- NOeG-l - Wirtschaftsuniversität Wien

Reminder: WU Economic Research Seminar 21.3.18, Eva Erhardt (Johannes Gutenberg University Mainz)
by Oberhofer, Harald 19 Mar '18

19 Mar '18

Dear colleagues, The Department of Economics cordially invites you to the WU Economic Research Seminar (Department Seminar) on Wednesday, March 21, with Eva Erhardt (Johannes Gutenberg University Mainz) on "Firms after high growth: Understanding the impact of different growth measures" Abstract: Do high-growth firms continue to create jobs after the high-growth period or is high-growth a one-time event? Does the answer to this question depend on the definition of high growth? This paper analyzes data from Amadeus on registered Bulgarian firms for three consecutive 3-year periods (2001-2004, 2004-2007, and 2007-2010). We use absolute growth to define and measure the long-term contribution of high-growth firms to employment for the first time in the literature and assume that the actual change in headcount matters most from a labor market perspective. We then compare the absolute definition of high-growth to a relative one and the composite measure recommended by Eurostat-OECD. To decompose the impact of surviving and exiting firms on aggregate effects, we investigate future growth by means of a two-part model. We find that definitions are central for outcomes. The three differently defined sets of high growth firms vary substantially not only in terms of repeating high growth or exiting after high growth, but also in their future growth performance compared to non-high-growth firms. Our results for Bulgarian firms largely confirm what has been found for high-income countries: surviving relative high-growth firms are characterized by negative future growth rates, while those defined according to Eurostat-OECD or other composite indices grow positively after high growth. If growth is measured in absolute terms, then surviving high growth firms continue to create more jobs than non-high growth firms in the six years after high growth. Taking firm exits into account however, absolute high-growth firms are outperformed by average firms due to the job losses caused by large exiting high-growth firms - with one notable exception: high-growth firms of initially small size (10-49 employees) continue to grow and indeed seem a worthwhile target for policies promoting high-growth entrepreneurship. Place and time: Wednesday, March 21, 4.30 - 6.00 p.m., Campus WU, Welthandelsplatz 1, 1020 Vienna, building D4, 2nd floor, Department meeting room 2.008. With best regards, Harald Oberhofer --- Univ.-Prof. Dr. Harald Oberhofer Institute for International Economics WU Vienna University of Economics and Business Phone: +43/1/31336-4984 Fax: +43/1/31336-4984 Email: harald.oberhofer(a)wu.ac.at<mailto:harald.oberhofer@wu.ac.at> Webpage: https://www.wu.ac.at/ie/mitarbeiter/harald-oberhofer/ Austrian Institute of Economic Research (WIFO) Phone: +43/1/7982601-468 Fax: +43/1/7989386 Email: harald.oberhofer(a)wifo.ac.at<mailto:harald.oberhofer@wifo.ac.at> Webpage: http://www.wifo.ac.at/harald_oberhofer

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INVITATION: FIW-wiiw Seminars in International Economics, 26 March 2018
by wiiw Events (noeg) 14 Mar '18

