Neujahrsempfang WZW am 09. Januar 2019

Im Rahmen des Neujahrsempfangs am Wissenschaftszentrum Weihenstephan wurde Prof. Hirsch als neuberufener Professor vorgestellt.

Hier ein Artikel dazu aus der Süddeutschen Zeitung:


Neue Publikation in "Data in Brief"

Neue Publikation: Fernau, E. and Hirsch, S. (2019): Meta-analysis data for the literature on dividend smoothing. Data in Brief (in press).



The dataset presented in this data article was compiled from 100 published and unpublished empirical studies that employed Lintner׳s dividend payout model or related extensions over the period 1957–2016. Besides the reported degree of dividend smoothing and its estimation precision the data include a wide set of underlying study design characteristics such as the time period of analysis, the type of firms investigated or the econometric estimator employed. The data are related to the research article “What drives dividend smoothing? A meta-regression analysis of the Lintner model” .

Neue Publikation in "International Review of Financial Analysis"

Neue Publikation: Fernau, E. and Hirsch, S. (2018): What drives dividend smoothing? A meta regression analysis of the Lintner model. International Review of Financial Analysis (in press).


We revisit the view of dividend smoothing as one of the most robust findings in the empirical corporate finance literature by employing meta-regression analysis (MRA). Using 99 empirical studies that employ Lintner's dividend payout model we investigate the heterogeneity in reported dividend smoothing effects. We find evidence for (i) a mediocre degree of dividend smoothing across the analyzed literature, (ii) bi-directional publication bias -i.e. a tendency to preferably report positive and statistically significant smoothing as well as dividend smoothing coefficients close to zero (i.e. high speed of adjustment coefficients), and (iii) several drivers for the heterogeneity in reported smoothing coefficients such as the set of control variables or estimation technique. Our MRA can provide guidance for investors' expectations and future research on dividend smoothing.

Neue Publikation in “Applied Economics”:

Neue Publikation in “Applied Economics”: Hirsch, S., Tiboldo, G. Lopez, R.A. (2018): A tale of two Italian cities: brand-level milk demand and price competition, Applied Economics, DOI: 10.1080/00036846.2018.1486016.

Hier klicken für Link zum Artikel.

We apply the BLP random coefficient logit model demand model to fluid milk sales data from two north-south Italian cities: Turin and Naples. By virtue of their location and socioeconomic differences, these cities provide a natural experiment for contrasting consumer choices and retail market power related to milk physical and marketing characteristics. Results reveal that, regardless of location, consumers negatively value price increases, fat content and ultra-high temperature (UHT) treatment. However, location matters with respect to brand and type of milk purchased. While in Turin (the higher-income region) demand for the leading manufacturers’ brands is the most price inelastic, in Naples consumers have the lowest price elasticities in case of cheaper milk, often small manufacturer or private label brands. Unlike previous studies, we do not find price elasticities for private labels to be consistently lower (or markups to be higher) compared to manufacturer brands, indicating that private labels have reached maturity in these markets. Further, while demand for fresh milk is more price inelastic in Turin, it is more inelastic for UHT milk in Naples. Likewise, markups and Lerner indexes are higher for fresh milk in Turin and for UHT in Naples corresponding to the more inelastic demands under Bertrand price competition.

Neuer Blogbeitrag im Agrarpolitik Blog der Agrarökonomie und Politik Gruppe der ETH Zürich zu den Determinanten des Risikos von Milchviehbetrieben

Neuer Blogbeitrag im Agrarpolitik Blog der Agrarökonomie und Politik Gruppe der ETH Zürich zu den Determinanten des Risikos von Milchviehbetrieben.

Bitte hier klicken zur Veröffentlichung in Agrarpolitik-blog.com.

Neue Publikation im „European Review of Agricultural Economics“

Neue Publikation im „European Review of Agricultural Economics“: Finger, R., Dalhaus, T., Allendorf, J. und Hirsch, S. “Determinants of downside risk exposure of dairy farms".


We investigate determinants of dairy producers’ risk exposure using a unique combination of foci on (i) downside risks, (ii) a holistic representation of revenues from milk and animal sales, (iii) climatic extremes and (iv) the role of animal health. A sample of German dairy farms reveals that animal health and heat stress indicators influence mean and semi-variance of revenues. For instance, heat stress exposure reduces expected milk revenues significantly. In the case of animal health-related indicators, our results show trade-offs between expected revenues and downside risks. Furthermore, variabilities in revenues from milk and animal sales are significantly interrelated.

Neu berufener Tenure Track Professor für Agrar- u. Ernährungswirtschaft

Am 1. April 2018 tritt Dr. Stefan Hirsch die Tenure Track Professur für Agrar- und Ernährungswirtschaft an der TU München, Fakultät für Wirtschaftswissenschaften am Campus Weihenstephan an.

Der Forschungsschwerpunkt der Professur Agrar- u. Ernährungswirtschaft liegt auf der Analyse der Wettbewerbsfähigkeit und des strategischen Handelns von Firmen des Agrar- und Ernährungssektors.