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Based on a unique data set of driving behavior we find direct evidence that private information has significant effects on contract choice and risk in automobile insurance. The number of car rides and the relative distance driven on weekends are significant risk factors. While the number of car rides and average speeding are negatively related to the level of liability coverage, the number of car rides and the relative distance driven at night are positively related to the level of first-party coverage. These results indicate multiple and counteracting effects of private information based on risk preferences and driving behavior.
Prestige and loan pricing
(2016)
We find that prestigious companies pay lower spreads and upfront fees on their loans despite the fact that prestige does not predict default risk over the life of the loan. Using survey data on firm-level prestige, we show that a one standard deviation increase in prestige reduces loan spreads by 6.18% per year and upfront fees by 22.86%. We identify causal effects (i) using fraud by industry peers as an instrument for borrower prestige and (ii) exploiting a regression discontinuity around rank 100 of the prestige survey. Banks that lend to prestigious firms attract more business afterwards compared to otherwise similar institutions. Moreover, the effect of prestige on upfront fees is particularly strong for new bank relationships. Our findings suggest that prestigious firms receive cheaper funding because the associated lending relationship helps banks establish valuable credentials they use to compete for future borrowers.
Data show that sovereign risk reduces liquidity, increases funding cost and risk of banks highly exposed to it. I build a model that rationalizes this fact. Banks act as delegated monitors and invest in risky projects and in risky sovereign bonds. As investors hear rumors of increased sovereign risk, they run the bank (via global games). Banks could rollover liquidity in repo market using government bonds as collateral, but as sovereign risk raises collateral values shrink. Overall banks’ liquidity falls (its cost increases) and so does banks’ credit. In this context noisy news (announcements with signal extraction) of consolidation policies are recessionary in the short run, as they contribute to investors and banks pessimism, and mildly expansionary in the medium run. The banks liquidity channel plays a major role in the fiscal transmission.
This paper uses recent legislation in Austria to establish a link between sovereign reputation and yield spreads. In 2009, Hypo Alpe Adria International, a bank previously co-owned by the regional government of Carinthia, had been nationalized by Austria’s central government in order to avoid a default triggering multi-billion Euro local government guarantees. In 2015, special legislation retroactively introduced collective action clauses allowing a haircut on both the bonds and the guarantees while avoiding formal default. We document that legislative and administrative action designed to partly abrogate the guarantees resulted in a loss of reputation, leading to higher yield spreads for sovereign debt. Our analysis of covered bonds uncovers an increase in yield spreads on the secondary market and a deterioration of primary market conditions.
Studies employing micro price data to examine the extent of international goods market integration tend to find that borders induce arbitrage-impeding transaction costs which contribute to segment national markets. Analyzing household scanner price data from the three euro area countries Belgium, Germany and Netherlands, we document that Belgian households living in the vicinity of the border to Netherlands pay almost 10% more for the same good as their Dutch counterparts. German consumers on the other hand face prices that are on average up to around 3% smaller than those in the neighboring Netherlands. Counterfactual evidence for within-country price discontinuities provides no evidence of any existing border effects. The induced costs of crossing national borders amount to at least 13%. We also find evidence on border discontinuities in various household preference characteristics (such as demand elasticities and goods valuation) and household shopping patterns such as shopping frequencies.
Studies employing micro price data suggest that price dispersion is larger between regions in different countries than between regions in the same country. To investigate the strength of this border effect, deviations from the law of one price are used in most studies to provide statistical evidence on the effect of borders on price dispersion. I propose an alternative measure of the economic costs of borders which has an explicit welfare-theoretic foundation. Employing a unique micro price data set from households in Belgium, Germany and the Netherlands I provide evidence on the economic importance of price differences for households. I find that price dispersion within countries has only small economic importance, but that price dispersion between Belgium and Germany (and Belgium and the Netherlands) has considerable economic importance.
Microeconometric evidence on demand-side real rigidity and
implications for monetary non-neutrality
(2016)
To model the observed slow response of aggregate real variables to nominal shocks, most macroeconomic models incorporate real rigidities in addition to nominal rigidities. One popular way of modelling such a real rigidity is to assume a non-constant demand elasticity. By using a homescan data set for three European countries, including prices and quantities bought for a large number of goods, in addition to consumer characteristics, we provide estimates of price elasticities of demand and on the degree of demand-side real rigidities. We find that price elasticites of demand are about 4 in the median. Furthermore, we find evidence for demand-side real rigidities. These are, however, much smaller than what is often assumed in macroeconomic models. The median estimate for demand-side real rigidity, the super-elasticity, is in a range between 1 and 2. To quantitatively assess the implications of our empirical estimates, we calibrate a menu-cost model with the estimated super-elasticity. We find that the degree of monetary non-neutrality doubles in the model including demand-side real rigidity, compared to the model with only nominal rigidity, suggesting a multiplier effect of around two. However, the model can explain only up to 6% of the monetary non-neutrality observed in the data, implying that additional multipliers are necessary to match the behavior of aggregate variables.