14 Mar '18

View this email in your browser [https://wiiw.ac.at/files/mailings/event-201803141441-en.html] _in cooperation with _ [Research Centre International Economics (FIW)] [http://fiw.ac.at/index.php?id=1&L=3] Dear colleague, we cordially invite you to the following event: CREDIT DYNAMICS IN CESEE SINCE THE GLOBAL FINANCIAL CRISIS: ADJUSTMENT BACK TO EQUILIBRIUM LEVELS? MARIAROSARIA COMUNALE Bank of Lithuania MONDAY, 26 MARCH 2018, 3:00 PM (15:00 CEST) wiiw, Rahlgasse 3, 1060 Vienna FIW-wiiw Seminars in International Economics [https://wiiw.ac.at/fiw-wiiw-seminars-in-international-economics-es-6.html] During the period of rapid credit expansion that was observed in most Central, Eastern and Southeastern European (CESEE) countries before the 2008/2009 global financial crisis (GFC) several papers had addressed the question whether these dynamics are still sustainable or constitute overshooting compared to equilibrium levels, raising concerns with regard to macrofinancial stability. With the benefit of hindsight, a consensus has emerged that pre-crisis credit developments had been on an excessive path in several CESEE countries. In particular, the substantial increases of nonperforming loans (NPLs) in the years after 2008 suggest that credit dynamics had been too much of a good thing in many CESEE countries. In the wake of the GFC, credit growth slowed down remarkably or even turned negative in CESEE, before recovering or accelerating again more recently. Against this background, the question arises whether credit levels have eventually turned back to equilibrium levels or whether under- or overshooting tendencies can be identified. ...more [https://wiiw.ac.at/credit-dynamics-in-cesee-since-the-global-financial-cris…] WE KINDLY ASK YOU TO REGISTER [https://wiiw.ac.at/bc-e-er-375.html] for the event. Participation is free of charge. Best regards, Julia Grübler [https://wiiw.ac.at/julia-gruebler-s-866.html] _Organiser_ Robert Stehrer [https://wiiw.ac.at/robert-stehrer-s-16.html] _Scientific Director_ wiiw The Vienna Institute for International Economic Studies Rahlgasse 3, 1060 Vienna, Austria wiiw(a)wiiw.ac.at, wiiw.ac.at [https://wiiw.ac.at] T: +43 1 533 66 10 [tel:+4315336610] [http://www.facebook.com/wiiw.economic.studies] [http://www.twitter.com/wiiw_news] [http://www.linkedin.com/company/vienna-institute-for-international-economic…] [http://www.youtube.com/channel/UCyNuSfsgzgBsIf7AaH8Vk-Q] [https://wiiw.ac.at/rss.php] Copyright ©2018 wiiw, all rights reserved.

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reminder Applied Economics Seminar 20.3.2018
by Gabriele Prochaska 14 Mar '18

14 Mar '18

Dear all, You are cordially invited to attend the Applied Economics seminar on Tuesday, March 20 from 13:15-14:30 (SR VGSE 3st floor). We have one speaker: Erik Lindqvist (U Stockholm) 13:15-14:30 Erik Lindqvist (U Stockholm) Title: The Long-Run Effect of Lottery Wealth on Well-Being Abstract: Does unearned wealth bring long-run happiness or well-being? We surveyed a large sample of Swedish lottery players about their well-being and analyzed the data following pre-registered procedures. Relative to matched controls, large-prize winners experience sustained increases in overall life satisfaction that persist for at least fifteen years and show no evidence of dissipating with time. The estimated treatment effects on happiness and mental health are significantly smaller, suggesting that unearned wealth has stronger long-run effects on evaluative measures of well-being than on affective ones. Follow-up analyses of domain-specific aspects of life satisfaction clearly implicate financial life satisfaction as an important mediator for the long-run increase in overall life satisfaction. If you are interested in meeting Erik Lindqvist before or after the seminar (meeting slots of 30' , room no 05.345 (Milford) please register via this doodle-link: <https://doodle.com/poll/9virbfeabaxk4fpa> https://doodle.com/poll/9virbfeabaxk4fpa <https://doodle.com/poll/9virbfeabaxk4fpa> Best regards, Gabriele Prochaska University of Vienna <http://econ.univie.ac.at/> Department of Economics Oskar-Morgenstern-Platz 1 1090 Vienna +43-1-4277-37401

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Gender Economics Workshop in Berlin
by Katharina Wrohlich 14 Mar '18

14 Mar '18

Liebe Kolleginnen und Kollegen, anbei ein Call for Papers für einen Workshop zu Gender Economics, der im Oktober 2018 in Berlin stattfinden wird. Beste Grüße Katharina Wrohlich -- Dr. Katharina Wrohlich Deutsches Institut für Wirtschaftsforschung e.V. (DIW Berlin) Mohrenstraße 58 10117 Berlin Tel.: +49 30 89789 164 Fax: +49 30 89789 114 E-Mail: kwrohlich(a)diw.de www.diw.de/cv/de/kwrohlich

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Stellenausschreibung Insight Austria
by Axel Sonntag 13 Mar '18

