Konrad Adler
Title
Prof. Ph.D.
Last Name
Adler
First name
Konrad
Email
konrad.adler@unisg.ch
10 results
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Item type:Publication, Tariffs, corporate cash holdings, and innovation(2026-03-01); - Some of the metrics are blocked by yourconsent settings
Item type:Publication, When does overlapping ownership soften competition? The role of agency frictions and repeated interaction(2023-05-18); Mitkov, YuliyanWe document novel stylized facts about the effects of overlapping ownership on profits. We find that overlapping ownership is associated with lower profit margins when corporate governance is bad and in industries prone to softer competition due to tacit collusion. We build a simple dynamic model, where-due to agency frictions-firm managers derive a private benefit from deviating from tacit collusion. We find that overlapping ownership can increase, decrease, or have no effect on profits, depending on the extent of the agency friction and an industry's disposition towards softer competition. Our model is consistent with the stylized facts and can help reconcile theory with the mixed effects of overlapping ownership on profit found in the data.Type:journal article - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Thousands of BEERs: Take your pick(2017-11-01); Christian GrisseThis paper explores the robustness of behavioral equilibrium exchange rate (BEER) models. We highlight the importance of model uncertainty, and employ real exchange rates computed from price-level data to explore robustness to the inclusion of country fixed effects. The estimated coefficients—and therefore also the implied equilibrium values—are sensitive to the combination of variables included in the model, and to the inclusion of fixed effects. We identify several variables that exhibit a robust link with real exchange rates across specifications. Our findings can help policymakers in understanding the uncertainty associated with estimates of equilibrium exchange rates.Type:journal articleJournal:Review of International EconomicsVolume:25Issue:5Scopus© Citations 13 - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Dealing with bank distress: Insights from a comprehensive database(2020-12-01); Frédéric BoissayWe study the effectiveness of policy tools that deal with bank distress (i.e. central bank lending, asset purchases, bank liability guarantees, impaired asset segregation schemes). We present and draw on a novel database that tracks the use of such tools in 29 countries between 1980 and 2016. To keep “all else” equal, we test whether different policies explain differences in how countries fared through bank distress episodes that feature observationally similar initial macro–financial vulnerabilities. We find that, altogether, policy interventions help restore GDP growth and normalize the economy when bank distress follows a period of high cross–border exposures. Central bank lending and asset purchase schemes are especially effective in the first and second years of distress, respectively, and when bank distress follows low asset valuations, high bank leverage and weak bank performance. Overall, our results suggest that swift and broad–ranging policies can mitigate the adverse economic effects of bank distress.Type:discussion paperJournal:BIS Working Papers - Some of the metrics are blocked by yourconsent settings
Item type:Publication, - Some of the metrics are blocked by yourconsent settings
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Item type:Publication, When do common owners soften competition? The role of agency frictions and repeated interaction(2023-07-26); Yuliyan MitkovWe document novel stylized facts about the effects of overlapping ownership on profits. We find that overlapping ownership is associated with lower profit margins when corporate governance is bad and in industries prone to softer competition due to tacit collusion. We build a simple dynamic model, where - due to agency frictions - firm managers derive a private benefit from deviating from tacit collusion. We find that overlapping ownership can increase, decrease, or have no effect on profits, depending on the extent of the agency friction and an industry’s disposition towards softer competition. Our model is consistent with the stylized facts and can help reconcile theory with the mixed effects of overlapping ownership on profit found in the data.Type:working paper - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Financial Covenants, Firm Financing, and Investment(2022-08-01)Firms reduce investment to avoid costly violations of financial covenants, most of which are based on earnings. Empirically, I show that a 25% drop in earnings implies a 15% decrease in investment for the median listed US firm due to the reduced distance to the covenant threshold. To quantify this precautionary effect of covenants in the aggregate, I incorporate earnings covenants into a heterogeneous firm model with a financial sector. In the model, covenants reduce aggregate investment by 14% relative to a benchmark economy without limits on borrowing, where the precautionary effect of covenants accounts for most of the decrease.Type:working paper - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Globalization and Taste Heterogeneity: Evidence from Hollywood(2022-10-01) - Some of the metrics are blocked by yourconsent settings
Item type:Publication, Are Markets Moved by Bad News? Evidence from International Aviation Accidents(2012-06-01); Steve LawfordWe investigate the impact of aviation accidents on stock index returns. We find that the strong and significant negative impact of accidents on NYSE index returns found by Kaplanski and Levy (2010) becomes much weaker when we control for just a few extreme accidents. These unusually high-impact events generally involve acts of terrorism, such as 9/11, or otherwise coincide with major economic events that were unrelated to the accidents. Our results cast doubt on event studies which suggest that investor mood alone can cause stock markets to suffer large losses. We create three new datasets for aviation accidents, from two different sources, which we link to stock market data. To identify extreme accidents and terrorist incidents, we construct several measures of media coverage, based on the New York Times online archive. We find a significant impact of all severe aviation accidents on NYSE index returns, in line with Kaplanski and Levy. However, accidents involving U.S. carriers alone do not have a significant impact. This suggests that news coverage about “close to home” accidents does not in itself influence investor mood. When we extend our analysis to other market indexes (FTSE100, CAC40, NIKKEI225), we find no evidence of an aviation accident effect that is consistent with the mood effect. Information about terrorism, on the other hand, has a very strong impact.Type:working paper