Abstract From the early 2000s onwards, the rise in net lending of the nonfinancial corporate sector has contributed substantially to the increase in the German current account surplus. The main driving factor behind the development in the nonfinancial corporate sector’s net lending was a rise in savings (retained earnings) while business investment was comparatively stable. To shed light on the determinants of corporate savings, this study presents results from an analysis using firm-level data from the recently developed Bundesbank database Janis. The descriptive analysis suggests that the increase in corporate savings was a widespread development across the corporate sector in Germany. In line with aggregate results, also the median firm saw an increase in profitability while dividends were subdued. Empirical results show that firms with initially higher leverage ratios increased their saving ratios more after the year 2001, providing arguments for a role of a desire to deleverage in explaining increased corporate savings. No (unanimous) evidence is found that increases in uncertainty and market power of firms affect corporate savings positively.
{"title":"Determinants of Corporate Savings in Germany","authors":"Marcus Jüppner","doi":"10.1515/jbnst-2020-0031","DOIUrl":"https://doi.org/10.1515/jbnst-2020-0031","url":null,"abstract":"Abstract From the early 2000s onwards, the rise in net lending of the nonfinancial corporate sector has contributed substantially to the increase in the German current account surplus. The main driving factor behind the development in the nonfinancial corporate sector’s net lending was a rise in savings (retained earnings) while business investment was comparatively stable. To shed light on the determinants of corporate savings, this study presents results from an analysis using firm-level data from the recently developed Bundesbank database Janis. The descriptive analysis suggests that the increase in corporate savings was a widespread development across the corporate sector in Germany. In line with aggregate results, also the median firm saw an increase in profitability while dividends were subdued. Empirical results show that firms with initially higher leverage ratios increased their saving ratios more after the year 2001, providing arguments for a role of a desire to deleverage in explaining increased corporate savings. No (unanimous) evidence is found that increases in uncertainty and market power of firms affect corporate savings positively.","PeriodicalId":45967,"journal":{"name":"Jahrbucher Fur Nationalokonomie Und Statistik","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-10-19","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66924279","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Lars Stemland Eide, Jonas Erraia, Gjermund Grimsby
Abstract Several recent studies show that market concentration in the US has increased over time, with firm profits increasing in the same period. The consistency of findings from the US is contrasted by more varying results from studies of the development of market concentration in Europe. In this study, we utilise the completeness of Norwegian microdata to investigate how methodological choices and data limitations impact results with respect to the market concentration and its relationship with profitability. First, we find that concentration in Norway has decreased slightly over the last two decades. Over the same period, profitability has increased slightly for two profitability measures and been stable for the other two. Despite a difference in overall trends, at the industry level, we find a positive and statistically significant relationship between concentration and profitability for three out of four profitability measures, in line with the market power hypothesis. Investigating the effect of methodological choices and data limitations, we find that concentration trends are quite robust to exclusion of smaller companies, the incorporation of ownership structures in concentration measures and the choice of industry classification. However, the positive relationship between concentration and profitability is almost non-existent when using readily available industry classification instead of more product market-oriented industry classifications and disappears completely when we do not exclude export-oriented industries. Our study is relevant for future research, as well as for policymakers, as our results indicate that one should be careful when interpreting results from studies of market concentration that fail to handle these methodological challenges.