13 Mar '18

Liebe NOeG-Listen Mitglieder, Bitte finden Sie anbei eine Stellenausschreibung von Insight Austria, dem Kompetenzzentrum für Verhaltensökonomie des Instituts für Höhere Studien. Ich würde Sie insbesondere um die Weiterleitung an potenziell interessierte Masterstudierende ersuchen. Beste Grüße, Axel Sonntag [ia_mail_signature] Dr. Axel Sonntag Senior Researcher Insight Austria - Kompetenzzentrum Verhaltensökonomie, Institut für Höhere Studien Vienna Center for Experimental Economics, Universität Wien T +43 1 59991 188 M sonntag(a)ihs.ac.at<mailto:sonntag@ihs.ac.at> W insight-austria.ihs.ac.at<https://insight-austria.ihs.ac.at/>

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WU Economic Research Seminar 21.3.18, Eva Erhardt (Johannes Gutenberg University Mainz)
by Oberhofer, Harald 13 Mar '18

13 Mar '18

Dear colleagues, The Department of Economics cordially invites you to the WU Economic Research Seminar (Department Seminar) on Wednesday, March 21, with Eva Erhardt (Johannes Gutenberg University Mainz) on "Firms after high growth: Understanding the impact of different growth measures" Abstract: Do high-growth firms continue to create jobs after the high-growth period or is high-growth a one-time event? Does the answer to this question depend on the definition of high growth? This paper analyzes data from Amadeus on registered Bulgarian firms for three consecutive 3-year periods (2001-2004, 2004-2007, and 2007-2010). We use absolute growth to define and measure the long-term contribution of high-growth firms to employment for the first time in the literature and assume that the actual change in headcount matters most from a labor market perspective. We then compare the absolute definition of high-growth to a relative one and the composite measure recommended by Eurostat-OECD. To decompose the impact of surviving and exiting firms on aggregate effects, we investigate future growth by means of a two-part model. We find that definitions are central for outcomes. The three differently defined sets of high growth firms vary substantially not only in terms of repeating high growth or exiting after high growth, but also in their future growth performance compared to non-high-growth firms. Our results for Bulgarian firms largely confirm what has been found for high-income countries: surviving relative high-growth firms are characterized by negative future growth rates, while those defined according to Eurostat-OECD or other composite indices grow positively after high growth. If growth is measured in absolute terms, then surviving high growth firms continue to create more jobs than non-high growth firms in the six years after high growth. Taking firm exits into account however, absolute high-growth firms are outperformed by average firms due to the job losses caused by large exiting high-growth firms - with one notable exception: high-growth firms of initially small size (10-49 employees) continue to grow and indeed seem a worthwhile target for policies promoting high-growth entrepreneurship. Place and time: Wednesday, March 21, 4.30 - 6.00 p.m., Campus WU, Welthandelsplatz 1, 1020 Vienna, building D4, 2nd floor, Department meeting room 2.008. With best regards, Harald Oberhofer --- Univ.-Prof. Dr. Harald Oberhofer Institute for International Economics WU Vienna University of Economics and Business Phone: +43/1/31336-4984 Fax: +43/1/31336-4984 Email: harald.oberhofer(a)wu.ac.at<mailto:harald.oberhofer@wu.ac.at> Webpage: https://www.wu.ac.at/ie/mitarbeiter/harald-oberhofer/ Austrian Institute of Economic Research (WIFO) Phone: +43/1/7982601-468 Fax: +43/1/7989386 Email: harald.oberhofer(a)wifo.ac.at<mailto:harald.oberhofer@wifo.ac.at> Webpage: http://www.wifo.ac.at/harald_oberhofer

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Einladung | VOSTA Freitagsseminar Tsomocos
by OENB - Events 12 Mar '18

