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-215935}, school = {Universit{\"a}t W{\"u}rzburg}, year = {2020}, abstract = {Structural equation modeling (SEM) has been used and developed for decades across various domains and research fields such as, among others, psychology, sociology, and business research. Although no unique definition exists, SEM is best understood as the entirety of a set of related theories, mathematical models, methods, algorithms, and terminologies related to analyzing the relationships between theoretical entities -- so-called concepts --, their statistical representations -- referred to as constructs --, and observables -- usually called indicators, items or manifest variables. This thesis is concerned with aspects of a particular strain of research within SEM -- namely, composite-based SEM. Composite-based SEM is defined as SEM involving linear compounds, i.e., linear combinations of observables when estimating parameters of interest. The content of the thesis is based on a working paper (Chapter 2), a published refereed journal article (Chapter 3), a working paper that is, at the time of submission of this thesis, under review for publication (Chapter 4), and a steadily growing documentation that I am writing for the R package cSEM (Chapter 5). The cSEM package -- written by myself and my former colleague at the University of Wuerzburg, Florian Schuberth -- provides functions to estimate, analyze, assess, and test nonlinear, hierarchical and multigroup structural equation models using composite-based approaches and procedures. In Chapter 1, I briefly discuss some of the key SEM terminology. Chapter 2 is based on a working paper to be submitted to the Journal of Business Research titled "Assessing overall model fit of composite models in structural equation modeling". The article is concerned with the topic of overall model fit assessment of the composite model. Three main contributions to the literature are made. First, we discuss the concept of model fit in SEM in general and composite-based SEM in particular. Second, we review common fit indices and explain if and how they can be applied to assess composite models. Third, we show that, if used for overall model fit assessment, the root mean square outer residual covariance (RMS_theta) is identical to another well-known index called the standardized root mean square residual (SRMR). Chapter 3 is based on a journal article published in Internet Research called "Measurement error correlation within blocks of indicators in consistent partial least squares: Issues and remedies". The article enhances consistent partial least squares (PLSc) to yield consistent parameter estimates for population models whose indicator blocks contain a subset of correlated measurement errors. This is achieved by modifying the correction for attenuation as originally applied by PLSc to include a priori assumptions on the structure of the measurement error correlations within blocks of indicators. To assess the efficacy of the modification, a Monte Carlo simulation is conducted. The paper is joint work with Florian Schuberth and Theo Dijkstra. Chapter 4 is based on a journal article under review for publication in Industrial Management \& Data Systems called "Estimating and testing second-order constructs using PLS-PM: the case of composites of composites". The purpose of this article is threefold: (i) evaluate and compare common approaches to estimate models containing second-order constructs modeled as composites of composites, (ii) provide and statistically assess a two-step testing procedure to test the overall model fit of such models, and (iii) formulate recommendation for practitioners based on our findings. Moreover, a Monte Carlo simulation to compare the approaches in terms of Fisher consistency, estimated bias, and RMSE is conducted. The paper is joint work with Florian Schuberth and J{\"o}rg Henseler.}, subject = {trukturgleichungsmodell}, language = {en} } @article{AtiyasDoganogluInceoglu2021, author = {Atiyas, Izak and Doganoglu, Toker and Inceoglu, Firat}, title = {Upstream Competition with Complex and Unobservable Contracts}, series = {Review of Industrial Organization}, volume = {58}, journal = {Review of Industrial Organization}, doi = {10.1007/s11151-020-09766-y}, url = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-241161}, pages = {399-429}, year = {2021}, abstract = {This paper examines situations where two vertically integrated firms consider supplying an input to an independent downstream competitor via privately observed contracts. We identify equilibria where competition in the upstream market emerges—the downstream competitor gets supplied—as well as when the downstream firm does not receive the input and is excluded from the market. The likelihood of the outcome in which the downstream firm does not get supplied depends not only on demand parameters, but also on contractual flexibility and observability. We show that when contracts are unobservable, downstream entry will occur less often. Furthermore, our results suggest that permitting contracts that enable the contracting parties to coordinate their behavior in the downstream market may improve welfare by increasing the likelihood that the downstream firm is supplied.