Working Paper
Refine
Year of publication
Document Type
- Working Paper (656) (remove)
Has Fulltext
- yes (656)
Is part of the Bibliography
- no (656)
Keywords
- Banking Union (14)
- monetary policy (12)
- regulation (11)
- COVID-19 (9)
- Covid-19 (9)
- ESG (9)
- systemic risk (9)
- banks (8)
- corporate governance (8)
- financial stability (8)
- Liquidity (7)
- Monetary Policy (7)
- bail-in (7)
- climate change (7)
- household finance (7)
- regulatory arbitrage (7)
- welfare (7)
- Asset Pricing (6)
- ECB (6)
- General Equilibrium (6)
- Household Finance (6)
- Regulation (6)
- Solvency II (6)
- competition (6)
- liquidity (6)
- market discipline (6)
- Bankenunion (5)
- Corporate Governance (5)
- European Central Bank (5)
- Financial Crisis (5)
- Financial Stability (5)
- Regulierung (5)
- Sustainable Finance (5)
- ambiguity (5)
- asset pricing (5)
- banking (5)
- human capital (5)
- private equity (5)
- risk-taking (5)
- shadow banking (5)
- Asset Allocation (4)
- BRRD (4)
- Bank Resolution (4)
- Basel III (4)
- Business Cycle (4)
- Capital Markets Union (4)
- Climate Change (4)
- Contagion (4)
- Corporate Social Responsibility (4)
- Disclosure (4)
- Entrepreneurship (4)
- Insurance (4)
- Portfolio choice (4)
- Sustainability (4)
- Sustainable Investments (4)
- Transparenz (4)
- Wirecard (4)
- Währungsunion (4)
- banking union (4)
- capital regulation (4)
- financial crisis (4)
- financial regulation (4)
- inequality (4)
- insurance (4)
- non-bank financial intermediation (4)
- peer effects (4)
- prudential supervision (4)
- social security (4)
- 401(k) plan (3)
- Artificial Intelligence (3)
- Bail-in (3)
- Bankenaufsicht (3)
- Banking Regulation (3)
- Banks (3)
- Brexit (3)
- China (3)
- Credit Risk (3)
- EDIS (3)
- Economic and Monetary Union (3)
- Eurozone (3)
- FinTech (3)
- Financial Crises (3)
- Financial stability (3)
- Geldpolitik (3)
- Granger Causality (3)
- Greece (3)
- Green Finance (3)
- High-Frequency Trading (3)
- Household finance (3)
- IFRS 9 (3)
- Innovation (3)
- Inside Debt (3)
- Interconnectedness (3)
- Labor income risk (3)
- Liquidity Provision (3)
- Machine learning (3)
- MiFID II (3)
- Monetary Union (3)
- Quantitative Easing (3)
- Recursive Preferences (3)
- Retail investors (3)
- Single Supervisory Mechanism (3)
- Systemic Risk (3)
- Transparency (3)
- aggregate risk (3)
- bailout (3)
- banking regulation (3)
- capital structure (3)
- consumer protection (3)
- contagion (3)
- debt sustainability (3)
- discrimination (3)
- euro area (3)
- financial literacy (3)
- fintech (3)
- fiscal policy (3)
- growth (3)
- habit formation (3)
- idiosyncratic risk (3)
- incentives (3)
- incomplete markets (3)
- institutional investors (3)
- institutions (3)
- investment decisions (3)
- leverage (3)
- leveraged buyouts (3)
- mortgages (3)
- political economy (3)
- recursive utility (3)
- retirement age (3)
- retirement income (3)
- social interactions (3)
- social preferences (3)
- stochastic volatility (3)
- structural reforms (3)
- taxes (3)
- trading behavior (3)
- volatility (3)
- AI borrower classification (2)
- AI enabled credit scoring (2)
- Antitrust (2)
- Asset Quality Review (2)
- Asset pricing (2)
- Aufsichtsratsvergütung (2)
- Bank Capitalization (2)
- Bankenabwicklung (2)
- Bayesian inference (2)
- Beliefs (2)
- Big Data (2)
- Bitcoin (2)
- Board of Directors (2)
- CBDC (2)
- CDS (2)
- Car Loans (2)
- Central Banking (2)
- Central Counterparties (2)
- Choquet expected utility (2)
- Circuit Breaker (2)
- Coco bonds (2)
- Commerzbank (2)
- Commodities (2)
- Compensation Structure (2)
- Competition (2)
- Consumer Welfare (2)
- Consumption (2)
- Coronavirus (2)
- Corporate Bonds (2)
- Credit Spread (2)
- Cryptocurrencies (2)
- Deposit Insurance (2)
- Deutsche Bank (2)
- Deutscher Corporate Governance Kodex (2)
- Digitalisierung (2)
- Disposition Effect (2)
- Dodd-Frank Act (2)
- EIOPA (2)
- EMIR (2)
- ESG Rating Agencies (2)
- ESM (2)
- ETFs (2)
- EU economic and financial services legislation (2)
- Economic Governance (2)
- Endogenous Growth (2)
- Endogenous growth (2)
- Equity Premium (2)
- European Banking Union (2)
- European Commission (2)
- European Supervisory Architecture (2)
- Europäische Zentralbank (2)
- Eurosystem (2)
- Expectations (2)
- Expected credit losses (2)
- Experiment (2)
- Financial Expert (2)
- Financial Regulation (2)
- Financial crisis (2)
- Financial literacy (2)
- Finanzkrise (2)
- Finanzstabilität (2)
- Fiscal Union (2)
- Fiskalunion (2)
- Forbearance (2)
- Fragmentation (2)
- Freibetrag (2)
- Fund Flows (2)
- Fusion (2)
- German banks (2)
- German financial system (2)
- German reunification (2)
- Germany (2)
- Griechenland (2)
- Growth (2)
- Grunderwerbsteuer (2)
- Hawkes processes (2)
- Health shocks (2)
- Heterogeneous innovation (2)
- High-Frequency Traders (HFTs) (2)
- Homeownership (2)
- India (2)
- Inequality (2)
- Interest Rate Guarantees (2)
- Internal Controls (2)
- International Finance (2)
- Investor Protection (2)
- Jumps (2)
- Learning (2)
- Lebensversicherungen (2)
- Life Insurance (2)
- Liikanen-Kommission (2)
- Loans (2)
- Long-run Risk (2)
- MREL (2)
- Machine Learning (2)
- Market Fragmentation (2)
- Market Liquidity (2)
- Market Microstructure (2)
- Marktdisziplin (2)
- Merger (2)
- MiFIR (2)
- Nachhaltigkeit (2)
- Non-performing Loans (2)
- OMT (2)
- OTC markets (2)
- Open Banking Platform Germany (2)
- P2P lending (2)
- Parameter Elicitation (2)
- Political Union (2)
- Politische Union (2)
- Price Discovery (2)
- Price Efficiency (2)
- Private equity (2)
- Product Market Competition (2)
- Prüfungsausschuss (2)
- R&D (2)
- Real Effects (2)
- Reallocation (2)
- Reformvorschläge (2)
- Resolution (2)
- Restrukturierung (2)
- Retail Investor (2)
- Risk-Taking (2)
- Self-control (2)
- Share Deals (2)
- Single Resolution Mechanism (2)
- Social Networks (2)
- Solvency (2)
- Steuergestaltung (2)
- Stochastic mortality risk (2)
- Stress Test (2)
- Systemic risk (2)
- TLAC (2)
- Taxonomy (2)
- Term Structure of Interest Rates (2)
- Textual Analysis (2)
- Time Inconsistency (2)
- Time Preferences (2)
- Unconventional Monetary Policy (2)
- Volatility (2)
- Volatility Interruption (2)
- Zentralbanken (2)
- active shareholders (2)
- annuity (2)
- austerity (2)
- bank regulation (2)
- bank resolution (2)
- bank risk (2)
- bank runs (2)
- banking separation (2)
- banking separation proposals (2)
- banking supervision (2)
- blockchain (2)
- borrowing constraints (2)
- brown-spinning (2)
- bubbles (2)
- capital markets (2)
- central banks (2)
- compensation (2)
- confidence (2)
- consumer credit (2)
- consumption (2)
- consumption hump (2)
- consumption-portfolio choice (2)
- cooperation (2)
- credit funds (2)
- credit risk (2)
- credit scoring methodology (2)
- credit scoring regulation (2)
- credit supply (2)
- crowdfunding (2)
- crowding out (2)
- crowdinvesting (2)
- cryptocurrencies (2)
- delayed retirement (2)
- derivatives (2)
- dynamic portfolio choice (2)
- economic and monetary union (2)
- emergency liquidity assistance (ELA) (2)
- entrepreneurship (2)
- equity premium (2)
- executive compensation (2)
- finance (2)
- financial advice (2)
- financial institutions (2)
- financial privacy (2)
- financial services (2)
- financing decisions (2)
- financing policy (2)
- fiscal reaction function (2)
- forward guidance (2)
- general equilibrium (2)
- global banks (2)
