Wirtschaftswissenschaften
Refine
Year of publication
- 2019 (103) (remove)
Document Type
- Working Paper (52)
- Part of Periodical (50)
- Article (1)
Has Fulltext
- yes (103)
Is part of the Bibliography
- no (103)
Keywords
- Financial Institutions (18)
- ECB (16)
- Capital Markets Union (14)
- Banking Union (9)
- Monetary Policy (8)
- Climate Change (6)
- Cryptocurrency (6)
- Financial Markets (6)
- Sustainable Finance (6)
- TARGET (6)
- Banking Regulation (4)
- Household Finance (4)
- Macro Finance (4)
- Pension Insurance (4)
- Policy Center (4)
- Social System (4)
- Tax (4)
- 2019 (2)
- Adverse Selection (2)
- Artificial Intelligence (2)
- Bankenunion (2)
- Banking Supervision (2)
- Bitcoin (2)
- Bond Markets (2)
- Clearing (2)
- Comments disabled (2)
- Commerzbank (2)
- Demography (2)
- Deutsche Bank (2)
- E-Mobility (2)
- ESM (2)
- Empowering Private Investors (2)
- Euro (2)
- European Fiscal Pact (2)
- Financial Stability (2)
- Fusion (2)
- German banks (2)
- German financial system (2)
- Merger (2)
- Open Banking Platform Germany (2)
- Pension (2)
- Price Efficiency (2)
- SSM (2)
- Saving (2)
- banking (2)
- corporate governance (2)
- credit scoring (2)
- probability of default (2)
- small and medium enterprises (2)
- Banken (1)
- Bayesian estimation (1)
- Bayesian inference (1)
- Collateral Constraint (1)
- Corporate Social Responsibility (1)
- Credit Risk (1)
- Cross-Section of Returns (1)
- DSGE model (1)
- Dark Pools (1)
- Dark Trading (1)
- Demographic Change (1)
- Designated Market Makers (DMMs) Market Making (1)
- Double Volume Caps (1)
- Durable consumption (1)
- EDIC (1)
- EDIS (1)
- Emissions (1)
- Energy Efficiency (1)
- Europäische Zentralbank (1)
- Eurosystem (1)
- Expectation–Maximisation (1)
- Financial Constraints (1)
- Financial Frictions (1)
- Financial Networks (1)
- Financial stability (1)
- Financing Conditions (1)
- Freibetrag (1)
- Geldpolitik (1)
- Grunderwerbsteuer (1)
- Hamilton filter (1)
- High-Frequency Trading (1)
- High-Frequency Trading (HFT) (1)
- Household saving (1)
- Inflation (1)
- Information Acquisition (1)
- Information Production (1)
- Insurance Markets (1)
- Insurance companies (1)
- Kreditinstitute (1)
- Libra (1)
- Life Insurance Surrender (1)
- Liquidity (1)
- Liquidity Provision (1)
- Liquidity Shock (1)
- Liquidity risk (1)
- Mark-to-market accounting (1)
- Market (in)completeness (1)
- MiFID II (1)
- Monetary policy transmission (1)
- Mortgages (1)
- OTC derivatives (1)
- Pollution (1)
- Privacy (1)
- Private Information (1)
- Reformvorschläge (1)
- Regulierung (1)
- Retirement (1)
- Screening (1)
- Share Deals (1)
- Social Security (1)
- Sparsity (1)
- Spike–and–Slab prior (1)
- Steuergestaltung (1)
- Stochastic Search Variable Selection (1)
- Subjective expectations (1)
- Systemic risk (1)
- Target 2 (1)
- Toxic Emissions (1)
- Unconventional Monetary Policy (1)
- VAR estimation (1)
- Wage rigidity (1)
- Zinsen (1)
- ambiguity (1)
- annuity (1)
- asset-backed securities (1)
- assetbacked securities (1)
- banking systems (1)
- behavioral inattention (1)
- belief updates (1)
- capital taxes (1)
- catastrophic risk (1)
- central banks (1)
- cognitive sophistication (1)
- competition (1)
- connected industries (1)
- consumption (1)
- corporate deposits (1)
- corporate taxes (1)
- credit funds (1)
- cryptocurrency (1)
- currency board (1)
- delayed claiming (1)
- deregulation (1)
- distributional consequences of monetary policy (1)
- diversity (1)
- dollar funding (1)
- dynamic factor models (1)
- early retirement (1)
- employer-employee level dataset (1)
- executive compensation (1)
- finance (1)
- financial crisis (1)
- financial cycles (1)
- financial literacy (1)
- financial system (1)
- fiscal financial vulnerabilities (1)
- fiscal stimulus (1)
- fiscal variables (1)
- flexible-hour contracts (1)
- funding dry-ups (1)
- geographic expansion (1)
- global co-movement (1)
- hedging (1)
- heterogeneous beliefs (1)
- heterogeneous monetary policy response (1)
- heterogeneous wage rigidity (1)
- household debt (1)
- individual investor (1)
- individual retirement account (1)
- inflation forecasting (1)
- information flow (1)
- information networks (1)
- insurance demand (1)
- interest rate risk (1)
- investment guarantee (1)
- jumps in aggregate consumption (1)
- jumps in the longrun growth rate (1)
- labor income taxes (1)
- labor mobility (1)