{"title":"Industry Concentration and Profitability in Europe: The Case of Norway","authors":"Lars Stemland Eide, Jonas Erraia, Gjermund Grimsby","doi":"10.1515/jbnst-2020-0048","DOIUrl":"https://doi.org/10.1515/jbnst-2020-0048","url":null,"abstract":"Abstract Several recent studies show that market concentration in the US has increased over time, with firm profits increasing in the same period. The consistency of findings from the US is contrasted by more varying results from studies of the development of market concentration in Europe. In this study, we utilise the completeness of Norwegian microdata to investigate how methodological choices and data limitations impact results with respect to the market concentration and its relationship with profitability. First, we find that concentration in Norway has decreased slightly over the last two decades. Over the same period, profitability has increased slightly for two profitability measures and been stable for the other two. Despite a difference in overall trends, at the industry level, we find a positive and statistically significant relationship between concentration and profitability for three out of four profitability measures, in line with the market power hypothesis. Investigating the effect of methodological choices and data limitations, we find that concentration trends are quite robust to exclusion of smaller companies, the incorporation of ownership structures in concentration measures and the choice of industry classification. However, the positive relationship between concentration and profitability is almost non-existent when using readily available industry classification instead of more product market-oriented industry classifications and disappears completely when we do not exclude export-oriented industries. Our study is relevant for future research, as well as for policymakers, as our results indicate that one should be careful when interpreting results from studies of market concentration that fail to handle these methodological challenges.","PeriodicalId":45967,"journal":{"name":"Jahrbucher Fur Nationalokonomie Und Statistik","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-10-13","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66923865","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract I introduce a new dataset for research on institutional and individual blockholders in US-listed firms. As of June 2021, the dataset contains 758,666 parsed Form 13D and 13G filings from November 1993 to May 2021, sourced from SEC EDGAR. Due to the semi-structured nature of these filings, a comparable dataset was not available for research before.
{"title":"A Dataset for Blockholders in US-Listed Firms","authors":"Jan Philipp Harries","doi":"10.1515/jbnst-2021-0033","DOIUrl":"https://doi.org/10.1515/jbnst-2021-0033","url":null,"abstract":"Abstract I introduce a new dataset for research on institutional and individual blockholders in US-listed firms. As of June 2021, the dataset contains 758,666 parsed Form 13D and 13G filings from November 1993 to May 2021, sourced from SEC EDGAR. Due to the semi-structured nature of these filings, a comparable dataset was not available for research before.","PeriodicalId":45967,"journal":{"name":"Jahrbucher Fur Nationalokonomie Und Statistik","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-10-11","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66924697","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Recent empirical studies suggest that there is a rising trend of market power across sectors in advanced economies. We contribute to this line of research by providing industry-specific evidence for German manufacturing industries, based on representative high-quality firm-level data from official statistics that cover firms from all size classes with more than 20 employees (2005–2013). We compare firm-specific markups and industry concentration as market power indicators that reflect a market structure and a performance perspective, respectively. Our results do not suggest an overall average increase in market power in German manufacturing, but increasing markups and an increasing concentration in many industries. We demonstrate the complementarity of the indicators, as predicted by industrial organization theory. We also evaluate the competitive impact of digitization and find no clear evidence that digital transformation and market power go hand in hand.
{"title":"Markups and Concentration in the Context of Digitization: Evidence from German Manufacturing Industries","authors":"John P. Weche, J Wagner","doi":"10.1515/jbnst-2020-0046","DOIUrl":"https://doi.org/10.1515/jbnst-2020-0046","url":null,"abstract":"Abstract Recent empirical studies suggest that there is a rising trend of market power across sectors in advanced economies. We contribute to this line of research by providing industry-specific evidence for German manufacturing industries, based on representative high-quality firm-level data from official statistics that cover firms from all size classes with more than 20 employees (2005–2013). We compare firm-specific markups and industry concentration as market power indicators that reflect a market structure and a performance perspective, respectively. Our results do not suggest an overall average increase in market power in German manufacturing, but increasing markups and an increasing concentration in many industries. We demonstrate the complementarity of the indicators, as predicted by industrial organization theory. We also evaluate the competitive impact of digitization and find no clear evidence that digital transformation and market power go hand in hand.","PeriodicalId":45967,"journal":{"name":"Jahrbucher Fur Nationalokonomie Und Statistik","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-10-07","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48354216","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract A central motivating factor for studying price markups is their effect on consumer welfare. However, reported estimates of (firm-level) price markups in the literature often focus on industry or cross-country comparisons. These treat different industries equally rather than based on how relevant they are for consumers. We propose markup measures in which firm-level price markups are weighted according to consumption expenditures in the respective industries. Using a concordance table between consumption categories (otherwise used for the calculation of consumer price indices) and a firm’s industry classification, we report results for Germany for the years 2002 through 2016. We find that consumption-weighted price markups are higher and have increased faster than the conventionally reported revenue-weighted markups. We further show that consumption-weighted markups are highest for low-income households, highlighting the potential role of price markups as a contributing factor to changes in inequality in society.