Die 5-Lipoxygenase (5-LOX) stellt den Startpunkt des Leukotrienstoffwechsels dar, da sie Arachidonsäure (AA) über die 5(S)-Hydroperoxy-6-trans-8,11,14-cis-eicosatetraensäure (5-HpETE) in Leukotrien A4 (LTA4) umwandelt. 5-HpETE kann zum korrespondierenden Alkohol 5(S)-Hydroxy-6-trans-8,11,14-cis-eicosatetraensäure (5-HETE) reduziert werden. LTA4 dient als Zwischenprodukt für die Synthese von LTB4 und den Cysteinyl-gebundenden LTs LTC4, LTD4 und LTE4. LTs nehmen eine wichtige Funktion in der Immunabwehr ein, sind jedoch auch an einer Vielzahl von Krankheitsgeschehen wie z. B. Asthma bronchiale, Atherosklerose und einiger Tumorarten beteiligt. Die 5-LOX teilt sich in zwei Domänen auf: der reglatorischen, N-terminalen Domäne und der katalytischen, C-terminalen Domäne. Ihre Aktivität unterliegt einer komplexen allosterischen Regulation und kinetischen Besonderheiten wie einer Substratinhibition. In vielen Fällen ist die regulatorische PLAT-(Polycystin-1, Lipoxygenase, alpha-Toxin)-Domäne involviert. Sie ist essentiell an der Bindung von Calcium, Membranen und weiterer Faktoren wie dem Coactosin-like protein (CLP) und Dicer beteiligt. Auch eine zweite Bindungsstelle für das Substrat oder einen seiner Metaboliten wird dort vermutet. Letztlich bleibt jedoch die Regulation der 5-LOX-Aktivität durch die PLAT-Domäne unzureichend geklärt. Diese Tatsache und die fortwährende Suche nach neuen Ansatzpunkten für die 5-LOX-Inhibition bilden den Hintergrund, vor dem diese Arbeit angefertigt wurde.
Das Ziel lag in der Entwicklung einer stabilen, isolierten PLAT-Domäne und deren Charakterisierung. Es stellte sich jedoch heraus, dass sich die isolierte Domäne durch eine hohe thermische Instabilität und starke Aggregationsneigung auszeichnet. Mittels Mutationsstudien auf Basis der 5-LOX AS 1-115, verbunden mit Gelfiltrationsläufen zur Analyse der Proteinaggregation, wurde schließlich ein Konstrukt entwickelt, das in Konzentrationen < 0,5 mg/ml als Monomer vorlag: die sogenannte PLAT1-115 W75G. Ein Austausch des W75 in Glycin erhöhte ebenfalls die thermische Stabilität, so dass Versuche bei 20°C durchgeführt werden konnten. Zunächst wurden jedoch die grundlegenden Eigenschaften der Mutante untersucht. Dies umfasste die Beantwortung der Frage, ob auch die PLAT1-115 W75G Calcium bindet, sowie die Aufnahme eines Circulardichroismus-(CD)-Spektrums. Der erste Aspekt konnte mit mehreren Methoden bestätigt werden. Eine Calciumzugabe zum Laufpuffer 20 mM MOPS, 50 mM KCl pH 7,4 erhöhte konzentrationsabhängig das Elutionsvolumen der PLAT1-115 W75G auf der analytischen Gelfiltrationssäule – vermutlich durch den bekannten Einfluss von Calcium auf die Hydrophobizität der PLAT-Domäne. Zusätzlich wurde die Interaktion durch differential scanning fluorimetry (DSF) und Oberflächen-Plasmonen-Resonanz-Spektroskopie (SPR) nachgewiesen. Allerdings gelang aus verschiedenen Gründen keine Quantifizierung der Bindungsaffinität. Das CD-Spektrum bestätigte die Struktur der PLAT-Domäne als sogenanntes all-beta_protein und ermöglichte die Einordnung der PLAT1-115 W75G in die Gruppe der betaII-Proteine.