- laboratory experiment (1)
- laboratory experiments (1)
- learning strategy (1)
- life cycle model (1)
- locally non-diversifiable risk (1)
- longevity risk (1)
- macro-finance (1)
- microdata (1)
- monetary policy (1)
- monetary policy surprise shocks (1)
- money market funds (1)
- network analysis (1)
- non-Bayesian updates (1)
- non-bank financial intermediation (1)
- output gap (1)
- payment system (1)
- peer effects (1)
- pension (1)
- perceived wealth (1)
- pessimism (1)
- portfolio allocation (1)
- portfolio choice (1)
- potential output (1)
- precautionary insurance (1)
- principles-based regulation (1)
- professional networks (1)
- prudence (1)
- prudential supervision (1)
- public finance (1)
- real-time data (1)
- recursive preferences (1)
- regulatory arbitrage (1)
- retirement income (1)
- return predictability (1)
- risk management (1)
- self-control (1)
- shadow banking (1)
- social interactions (1)
- spending cuts (1)
- spillovers (1)
- state dependency (1)
- subjective expectations (1)
- tax reform (1)
- time dependency (1)
- time-varying parameter (1)
- time-varying risk premia (1)
- trading behavior (1)
- trend-cycle decomposition (1)
Institute
- Sustainable Architecture for Finance in Europe (SAFE) (103) (remove)
Using a unique confidential contract level dataset merged with firm-level asset price data, we find robust evidence that firms' stock market valuations and employment levels respond more to monetary policy announcements the higher the degree of wage rigidity. Data on the renegotiations of collective bargaining agreements allow us to construct an exogenous measure of wage rigidity. We also find that the amplification induced by wage rigidity is stronger for firms with high labor intensity and low profitability, providing evidence of distributional consequences of monetary policy. We rationalize the evidence through a model in which firms in different sectors feature different degrees of wage rigidity due to staggered renegotiations vis-a-vis unions.
This paper analyzes the effect of financial constraints on firms' corporate social responsibility. Exploiting heterogeneity in firms' exposure to a monetary policy shock in the U.S., which reduced financial constraints for some firms, I find that firms increase their environmental responsibility. I use facility-level data to account for unobservable time-varying influences on pollution and find that toxic emissions decrease when parent companies are more exposed to the monetary policy shock. I further find that these facilities are also more likely to implement pollution abatement activities. Examining within-parent company heterogeneity I find that pollution abatement investments center on facilities at greater risk of facing additional costs due to environmental regulation. The findings are consistent with the idea that a reduction in financial constraints reduces pollution as it allows firms to implement pollution abatement measures.
Households buy life insurance as part of their liquidity management. The option to surrender such a policy can serve as a buffer when a household faces a liquidity need. In this study, we investigate empirically which individual and household specific sociodemographic factors influence the surrender behavior of life insurance policyholders. Based on the Socio-Economic Panel (SOEP), an ongoing wide-ranging representative longitudinal study of around 11,000 private households in Germany, we construct a proxy to identify life insurance surrender in the data. We use this proxy to conduct fixed effect regressions and support the results with survival analyses. We find that life events that possibly impose a liquidity shock to the household, such as birth of a child and divorce increase the likelihood to surrender an existing life insurance policy for an average household in the panel. The acquisition of a dwelling and unemployment are further aspects that can foster life insurance surrender. Our results are robust with respect to different models and hold conditioning on region specific trends; they vary however for different age groups. Our analyses contribute to the existing literature supporting the emergency fund hypothesis. The findings obtained in this study can help life insurers and regulators to detect and understand industry specific challenges of the demographic change.