- government bonds (2)
- green finance (2)
- heterogeneous agents (2)
- household debt (2)
- housing (2)
- individual investor (2)
- individual investors (2)
- innovation (2)
- interbank networks (2)
- investment (2)
- investments (2)
- investor protection (2)
- jumps (2)
- laboratory experiments (2)
- lifetime income (2)
- liquidity provision (2)
- liquidity risk (2)
- longevity risk (2)
- makroprudenzielle Regulierung (2)
- managerial incentives (2)
- monetary transmission (2)
- monetary transmission mechanism (2)
- money market funds (2)
- monitoring (2)
- nachrangiges Fremdkapital (2)
- net zero transition (2)
- newly founded firms (2)
- optimal investment (2)
- panel VAR (2)
- pension (2)
- pension reform (2)
- pensions (2)
- persistence (2)
- population aging (2)
- portfolio choice (2)
- predictability (2)
- price stability (2)
- principles-based regulation (2)
- private companies (2)
- professional networks (2)
- prohibition of proprietary trading (2)
- public debt (2)
- recapitalization (2)
- responsible lending (2)
- retirement (2)
- return predictability (2)
- risk taking (2)
- saving (2)
- securities regulation (2)
- social media (2)
- social norms (2)
- sovereign risk (2)
- spillover effects (2)
- statistical discrimination (2)
- stochastic differential utility (2)
- stock market participation (2)
- stockholding (2)
- structured finance (2)
- supervisory arbitrage (2)
- sustainability (2)
- syndicated loans (2)
- taxation (2)
- too big to fail (2)
- total loss absorbing capacity (TLAC) (2)
- transmission (2)
- transparency (2)
- uncertainty (2)
- unconventional monetary policy (2)
- welfare loss (2)
- "Event Study" (1)
- 13F filings (1)
- 2-Sector Model (1)
- ABS (1)
- Abwicklung (1)
- Activism (1)
- Activist Hedge Fund (1)
- Adverse Selection (1)
- Age (1)
- Aggregate outcomes (1)
- Algorithmic Discrimination (1)
- Algorithmic transparency (1)
- Allocative Effciency (1)
- Altersversorgung (1)
- AnaCredit (1)
- Anchoring (1)
- Angel (1)
- Annual General Meeting (1)
- Annuity (1)
- Anonymity (1)
- Anticipated Inflation (1)
- Apache Spark (1)
- Appraisal rights (1)
- Arbeitsproduktivität (1)
- Asset Allocation, Contagion (1)
- Asset Liquidation (1)
- Asset Management Companies (1)
- Asset Prices (1)
- Asset allocation (1)
- Asymmetric Information (1)
- Asymmetric Tax Regimes (1)
- Auctions (1)
- Auditing (1)
- Austerity Measures (1)
- BCBS (1)
- BVerfG (1)
- BaFin (1)
- Bafin (1)
- Bail-in Anleihen (1)
- Bailin (1)
- Bank Accounting (1)
- Bank Acquisition (1)
- Bank Bailout (1)
- Bank Capital (1)
- Bank Corporate Governance (1)
- Bank Credit (1)
- Bank Defaults (1)
- Bank Lending (1)
- Bank Recapitalization (1)
- Bank Recovery and Resolution Directive (BRRD) (1)
- Bank Supervision (1)
- Bank affiliation (1)
- Bank regulation (1)
- Bank's Balance Sheets (1)
- Banken (1)
- Bankensektor (1)
- Banking Crisis (1)
- Banking Stability (1)
- Banking Supervision (1)
- Banking crisis (1)
- Banking union (1)
- Bargaining (1)
- Basel regulation (1)
- Batch Learning (1)
- Bayesian VAR (1)
- Bayesian learning (1)
- Behavioral Finance (1)
- Behavioral Insurance (1)
- Behavioral Measurement (1)
- Behavioral finance (1)
- Beitragsgarantien (1)
- Belief up-dating (1)
- Bewertungsreserven (1)
- Bewertungsreserven, (1)
- Bezüge im Bankensektor (1)
- Big Five (1)
- Big Five Personality (1)
- Big Techs (1)
- Big Three (1)
- Big data (1)
- Biodiversity (1)
- Board Appointments (1)
- Bond Markets (1)
- Bond risk premia (1)
- Boni (1)
- Briefkastenfirmen (1)
- Broker (1)
- Bubbles (1)
- Bundesbank (1)
- Business Subsidies (1)
- Business lending (1)
- C corporations (1)
- CAPM (1)
- CCP (1)
- CECL (1)
- CMU (1)
- COVID-19 Pandemic (1)
- COVID-19 news (1)
- CRA3 (1)
- CSR (1)
- Capital Purchase Program (1)
- Carbon Taxation (1)
- Carbon abatement (1)
- Causal Machine Learning (1)
- Central Bank (1)
- Central Banks (1)
- Central Clearing (1)
- Central Counterparty Clearing House (CCP) (1)
- Central bank liquidity (1)
- Centrality (1)
- Citation Network Analysis (1)
- Climate change (1)
- Climate change economics (1)
- Clustering (1)
- Co-residence (1)
- CoCo Bond (1)
- CoCo bonds (1)
- Cognition (1)
- Collateral (1)
- Collateral Constraint (1)
- Collateral Policy (1)
- Colocation (1)
- Comovements (1)
- Complex Financial Instruments (1)
- Comprehensive Assessment (1)
- Concentration (1)
- Conditional Forecasts (1)
- Conditionality (1)
- Confirmatory Bias (1)
- Connectivity (1)
- Consumer credit (1)
- Consumer financial protection (1)
- Consumption hump (1)
- Consumption-portfolio choice (1)
- Contingent Convertible Capital (1)
- Contract terms (1)
- Contractarian Model of Corporate Law (1)
- Corona-Steuerhilfegesetz (1)
- Corporate Debt Structure (1)
- Corporate Distress (1)
- Corporate Groups (1)
- Corporate Name Change (1)
- Corporate concentration (1)
- Corporate deposits (1)
- Corporate financing (1)
- Corporate governance (1)
- Corporate law (1)
- Counterparty Risk (1)
- Covid-19-Crisis (1)
- Creative destruction (1)
- Credit (1)
- Credit Default Swap (CDS) (1)
- Credit lines (1)
- Creditor Protection (1)
- Creditor Rights (1)
- Crisis Management (1)
- Cross-Section of Returns (1)
- Cultural Finance (1)
- Cultural Influences on Economic Behavior (1)
- Culture (1)
- Cumulative prospect theory (1)
- Customer data sharing (1)
- Cyprus (1)
- DCC-GARCH (1)
- DMA (1)
- DSA (1)
- DSGE models (1)
- Dark Trading (1)
- Data access (1)
- Data portability (1)
- Database linking (1)
- Decision under risk (1)
- Default (1)
- Defizitregeln (1)
- Deflation (1)
- Delaunay Interpolation (1)
- Democratic Legitimacy (1)
- Demographic Change (1)
- Demographischer Wandel (1)
- Depreciation (1)
- Derivatehandel (1)
- Derivatives (1)
- Designated Market Makers (DMMs) Market Making (1)
- Deutsches Rentensystem (1)
- DiD (1)
- Dictionary (1)
- Difference in Difference (1)
- Different Beliefs (1)
- Digital (1)
- Digital footprints (1)
- Digitalized Markets (1)
- Disclosure Framework (1)
- Discount Rates (1)
- Discourse (1)
- Disintegration (1)
- Distributed Computing (1)
- Dividend Payments (1)
- Dividend Policy (1)
- Dividends (1)
- Drag-along rights (1)
- Drei-Säulen-System (1)
- Duration of Civil Proceedings (1)
- Dynamic Models (1)
- Dynamic Networks (1)
- Dynamic and Reliable Regulation (1)
- Dynamic inconsistency (1)
- E.U. Corporate Law (1)
- ECJ (1)
- EDIC (1)
- EGC (1)
- EMU (1)
- ESG Investing (1)
- ESG ratings (1)
- EU (1)
- EU banks (1)
- EU countries (1)
- EU industrial production (1)
- EU market regulation (1)
- EZB (1)
- Econometrics (1)
- Economics (1)
- Education Subsidy (1)
- Efficiency Wages (1)
- Einlagengeschäft (1)
- Einlagensicherung (1)
- Einlageverträge (1)
- Eligibility premium (1)
- Emissions (1)
- Empirical Asset Pricing (1)
- Endogenous Asset Market Participation (1)
- Endogenous gridpoints Method (1)
- Energiewende (1)
- Energy Efficiency (1)
- Energy Embargo (1)
- Energy Performance Certificate (1)
- Energy efficiency (1)
- Enforcement (1)
- Enriched Digital Footprint (1)
- Entity matching (1)
- Entity resolution (1)
- Entrepreneurial Finance (1)
- Entry and exit (1)
- Environmental, social, and governance factors (ESG) (1)
- Epstein-Zin preferences (1)
- Equilibrium Thinking (1)
- Equity fund (1)
- Equity options (1)
- Erbschaftsteuer (1)
- Erneuerbare-Energien-Gesetz (1)
- Ethics (1)
- Euro (1)
- Euro Area (1)
- Euro-zone Government Bonds (1)
