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  1. Forward guidance shocks
    Autor*in: Miescu, Mirela S.
    Erschienen: [2022]
    Verlag:  Lancaster University Management School, Lancester

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    Schriftenreihe: Economics working paper series ; 2022/003
    Schlagworte: forward guidance; monetary policy; event study; heteroscedasticity; structural VAR
    Umfang: 1 Online-Ressource (circa 42 Seiten), Illustrationen
  2. Saved by the bell?
    equity market responses to surprise Covid-19 lockdowns and central bank interventions
    Autor*in: Mathur, Aakriti; Sengupta, Rajeswari; Pratap, Bhanu
    Erschienen: March 2022
    Verlag:  Indira Gandhi Institute of Development Research, Mumbai

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    Schriftenreihe: [WP series / Indira Gandhi Institute of Development Research] ; WP-2022, 001
    Schlagworte: Covid-19; event study; earnings calls; firm performance; uncertainty; central bankpolicies
    Umfang: 1 Online-Ressource (circa 51 Seiten), Illustrationen
  3. Bank opacity - patterns and implications
    Autor*in: Avdjiev, Stefan; Jager, Maximilian
    Erschienen: 2022
    Verlag:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Schriftenreihe: BIS working papers ; no 992 (January 2022)
    Schlagworte: bank opacity; asymmetric information; event study; credit risk; asset markets
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  4. Revisiting event study designs
    robust and efficient estimation
    Autor*in: Borusyak, Kirill; Jaravel, Xavier; Spiess, Jann
    Erschienen: 24 April 2022
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP17247
    Schlagworte: Ereignisstudie; Differenz von Differenzen; Kausalanalyse; Robustes Verfahren; Kleinste-Quadrate-Methode; Schätztheorie; USA; Difference-in-Differences; event study; Imputation estimator; panel data
    Umfang: 1 Online-Ressource (circa 88 Seiten), Illustrationen
  5. Multiproduct mergers and the product mix in domestic and foreign markets
    Autor*in: Chan, Jackie M.L.; Irlacher, Michael; Koch, Michael
    Erschienen: April 2022
    Verlag:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    This paper investigates the effects of mergers on the product mix of multiproduct firms. Thus, we open the black box of post-merger efficiency improvements to reveal a new margin of adjustment along the product dimension. We analyze horizontal... mehr

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    This paper investigates the effects of mergers on the product mix of multiproduct firms. Thus, we open the black box of post-merger efficiency improvements to reveal a new margin of adjustment along the product dimension. We analyze horizontal mergers in a theoretical model where oligopolistic firms employ a flexible manufacturing technology and allocate assets between differentiated varieties. After a merger, acquirers drop products from their consolidated domestic product portfolio and reallocate assets towards core varieties. We further demonstrate that such merger-induced efficiency gains imply greater activity in foreign markets. Using detailed Danish register data, we document novel facts regarding mergers and multiproduct firms and find empirical evidence strongly supporting the model's predictions. Our results show that the number of domestic products of the post-merger acquirer falls relative to the sum of the premerger acquirer and target, that skewness of domestic sales rises towards core products, and that export activity increases.

     
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    Schriftenreihe: CESifo working paper ; no. 9722 (2022)
    Schlagworte: multiproduct firms; horizontal mergers; flexible manufacturing; exports; product mix; event study
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  6. Place-based consequences of person-based transfers
    evidence from recessions
    Autor*in: Hershbein, Brad; Stuart, Bryan A.
    Erschienen: [2022]
    Verlag:  Research Department, Federal Reserve Bank of Philadelphia, Philadelphia, PA

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    Schriftenreihe: Working papers / Research Department, Federal Reserve Bank of Philadelphia ; 22, 08 (March 2022)
    Schlagworte: recessions; safety net; government transfers; demand shocks; local labor markets; event study
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  7. Place-based consequences of person-based transfers
    evidence from recessions
    Autor*in: Hershbein, Brad; Stuart, Bryan A.
    Erschienen: 1-27-2022
    Verlag:  W.E. Upjohn Institute for Employment Research, Kalamazoo, MI

