MSM Research seminar

During the summer term the research seminar takes place in room LB 335 on Wednesdays from 5:30 p.m. to 6:30 p.m.

Sommersemester 2019

10.04.2019Jan Bena, University of British Columbia
Shielding Firm Value: Employment Protection and Process Innovation

We show that an increase in labor dismissal costs leads firms to increase their process innovation, especially in industries with a large share of labor costs. Firms with a greater stock of knowledge capital adjust their production methods and mitigate the effects of increased labor rigidity. They exhibit larger increases in process innovation, larger decreases in employment and employment growth rates, and larger increases in capital intensity. These adjustments allow them to increase labor productivity, operating performance, and ultimately to avoid value losses.

17.04.2019no seminar
24.04.2019Tim Eisert, Erasmus School of Economics Rotterdam
Credit Misallocation and (Dis-) Inflation: Evidence from Europe (with Viral Acharya, Matteo Crosignani, and Christian Eufinger)

The European economy has been recently characterized by near-zero inflation and an extraordinarily accommodative monetary policy. Motivated by this evidence, we show that, in an environment with poorly capitalized banks, low policy rates can have a negative effect on inflation. In a stylized model, we show that low policy rates help low-capital banks extend extra credit to weak firms in order to prevent them from defaulting (“zombie” lending). The resulting low firm default rate increases competition that, in turn, has a negative effect on product prices. We test our mechanism exploiting firm-level data from twelve European countries. After confirming that subsidized credit to weak firms has dramatically increased since 2012, we find that, in the cross-section of industries and countries, an increase in the share of zombie firms is associated with a decrease of markups, prices, and firm entries and defaults, while aggregate sales increase. Our results hold at the firm-level and are stronger for non-tradable products, more affected by local credit markets. 
08.05.2019Michael Schneider, RWTH Aachen
Routing Electric Vehicles

Electric commercial vehicles (ECVs) have several advantages compared to internal combustion commercial vehicles, like no local greenhouse gas and only minimal noise emissions, but they are still not competitive from a cost point of view. One important aspect in paving the way for their long-term success is their cost-efficient operation in last-mile delivery operations. This entails the investigation of so-called electric vehicle-routing problems (EVRPs), which cover the limited driving range of ECVs and the possibility of recharging their battery at charging stations along the route. In this talk, we give an overview of the variants of ECVs treated in the literature, and we describe important components of successful heuristic solution approaches. In particular, we propose to consider EVRPs as a special variant of VRPs with intermediate stops and to concentrate on the development of more general solution frameworks for this class of problems. Finally, we outline interesting topics for future research.
15.05.19Jan Marcus, Universität Hamburg
Start: 18:00Sports Club Vouchers and Children’s Health Behavior
05.06.2019Heiko Jacobs, Universität Duisburg-Essen
Aggregating Anomalies

I evaluate the performance of several composite mispricing approaches aiming at synthesizing the information of the 380 individual cross-sectional anomalies in my global sample. Relative to the typical anomaly, aggregation techniques on average quadruple abnormal return predictability, both in the U.S. and nine large international stock markets. Mispricing also appears to be pronounced among large stocks, in the recent past, constructed from published anomalies only, or benchmarked against recently proposed asset pricing models. In sum, my  findings suggest that cross-sectional return predictability is unlikely to be spurious and that global stock markets may be less efficient than widely thought. 
12.06.2019Rainer M. Rilke, WHU-Otto Beisheim School of Management
03.07.2019Stephan Müller, Georg-August-Universität Göttingen
10.07.2019Nicolas Klein, University of Montreal

Past events

You can find past events here.