- Europe (1)
- European Banking Authority (1)
- European Banking Authority (EBA) (1)
- European Banking Authority, Single Supervisory Mechanism (1)
- European Capital Markets Union (1)
- European Central Bank (ECB) (1)
- European Central Bankor (1)
- European Commision (1)
- European Insurance Union (1)
- European Insurance and Occupational Pensions Authority (1)
- European Investment Bank (1)
- European Market Infrastructure Regulation (EMIR) (1)
- European Parliament (1)
- European Stability Mechanism (1)
- European Supervisory Authorities (1)
- European Systemic Risk Board (1)
- European banks (1)
- European debt crisis (1)
- European integration (1)
- European market fragmentation (1)
- European unemployment insurance (1)
- Europäische Union (1)
- Eurosystem collateral eligibility (1)
- Excess sensitivity (1)
- Execution Cost (1)
- Executive Compensation (1)
- Executive Remuneration (1)
- Expectation Error (1)
- Expectation Formation (1)
- Expectation formation (1)
- Expectation–Maximisation (1)
- Expected Returns (1)
- Experience (1)
- Experiences (1)
- Experimental Asset Markets (1)
- Experimental Economics (1)
- Experimental Finance (1)
- Explainable machine learning (1)
- Externalities (1)
- Extracurricular Activities (1)
- Extrapolation (1)
- FBSDE (1)
- FOMC (1)
- Fair value (1)
- Fair value accounting (1)
- Family dynamics (1)
- Feedback (1)
- Fin Tech (1)
- Finance and Employment (1)
- Financial Advice (1)
- Financial Assistance (1)
- Financial Constraints (1)
- Financial Distress (1)
- Financial Education (1)
- Financial Frictions (1)
- Financial Institutions (1)
- Financial Integration (1)
- Financial Literacy (1)
- Financial Market Cycles (1)
- Financial Markets (1)
- Financial Networks (1)
- Financial Regulation and Banking (1)
- Financial Reporting (1)
- Financial Supervision (1)
- Financial education (1)
- Financing Constraints (1)
- Financing Costs (1)
- Finanzsystem (1)
- Fintech (1)
- Firm Investment (1)
- Firm valuation (1)
- Firm-bank relationship (1)
- Firms (1)
- Fiscal Compact (1)
- Fiscal Consolidation (1)
- Fiscal Crisis (1)
- Fiscal Policies (1)
- Fiscal Policy (1)
- Fiscal Solidarity (1)
- Fiscal Stabilization (1)
- Fiscal Stimulus Program (1)
- Fiscal policy (1)
- Fiscal theory of the price level (1)
- Fixed Income (1)
- Fixed-Income (1)
- Flash Crash (1)
- Flight-to-safety (1)
- Formalism (1)
- Formative experiences (1)
- Forward-looking models (1)
- Framing e↵ects (1)
- Frictions (1)
- G-SIB (1)
- GDP growth (1)
- GFSY (1)
- GMM Estimation (1)
- Gambling (1)
- Game Theory (1)
- Garantiezins (1)
- Gender Differences (1)
- Gender Gap (1)
- General Equilibrium Asset Pricing (1)
- General-to-specific Methodology (1)
- Generationenrente (1)
- Generations (1)
- German Capital Markets Model Case Act (KapMuG) (1)
- German constitutional law (1)
- German cooperative banks (1)
- German corporate governance (1)
- German corporate governance codex (1)
- German retirement system (1)
- German savings banks (1)
- Germany Inc. (1)
- Gewerbesteuer (1)
- Gig-economy (1)
- Gini (1)
- Global Temperature (1)
- Governance (1)
- Government (1)
- Government debt (1)
- Granger causality (1)
- Greek economic crisis (1)
- Green Nudging (1)
- Green Quantitative Easing (1)
- Greenwashing (1)
- Group Interesterest (1)
- Group Think (1)
- Grüne Transformation (1)
- Guidelines (1)
- Habit-formation (1)
- Handelsgeschäft (1)
- Haushaltskrisenbarometer (1)
- Hayek (1)
- Hazard estimation (1)
- Health expenses (1)
- Health jumps (1)
- Helicoptergeld (1)
- Heterogeneous Agents (1)
- Heterogeneous Firms (1)
- Heterogeneous Preferences (1)
- Heterogeneous agents (1)
- Hidden State (1)
- High Frequency Data (1)
- High-Frequency Trading (HFT) (1)
- High-Level-Forum (1)
- High-frequency event study (1)
- Higher Moments of Return (1)
- History & Finance (1)
- Hochfrequenzhandel (1)
- Home ownership (1)
- Homestead exemptions (1)
- Homophily (1)
- Hong test (1)
- House prices (1)
- Household Consumption (1)
- Household Portfolios (1)
- Household Wealth (1)
- Hybrid Markets (1)
- IPS (1)
- IT innovations (1)
- IV approach (1)
- Identification (1)
- Idiosyncratic Risk (1)
- Idiosyncratic volatility puzzle (1)
- Imbalances (1)
- Immediacy (1)
- Impairments (1)
- Implied volatility (1)
- Impulse-response (1)
- Incentives (1)
- Inclusive Finance (1)
- Income and Wealth Inequality (1)
- Incomplete Markets (1)
- Incomplete markets (1)
- Incubator (1)
- Incurred loss model (1)
- Index Funds (1)
- Individual Investors (1)
- Individual investors (1)
- Industry Classification (1)
- Inflation (1)
- Inflation Beliefs (1)
- Inflation Targeting (1)
- Information Acquisition (1)
- Information Frictions (1)
- Information Production (1)
- Information Treatment (1)
- Information processing (1)
- Infrastructure (1)
- Institution formation (1)
- Institutional Investor (1)
- Institutional Investors’ Ownership (1)
- Insurance Activities (1)
- Insurance Companies (1)
- Insurance Supervision (1)
- Insurer Default Risk (1)
- Integrated Assessment Model (1)
- Integration (1)
- Integrität (1)
- Interbank Market (1)
- Interbank Markets (1)
- Interdealer Brokerage (1)
- Interest Rate Risk (1)
- Interim Report (1)
- Intermediated work (1)
- International finance (1)
- International relationships (1)
- Invasion (1)
- Investment Styles (1)
- Investment attitudes (1)
- Investment funds (1)
- Investment-Specific Shocks (1)
- Investor behavior (1)
- Investor sentiment (1)
- Investors Heterogeneity (1)
- Job Match Quality (1)
- Kapitalmarktunion (1)
- Kapitalrenditen (1)
- Kinderbonus (1)
- Klimawandel (1)
- Konjunkturpolitik (1)
- Kreditinstitute (1)
- Kryptowährungen (1)
- Künstliche Intelligenz (KI) (1)
- LBO spillovers (1)
- LBOs (1)
- LSTM neural networks (1)
- Labor Hoarding (1)
- Labor Income Risk (1)
- Labor Markets (1)
- Landeskreditbank Baden-Württemberg (1)
- Law Enforcement (1)
- Law and Finance (1)
- Law and economics (1)
- Law and finance (1)
- Leading indicator (1)
- Lebensversicherungen verlangen (1)
- Leitungsentscheidungen (1)
- Lender of Last Resort (1)
- Lender of last resort (1)
- Lending (1)
- Leverage (1)
- Leveraged buyouts (1)
- Libra (1)
- Life Events (1)
- Life Insurance Surrender (1)
- Life Insurers (1)
- Life course transitions (1)
- Life insurance companies (1)
- Life-Cycle Model (1)
- Life-cycle hypothesis (1)
- Limits to Arbitrage (1)
- Liquidity Coinsurance (1)
- Liquidity Risk (1)
- Liquidity Shock (1)
- Liquidity premium (1)
- Liquidity provider incentives (1)
- Liquidity provision (1)
- Living Wills (1)
- Loan loss accounting (1)
- Loan losses (1)
- Lobbying (1)
- Locus of control (1)
- Long-Run Risk (1)
- Long-run risk (1)
- Loss Sharing (1)
- Loss-aversion (1)
- Lottery stocks (1)
- Low-emission vehicles (1)
- MTS Bond Market (1)
- Maastricht criteria (1)
- Macroeconomics (1)
- Mandatory Law (1)
- Margin (1)
- Marginal Propensity to Consume (1)
- Market Design (1)
- Market Efficiency (1)
- Market Fragility (1)
- Market Integrity (1)
- Market Oversight (1)
- Market Power (1)
- Market Quality (1)
- Market efficiency (1)
- Market fragmentation (1)
- Marketplace lending (1)
- Maximum Likelihood (1)
- Mehrwertsteuersenkung (1)
- Mensch und Maschine (1)
- Mental models (1)
- Meritocracy (1)
- MiCA (1)
- MiFID (1)
- Microfinance (1)
- Migration (1)
- Minority Shareholder Protection (1)
- Mis-selling (1)
- Mitigation (1)
- Model Selection (1)
