Refine
Year of publication
- 2014 (27) (remove)
Document Type
- Report (27) (remove)
Language
- English (27) (remove)
Has Fulltext
- yes (27)
Is part of the Bibliography
- no (27)
Keywords
- USA (3)
- Cyber Security (2)
- Cyber War (2)
- Cyberwar (2)
- Europe (2)
- Putin (2)
- cyberpeace (2)
- cybersecurity (2)
- discourse (2)
- financial distress (2)
Institute
- Exzellenzcluster Die Herausbildung normativer Ordnungen (16)
- Gesellschaftswissenschaften (15)
- Wirtschaftswissenschaften (10)
- Center for Financial Studies (CFS) (8)
- House of Finance (HoF) (7)
- Sustainable Architecture for Finance in Europe (SAFE) (7)
- Geschichtswissenschaften (1)
- Institut für sozial-ökologische Forschung (ISOE) (1)
We study the effect of weakening creditor rights on distress risk premia via a bankruptcy reform that shifts bargaining power in financial distress toward shareholders. We find that the reform reduces risk factor loadings and returns of distressed stocks. The effect is stronger for firms with lower firm-level shareholder bargaining power. An increase in credit spreads of riskier relative to safer firms, in particular for firms with lower firm-level shareholder bargaining power, confirms a shift in bargaining power from bondholders to shareholders. Out-of-sample tests reveal that a reversal of the reform's effects leads to a reversal of factor loadings and returns.
We study the effect of weakening creditor rights on distress risk premia via a bankruptcy reform that shifts bargaining power in financial distress toward shareholders. We find that the reform reduces risk factor loadings and returns of distressed stocks. The effect is stronger for firms with lower firm-level shareholder bargaining power. An increase in credit spreads of riskier relative to safer firms, in particular for firms with lower firm-level shareholder bargaining power, confirms a shift in bargaining power from bondholders to shareholders. Out-of-sample tests reveal that a reversal of the reform's effects leads to a reversal of factor loadings and returns.
Part IV of our series "Cyberpeace: Dimensionen eines Gegenentwurfs" on cyberpeace. Matthias Schulze argues that what some perceive as cyberwar is not actually war but rather cyber conflict. The question therefore arises if this conflict will ever be solved. Ben Kamis on the other hand identifies motives in the use of language. He argues that talking about cyberpeace reinforces the impression that we are right in the middle of a cyberwar. I would not agree with that. As Johan Galtung puts it: “The use of the term ‘peace’ may in itself be peace-productive” (Galtung 1969: 167). But how do we define cyberpeace? Who should define it and how do we pursue it?...
How to abolish cyberwar
(2014)
Part III of our series "Cyberpeace: Dimensionen eines Gegenentwurfs" on cyberpeace: Cyberwar is like a discursive plague. After years and years of writing texts about it and against it, the concept is still scary, still spreading, still harmful. Its power is such that it is not simply being used in discourse – but is in fact forcing its specific discursive structures and rules on us. In short, we may keep questioning this concept, but we will never get rid of it...
“WAR IS PEACE, FREEDOM IS SLAVERY, AND IGNORANCE IS STRENGTH”. The slogan from George Orwell’s “1984” dystopia appears to capture the state of Russia’s 2014 official discourse quite accurately. This has not gone unnoticed by public and academic spectators in and outside Russia: while Bild magazine is counting Putin’s lies in his recent ARD interview, a Zeit article declares Russia itself to be a post-modern “lie”...
The impacts of climate and environmental changes on migration have gained increasing attention in recent years. Yet the role and significance of the climate as an influencing factor for migratory processes is still poorly understood. Case studies are required which consider the specific historical, socio-cultural and environmental context. The micle project examined the interactions between climate change, land degradation and migration in selected regions in the Sahelian countries Mali and Senegal.
A second Yalta
(2014)
On 11 February, the World Fought back against Mass Surveillance. See those capital letters? They denote Things that Matter – somehow. We don’t necessarily know who ‘We’ are, what the ‘World’ is, nor whether the Mass Surveillance We’re against is the big and sexy kind run by acronymized (foreign) government agencies that We all recently learned about through Edward Snowden or the everyday kind conducted by means of cookies, computer profiles and GPS data we all send to whomever is watching in the course of a normal day’s activities, like checking Facebook, leaving the house to buy some bread or sending family pictures over the holidays via email. But ‘We’ ‘Fought’ ‘Them’, or maybe ‘It’.