{"title":"Markups for Consumers","authors":"Bernhard Ganglmair, A. Kann, Ilona Tsanko","doi":"10.2139/ssrn.3766106","DOIUrl":"https://doi.org/10.2139/ssrn.3766106","url":null,"abstract":"Abstract A central motivating factor for studying price markups is their effect on consumer welfare. However, reported estimates of (firm-level) price markups in the literature often focus on industry or cross-country comparisons. These treat different industries equally rather than based on how relevant they are for consumers. We propose markup measures in which firm-level price markups are weighted according to consumption expenditures in the respective industries. Using a concordance table between consumption categories (otherwise used for the calculation of consumer price indices) and a firm’s industry classification, we report results for Germany for the years 2002 through 2016. We find that consumption-weighted price markups are higher and have increased faster than the conventionally reported revenue-weighted markups. We further show that consumption-weighted markups are highest for low-income households, highlighting the potential role of price markups as a contributing factor to changes in inequality in society.","PeriodicalId":45967,"journal":{"name":"Jahrbucher Fur Nationalokonomie Und Statistik","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"68639462","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Massimo Armenise, F. Benassi, Marica D'Elia, M. Mantuano, Francesca Petrei
Abstract An original approach to spatial economic analysis is here proposed with reference to Italy. A granularity approach is applied on microdata related to a panel of firms that have been active during 2007–2017. At each firm is therefore associated a coefficient of exposure to the economic cycle of four major foreign economies: Germany, UK, USA, and China. This information is then linked to territorial level and analyzed at two geographical scales: regional and sub-regional. The autocorrelation spatial analysis carried out lead us to appreciate geography of exposure to positive or negative shocks coming from each of the four foreign economies. This geography is very different from the administrative one and can represent a tool for planning future strategies of economic investments and territorial planning.
{"title":"The Exposure Geography of Italian Local Economies to Major Foreign Ones. Evidences from a Multiscale Spatial Experiment Based on Granularity","authors":"Massimo Armenise, F. Benassi, Marica D'Elia, M. Mantuano, Francesca Petrei","doi":"10.1515/jbnst-2020-0064","DOIUrl":"https://doi.org/10.1515/jbnst-2020-0064","url":null,"abstract":"Abstract An original approach to spatial economic analysis is here proposed with reference to Italy. A granularity approach is applied on microdata related to a panel of firms that have been active during 2007–2017. At each firm is therefore associated a coefficient of exposure to the economic cycle of four major foreign economies: Germany, UK, USA, and China. This information is then linked to territorial level and analyzed at two geographical scales: regional and sub-regional. The autocorrelation spatial analysis carried out lead us to appreciate geography of exposure to positive or negative shocks coming from each of the four foreign economies. This geography is very different from the administrative one and can represent a tool for planning future strategies of economic investments and territorial planning.","PeriodicalId":45967,"journal":{"name":"Jahrbucher Fur Nationalokonomie Und Statistik","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-10-04","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66924724","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract Based on panel error correction models for a sample of up to 21 countries, this paper analyses the macroeconomic determinants of house prices and rents. In accordance with the existing literature, I find significantly positive effects of per capita income and bank lending on house prices, whereas the housing stock per capita and interest rates have negative effects. For rents, the results are somewhat more remarkable, indicating that both the housing stock and interest rates have a negative effect. While contradicting conventional economic theory, the latter finding might be explained by real estate investors exploiting their pricing power with varying degree depending on the level of real interest rates. Moreover, the estimated impact of interest rates on both house prices and rents varies with structural housing market characteristics. For instance, while interest rates have a more pronounced effect on house prices in countries with more developed mortgage markets, the same does not hold for the effect of interest rates on rents.