    This paper studies how government transfers respond to changes in local economic activity that emerge during recessions. Local labor markets that experience greater employment losses during recessions face persistent relative decreases in earnings... mehr

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    This paper studies how government transfers respond to changes in local economic activity that emerge during recessions. Local labor markets that experience greater employment losses during recessions face persistent relative decreases in earnings per capita. However, these areas also experience persistent increases in transfers per capita, which offset 16 percent of the earnings loss on average. The increase in transfers is driven by unemployment insurance in the short run, and medical, retirement, and disability transfers in the long run. Our results show that nominally place-neutral transfer programs redistribute considerable sums of money to places with depressed economic conditions.

     
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    Schriftenreihe: Upjohn Institute working paper ; 22, 362
    Schlagworte: recessions; safety net; government transfers; demand shocks; local labor markets; event study
    Umfang: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  8. Bank opacity
    patterns and implications
    Autor*in: Avdjiev, Stefan; Jager, Maximilian
    Erschienen: 10 February 2022
    Verlag:  Centre for Economic Policy Research, London

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    Schriftenreihe: Array ; DP17024
    Schlagworte: bank opacity; Asymmetric information; event study; credit risk; Asset Markets
    Umfang: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  9. Stock prices and the Russia-Ukraine war
    sanctions, energy and ESG
    Autor*in: Deng, Ming; Leippold, Markus; Wagner, Alexander F.; Wang, Qian
    Erschienen: [2022]
    Verlag:  Swiss Finance Institute, Geneva

    In the build-up to and especially in the weeks after the Russian invasion of Ukraine, stocks strongly exposed to the regulatory risks of the transition to a low-carbon economy did well, suggesting an expected slow-down of that transition. Analysts... mehr

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    In the build-up to and especially in the weeks after the Russian invasion of Ukraine, stocks strongly exposed to the regulatory risks of the transition to a low-carbon economy did well, suggesting an expected slow-down of that transition. Analysts increased their earnings estimates for these stocks. The stock price effects were strongest in the US. In Europe, the effects were less pronounced or even opposite, arguably because market participants expect stronger policy responses supporting renewable energy sources in the face of the pronounced dependence of Europe on Russian oil and gas. Overall, investors thus expect the speed of transition to a low-carbon economy to be diverging between the US and Europe. The analysis controls for a range of different Environmental, Social, and Governance (ESG) measures (for which we obtain mixed results). Companies that more frequently refer to inflation in their conference calls with analysts performed worse. Internationally oriented firms did poorly, and investors were particularly concerned regarding companies' exposure to China. Overall, the results offer a preview of the challenging economic impact of the Russia-Ukraine war

     
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    Schriftenreihe: Research paper series / Swiss Finance Institute ; no 22, 29
    Schlagworte: Climate transition risk; energy; ESG; event study; inflation; resilience; Russia-Ukraine war; stock returns
    Umfang: 1 Online-Ressource (circa 49 Seiten), Illustrationen
  10. Regional structural change and the effects of job loss
    Autor*in: Arntz, Melanie; Ivanov, Boris; Pohlan, Laura
    Erschienen: May 2022
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    Routine-intensive occupations have been declining in many countries, but how does this affect individual workers' careers if this decline is particularly severe in their local labor market? This paper uses administrative data from Germany and a... mehr

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    Routine-intensive occupations have been declining in many countries, but how does this affect individual workers' careers if this decline is particularly severe in their local labor market? This paper uses administrative data from Germany and a matched difference-in-differences approach to show that the individual costs of job loss strongly depend on the task-bias of regional structural change. Workers displaced from routine manual occupations have substantially higher and more persistent employment and wage losses in regions where such occupations decline the most. Regional and occupational mobility partly serve as an adjustment mechanism, but come at high cost as these switches also involve losses in firm wage premia. Non-displaced workers, by contrast, remain largely unaffected by structural change.