- Model-based regulation (1)
- Monetary Policy Surprises (1)
- Monetary policy transmission (1)
- Money Market (1)
- Money Market Funds (1)
- Moral Hazar (1)
- Morality (1)
- Mortality risk (1)
- Mortgage supply (1)
- Mortgages (1)
- Multi-Layer Network (1)
- Multi-level marketing (1)
- Multilayer networks (1)
- Multitasking (1)
- Mundellian trilemma (1)
- Mutual Funds (1)
- Mutual funds (1)
- Mutually Exciting Processes (1)
- Mutually exciting processes (1)
- NCAs (1)
- NLP (1)
- Narrative Approach (1)
- Net-zero transition (1)
- Network Combination (1)
- Network Communities (1)
- Network theory (1)
- Networks (1)
- Niedrigzinsen (1)
- Niedrigzinsphase (1)
- Niedrigzinsumfeld (1)
- Nominal GDP Growth (1)
- Nominal Rigidities (1)
- Non-bank lead arrangers (1)
- Non-governmental Organizations (1)
- Nonlinear Filtering (1)
- Nonlinear solution methods (1)
- Numerical Solution (1)
- ORSA (1)
- OTC Markets (1)
- Obfuscation (1)
- Offenlegungspflichten (1)
- Oil market (1)
- On-the-Job Search (1)
- Open banking (1)
- Opening Auction (1)
- Opening Call Auction (1)
- Optimal Regulation (1)
- Optimal monetary policy (1)
- Optimism (1)
- Ordnungspolitik (1)
- Outright Monetary Transactions (1)
- Over-Confidence (1)
- Overlapping Generations (1)
- Overlapping generations (1)
- Own Risk and Solvency Assessment (1)
- Own Self Risk Assessment (1)
- Panama Papers (1)
- Pandemic (1)
- Patents (1)
- Paycheck Protection Program (1)
- Paycheck Sensitivity (1)
- Pecuniary Externality (1)
- Peer effects (1)
- Peers (1)
- Pension system (1)
- Pensions Dashboard (1)
- Perceptions (1)
- Persistence (1)
- Persistent and Transitory Income Shocks (1)
- Personal Finance (1)
- Personal bankruptcy (1)
- Personality traits (1)
- Pivotality (1)
- Plaintiff Lawyers (1)
- Planning (1)
- Policy Analysis (1)
- Policy Effects (1)
- Policy measures in the EU (1)
- Political Economy (1)
- Pollution (1)
- Portfolio Management (1)
- Portfolio Rebalancing (1)
- Portfolio allocation (1)
- Pre-Opening (1)
- Precautionary Saving (1)
- Preference Stability (1)
- Preference for early resolution of uncertainty (1)
- Preference survey module (1)
- Price Competition (1)
- Price Pressures (1)
- Principle of Proportionality (1)
- Private Altersvorsorge (1)
- Private Equity (1)
- Private Public Partnership (PPP) (1)
- Private ordering (1)
- Probabilistic Insurance (1)
- Probability Weighting Function (1)
- Product Market Deregulation (1)
- Product returns (1)
- Production (1)
- Production Economy (1)
- Productivity and Growth (1)
- Professionalisierung der Aufsichtsratstätigkeit (1)
- Program Evaluation (1)
- Progressive Taxation (1)
- Proprietary Trading (1)
- Prosociality (1)
- Prospect Theory (1)
- Prudential filter (1)
- Prudential oversight (1)
- Public Finance (1)
- Public Goods (1)
- Public financial news (1)
- Public-Private Partnerships (1)
- Quantile Causality (1)
- Quantitative Lockerung (1)
- Quantitative easing (1)
- Quid-pro-quo Mechanism (1)
- R&D Investment (1)
- R&D expenses (1)
- Rating Agencies (1)
- Rational Inattention (1)
- Real effects (1)
- Real options (1)
- Realization Utility (1)
- Record resolution (1)
- Redemptions (1)
- Referrals (1)
- Reform (1)
- Regulation Capital Requirements (1)
- Regulations (1)
- Regulatory Capture (1)
- Related Party Transactions (1)
- Rente (1)
- Rentenalter (1)
- Rententransparenz (1)
- Repeated Games (1)
- Repeated Principal-Agent Model (1)
- Repo Markets (1)
- Repo Specialness (1)
- Reporting Standards (1)
- Reputation (1)
- Resolution Planning (1)
- Responsible investment (1)
- Restructuring (1)
- Retail Banking (1)
- Retail Challenge (1)
- Return predictability (1)
- Riester-Rente (1)
- Risiko (1)
- Risikobereitschaft (1)
- Risk Assessment (1)
- Risk Attitudes (1)
- Risk Aversion (1)
- Risk Management (1)
- Risk Management of Insurance Companies (1)
- Risk Pooling (1)
- Risk Preferences (1)
- Risk Premium (1)
- Risk sharing (1)
- Risk taking (1)
- Rubin Causal Model (1)
- Russia (1)
- Russian Economy (1)
- Russian Sanction (1)
- S corporations (1)
- S&P 500 (1)
- SFDR (1)
- SIFI (1)
- SME Trading (1)
- SRB (1)
- SRF (1)
- SRM (1)
- SSM (1)
- STS (simple, transparent, and standardized securitizations) (1)
- SVAR (1)
- SWIFT (1)
- Sanctions (1)
- Saving puzzles (1)
- Say on Pay (1)
- Schenkungsteuer (1)
- Schuldenbremse (1)
- Screening (1)
- Search Frictions (1)
- Secondary Loan Markets (1)
- Securities Market Regulation (1)
- Securitisation (1)
- Securitization (1)
- Segmentation (1)
- Self-Control (1)
- Self-exciting Processes (1)
- Selling Behavior (1)
- Sentiment Analysis (1)
- Shadow Banking (1)
- Shareholder Letters (1)
- Shareholder Rights Directive (1)
- Short-run Risk (1)
- Signaling (1)
- Similarity (1)
- Similarity encoding (1)
- Sin Stocks (1)
- Single Banking Market (1)
- Single Resolution Mechanism (SRM) (1)
- Single Supervisy Mechanism (1)
- Skewness (1)
- Slow-Moving Capital (1)
- Small Business (1)
- SoFFin (1)
- Social Conditioning (1)
- Social Learning (1)
- Social Security (1)
- Social Security claiming (1)
- Social Security claiming age (1)
- Social Security solvency (1)
- Social media (1)
- Social networks (1)
- Socially responsible investing (1)
- Sociology of Finance (1)
- Sovereign (1)
- Sovereign Bonds (1)
- Sovereign Debt (1)
- Sovereign Risk (1)
- Sovereign credit risk (1)
- Sovereign risk (1)
- Soziale Marktwirtschaft (1)
- Sparsity (1)
- Spatial autoregressive model (1)
- Speculation (1)
- Spike–and–Slab prior (1)
- Stability and Growth Pact (1)
- Stages (1)
- Start-ups (1)
- States (1)
- Stay-Home (1)
- Steuergelder (1)
- Steuerhinterziehung (1)
- Steueroasen (1)
- Steuerpolitik (1)
- Steuervermeidung (1)
- Stochastic Search Variable Selection (1)
- Stochastic volatility (1)
- Stock Market (1)
- Stock Market Participation (1)
- Stock Markets (1)
- Stock market (1)
- Stock market wealth (1)
- Stockholding (1)
- Structural Bank Reform (1)
- Structured retail products (1)
- Subjective Survival Beliefs (1)
- Supervision (1)
- Supervisory Achitecture (1)
- Supervisory Relief Measures (1)
- Supply Chain (1)
- Survey Data (1)
- Sustainabilty (1)
- Systematic Risk (1)
- Systemic events (1)
- Systemically Important Financial Institutions (1)
- TARGET-Salden (1)
- TARGET2 (1)
- TARP (1)
- TIPS (1)
- TIPS–Treasury puzzle (1)
- TLTRO (1)
- Tail Risk (1)
- Target 2 (1)
- Tax Cuts and Jobs Act (1)
- Tax Multiplier (1)
- Taxation of Capital (1)
- Taxonomie (1)
- Taylor rule (1)
- Technology Adoption (1)
- Technology Park (1)
- Technology spillover (1)
- Term life insurance (1)
- The Community Reinvestment Act (1)
- Time-varying networks (1)
- Tobin tax (1)
- Top Income Taxation (1)
- Trade sales (1)
- Trading volume (1)
- Transaction Data (1)
- Transaction costs (1)
- Transitional Dynamics (1)
- Tree-based models (1)
- Trennbanken (1)
- Trust (1)
- Trust Game (1)
- Tunneling (1)
- Turning points (1)
- Twitter (1)
- UK (1)
- USA (1)
- Ukraine (1)
- Unabhängigkeit (1)
- Uncertainty (1)
- Unconventional Monetary policy (1)
- Ungleichheit (1)
- Utility Functions (1)
- Utility Theory (1)
- Utilization (1)
- VAR estimation (1)
- Value-at-risk (1)
- Variance Risk Premium (1)
- Venture Capital (1)
- Venture capital (1)
- Venue Choice (1)
- Vereinigtes Königreich (1)
- Verlustrücktrag (1)
- Versicherungen (1)
- Vertrag über die Arbeitsweise der EU (AEUV) (1)
- Vorstandsvergütung (1)
- WHO alerts (1)
- Wage Rigidity (1)