{"title":"The Macroeconomic Determinants of House Prices and Rents","authors":"Jakob Shida","doi":"10.1515/jbnst-2020-0043","DOIUrl":"https://doi.org/10.1515/jbnst-2020-0043","url":null,"abstract":"Abstract Based on panel error correction models for a sample of up to 21 countries, this paper analyses the macroeconomic determinants of house prices and rents. In accordance with the existing literature, I find significantly positive effects of per capita income and bank lending on house prices, whereas the housing stock per capita and interest rates have negative effects. For rents, the results are somewhat more remarkable, indicating that both the housing stock and interest rates have a negative effect. While contradicting conventional economic theory, the latter finding might be explained by real estate investors exploiting their pricing power with varying degree depending on the level of real interest rates. Moreover, the estimated impact of interest rates on both house prices and rents varies with structural housing market characteristics. For instance, while interest rates have a more pronounced effect on house prices in countries with more developed mortgage markets, the same does not hold for the effect of interest rates on rents.","PeriodicalId":45967,"journal":{"name":"Jahrbucher Fur Nationalokonomie Und Statistik","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-09-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66923856","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract This paper investigates the effect of human capital on economic growth in OECD countries by focusing on two different channels: (1) absorption of superior technologies, and (2) augmentation of factors of production. One recent empirical study found that in isolation each channel appears insignificant, which implies that estimates that emanate by restrictive specifications that account for only a subset of these channels are likely to suffer from an omitted variable bias. Using an augmented specification (with interaction terms between the initial level of real GDP per capita and the average years of schooling), we find that OECD countries that start with a higher stock of human capital grow faster, which implies that human capital influences economic growth through the first channel only. Our results differ from previous studies (that investigated both channels), which either confirmed the simultaneous (positive or neutral) effect from both channels, or found that only the second channel had an isolated positive effect. We use a broad array of measures as proxies for human capital (six measures for educational attainment, and two measures for health status). We also account for the quality of human capital.
{"title":"Human Capital and Economic Growth in OECD Countries Revisited: Initial Stock versus Changes in the Stock of Human Capital Effects","authors":"Dimitar Eftimoski","doi":"10.1515/jbnst-2020-0060","DOIUrl":"https://doi.org/10.1515/jbnst-2020-0060","url":null,"abstract":"Abstract This paper investigates the effect of human capital on economic growth in OECD countries by focusing on two different channels: (1) absorption of superior technologies, and (2) augmentation of factors of production. One recent empirical study found that in isolation each channel appears insignificant, which implies that estimates that emanate by restrictive specifications that account for only a subset of these channels are likely to suffer from an omitted variable bias. Using an augmented specification (with interaction terms between the initial level of real GDP per capita and the average years of schooling), we find that OECD countries that start with a higher stock of human capital grow faster, which implies that human capital influences economic growth through the first channel only. Our results differ from previous studies (that investigated both channels), which either confirmed the simultaneous (positive or neutral) effect from both channels, or found that only the second channel had an isolated positive effect. We use a broad array of measures as proxies for human capital (six measures for educational attainment, and two measures for health status). We also account for the quality of human capital.","PeriodicalId":45967,"journal":{"name":"Jahrbucher Fur Nationalokonomie Und Statistik","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-08-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66924673","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Abstract We examine the notion of a price index as the solution to the problem of minimizing the distance between the index values and the vector of price ratios. To do so, the choice of a suitable distance function is of crucial importance. We use a generalized least-squares criterion for this purpose and show that the generalized quasilinear functions are the only solutions to the problem of minimizing the distance thus defined. There are numerous special cases that are obtained for specific choices of the requisite functions and weights. In particular, we show that, in addition to the well-established indexes of Laspeyres, Paasche, Marshall-Edgeworth, Walsh, and Törnqvist, the arithmetic-current-period index, the arithmetic-hybrid index, the harmonic-base-period index, and the harmonic-hybrid index can be obtained with suitably chosen distance functions. Furthermore, the logarithmic least-squares criterion is employed to obtain indexes that are based on geometric means.