12 Mar '18

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Mail Override */ { /*@editable*/ color: #606060; /*@editable*/ font-weight: normal; /*@editable*/ text-decoration: underline; } /* /\/\/\/\/\/\/\/\/ MOBILE STYLES /\/\/\/\/\/\/\/\/ */ @media only screen and (max-width: 480px) { /* /\/\/\/\/\/\/ CLIENT-SPECIFIC MOBILE STYLES /\/\/\/\/\/\/ */ body { width: 100% !important; min-width: 100% !important; } /* Prevent iOS Mail from #bodyCell{padding:10px !important;} /* ======== Page Styles ======== */ #templateContainer { max-width: 600px !important; /*@editable*/ width: 100% !important; } h1 { /*@editable*/ font-size: 24px !important; /*@editable*/ line-height: 100% !important; } h2 { /*@editable*/ font-size: 20px !important; /*@editable*/ line-height: 100% !important; } h3 { /*@editable*/ font-size: 18px !important; /*@editable*/ line-height: 100% !important; } h4 { /*@editable*/ font-size: 16px !important; /*@editable*/ line-height: 100% !important; } /* ======== Header Styles ======== */ #templatePreheader { display: none !important; } /* Hide the template preheader to save space */ #headerImage { height: auto !important; /*@editable*/ max-width: 600px !important; /*@editable*/ width: 100% !important; } .headerContent { /*@editable*/ font-size: 20px !important; /*@editable*/ line-height: 125% !important; } /* ======== Body Styles ======== */ .bodyContent { /*@editable*/ font-size: 18px !important; /*@editable*/ line-height: 125% !important; } .footerContent { /*@editable*/ font-size: 14px !important; /*@editable*/ line-height: 115% !important; } .footerContent a { display: block !important; } } E-Mail im Browser anzeigen.. EINLADUNG Sehr geehrte Damen und Herren, Wir laden Sie herzlich zum VOSTA Freitagsseminar von Herrn Dimitrios Tsomocos, University of Oxford, mit dem Titel "Liquidity and default in an exchange economy" ein. Termin: Freitag, 23. März 2018, 11:00 Uhr Ort: Oesterreichische Nationalbank Veranstaltungssaal, Erdgeschoss Otto-Wagner-Platz 3 1090 Wien   Abstract: This paper analyzes various channels of shock transmission in an economy subject to financial frictions, by incorporating liquidity and default effects on asset prices. We develop a framework in which we can assess financial stability policy by introducing a simplified model of exchange and financial intermediation that captures the effects of shocks on financial and real sectors of the economy. The model allows us to explain essential mechanisms and interactions of financial and real economic variables in a comprehensive, yet intuitive fashion. Our results suggest that liquidity and default in the credit markets should be analyzed contemporaneously when financial, monetary and productivity shocks affect financial stability as well as the real economy.   Um Ihre verlässliche An- bzw. Abmeldung ersuchen wir bis Dienstag, 20. März 2018, an event-management(a)oenb.at.   Mit freundlichen Grüßen, Event-Management Oesterreichische Nationalbank Otto-Wagner-Platz 3, 1090 Wien event-management(a)oenb.at

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Ieke van der Burg Prize 2018 for Research on Systemic Risk
by Ritzberger-Gruenwald, Doris 12 Mar '18

12 Mar '18

Liebe NOeG-Mitglieder, anbei eine Einladung des ESRB (European Systemic Risk Board) Papiere für den Ieke van den Burg Prize 2018 for Research on Systemic Risk einzureichen. Mögliche Sub-Themen sind: * the role of macroprudential policy; * regulatory issues in banking and finance; * financial instability and performance of the real economy; * genesis of financial crises and identification of systemic risk; * consumer protection in financial markets. Alterslimit: unter 35 Einreichschluss: 31. März 2018 Doris Ritzberger-Grünwald Dr. Doris RITZBERGER-GRUENWALD Oesterreichische Nationalbank Director Economic Analysis and Research Department Otto-Wagner-Platz 3 A-1090 Vienna, Austria T:+43(0)1 40420-7002 www.oenb.at<http://www.oenb.at/> Diese E-Mail kann vertrauliche Informationen enthalten und irrtümlich an Sie gelangt sein. In diesem Fall informieren Sie bitte sofort die Absenderin bzw. den Absender und vernichten Sie diese E-Mail. Das unerlaubte Kopieren sowie die unbefugte Weitergabe dieser Mail oder von Teilen dieser Mail sind nicht gestattet.

