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This paper analyzes the influence Leveraged Buyouts (LBOs) have on the operating performance of the LBO target companies’ direct competitors. A unique and hand-collected data set on LBOs in the United States in the period 1985-2009 allows us to analyze the effects different restructuring activities as part of the LBO have on the competitors’ revenues. These restructuring activities include changes to leverage, governance, or operating business, as well as M&A activities of the LBO target company. We find that although LBOs itself have a negative influence on competitors’ revenue growth, some restructuring mechanisms might actually benefit competing companies.
The Liikanen Group proposes contingent convertible (CoCo) bonds as a potential mechanism to enhance financial stability in the banking industry. Especially life insurance companies could serve as CoCo bond holders as they are already the largest purchasers of bank bonds in Europe. We develop a stylized model with a direct financial connection between banking and insurance and study the effects of various types of bonds such as non-convertible bonds, write-down bonds and CoCos on banks' and insurers' risk situations. In addition, we compare insurers' capital requirements under the proposed Solvency II standard model as well as under an internal model that ex-ante anticipates additional risks due to possible conversion of the CoCo bond into bank shares. In order to check the robustness of our findings, we consider different CoCo designs (write-down factor, trigger value, holding time of bank shares) and compare the resulting capital requirements with those for holding non-convertible bonds. We identify situations in which insurers benefit from buying CoCo bonds due to lower capital requirements and higher coupon rates. Furthermore, our results highlight how the Solvency II standard model can mislead insurers in their CoCo investment decision due to economically irrational incentives.
I assess how Basel III, Solvency II and the low interest rate environment will affect the financial connection between the bank and insurance sector by changing the funding patterns of banks as well as the investment strategies of life insurance companies. Especially for life insurance companies, the current low interest rate environment poses a key risk since declining returns on investments jeopardize the guaranteed return on life insurance contracts, a core component of traditional life insurance contracts in several European countries. I consider a contingent claim framework with a direct financial connection between banks and life insurers via bank bonds. The results indicate that life insurers' demand for bank bonds increases over the mid-term but ultimately declines in the long-run. Since life insurers are the largest purchasers of bank bonds in Europe, banks could lose one of their main funding sources. In addition, I show that shareholder value driven life insurers' appetite for risk increases when the gap between asset return and liability growth diminishes. To check the robustness of the findings, I calibrate a prolonged low interest rate scenario. The results show that the insurer's risk appetite is even higher when interest rates remain persistently low. A sensitivity analysis regarding industry-specific regulatory safety levels reveals that contagion between bank and life insurer is driven by the insurers' demand for bank bonds which itself depends on the regulatory safety level of banks.
The creation of the Banking Union is likely to come with substantial implications for the governance of Eurozone banks. The European Central Bank, in its capacity as supervisory authority for systemically important banks, as well as the Single Resolution Board, under the EU Regulations establishing the Single Supervisory Mechanism and the Single Resolution Mechanism, have been provided with a broad mandate and corresponding powers that allow for far-reaching interference with the relevant institutions’ organisational and business decisions. Starting with an overview of the relevant powers, the present paper explores how these could – and should – be exercised against the backdrop of the fundamental policy objectives of the Banking Union. The relevant aspects directly relate to a fundamental question associated with the reallocation of the supervisory landscape, namely: Will the centralisation of supervisory powers, over time, also lead to the streamlining of business models, corporate and group structures of banks across the Eurozone?
This paper examines the dynamic relationship between credit risk and liquidity in the sovereign bond market in the context of the European Central Bank (ECB) interventions. Using a comprehensive set of liquidity measures obtained from a detailed, quote-level dataset of the largest interdealer market for Italian government bonds, we show that changes in credit risk, as measured by the Italian sovereign credit default swap (CDS) spread, generally drive the liquidity of the market: a 10% change in the CDS spread leads a 11% change in the bid-ask spread. This relationship is stronger, and the transmission is faster, when the CDS spread is above the 500 basis point threshold, estimated endogenously, and can be ascribed to changes in margins and collateral, as well as clientele effects. Moreover, we show that the Long-Term Refinancing Operations (LTRO) intervention by the ECB weakened the sensitivity of the liquidity provision by the market makers to changes in the Italian government's credit risk. We also document the importance of market-wide and dealer-specific funding liquidity measures in determining the market liquidity for Italian government bonds.
The European Commission has published a Green Paper outlining possible measures to create a single market for capital in Europe. Our comments on the Commission’s capital markets union project use the functional finance approach as a starting point. Policy decisions, according to the functional finance perspective, should be essentially neutral (agnostic) in terms of institutions (level playing field). Our main angle, from which we assess proposals for the capital markets union agenda, are information asymmetries and the agency problems (screening, monitoring) which arise as a result. Within this perspective, we make a number of more specific proposals.
The paper traces the developments from the formation of the European Economic and Monetary Union to this date. It discusses the fact that the primary mandate of the European System of Central Banks (ESCB) is confined to safeguarding price stability and does not include general economic policy. Finally, the paper contributes to the discussion on whether the primary law of the European Union would support a eurozone exit. The Treaty of Maastricht imposed the strict obligation on the European Union (EU) to establish an economic and monetary union, now Article 3(4) TEU. This economic and monetary union is, however, not designed as a separate entity but as an integral part of the EU. The single currency was to become the currency of the EU and to be the legal tender in all Member States unless an exemption was explicitly granted in the primary law of the EU, as in the case of the UK and Denmark. The newly admitted Member States are obliged to introduce the euro as their currency as soon as they fulfil the admission criteria. Technically, this has been achieved by transferring the exclusive competence for the monetary policy of the Member States whose currency is the euro on the EU, Article 3(1)(c) TFEU and by bestowing the euro with the quality of legal tender, the only legal tender in the EU, Article 128(1) sentence 3 TFEU.