- Wage rigidity (1)
- Weak Instruments (1)
- Wealth shocks (1)
- Welfare Costs (1)
- Wettbewerb (1)
- Wettbewerbsrecht (1)
- WpHG (1)
- Währungswettbewerb (1)
- XAI (1)
- Zentralbank (1)
- Zentralbankensystem (1)
- Zentralnbank (1)
- Zinsen (1)
- Zombie Lending (1)
- accountability (1)
- adaptation (1)
- adviser (1)
- age (1)
- age limits (1)
- agency (1)
- agglomeration (1)
- aging (1)
- allocation bias (1)
- ambiguity premium (1)
- angel finance (1)
- anomalies (1)
- asset markets (1)
- asset prices (1)
- asset purchases (1)
- asset-backed securities (1)
- assetbacked securities (1)
- asymmetric information (1)
- asymmetric shocks (1)
- attention (1)
- attitudes towards inequality (1)
- auction format (1)
- average treatment effect (1)
- backward stochastic differential equation (1)
- bailouts (1)
- balance of payments (1)
- balance sheet adjustment (1)
- bank (1)
- bank and non-bank financial intermediation (1)
- bank capital (1)
- bank capital ratios (1)
- bank competition (1)
- bank integration (1)
- bank lending (1)
- bank performance (1)
- bank resolution regimes (1)
- bank stability (1)
- banking and treasury functions (1)
- banking networks (1)
- banking resolution (1)
- banking supervision, (1)
- banking systems (1)
- behavioral economics (1)
- belief effect (1)
- belief estimation (1)
- belief formation (1)
- belief updating (1)
- beliefs (1)
- benchmarks (1)
- betting (1)
- bid-ask spread (1)
- bidder surplus (1)
- big data (1)
- bilateral investment treaties (1)
- biometric risks (1)
- bitcoin (1)
- bond market liquidity (1)
- booms (1)
- bounded rationality (1)
- bureaucrats' incentives (1)
- call auctions (1)
- capacity utilization (1)
- capital (1)
- capital maintenance (1)
- capital ratios (1)
- capital requirements (1)
- caps (1)
- capture (1)
- cartel damages (1)
- cash equity markets (1)
- catastrophe bond (1)
- catastrophic events (1)
- catastrophic risk (1)
- central bank communication (1)
- central bank policy (1)
- central banking (1)
- central counter parties (1)
- central counterparties (1)
- centralisation (1)
- centrality metrics (1)
- cheating (1)
- client involvement (1)
- climate (1)
- climate behavior (1)
- climate policies (1)
- climate risk (1)
- climate-related disclosures (1)
- coinvestment (1)
- collateral reuse (1)
- collective action (1)
- collective action clauses (1)
- collective litigation (1)
- collective redress (1)
- commercial banks (1)
- common ownership (1)
- communication (1)
- compensation design (1)
- competitive equilibrium (1)
- competitiveness (1)
- compliance behavior (1)
- comprehensive assessment (1)
- conditionality (1)
- confirmatory biases (1)
- conflict of laws (1)
- connected industries (1)
- construction procurement (1)
- consumer education (1)
- consumption commitments (1)
- consumption-based models (1)
- consumption-portfolio decisions (1)
- content analysis (1)
- contest (1)
- contingent capital (1)
- continuous limit order book (1)
- contract law (1)
- contractual liability (1)
- conventional monetary policy (1)
- convergence (1)
- coordination (1)
- corporate bonds (1)
- corporate deposits (1)
- corporate finance (1)
- corporate governance codes (1)
- corporate income tax (1)
- corporate restructuring (1)
- corporate savings (1)
- corporate taxation (1)
- counterfactual analysis (1)
- counterfactual decompositions (1)
- counterfactual thinking (1)
- credence goods (1)
- credit channel (1)
- credit default swap (1)
- credit losses (1)
- credit rationing (1)
- credit scoring (1)
- creditors runs (1)
- crisis (1)
- cross-border insolvency (1)
- cross-border institutions (1)
- cross-border political access (1)
- cross-section of expected stock returns (1)
- cross-section of stock return (1)
- cross-section of stock returns (1)
- crowdlending (1)
- crowdsponsoring (1)
- cryptocurrency (1)
- culture (1)
- currency board (1)
- current account (1)
- cycle flows (1)
- cyclical liabilities (1)
- dash-for-cash (1)
- debt consolidation (1)
- debt cost (1)
- debt restructuring (1)
- decentralization theorem (1)
- default (1)
- deleveraging (1)
- democracy (1)
- demographic change (1)
- demographischer Wandel (1)
- deposit guarantee scheme (1)
- deposit insurance (1)
- deposits (1)
- deregulation (1)
- designated market makers (1)
- die game milk (1)
- differences of opinion (1)
- diffusion of norms (1)
- digital planning tool (1)
- digitalization (1)
- directors (1)
- disaster risk (1)
- discourse analysis (1)
- discretionary lending (1)
- distress (1)
- distributed ledger technology (1)
- distributional consequences of monetary policy (1)
- diversity (1)
- divestments (1)
- dollar funding (1)
- duration of civil proceedings (1)
- duration of pay (1)
- dynamic correlation (1)
- dynamic inconsistency (1)
- early retirement (1)
- earnings management (1)
- economic governance (1)
- economic policy (1)
- economic preferences (1)
- economic rationality (1)
- economic reforms (1)
- economies of scale (1)
- education (1)
- elections (1)
- electricity (1)
- electronic trading (1)
- emissions trading system (ETS) (1)
- employees (1)
- employer-employee level dataset (1)
- endogenous information acquisition (1)
- endogenous risk (1)
- energy (1)
- energy crisis (1)
- entrepreneurial spawning (1)
- equity (1)
- equity cost (1)
- equity market integration (1)
- equity trading (1)
- erm structure of interest rates (1)
- euro (1)
- europäischer Zahlungsverkehr (1)
- eurozone (1)
- event study (1)
- executive labor market (1)
- exit (1)
- exit strategies (1)
- experiences (1)
- experimental asset markets (1)
- experimental economics (1)
- external instruments (1)
- externalities (1)
- extreme value theory (1)
- factor timing (1)
- fairness (1)
- familiarity (1)
- federal transfers (1)
- fiduciary (1)
- field study (1)
- filtering (1)
- finance and development (1)
- finance and employment (1)
- finance wage premium (1)
- financial constraints (1)
- financial contracts (1)
- financial decision-making (1)
- financial disasters (1)
- financial distress (1)
- financial fragility (1)
- financial frictions (1)
- financial innovation (1)
- financial innovations (1)
- financial literacy determinants (1)
- financial market (1)
- financial market data (1)
- financial market regulation (1)
- financial market supervision (1)
- financial markets (1)
- financial markets regulation (1)
- financial resilience (1)
- financial retrenchment (1)
- financial risk-taking (1)
- financial solidarity (1)
- financial spillover (1)
- financial stablity (1)
- financial supervision (1)
- financial system (1)
- financial transaction data (1)
- financial transaction tax (1)
- financing (1)
- financing constraint (1)
- fire sales (1)
- firm growth (1)
- firm value (1)
- first-price auctions (1)
- fiscal adjustment (1)
- fiscal austerity (1)
- fiscal crisis (1)
- fiscal decentralization (1)
- fiscal federalism (1)
- fiscal financial vulnerabilities (1)
- fiscal multipliers (1)
- fiscal rules (1)
- fiscal solidarity (1)
- fiscal stress (1)
- fiscal transfers (1)
- fiscal union (1)
- fiscal variables (1)
- fixed point approach (1)
- flash crashes (1)
- flexible-hour contracts (1)
- floating net asset value (FNAV) (1)
- floors (1)
- foreign direct investment (1)
- foreign portfolio investment (1)
- fragmentation (1)
- frequent batch auctions (1)
- functional finance approach (1)
- funding dry-ups (1)
- gender equality (1)