{"title":"Optimal Price Indexes","authors":"W. Bossert, F. Stehling","doi":"10.1515/jbnst-2020-0055","DOIUrl":"https://doi.org/10.1515/jbnst-2020-0055","url":null,"abstract":"Abstract We examine the notion of a price index as the solution to the problem of minimizing the distance between the index values and the vector of price ratios. To do so, the choice of a suitable distance function is of crucial importance. We use a generalized least-squares criterion for this purpose and show that the generalized quasilinear functions are the only solutions to the problem of minimizing the distance thus defined. There are numerous special cases that are obtained for specific choices of the requisite functions and weights. In particular, we show that, in addition to the well-established indexes of Laspeyres, Paasche, Marshall-Edgeworth, Walsh, and Törnqvist, the arithmetic-current-period index, the arithmetic-hybrid index, the harmonic-base-period index, and the harmonic-hybrid index can be obtained with suitably chosen distance functions. Furthermore, the logarithmic least-squares criterion is employed to obtain indexes that are based on geometric means.","PeriodicalId":45967,"journal":{"name":"Jahrbucher Fur Nationalokonomie Und Statistik","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"66923925","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
Holger Lüthen, Carsten Schröder, M. Grabka, Jan Goebel, T. Mika, Daniel Brüggmann, Sebastian Ellert, Hannah Penz
Abstract The aim of the project SOEP-RV is to link data from participants in the German Socio-Economic Panel (SOEP) survey to their individual Deutsche Rentenversicherung (German Pension Insurance) records. For all SOEP respondents who give explicit consent to record linkage, SOEP-RV creates a linked dataset that combines the comprehensive multi-topic SOEP data with detailed cross-sectional and longitudinal data on social security pension records covering the individual’s entire insurance history. This article provides an overview of the record linkage project, highlights potentials for analysis of the linked data, compares key SOEP and pension insurance variables, and suggests a re-weighting procedure that corrects for selectivity. It concludes with details on the process of obtaining the data for scientific use.
{"title":"SOEP-RV: Linking German Socio-Economic Panel Data to Pension Records","authors":"Holger Lüthen, Carsten Schröder, M. Grabka, Jan Goebel, T. Mika, Daniel Brüggmann, Sebastian Ellert, Hannah Penz","doi":"10.1515/jbnst-2021-0020","DOIUrl":"https://doi.org/10.1515/jbnst-2021-0020","url":null,"abstract":"Abstract The aim of the project SOEP-RV is to link data from participants in the German Socio-Economic Panel (SOEP) survey to their individual Deutsche Rentenversicherung (German Pension Insurance) records. For all SOEP respondents who give explicit consent to record linkage, SOEP-RV creates a linked dataset that combines the comprehensive multi-topic SOEP data with detailed cross-sectional and longitudinal data on social security pension records covering the individual’s entire insurance history. This article provides an overview of the record linkage project, highlights potentials for analysis of the linked data, compares key SOEP and pension insurance variables, and suggests a re-weighting procedure that corrects for selectivity. It concludes with details on the process of obtaining the data for scientific use.","PeriodicalId":45967,"journal":{"name":"Jahrbucher Fur Nationalokonomie Und Statistik","volume":null,"pages":null},"PeriodicalIF":1.3,"publicationDate":"2021-07-30","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"https://sci-hub-pdf.com/10.1515/jbnst-2021-0020","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48681434","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":4,"RegionCategory":"经济学","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
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