     
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    hdl: 10419/263529
    Schriftenreihe: Discussion paper series / IZA ; no. 15313
    Schlagworte: routine-biased structural change; local labor markets,displacement; mass-layoffs; plant closures; matching,difference-in-differences; event study
    Umfang: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  11. Immigration and the utilization of preventive care in Europe
    results from retrospective data
    Autor*in: Buia, Raluca E.; Genie, Mesfin G.; Orso, Cristina Elisa; Pasini, Giacomo
    Erschienen: [2022]
    Verlag:  Department of Economics, Ca’ Foscari University of Venice, Venice Italy

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    Schriftenreihe: Working paper / Ca' Foscari University of Venice, Department of Economics ; 2022, no. 04
    Schlagworte: Immigration; Preventive care; SHARE; event study
    Umfang: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  12. Effects of Banco de la Republica's communication on the yield curve
    Autor*in: Melo-Velandia, Luis Fernando; Ospina-Tejeiro, Juan J.; Parra-Polania, Julian A.
    Erschienen: June 2022
    Verlag:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Schriftenreihe: BIS working papers ; no 1022
    Schlagworte: communication; monetary policy; text mining; event study; yield curve
    Umfang: 1 Online-Ressource (circa 27 Seiten), Illustrationen
  13. Regional structural change and the effects of job loss
    Autor*in: Arntz, Melanie; Ivanov, Boris; Pohlan, Laura
    Erschienen: August 1,2022
    Verlag:  Institute for Employment Research of the Federal Employment Agency, Nürnberg, Germany

    Routine-intensive occupations have been declining in many countries, but how does this affect individual workers' careers if this decline is particularly severe in their local labor market? This paper uses administrative data from Germany and a... mehr

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    Routine-intensive occupations have been declining in many countries, but how does this affect individual workers' careers if this decline is particularly severe in their local labor market? This paper uses administrative data from Germany and a matched difference-in-differences approach to show that the individual costs of job loss strongly depend on the task-bias of regional structural change. Workers displaced from routine manual occupations have substantially higher and more persistent employment and wage losses in regions where such occupations decline the most. Regional and occupational mobility partly serve as an adjustment mechanism, but come at high cost as these switches also involve losses in firm wage premia. Non-displaced workers, by contrast, remain largely unaffected by structural change. In vielen Ländern sind routine-intensive Berufe rückläufig, aber wie wirkt sich dies auf die individuelle Karriere aus, wenn der Rückgang dieser Berufe im lokalen Arbeitsmarkt besonders stark ausfällt? Diese Studie zeigt basierend auf administrativen Daten aus Deutschland und einem mit Matching kombinierten Differenz-von-Differenzen-Ansatz, dass die individuellen Kosten eines Arbeitsplatzverlustes stark von der Tätigkeitsorientierung des regionalen Strukturwandels abhängen. Personen aus manuellen routine-intensiven Berufen haben nach einer Entlassung wesentlich höhere und lang anhaltende Beschäftigungs- und Lohnverluste in Regionen, in denen der Rückgang dieser Berufe am stärksten ausgeprägt ist. Regionale und berufliche Mobilität dienen teilweise als Anpassungsmechanismen, sie sind jedoch mit hohen Kosten verbunden, da diese Wechsel auch Verluste bei unternehmensspezifischen Lohnaufschlägen mit sich bringen. Beschäftigte, die nicht entlassen werden, bleiben hingegen weitgehend vom Strukturwandel verschont.

     
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    hdl: 10419/262197
    Schriftenreihe: IAB-discussion paper ; 2022, 17
    Schlagworte: routine-biased structural change; local labor markets; displacement; mass-layoffs; plant closures; matching; difference-in-differences; event study
    Umfang: 1 Online-Ressource (circa 62 Seiten), Illustrationen
  14. Climate stress test
    bad (or good) news for the market? : an event study analysis on euro zone banks
    Autor*in: Torricelli, Costanza; Ferrari, Fabio
    Erschienen: May 2022
    Verlag:  CEFIN, Centro Studi di Banca e Finanza, Dipartimento di Economia Marco Biagi, Università di Modena e Reggio Emilia, Modena (Italy)