- gender wage gap (1)
- genetics (1)
- geo-economics (1)
- geographic expansion (1)
- german banking system (1)
- german banks (1)
- german pension system (1)
- global preference survey (1)
- globalization (1)
- goal orientation (1)
- government (1)
- government debt (1)
- greek crisis (1)
- green financing (1)
- group identity (1)
- group law (1)
- group size (1)
- habit (1)
- health (1)
- hedge funds (1)
- hedging errors (1)
- heterogeneity (1)
- heterogeneous monetary policy response (1)
- heterogeneous wage rigidity (1)
- high consumption volatility (1)
- high-frequency data (1)
- high-frequency traders (HFTs) (1)
- high-frequency trading (1)
- holdout litigation (1)
- honesty (1)
- household liquidity (1)
- household savings (1)
- household finance (1)
- households (1)
- housing expenditure share (1)
- ideational shift (1)
- identification (1)
- idle time (1)
- impatience (1)
- implied correlation (1)
- implied volatility (1)
- impulse analysis (1)
- incentive pay (1)
- incentives for investment (1)
- incidence (1)
- income dependent inflation (1)
- income distribution (1)
- incomplete information (1)
- independent private values (1)
- index funds (1)
- individual retirement account (1)
- individuelle Altersvorsorge (1)
- industrial organization (1)
- inference (1)
- inflation (1)
- inflation swaps (1)
- informal loans (1)
- informal markets (1)
- information demand (1)
- information flow (1)
- information processing (1)
- informativeness principle (1)
- infrastructural power (1)
- input-output (1)
- insurance groups (1)
- insurance guarantee schemes (1)
- insurance industry (1)
- insurance pricing (1)
- insurer default risk (1)
- interbank market (1)
- interbank markets (1)
- interbank network (1)
- interconnections (1)
- interdependent preferences (1)
- interest-rate channel (1)
- intergenerational persistence (1)
- internal capital markets (1)
- internal rating models (1)
- internal ratings (1)
- international diversification benefits (1)
- international taxation (1)
- inverse probability weighting (1)
- investment behavior (1)
- investment biases (1)
- investment forum (1)
- investment guarantee (1)
- investment mistakes (1)
- investor behavior (1)
- investor preferences (1)
- investor segmentation (1)
- investor sentiment (1)
- isk premiums (1)
- jump risk (1)
- kapitalgedeckte Alterssicherung (1)
- labelling (1)
- labels (1)
- labor demand (1)
- labor hoarding (1)
- labor income (1)
- labor market (1)
- labor mobility (1)
- labor supply (1)
- laboratory experiment (1)
- labour economics (1)
- labour market policies (1)
- large language models (1)
- latency arbitrage (1)
- law (1)
- law and finance (1)
- law enforcement (1)
- leasing (1)
- legal transplants (1)
- leisure (1)
- lending (1)
- level and slope of implied volatility smile (1)
- level playing field (1)
- leverage constraint (1)
- life cycle model (1)
- life cycle saving (1)
- life expectancy (1)
- life insurance demand (1)
- life-cycle (1)
- life-cycle behavior (1)
- life-cycle household decisions (1)
- life-cycle hypothesis (1)
- life-cycle models (1)
- life-cycle utility maximization (1)
- lifecycle (1)
- likelihood insensitivity (1)
- limited arbitrage (1)
- liquidity premium (1)
- liquidity runs (1)
- loan officer (1)
- loan origination (1)
- loanable funds (1)
- local projection (1)
- local projections (1)
- locally non-diversifiable risk (1)
- location decisions (1)
- long-run growth (1)
- long-run risk (1)
- longevity (1)
- losses (1)
- lottery-type assets (1)
- low interest rate environment (1)
- lump sum (1)
- macro-prudential policy (1)
- macro-prudential supervision (1)
- macroprudential franework (1)
- macroprudential regulation (1)
- macroprudential supervision (1)
- management compensation (1)
- mandatory disclosure (1)
- marginal propensity to consume (1)
- market design (1)
- market enforcement (1)
- market fragmentation (1)
- market infrastructure (1)
- market making (1)
- market microstructure (1)
- market price (1)
- market quality (1)
- market supervision (1)
- market-based (1)
- market-based financial intermediation (1)
- market-making (1)
- matching (1)
- maturity (1)
- measure of ambiguity (1)
- media polarization (1)
- mergers and acquisitions (1)
- micro data transparency (1)
- microdata (1)
- microprudential supervision (1)
- misperception (1)
- mnimum distribution requirements (1)
- model case procedure (1)
- monetary policy surprise (1)
- monetary policy surprise shocks (1)
- monetary system (1)
- money (1)
- money creation (1)
- money in the utility function (1)
- mood (1)
- moral hazar (1)
- moral hazard (1)
- moral values (1)
- motivated beliefs (1)
- motivated reasoning (1)
- motivation for honesty (1)
- multi-unit auctions (1)
- multinational firms (1)
- multiple point of entry (1)
- multiplex networks (1)
- national interest (1)
- national systems of local banks (1)
- natural disasters (1)
- natural experiment (1)
- natural gas (1)
- natural rate (1)
- negativer Zins (1)
- neoinstitutionalism (1)
- net-zero arbitrage (1)
- net-zero plans and targets (1)
- net-zero transition (1)
- network (1)
- network formation (1)
- network model (1)
- networks (1)
- non-linear VAR (1)
- non-performing assets (1)
- online borrowing (1)
- open economy (1)
- operational performance (1)
- opinion (1)
- optimal stopping (1)
- optimum currency area (1)
- option prices (1)
- option-implied distribution (1)
- otc derivatives markets (1)
- outgroup derogation (1)
- output fluctuations (1)
- overlapping generations (1)
- ownership concentration (1)
- ownership disclosure (1)
- pandemic insurance (1)
- pandemics (1)
- panel data (1)
- parameter uncertainty (1)
- pari passu clauses (1)
- participation (1)
- passive investors (1)
- patents (1)
- paycheck frequency (1)
- payment system (1)
- peer to peer payment systems (1)
- performance indicators (1)
- personality traits (1)
- pharmaceutical industry (1)
- placebo technique (1)
- polarization (1)
- policy (1)
- policy reform (1)
- policy rule (1)
- political behavior (1)
- political economy of bureaucracy (1)
- political polarization (1)
- pooling equilibrium (1)
- portfolio allocation (1)
- portfolio management (1)
- portfolio optimization (1)
- precautionary recapitalization (1)
- present bias (1)
- pricing (1)
- principal components (1)
- principal-agent models (1)
- private Vermögensbildung (1)
- private benefits of control (1)
- private business (1)
- private markets (1)
- private sector involvement (1)
- probability of default (1)
- productivity (1)
- profit weights (1)
- propensity score (1)
- property rights (1)
- proprietary trading (1)
- proprietary trading ban (1)
- protected values (1)
- provisioning rules (1)
- prudential regulation (1)
- public finance (1)
- public markets (1)
- public private partnership (1)
- public-private relations (1)
- quantile regression (1)
- racial inequality (1)
- rank feedback (1)
- real estate lending (1)
- recent economic crisis (1)
- recession (1)
- redistribution (1)
- reform (1)
- regression adjustment (1)
- regression discontinuity design (1)
- regulatory capture (1)
- rehypothecation (1)
- related party transactions (1)
- relationship lending (1)
- relative performance evaluation (1)
- relative performance feedback (1)
- renting vs. owning home (1)
- repeated games (1)
- replication (1)
- repo market (1)
- reporting (1)
- resiliency (1)