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April 9: public discussion in Skylounge on next spectrum auction in Austria
by Maarten Janssen 12 Mar '18

12 Mar '18

The next (5G) telecom auction in Austria: an international perspective Since the FCC organized the first telecom auction in 1994 in the USA, there has been an ongoing discussion regarding these auctions. Questions include: What is the most appropriate auction design? Should revenue be an objective of these auctions? Do the outcomes of auctions raise consumer prices for telecommunication services? Despite these questions, these auctions have been widely considered to be one of the most important successes of game theory in practice and academics around the world have been developing new auction models with the intention to prevent some of the shortcomings of more traditional models. Starting with 3G, spectrum auctions have also been organized in Austria on a regular basis. Auctions have advantages over other allocation processes in that they typically ensure that the spectrum is used efficiently. On the other hand, in 2001 some commentators suspected that bidders had colluded in the Austrian auction and in 2013 the allocation of available spectrum was uneven across bidders and auction prices were considered to be very high. As there are different auction designs available, it is important to know how to choose the most appropriate design. In 2018 the Austrian regulator TTK/RTR will organize a new auction in Austria for the so-called 5G spectrum bands. On April 9, 2018 the University of Vienna organizes a panel discussion about the international experience with different auction designs and its impact on the current proposals for the Austrian auction design. Practitioners, policy makers, students and academics with an interest in public policy concerning the telecommunication sector are invited to participate in this discussion. No prior knowledge of auctions is expected. The program for April 9, 2018: 18.00: Opening by Univ.Prof.dr Christine Zulehner (University of Vienna) 18.10 19.00: Presentations by Univ.Prof.dr. Martin Bichler (TU München), Mr. Nick Fookes (Communication Chambers) and Univ.Prof.dr. Maarten Janssen (University of Vienna) 19.00 19.30: Discussion between panellists and with the audience 19.30 20.15: Informal continuation of the discussion (drinks are provided) Please register until April 1 to <mailto:next.auction@univie.ac.at> next.auction(a)univie.ac.at . Location: Sky Lounge, Oskar Morgensternplazt 1 (12th floor), 1090 Vienna. Organizers: Univ.Prof.dr. Maarten Janssen, Univ.Prof.dr Christine Zulehner (University of Vienna). Sponsor: A1/Telekom Austria

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REMINDER: WU Economic Research Seminar 14.3.18, Ahmed Mushfiq Mobarak (Yale University)
by Oberhofer, Harald 10 Mar '18

10 Mar '18

Dear colleagues, The Department of Economics cordially invites you to the WU Economic Research Seminar (Department Seminar) on Wednesday, March 14, with Ahmed Mushfiq Mobarak (Yale University) on "The Economics of Enforcement" Abstract: Curbing undesirable behaviors through regulation is difficult when regulated agents react in unanticipated ways to circumvent enforcement. When enforcement capacity is limited, regulators rely on indirect methods like information campaigns to encourage compliance with socially desirable actions. We evaluate attempts to reduce over-fishing of the critically endangered Pacific hake by either (a) monitoring and penalizing vendors that sell illegal fish during a ban or (b) discouraging consumers from purchasing hake during the ban. Vendors attempt to circumvent the ban through hidden sales and other means, which we track using secret shoppers. Instituting random monitoring visits are much more effective in curbing hake sales by limiting such cheating, than visits that occur on a predictable schedule. Monitoring at higher frequency (designed to limit spatial and temporal displacement of illegal sales) backfires, because targeted agents learn faster, and cheat more effectively. Details of enforcement policy design are therefore crucial in determining the sustained, longer-term effects of enforcement. Place and time: Wednesday, March 14, 4.30 - 6.00 p.m., Campus WU, Welthandelsplatz 1, 1020 Vienna, building TC, ground floor, room TC.0.01 ERSTE. The seminar is a cooperation event between the Department of Economics and the Institute for Markets and Strategy. With best regards, Harald Oberhofer --- Univ.-Prof. Dr. Harald Oberhofer Institute for International Economics WU Vienna University of Economics and Business Phone: +43/1/31336-4984 Fax: +43/1/31336-4984 Email: harald.oberhofer(a)wu.ac.at<mailto:harald.oberhofer@wu.ac.at> Webpage: https://www.wu.ac.at/ie/mitarbeiter/harald-oberhofer/ Austrian Institute of Economic Research (WIFO) Phone: +43/1/7982601-468 Fax: +43/1/7989386 Email: harald.oberhofer(a)wifo.ac.at<mailto:harald.oberhofer@wifo.ac.at> Webpage: http://www.wifo.ac.at/harald_oberhofer

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