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Central wage bargaining and local wage flexibility : evidence from the entire wage distribution
(1998)
We argue that in labor markets with central wage bargaining wage flexibility varies systematically across the wage distribution: local wage flexibility is more relevant for the upper part of the wage distribution, and flexibility of wages negotiated under central wage bargaining affects the lower part of the wage distribution. Using a random sample of German social-security accounts, we estimate wage flexibility across the wage distribution by means of quantile regressions. The results support our hypothesis, as employees with low wages have significantly lower local wage flexibility than high wage employees. This effect is particularly relevant for the lower educational groups. On the other hand, employees with low wages tend to have a higher wage flexibility with respect to national unemployment.
Internationale Verkehrsflughäfen sind Einrichtungen, die eine zentrale ökonomische Bedeutung für das regionale Umfeld haben. Zusätzlich zu ihrer eigentlichen Funktion als Anbieter von Flugverkehrsleistungen werden Güter und Dienstleistungen angeboten, die in unterschiedlich starkem Ausmaß an die Verkehrsfunktion gekoppelt sind. Neben der Flughafengesellschaft und den Flugverkehrsgesellschaften tragen beispielsweise gastronomische Einrichtungen, Groß- und Einzelhändler, Luftfrachtspeditionen, Expressdienste, Reiseveranstalter, Flugsicherung, Zoll, Catering-Unternehmen zu den ökonomischen Aktivitäten des Flughafens bei. Die Palette der verkehrsbezogenen Aktivitäten am Flughafen reicht von der Betreuung der Passagiere über Reparatur- und Wartungsarbeiten für die Fluggesellschaften bis hin zur Abwicklung des Frachtverkehrs. ...
Collateral, default risk, and relationship lending : an empirical study on financial contracting
(1999)
This paper provides further insights into the nature of relationship lending by analyzing the link between relationship lending, borrower quality and collateral as a key variable in loan contract design. We used a unique data set based on the examination of credit files of five leading German banks, thus relying on information actually used in the process of bank credit decision-making and contract design. In particular, bank internal borrower ratings serve to evaluate borrower quality, and the bank's own assessment of its housebank status serves to identify information-intensive relationships. Additionally, we used data on workout activities for borrowers facing financial distress. We found no significant correlation between ex ante borrower quality and the incidence or degree of collateralization. Our results indicate that the use of collateral in loan contract design is mainly driven by aspects of relationship lending and renegotiations. We found that relationship lenders or housebanks do require more collateral from their debtors, thereby increasing the borrower's lock-in and strengthening the banks' bargaining power in future renegotiation situations. This result is strongly supported by our analysis of the correlation between ex post risk, collateral and relationship lending since housebanks do more frequently engage in workout activities for distressed borrowers, and collateralization increases workout probability.
Im Rahmen eines Börsen-Großexperiments anlässlich der Fußball-WM 1998 untersuchen wir den Einfluss von Aktienbetreuern auf die Marktliquidität. Die Marktformen des kontinuierlichen Handels, eines Systems mit einem monopolistischen Aktienbetreuer und mit konkurrierenden Betreuern wurden durch einen Gruppenvergleich unterschiedlich betreuter Aktien analysiert. Die Liquidität wurde mit Hilfe des bid-ask-Spreads und der inversen Markttiefe gemessen, einer Kenngröße zur Charakterisierung der Preis-Mengen-Relation der Liquidität. Wir finden, dass die betreuten Märkte liquider sind als die unbetreuten, und die konkurrierende Betreuung mehr Liquidität generiert als die eines Monopolisten. Nach kursrelevanten Informationsereignissen kehrten die Spreads in den betreuten Märkten schneller zu ihrem normalen Niveau zurück. Durch Rekonstruktion der nichtanonymen Orderbücher konnte der direkte Einfluß der Betreuer auf die Liquidität von den Beiträgen der übrigen Marktteilnehmer separiert werden. Interessanterweise zeigt sich, dass nur ein Teil der Liquiditätsverbesserung mit den Orders der Betreuer erklärt werden kann. Demnach stünden die Liquiditätsbereitstellung durch Betreuer und die der anderen Marktteilnehmer nicht in einer konkurrierenden, sondern komplementären Beziehung zueinander.
During the last decade, there has been a significant bias towards bond financing on emerging markets, with private investors relying on a bail-out of bonds by the international community. The bias has been a main cause for recent excessive fragility of international capital markets. The paper shows how collective action clauses in bonds contracts help to involve the private sector in risk sharing. It argues that such clauses, as a market based instrument, will raise spreads for emerging market debt and so help to correct a market failure towards excessive bond finance. Recent pressure by the IMF to involve the private sector is facing a conflict between the principle to honour existing contracts and the principle of equal treatment of bondholders.
Evaluating the quality of credit portfolio risk models is an important question for both banks and regulators. Lopez and Saidenberg (2000) suggest cross-sectional resampling techniques in order to make efficient use of available data and to produce measures of forecast accuracy. We first show that their proposal disregards crosssectional dependence in simulated subportfolios, which renders standard statistical inference invalid. We proceed by suggesting another evaluation methodology which draws on the concept of likelihood ratio tests. Specifically, we compare the predictive quality of alternative models by comparing the probabilities that observed data have been generated by these models. The distribution of the test statistic can be derived through Monte Carlo simulation. To exploit differences in cross-sectional predictions of alternative models, the test can be based on a linear combination of subportfolio statistics. In the construction of the test, the weight of a subportfolio depends on the difference in the loss distributions which alternative models predict for this particular portfolio. This makes efficient use of the data, and reduces computational burden. Monte Carlo simulations suggest that the power of the tests is satisfactory.
JEL classification: G2; G28; C52