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    Schriftenreihe: CEFIN working papers ; no 86
    Schlagworte: banks climate stress test; physical risk; transition risk; abnormal returns; event study
    Umfang: 1 Online-Ressource (circa 28 Seiten), Illustrationen
  15. Responses of Swiss bond yields and stock prices to ECB policy surprises
    Autor*in: Hager, Diego M.; Nitschka, Thomas
    Erschienen: [2022]
    Verlag:  Swiss National Bank, Zurich

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    Schriftenreihe: SNB working papers ; 2022, 8
    Schlagworte: bond; event study; international spillovers; monetary policy; stock
    Umfang: 1 Online-Ressource (circa 38 Seiten), Illustrationen
  16. The effect of second generation rent controls
    new evidence from Catalonia
    Autor*in: Monras, Joan; García Montalvo, José
    Erschienen: [2022]
    Verlag:  BSE, Barcelona School of Economics, [Barcelona]

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    Auflage/Ausgabe: This version: May 2022
    Schriftenreihe: BSE working paper ; 1345 (May 2022)
    Schlagworte: Rent control; reference price; housing supply; event study
    Umfang: 1 Online-Ressource (circa 34 Seiten), Illustrationen
  17. The effect of second generation rent controls
    new evidence from Catalonia
    Autor*in: Monras, Joan; García Montalvo, José
    Erschienen: [2022]
    Verlag:  Universitat Pompeu Fabra, Department of Economics and Business, Barcelona

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    Auflage/Ausgabe: Updated version: April 2022
    Schriftenreihe: Economics working paper series ; no. 1836
    Schlagworte: Rent control; reference price; housing supply; event study
    Umfang: 1 Online-Ressource (circa 29 Seiten), Illustrationen
  18. Too complex to digest?
    federal tax bills and their processing in US financial markets
    Autor*in: Bennani, Hamza; Neuenkirch, Matthias
    Erschienen: October 2022
    Verlag:  CESifo, Munich, Germany

    In this paper, we analyze whether the complexity of tax bills affects financial markets. Based on the Flesch-Kincaid grade level of the 32 tax bills identified by Romer and Romer (2010) in the period 1962-2003, we assess the relationship between tax... mehr

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    In this paper, we analyze whether the complexity of tax bills affects financial markets. Based on the Flesch-Kincaid grade level of the 32 tax bills identified by Romer and Romer (2010) in the period 1962-2003, we assess the relationship between tax bills' complexity and financial markets using an event study approach. Our results show a negative (positive) and significant relationship between the present value of tax bills and changes in the 10-year government bond yields (S&P 500 returns). The magnitude of this relationship increases over time, suggesting that market participants underreact at first and need a couple of days to digest the information contained in the tax bills. This delay can be explained by the textual characteristics of the bills in the case of the 10-year yields as a lower readability partly offsets the negative relationship for up to three days after the signing of a tax bill, but not thereafter. In the case of the stock market, we find similar offsetting evidence, but only for a part of the readability measures employed in this paper.

     
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    hdl: 10419/267285
    Schriftenreihe: CESifo working papers ; 10052 (2022)
    Schlagworte: complexity; event study; financial markets; readability; tax bills
    Umfang: 1 Online-Ressource (circa 25 Seiten), Illustrationen
  19. Before and after out-of-home placement
    child health, education and crime
    Autor*in: Cavalca, Petra Gram; Ejrnæs, Mette; Gørtz, Mette
    Erschienen: [2022]
    Verlag:  CEBI, Department of Economics, University of Copenhagen, Copenhagen

    We investigate the short-term impact of out-of-home care on child health, schooling and juvenile crime. Using an event study to examine the dynamics around the time of placement, we document a clear deterioration of mental health and increasing crime... mehr

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    We investigate the short-term impact of out-of-home care on child health, schooling and juvenile crime. Using an event study to examine the dynamics around the time of placement, we document a clear deterioration of mental health and increasing crime rates before placement. After placement, we find a decrease in hospitalizations and an improvement in schooling outcomes. For a sub-sample, we use caseworkers' risk-assessment to form a control group of children who were at risk of a placement. For the marginal child, we find little evidence of a causal effect of placement, as we also see improvements for the control group.