- responsibility (1)
- retained earnings (1)
- retention (1)
- retirement expectations (1)
- retirement planning (1)
- return expectations (1)
- reverse mortgage (1)
- risk (1)
- risk preference (1)
- risk premia (1)
- risk spillovers (1)
- risk-shifting (1)
- risk-taking channel of monetary policy (1)
- safe assets (1)
- salience (1)
- saving behavior (1)
- saving puzzles (1)
- savings banks (1)
- say-on-pay (1)
- school closures (1)
- screening (1)
- seasonal affective disorder (SAD) (1)
- secrecy (1)
- secular stagnation (1)
- securities lending (1)
- securities markets (1)
- self-control (1)
- sentiment (1)
- separating equilibrium (1)
- severance pay caps (1)
- severity (1)
- shareholder activism (1)
- shareholder wealth (1)
- shareholderism (1)
- shocks (1)
- short-sale constraints (1)
- single point of entry (1)
- skill-biased technological change (1)
- slumps (1)
- small and medium enterprises (1)
- sniping (1)
- social (1)
- social centralization (1)
- social dilemma (1)
- social dilemmas (1)
- social identity (1)
- social impact bonds (1)
- social networks (1)
- social relations (1)
- social security claiming (1)
- socialist education (1)
- socially responsible consumers (1)
- soft information (1)
- soft law (1)
- solution methods (1)
- solvency shocks (1)
- sophistication (1)
- source dependence (1)
- sovereign bonds (1)
- sovereign debt (1)
- sovereign debt litigation (1)
- sovereign debt restructuring (1)
- sovereign debt standstill (1)
- speculative trading (1)
- spillovers (1)
- spread premium (1)
- sset pricing (1)
- staatliche Sozialversicherung (1)
- stable convergence (1)
- stakeholder (1)
- stakeholders (1)
- staleness (1)
- state (1)
- state dependency (1)
- state-dependent sensitivity value-at-risk (SDSVaR) (1)
- state-owned enterprises (1)
- statistical risk measurement (1)
- statistical testing (1)
- statistics (1)
- stewardship codes (1)
- stochastic control (1)
- stock demand (1)
- stock market (1)
- stock market crisis (1)
- stock market investment (1)
- stock market volatility (1)
- stock return expectations (1)
- strategic interaction of regulators (1)
- strategy review (1)
- stress test (1)
- structural power (1)
- strukturelle Reformen (1)
- subordinated debt (1)
- supervision (1)
- supervisory board (1)
- survey experiments (1)
- sustainability disclosures (1)
- sustainable finance (1)
- systematic risk (1)
- systemic importance (1)
- systemic risk analysis (1)
- systemic risk, too-interconnected-to-fail (1)
- säkulare Stagnation (1)
- tail measure (1)
- tax (1)
- tax competition (1)
- tax cut (1)
- tax haven (1)
- tax havens (1)
- tax information exchange (1)
- tax information exchange agreements (1)
- tax intervention (1)
- tax policy (1)
- taxing rights (1)
- taxonomies (1)
- technology diffusion (1)
- temperature shocks (1)
- term premia (1)
- threshold vector auto-regressive models (1)
- time dependency (1)
- time inconsistency (1)
- time series momentum (1)
- topic modelling (1)
- trading (1)
- trading activity (1)
- trading strategies (1)
- transactions (1)
- transition risk (1)
- treasury auctions (1)
- trend chasing (1)
- troika (1)
- trust (1)
- trust driven expectations (1)
- trust evolutionary games (1)
- tunneling (1)
- twin study (1)
- two-pillar system (1)
- tâtonnement (1)
- unemployment (1)
- utility functions (1)
- validation (1)
- valuation discount (1)
- valuation ratios (1)
- values (1)
- variable annuity (1)
- variance risk premium (1)
- venture capital (1)
- vertical fiscal imbalances (1)
- volatility of volatility (1)
- vulture creditors (1)
- wage hump (1)
- waterbed effect (1)
- wealth (1)
- wealth distribution (1)
- wealth effects (1)
- weather (1)
- welfare costs (1)
- wholesale shocks (1)
- worker-firm panels (1)
- workforce (1)
- yield spreads (1)
- zero returns (1)
- fiscal multipliers (1)
- fiscal policy (1)
- financial literacy (1)
Institute
- House of Finance (HoF) (656) (remove)
Über Scheinriesen: Was TARGET-Salden tatsächlich bedeuten : eine finanzökonomische Überprüfung
(2018)
Der TARGET-Saldo der Bundesbank beläuft sich gegenwärtig auf knapp 1 Billion Euro. Kritikern zufolge birgt dieser Umstand hohe Lasten und Risiken für den deutschen Steuerzahler und zeigt, dass Deutschland zu einem „Selbstbedienungsladen“ im Eurosystem geworden sei. Vor diesem Hintergrund erörtert das Papier im Detail, wie TARGET-Salden überhaupt entstehen und was sie finanzökonomisch bedeuten. Die wirtschaftspolitische Analyse kommt zu dem Schluss, dass - anders als von den Kritikern behauptet- unter den Bedingungen einer Währungsunion im Normalbetrieb - TARGET-Salden lediglich Verrechnungssalden ohne weitere Implikationen sind, die aber nützliche Informationen über ökonomisch tieferliegende, regionale Verschiebungen geben können. Unter dem Extremszenario eines Zerfalls der Währungsunion können TARGET-Salden zwar als offene Positionen interpretiert werden, deren spätere Erfüllung würde aber ähnlich dem Brexit von komplizierten politischen Verhandlungen abhängen, sodass über die Werthaltigkeit allenfalls spekuliert werden kann. Sollte man das Extremszenario für bedeutend halten, und politisches Handeln fordern, erscheinen zwei Lösungen sinnvoll. Beide Vorschläge führen zu einer institutionellen Stärkung der Eurozone: i) die Einführung einer Tilgungspraxis, wie sie im US-amerikanischen Fedwire-System angewandt wird. Dabei handelt es sich um eine rein fiktive Tilgung in Form einer Umbuchung auf einem gemeinsamen (Offenmarkt-)Konto bei der EZB; ii) die Bündelung aller monetären Aktivitäten bei der EZB, sodass eine regionale Abgrenzung von Zahlungsvorgängen entfällt (und damit die TARGET-Salden verschwinden), weil alle Banken in direkter Beziehung zu ein und derselben Zentralbank stehen und der Zahlungsverkehr direkt zwischen den beteiligten Banken stattfindet.
Zur Reform der Einlagensicherung: Elemente einer anreizkompatiblen Europäischen Rückversicherung
(2020)
Bankeinlagen bis 100.000 Euro sind de jure überall im Euroraum gleichermaßen vor Verlusten geschützt. De facto hängt der Wert dieser gesetzlichen Haftungszusage unter anderem von der Ausstattung des nationalen Sicherungsfonds und der relativen Größe des Bankensektors in einer Volkswirtschaft ab. Um die Homogenität des Einlagenschutzes zu gewährleisten und die Bankenunion zu vollenden, bedarf es einer einheitlichen europäischen Einlagensicherung. Die bestehende implizite Risikoteilung im Euroraum ist ordnungspolitisch nicht wünschenswert. Ferner kann eine explizite und glaubwürdige Zweitsicherung Fehlanreize zur Übernahme exzessiver Risiken verhindern, bevor es zum Schadensfall kommt. Daher plädiert dieser Beitrag für ein zweistufiges, streng subsidiär organisiertes Rückversicherungsmodell: Nationale Erstversicherungen würden einen festgeschriebenen Teil, die europäische Rückversicherung nachrangig den Rest der Deckungssumme besichern. Die Rückversicherung gewährt diese Liquiditätshilfen in Form von Kassenkrediten. Weil die Haftung auf nationaler Ebene verbleibt, werden Risiken geteilt aber nicht vergemeinschaftet. Marktgerechte Prämien müssen nicht nur das individuelle Risikogewicht einer Bank sondern auch länderspezifische Risikofaktoren berücksichtigen. Zuletzt braucht der Rückversicherer umfangreiche Aufsichtsrechte, um die Zahlungsfähigkeit der Erstversicherer mit Hinblick auf die nationalen Haftungspflichten jederzeit sicherzustellen.