Ein weiterer Fokus dieser Arbeit lag auf der vermuteten allosterischen Fettsäurebindungsstelle in der PLAT-Domäne. Es wurde versucht, die Interaktion mittels SPR nachzuweisen. Zur Vorbereitung wurde im 5-LOX-Aktivitätstest und im DSF an der isolierten Domäne ein Detergens bestimmt, das einen möglichst geringen Einfluss auf das Protein ausübt. Dabei zeigte Octyl-beta-D-glucopyranosid (beta-OG) das vorteilhafteste Profil. Auf dieser Basis wurde die kritische Mizellbildungs-Konzentration (CMC) der AA und einiger HETEs in beta-OG-haltigen Puffern bestimmt. Die SPR-Studien ergaben jedoch keine reproduzierbaren Ergebnisse. In einem weiteren Schritt wurden die Substrathemmung des Gesamtproteins 5-LOX und der Einfluss von Calcium charakterisiert. Sowohl in Gegenwart von ~ 1 mM freiem Calcium als auch von 1 mM EDTA lag mit 20 µM AA die höchste Produktbildung nach 10-minütiger Reaktion vor. Das Detergens Tween20 (T20) hob in einer Konzentration unter seiner CMC (0,001 % m/V) in Anwesenheit von Calcium die Inhibition auf. Ohne Calcium zeigte sich auch in Gegenwart von T20 die bekannte Substratinhibition der 5-LOX einschließlich ihrer Maximalaktivität bei 20 µM AA. Diese Ergebnisse deuten darauf hin, dass Calcium eine Bindung der 5-LOX an eventuell vorhandene, negativ geladene Vesikel aus AA und Detergens vermitteln und dadurch die Substratinhibition aufheben kann. In Fällen, in denen die Substratinhibition vor dem Erreichen der AA-CMC auftritt, hat Calcium folglich keinen Einfluss.
Zuletzt wurde die Interaktion der PLAT1–115 W75G mit CLP und einem C-terminalen Fragment von Dicer untersucht. Im Crosslinking ließ sich nicht auf eine Interaktion der isolierten PLAT-Domäne mit CLP schließen. Dagegen ergaben Diamid-Crosslinking-Studien, dass die isolierte PLAT-Domäne in der Lage ist, das Dicer-Fragment zu binden. Dieses Ergebnis wurde im SPR bestätigt.
Acute myeloid leukemia is a hematopoietic stem cell disorder and a type of acute leukemia which is characterized by clonal proliferation of myeloid precursors with a reduced capacity to differentiate into more mature cellular elements. Clinically AML is characterized by a high degree of heterogeneity with respect to chromosome abnormalities, gene mutations, and changes in expression of multiple genes and microRNAs. Cytogenetic abnormalities can be detected in approximately 50% to 60% of newly diagnosed AML patients. Majority of AML cases are associated with chromosomal aberrations, more specifically translocations that often result in gene arrangements and expression of aberrant fusion proteins. This study was carried out with two fusion proteins: PML/RARα and DEK/CAN which results from the translocations t(15;17) and t (6,9) respectively. PML/RARα is the most common translocation (97%) and the main driver in Acute Promyelocytic Leukemia (APL), a wellcharacterized and well treatable subtype of AML. In contrast, DEK/CAN occurs in 1-5% of AML, associated with poor prognosis and defines a high risk group in AML. The expression of PML/RARα results in a fusion protein that acts as a transcriptional repressor by interfering with gene expression programs involved in differentiation, apoptosis, and selfrenewal. Current therapy focused on the targeting of PML/RARα fusion protien. Success has been achieved by using either ATRA, anthracyclines and Arsenic trioxide or their combinations. These agents induce differentiation in PML/RARα positive AML and hence called differentiation therapy. In comparison with ATRA, ATO and anthracyclines are poor cellular differentiation agents. Despite early promise, several studies have reported that differentiation therapy is unable to target/eradicate leukemic stem cells or eradicate the disease. Therefore current therapeutic focus is to eliminate leukemic stem cells and achieve complete molecular remission not only in APL but also in acute lymphoblastic leukemia and chronic myeloid leukemia as well. Key enzymes of the eicosanoid pathways in the arachidonic acid metabolism, such as COX1/2 as well as the 5-LO have been shown to be good targets for leukemic stem cell therapy approach in AML by interfering with the Wntsignaling which is known to be indispensable for the pathogenesis of AML. Recently it was reported that the third eicosanoid pathway based on the cytochrome P450 (CYP) enzymes interferes with Wnt-signaling as well as with the proliferation and mobilization of hematopoietic stem cells...
Different types of altruistic behavior, namely help-giving, altruistic punishment, and moral courage, are identifiable and distinguishable in the literature, but little is known how they relate to each other. This is significant because understanding altruism and other-regarding behavior is important in the attempt to solve global problems of overpopulation and depletion of natural resources. Understanding the helping forms of altruism (help-giving and sharing) can be helpful, for example, when designing donation collections or recruiting volunteers. Understanding the punitive forms of altruism (moral courage and altruistic punishment) gives valuable insight on individuals participating in campaigns where there is a need to take action, for example, against polluters or governments that violate human rights. The empirical evidence presented in this dissertation demonstrate individual and cultural differences in help-giving, altruistic punishment, and morally courageous behavior. The willingness to engage in the three types of altruistic behaviors relate differently to subjectively preferred thinking style and to personality traits, both in real-life and on the Internet. The divergencies are observable between Eastern (Indian) and Western (German) cultures, where the overlap of oneself and other individuals is experienced in different levels.