     
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    Schriftenreihe: CEBI working paper series ; 22, 22
    Schlagworte: Child protection; health; schooling; crime; event study
    Umfang: 1 Online-Ressource (circa 72 Seiten), Illustrationen
  20. The effect of structural risks on financial downturns
    Autor*in: Hodula, Martin; Janků, Jan; Pfeifer, Lukáš
    Erschienen: [2022]
    Verlag:  European Systemic Risk Board, Frankfurt am Main, Germany

    We investigate the extent to which various structural risks exacerbate the materialization of cyclical risk. We use a large database covering all sorts of cyclical and structural features of the financial sector and the real economy for a panel of 30... mehr

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    We investigate the extent to which various structural risks exacerbate the materialization of cyclical risk. We use a large database covering all sorts of cyclical and structural features of the financial sector and the real economy for a panel of 30 countries over the period 2006Q1-2019Q4. We show that elevated levels of structural risks may have an important role in explaining the severity of cyclical and credit risk materialization during financial cycle contractions. Among these risks, private and public sector indebtedness, banking sector resilience and concentration of real estate exposures stand out. Moreover, we show that the elevated levels of some of the structural risks identified may be related to long-standing accommodative economic policy. Our evidence implies a stronger role for macroprudential policy, especially in countries with higher levels of structural risks.

     
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    Sprache: Englisch
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    ISBN: 9789294722607
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    Schriftenreihe: Working paper series / ESRB, European Systemic Risk Board, European System of Financial Supervision ; no 138 (September 2022)
    Schlagworte: Cyclical risk; event study; financial cycle; panel regression; structuralrisks; systemic risk
    Umfang: 1 Online-Ressource (circa 39 Seiten), Illustrationen
  21. Hate in the time of COVID-19
    racial crimes against East Asians
    Autor*in: Carr, Joel; James, Jonathan G.; Clifton-Sprigg, Joanna; Vujić, Sunčica
    Erschienen: November 2022
    Verlag:  IZA - Institute of Labor Economics, Bonn, Germany

    We provide evidence of the impact of the COVID-19 pandemic on racial hate crime in England and Wales. Using various data sources, including unique data collected through Freedom of Information (FOI) requests from UK police forces, a... mehr

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    We provide evidence of the impact of the COVID-19 pandemic on racial hate crime in England and Wales. Using various data sources, including unique data collected through Freedom of Information (FOI) requests from UK police forces, a difference-in-difference and event study approaches, we find that racial hate crime against East Asians increased by 70-100%, beginning in early February and persisted until November 2020. This increase was greatest in the weeks leading up to the first national lockdown in the UK. The shock was then lower during lockdown, before increasing again in the summer 2020. We present evidence that hate crime increased as COVID-19 cases in China increased and following announcements from the government signalling that China or Chinese individuals posed a public health risk to the UK. This indicates that protectionism played an important role in the observed hate crime spike. The hate crime shock was also positively correlated with the salience of the national lockdown and government policies restricting certain freedoms. The effect was driven largely by changes in London. This suggests that retaliation for lockdown contributed to the rise in hate crime.

     
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    hdl: 10419/267455
    Schriftenreihe: Discussion paper series / IZA ; no. 15718
    Schlagworte: COVID-19; hate crime; xenophobia; difference-in-differences; event study
    Umfang: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  22. On event studies and distributed-lags in two-way fixed effects models
    identification, equivalence, and generalization
    Autor*in: Schmidheiny, Kurt; Siegloch, Sebastian
    Erschienen: September 2022
    Verlag:  ECONtribute, Bonn

    We discuss properties and pitfalls of panel-data event study designs. We derive three main results. First, assuming constant treatment effects before and/or after some event time, also known as binning, is a natural restriction imposed on... mehr

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    We discuss properties and pitfalls of panel-data event study designs. We derive three main results. First, assuming constant treatment effects before and/or after some event time, also known as binning, is a natural restriction imposed on theoretically infinite effect windows. Binning identifies dynamic treatment effects in the absence of never-treated units and is particularly suitable in case of multiple events. Second, event study designs with binned endpoints and distributed-lag models are numerically identical leading to the same parameter estimates after correct reparametrization. Third, classic dummy variable event study designs can be generalized to models that account for multiple events of different sign and intensity of the treatment, which are common in public and labor economics. We demonstrate the practical relevance of our methodological points in an application studying the effects of unemployment benefit duration on job search effort.