Die Stellungnahme befasst sich mit einem wichtigen Aspekt der Offenlegung der Bezüge von Entscheidungsträgern im Bankensektor. Komplementär zu der Diskussion um die Veröffentlichung der Vergütung von Vorstandsmitgliedern börsennotierter Unternehmen ist auch auf Landeseben versucht worden, die Transparenz der Vergütung von Führungskräften kommunaler oder landeseigener Unternehmen zu erhöhen. Namentlich sind die Träger der Sparkassen durch den neuen § 19 Abs. 6 des Sparkassengesetzes von Nordrhein-Westfalen verpflichtet worden, darauf „hinzuwirken“, dass die „gewährten Bezüge jedes einzelnen Mitglieds des Vorstands, des Verwaltungsrates und ähnlicher Gremien unter Namensnennung“ veröffentlich werden. Diese Vorschrift ist jedoch weitgehend wirkungslos geblieben; nicht zuletzt weil das OLG Köln in einer einstweiligen Verfügung die Vorschrift mangels Gesetzgebungskompetenz des Landes als nichtig behandelt hat. In dieser Situation ist am 8. August 2013 der Vorschlag eines Gesetzes „zur Offenlegung der Bezüge von Sparkassenführungskräften im Internet“ durch die Fraktion der Piraten im Landtag Nordrhein-Westfalen eingebracht worden. Der Entwurf ist Gegenstand der Stellungnahme, die Helmut Siekmann für den Haushalts- und Finanzausschuss des Landtags Nordrhein-Westfalen erstellt hat. Sie stellt maßgebend darauf ab, dass die Sparkassen als Anstalten des öffentlichen Rechts einen öffentlichen Auftrag zu erfüllen haben und den Grundsätzen des Verwaltungsorganisationsrechts unterliegen. Als Teil der (leistenden) Verwaltung müssen sie Transparenz- und Kontrollansprüchen der Bürger und ihren Repräsentanten in den Parlamenten genügen.
Der vorliegende Beitrag zeigt auf, dass die zunehmende Komplexität der Aufgaben von Zentralbanken zu einer strukturellen Überforderung führen kann. Aufgrund der funktionellen Komplexität einer makroprudenziellen Prozesspolitik auf der Ziel- und Instrumentenebene sollte eher nach einer Reduktion als nach einer Ausweitung des makroprudenziellen Werkzeugkastens Ausschau gehalten werden. Weiterhin steht die sich derzeit teilweise noch vergrößernde institutionelle Komplexität der makroprudenziellen Politik ihrer funktionellen Komplexität um nichts nach. Bei entsprechenden Vorkehrungen können die bereits eingetretenen und die potenziellen Überforderungen jedoch zumindest teilweise in verkraftbare Herausforderungen überführt werden. Der Aufsatz schließt mit Empfehlungen für entsprechende Maßnahmen.
We test two hypotheses, based on sexual selection theory, about gender differences in costly social interactions. Differential selectivity states that women invest less than men in interactions with new individuals. Differential opportunism states that women’s investment in social interactions is less responsive to information about the interaction’s payoffs. The hypotheses imply that women’s social networks are more stable and path dependent and composed of a greater proportion of strong relative to weak links. During their introductory week, we let new university students play an experimental trust game, first with one anonymous partner, then with the same and a new partner. Consistent with our hypotheses, we find that women invest less than men in new partners and that their investments are only half as responsive to information about the likely returns to the investment. Moreover, subsequent formation of students’ real social networks is consistent with the experimental results: being randomly assigned to the same introductory group has a much larger positive effect on women’s likelihood of reporting a subsequent friendship.
This paper investigates whether exchanging the Social Security delayed retirement credit, currently paid as an increase in lifetime annuity benefits, for a lump sum would induce later claiming and additional work. We show that people would voluntarily claim about half a year later if the lump sum were paid for claiming any time after the Early Retirement Age, and about two-thirds of a year later if the lump sum were paid only for those claiming after their Full Retirement Age. Overall, people will work one-third to one-half of the additional months, compared to the status quo. Those who would currently claim at the youngest ages are likely to be most responsive to the offer of a lump sum benefit.
Zum ersten Mal wurde in Deutschland eine groß angelegte wissenschaftliche Studie zur Machbarkeit und zum Nutzen einer säulenübergreifenden Renteninformationsplattform durchgeführt, unter realen Bedingungen und mit mehreren tausend Teilnehmern. Die beiden zentralen Ergebnisse sind, dass ein elektronisches Rentencockpit auch in Deutschland technisch machbar ist und beträchtlichen individuellen Zusatznutzen für die Bürgerinnen und Bürger stiften würde. Die Langfristanalysen der Pilotstudie zeigen, dass selbst die einmalige Schaffung von Rententransparenz für viele Teilnehmer Anlass genug ist, ihren Rentenplan zu überdenken und sich aktiv mit ihrer Altersvorsorge auseinanderzusetzen und ihr Verhalten zu ändern. Teilnehmer mit Zugang zu einem elektronischen Rentencockpit fühlen sich nach der Studie deutlich besser informiert und neigen dazu ihr Sparverhalten stärker anzupassen als Personen ohne Zugang. Die außerordentlich hohe Bereitschaft zur Teilnahme und die Antworten in den Online-Befragungen sind zudem Beleg für den großen Bedarf an systemgestützter, individueller Rententransparenz. Soll ein Rentencockpit Verbreitung in Deutschland finden, scheint eine automatisierte, elektronische Bereitstellung von Vertragsdaten von Seiten der Rententräger jedoch unabdingbar, da die eigenständige Suche und teilmanuelle Bereitstellung von Standmitteilungen für die meisten Studienteilnehmer ein großes Hindernis darstellt.
This policy letter provides evidence for the crucial importance of the initial regulatory treatment for the further development of financial innovations by exploring the emergence and initial legal framing of off-balance-sheet leasing in Germany. Due to a missing legal framework, lease contracts occurred as an innovative social practice of off-balance-sheet financing. However, this lacking legal framing impeded the development of this financial innovation as it also created legal uncertainties. This was about to change after the initial legal framing of leasing in the 1970’s which eliminated those legal uncertainties and off-balance-sheet leasing entered into a stunning period of growth while laying the foundation of a regulatory resiliency against efforts that seek to abandon the off-balance-sheet treatment of leases. As the initial legal framing is crucial for the further development of a financial innovation, we propose the French approach for the initial vindication of new financial products in which the principles-based rules are aligned with the capabilities of regulators to intervene, even when a financial innovation complies with the letter of the law. In this way, regulators could regulate the frontier of financial innovations and weed out those which are entirely or mainly driven by regulatory arbitrage considerations while maintaining the beneficial elements of those products.
The bail-in tool as implemented in the European bank resolution framework suffers from severe shortcomings. To some extent, the regulatory framework can remedy the impediments to the desirable incentive effect of private sector involvement (PSI) that emanate from a lack of predictability of outcomes, if it compels banks to issue a sufficiently sized minimum of high-quality, easy to bail-in (subordinated) liabilities. Yet, even the limited improvements any prescription of bail-in capital can offer for PSI’s operational effectiveness seem compromised in important respects.
The main problem, echoing the general concerns voiced against the European bail-in regime, is that the specifications for minimum requirements for own funds and eligible liabilities (MREL) are also highly detailed and discretionary and thus alleviate the predicament of investors in bail-in debt, at best, only insufficiently. Quite importantly, given the character of typical MREL instruments as non-runnable long-term debt, even if investors are able to gauge the relevant risk of PSI in a bank’s failure correctly at the time of purchase, subsequent adjustment of MREL-prescriptions by competent or resolution authorities potentially change the risk profile of the pertinent instruments. Therefore, original pricing decisions may prove inadequate and so may market discipline that follows from them.
The pending European legislation aims at an implementation of the already complex specifications of the Financial Stability Board (FSB) for Total Loss Absorbing Capacity (TLAC) by very detailed and case specific amendments to both the regulatory capital and the resolution regime with an exorbitant emphasis on proportionality and technical fine-tuning. What gets lost in this approach, however, is the key policy objective of enhanced market discipline through predictable PSI: it is hardly conceivable that the pricing of MREL-instruments reflects an accurate risk-assessment of investors because of the many discretionary choices a multitude of agencies are supposed to make and revisit in the administration of the new regime. To prove this conclusion, this chapter looks in more detail at the regulatory objectives of the BRRD’s prescriptions for MREL and their implementation in the prospectively amended European supervisory and resolution framework.
Identifying the cause of discrimination is crucial to design effective policies and to understand discrimination dynamics. Building on traditional models, this paper introduces a new explanation for discrimination: discrimination based on motivated reasoning. By systematically acquiring and processing information, individuals form motivated beliefs and consequentially discriminate based on these beliefs. Through a series of experiments, I show the existence of discrimination based on motivated reasoning and demonstrate important differences to statistical discrimination and taste-based discrimination. Finally, I demonstrate how this form of discrimination can be alleviated by limiting individuals’ scope to interpret information.