}, language = {en} } @phdthesis{Geissendoerfer2024, author = {Geißend{\"o}rfer, Lisa}, title = {The Macroeconomic Dimensions of Credit: A Comprehensive Analysis of Finance, Inequality and Growth}, doi = {10.25972/OPUS-37003}, url = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-370037}, school = {Universit{\"a}t W{\"u}rzburg}, year = {2024}, abstract = {Besonders einflussreich f{\"u}r das moderne Verst{\"a}ndnis zur makro{\"o}konomischen Rolle von Banken und Kredit ist die monet{\"a}re Wachstumstheorie von Schumpeter. Ausgehend von dieser wird in dieser Dissertation die makro{\"o}konomische Rolle des Finanzsystems f{\"u}r die (1) Erzeugung von Wirtschaftswachstum, (2) Lenkung von {\"o}konomischen Ressourcen und (3) Verteilung von Wohlstand untersucht. In Kapitel 3 wird zun{\"a}chst empirisch gezeigt, dass 1.) ein positiver Zusammenhang zwischen dem Wachstum von Krediten und Wirtschaftswachstum besteht, auch f{\"u}r entwickelte L{\"a}nder, 2.) kein empirischer Zusammenhang von Haushaltssparen und Wirtschaftswachstum festgestellt werden kann, und 3.) auf l{\"a}nderspezifischer Ebene sowohl positive, als auch negative und insignifikante Effekte von Kredit auf Wirtschaftswachstum existieren. Damit zeigt sich eine breite empirische Evidenz f{\"u}r Schumpeters monet{\"a}re Hypothesen. Eine besonders interessante Anwendung von Schumpeters Wachstumstheorie zeigt sich in China. Die Ergebnisse der empirischen Analyse legen nahe, dass es generell einen positiven Zusammenhang zwischen Kredit- und Wirtschaftswachstum in China gibt, der aber nicht linear in Bezug auf Regionen, Zeitpunkte und Gr{\"o}ße des Finanzsystems ist. Weiterhin deuten die Ergebnisse darauf hin, dass die kreditfinanzierte Industriepolitik in China zu mehr Investitionen und BIP-Wachstum beigetragen haben k{\"o}nnte, wobei es jedoch Nichtlinearit{\"a}ten zwischen einzelnen Branchen und Unternehmenstypen gibt. Zuletzt wird in Kapitel 5 die Frage aufgeworfen, welche Rolle das Finanzsystem bei der Verteilung des Wohlstands spielt. W{\"a}hrend Kredite an Haushalte und Unternehmen, zusammen mit Indikatoren zum Arbeits- und Sparverhalten, sowie zur Altersstruktur der Bev{\"o}lkerung, die wichtigsten Determinanten von Verm{\"o}gensungleichheit sind, zeigen sich in der Beziehung von Krediten und Verm{\"o}gensungleichheit ebenfalls verschiedene Nichtlinearit{\"a}ten, u.a. im Bezug auf den Entwicklungsstand von Finanzsystemen und Wohneigentumsquoten.}, subject = {Kredit}, language = {en} } @techreport{BolzNaumannRichter2024, type = {Working Paper}, author = {Bolz, Simon J. and Naumann, Fabrice and Richter, Philipp M.}, title = {Unilateral Environmental Policy and Offshoring}, doi = {10.25972/OPUS-35903}, url = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-359033}, pages = {66}, year = {2024}, abstract = {Expanding on a general equilibrium model of offshoring, we analyze the effects of a unilateral emissions tax increase on the environment, income, and inequality. Heterogeneous firms allocate labor across production tasks and emissions abatement, while only the most productive can benefit from lower labor and/or emissions costs abroad and offshore. We find a non-monotonic effect on global emissions, which decline if the initial difference in emissions taxes is small. For a sufficiently large difference, global emissions rise, implying emissions leakage of more than 100\%. The underlying driver is a global technique effect: While the emissions intensity of incumbent non-offshoring firms declines, the cleanest firms start offshoring. Moreover, offshoring firms become dirtier, induced by a reduction in the foreign effective emissions tax in general equilibrium. Implementing a BCA prevents emissions leakage, reduces income inequality in the reforming country, but raises inequality across countries.}, subject = {Umweltpolitik}, language = {en} } @techreport{Gessner2024, type = {Working Paper}, author = {Geßner, Daniel}, title = {Rethinking renewable energy policies for hydrogen - How the intercept of electricity and hydrogen markets can be addressed}, doi = {10.25972/OPUS-37097}, url = {http://nbn-resolving.de/urn:nbn:de:bvb:20-opus-370973}, pages = {30}, year = {2024}, abstract = {A lot of countries have recently published updated hydrogen strategies, often including more ambitious targets for hydrogen production. In parallel, accompanying ramp-up mechanisms are increasingly coming into focus with the first ones already being released. However, these proposals usually translate mechanisms from renewable energy (RE) policy without considering the specific uncertainties, spillovers, and externalities of integrating hydrogen electrolysis into electricity grids. This article details how different aspects of a policy can address the specific issues, namely funding, risk-mitigation, and the complex relation with electricity markets. It shows that, compared to RE policy, subsidies need to emphasize the input side more strongly as price risks and intermittency from electricity markets are more prominent than from hydrogen markets. Also, it proposes a targeted mechanism to capture the positive externality of mitigating excess electricity in the grid while keeping investment security high. Economic policy should consider such approaches before massively scaling support and avoid the design shortcomings experienced with early RE policy.}, subject = {Wasserstoff}, language = {en} }