Die deutsche Steuerpolitik kombiniert hohe Steuersätze mit zahlreichen Ausnahmen. Das reißt Gerechtigkeitslücken, lenkt Investitionen in die falschen Zwecke und verkompliziert das Steuersystem mitunter bis zur Unkenntlichkeit. Bei der Erbschaftsteuer ist dies besonders augenfällig. Der Versuch mit minimalinvasiven Korrekturen Konsistenz in die Erbschaft- und Schenkungsteuer zu bringen ist fast zwangsläufig zum Scheitern verurteilt. Vieles spricht stattdessen für deutlich abgesenkte Steuersätze und eine gleichzeitige Abschaffung der Vergünstigungen für Betriebsvermögen.
Ein kritischer Diskurs ist essentiell für die Wissenschaft. Das ist zwar banal, wird aber im gegenwärtigen Streit um „Münkler Watch“, einem Blog, in dem Studierende der Humboldt-Universität Berlin eine Vorlesung des Politikwissenschaftlers Prof. Herfried Münkler anonym kritisieren, häufig vergessen. Aber auch den Studierenden scheint es nicht um einen inhaltlichen Dialog, sondern um Aufmerksamkeit zu gehen.
25 Jahre ISOE – Veranstaltungsdokumentation online +++ Mehr als nur Wohnen: Veranstaltungsreihe „Gemeinsam Leben in der Stadt“ +++ Bau von Windenergieanlagen: Konfliktparteien im Dialog +++ Festakt bei BiK-F – Aufnahme in die Senckenberg Gesellschaft für Naturforschung +++ ISOE-Lecture im Wintersemester 2014/15 an der Goethe-Universität Frankfurt +++ Aus dem ISOE: Europäische Biodiversitätsforschung: ISOE ist Mitglied im ALTER-Net +++ Termine +++ Publikationen
ISOE-Forschungsteam begleitet „Reallabore“ in Baden-Württemberg +++ ISOE bei den Berliner Energietagen +++ Wasser für die Trockenzeit – Übergabe der Flutwassersammelanlage in Namibia +++ Zukunftsstadt – ISOE ist Partner des Wissenschaftsjahres 2015 +++ Weltwasserdekade endet – Probleme in der weltweiten Wasserversorgung bleiben +++ Capital4Health – Forschungsverbund für transdisziplinäre Gesundheitsforschung +++ Aus dem ISOE: Dr. Alexandra Lux ist neue Leiterin des Forschungsschwerpunkts „Transdisziplinäre Methoden und Konzepte“ +++ Termine +++ Publikationen
Beste! Neues in der Blogroll
(2015)
Hin und wieder muss einfach mal ordentlich entrümpelt und aufgeräumt werden. Das gilt für das Leben im Allgemeinen und hin und wieder eben auch für das Bretterblog. Heute war es mal wieder soweit. Hoch motiviert von den verwegenen Plänen des letzten Redaktionstreffens habe ich mich unter anderem an unsere Blogroll gewagt: Einmal durchgeklickt, Blogleichen weggeräumt und gestaunt, was für starke Blogs es doch so da draußen gibt, die man hin und wieder mal aus dem Auge verliert!...
The design of rainwater harvesting based gardens requires considering current climate but also climate change during the lifespan of the facility. The goal of this study is to present an approach for designing garden variants that can be safely supplied with harvested rainwater, taking into account climate change and adaptation measures. In addition, the study presents a methodology to quantify the effects of climate change on rainwater harvesting based gardening. Results of the study may not be accurate due to the assumptions made for climate projections and may need to be further refined. We used a tank flow model and an irrigation water model. Then we established three simple climate scenarios and analyzed the impact of climate change on harvested rain and horticulture production for a semi-arid region in northern Namibia. In the two climate scenarios with decreased precipitation and medium/high temperature increase; adaptation measures are required to avoid substantial decreases in horticulture production. The study found that the most promising adaptation measures to sustain yields and revenues are a more water efficient garden variant and an enlargement of the roof size. The proposed measures can partly or completely compensate the negative impacts of climate change.
Bayesian Networks are computer-based environmental models that are frequently used to support decision-making under uncertainty. Under data scarce conditions, Bayesian Networks can be developed, parameterized, and run based on expert knowledge only. However, the efficiency of expert-based Bayesian Network modeling is limited by the difficulty in deriving model inputs in the time available during expert workshops. This thesis therefore aimed at developing a simple and robust method for deriving conditional probability tables from expert estimates in a time-efficient way. The design and application of this new elicitation and conversion method is demonstrated using a case study in Xinjiang, Northwest China. The key characteristics of this method are its time-efficiency and the approach to use different conversion tables based on varying levels of confidence. Although the method has its limitations, e.g. it can only be applied for variables with one conditioning variable; it provides the opportunity to support the parameterization of Bayesian Networks which would otherwise remain half-finished due to time constraints. In addition, a case study in the Murray-Darling Basin, Australia, is used to compare Bayesian Network types and software to improve the presentation clarity of large Bayesian Networks. Both case studies aimed at gaining insights on how to improve the applicability of Bayesian Networks to support environmental management.