     
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    Schriftenreihe: ECONtribute discussion paper ; no. 201
    Schlagworte: event study; distributed-lag; applied microeconomics; credibility revolution
    Umfang: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  23. Stock price reaction on the announcement of Basel implementation
    evidence from Indian banks
    Autor*in: Seth, Gaurav; Katti, Supriya; Phani, B.V.
    Erschienen: January 2022
    Verlag:  Reserve Bank of India, Department of Economic and Policy Research, [Mumbai]

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    Schriftenreihe: RBI working paper series ; WPS (DEPR) 2022, 1
    Schlagworte: Capital adequacy; Basel norms; event study
    Umfang: 1 Online-Ressource (circa 32 Seiten)
  24. The impact of the Russia-Ukraine conflict on the green energy transition – A capital market perspective
    Autor*in: Nerlinger, Martin; Utz, Sebastian
    Erschienen: [2022]
    Verlag:  SSRN, [S.l.]

    We investigate whether the Russia-Ukraine conflict has affected investors' assessment concerning a green energy transition. Based on a global energy sector sample, we apply an event study around the invasion on February 24, 2022. We find that energy... mehr

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    We investigate whether the Russia-Ukraine conflict has affected investors' assessment concerning a green energy transition. Based on a global energy sector sample, we apply an event study around the invasion on February 24, 2022. We find that energy firms' CAAR are positive around the event. Renewable energy firms generated comparably low abnormal returns than coal, oil and gas, and uranium. This pattern prevails except in North America, where they show the second-highest CAAR in 41 days around the event. Therefore, the Russia-Ukraine conflict appears not to entirely change the investors' assessment of a possible acceleration of a green energy transition

     
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    Schriftenreihe: Swiss Finance Institute Research Paper ; No. 22-49
    Schlagworte: Russia-Ukraine conflict; energy; transition; event study; climate change
    Umfang: 1 Online-Ressource (16 p)
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  25. Age-specific effects of early daycare on children's health
    Autor*in: Barschkett, Mara
    Erschienen: [2022]
    Verlag:  [Berlin School of Economics], [Berlin]

    Over the past decades, the share of very young children in daycare has increased significantly in many OECD countries, including Germany. Despite the relevance of child health for child development and later life success, the effect of early daycare... mehr

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    Over the past decades, the share of very young children in daycare has increased significantly in many OECD countries, including Germany. Despite the relevance of child health for child development and later life success, the effect of early daycare attendance on health has received little attention in the economic literature. In this study, I investigate the impact of a large daycare expansion in Germany on children's age-specific mental and physical health outcomes. Based on a unique set of administrative health records covering 90% of the German population over a period of ten years, I exploit exogenous variation in daycare attendance induced by the expansion. My results provide evidence for the substitution of illness spells from the first years of elementary school to the first years of daycare. Specifically, I find that early daycare attendance increases the prevalence of respiratory and infectious diseases and healthcare consumption when entering daycare (1-2 years) by 5-6 percent. At elementary school age (6-10 years), the prevalence decreases by similar magnitudes. I do not find evidence for an effect of daycare attendance on mental disorders, obesity, injuries, vision problems, or healthcare costs. Heterogeneity analysis indicates more pronounced effects for children from disadvantaged areas, earlier detection of vision problems, and a reduction in obesity in these children.

     
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    Schriftenreihe: Discussion paper / Berlin School of Economics ; #5 (December 2022)
    Schlagworte: child care; daycare expansion; physical health; mental health; education; administrative health records; difference-in-differences; event study
    Umfang: 1 Online-Ressource (circa 36 Seiten), Illustrationen