House of Finance (HoF)
Refine
Year of publication
Document Type
- Working Paper (665)
- Report (64)
- Part of Periodical (54)
- Article (20)
- Periodical (3)
- Contribution to a Periodical (2)
- Other (2)
- Book (1)
- Conference Proceeding (1)
- Doctoral Thesis (1)
Is part of the Bibliography
- no (813)
Keywords
- Banking Union (14)
- monetary policy (13)
- regulation (12)
- systemic risk (10)
- COVID-19 (9)
- Covid-19 (9)
- ESG (9)
- corporate governance (9)
- financial stability (9)
- banks (8)
- Geldpolitik (7)
- Liquidity (7)
- Monetary Policy (7)
- Regulierung (7)
- Solvency II (7)
- bail-in (7)
- climate change (7)
- household finance (7)
- regulatory arbitrage (7)
- welfare (7)
- Asset Pricing (6)
- ECB (6)
- European Central Bank (6)
- Europäische Währungsunion (6)
- General Equilibrium (6)
- Household Finance (6)
- Regulation (6)
- asset pricing (6)
- competition (6)
- liquidity (6)
- market discipline (6)
- private equity (6)
- Bankenunion (5)
- Capital Markets Union (5)
- Climate Change (5)
- Contagion (5)
- Corporate Governance (5)
- Financial Crisis (5)
- Financial Stability (5)
- Sustainable Finance (5)
- ambiguity (5)
- banking (5)
- fiscal policy (5)
- human capital (5)
- leverage (5)
- risk-taking (5)
- shadow banking (5)
- Asset Allocation (4)
- BRRD (4)
- Bank Resolution (4)
- Bankenaufsicht (4)
- Basel III (4)
- Business Cycle (4)
- Corporate Social Responsibility (4)
- Disclosure (4)
- Entrepreneurship (4)
- Green Finance (4)
- Insurance (4)
- Portfolio choice (4)
- Quantitative Easing (4)
- Sustainability (4)
- Sustainable Investments (4)
- Transparenz (4)
- Wirecard (4)
- Währungsunion (4)
- bailout (4)
- banking union (4)
- capital regulation (4)
- debt sustainability (4)
- euro area (4)
- financial crisis (4)
- financial regulation (4)
- incomplete markets (4)
- inequality (4)
- insurance (4)
- leveraged buyouts (4)
- makroprudenzielle Regulierung (4)
- non-bank financial intermediation (4)
- peer effects (4)
- prudential supervision (4)
- public debt (4)
- social security (4)
- structural reforms (4)
- 401(k) plan (3)
- Arbeitsproduktivität (3)
- Artificial Intelligence (3)
- Aufsichtsratsvergütung (3)
- Bail-in (3)
- Banking Regulation (3)
- Banks (3)
- Brexit (3)
- China (3)
- Credit Risk (3)
- Deutscher Corporate Governance Kodex (3)
- EDIS (3)
- ESM (3)
- Economic and Monetary Union (3)
- Eurozone (3)
- FinTech (3)
- Financial Crises (3)
- Financial stability (3)
- Finanzkrise (3)
- Finanzstabilität (3)
- Granger Causality (3)
- Greece (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)
- Prüfungsausschuss (3)
- Recursive Preferences (3)
- Retail investors (3)
- Schuldenbremse (3)
- Single Supervisory Mechanism (3)
- Systemic Risk (3)
- Systemic risk (3)
- Transparency (3)
- Zentralbanken (3)
- active shareholders (3)
- aggregate risk (3)
- bank resolution (3)
- banking regulation (3)
- banking separation proposals (3)
- capital structure (3)
- consumer protection (3)
- consumption-portfolio choice (3)
- contagion (3)
- crowdfunding (3)
- discrimination (3)
- financial distress (3)
- financial literacy (3)
- fintech (3)
- fiscal reaction function (3)
- growth (3)
- habit formation (3)
- idiosyncratic risk (3)
- incentives (3)
- institutional investors (3)
- institutions (3)
- investment decisions (3)
- law and finance (3)
- monetary transmission mechanism (3)
- mortgages (3)
- political economy (3)
- recursive utility (3)
- retirement age (3)
- retirement income (3)
- social interactions (3)
- social preferences (3)
- stochastic differential utility (3)
- stochastic volatility (3)
- systemisches Risiko (3)
- taxes (3)
- trading behavior (3)
- volatility (3)
- AI borrower classification (2)
- AI enabled credit scoring (2)
- Anlegerschutz (2)
- Antitrust (2)
- Asset Quality Review (2)
- Asset pricing (2)
- Bank Capitalization (2)
- Bankenabwicklung (2)
- Bankensektor (2)
- Banking Stability (2)
- Bayesian inference (2)
- Beliefs (2)
- Big Data (2)
- Biodiversity (2)
- Bitcoin (2)
- Board of Directors (2)
- Bundesbank (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)
- Digitalisierung (2)
- Disposition Effect (2)
- Dodd-Frank Act (2)
- Drei-Säulen-System (2)
- EIOPA (2)
- EMIR (2)
- ESG Rating Agencies (2)
- ETFs (2)
- EU economic and financial services legislation (2)
- EZB (2)
- Economic Governance (2)
- Empirical Asset Pricing (2)
- Endogenous Growth (2)
- Endogenous growth (2)
- Equity Premium (2)
- Europarecht (2)
- European Banking Union (2)
- European Commission (2)
- European Monetary Union (2)
- European Supervisory Architecture (2)
- Europäische Zentralbank (2)
- Eurosystem (2)
- Expectations (2)
- Expected Returns (2)
- Expected credit losses (2)
- Experiment (2)
- FBSDE (2)
- Financial Distress (2)
- Financial Expert (2)
- Financial Regulation (2)
- Financial crisis (2)
- Financial literacy (2)
- Finanztransaktionssteuer (2)
- Fiscal Union (2)
- Fiskalpolitik (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)
- Greek economic crisis (2)
- Griechenland (2)
- Growth (2)
- Grunderwerbsteuer (2)
- Hawkes processes (2)
- Health shocks (2)
- Heterogeneous innovation (2)
- High-Frequency Traders (HFTs) (2)
- Homeownership (2)
- Homestead exemptions (2)
- India (2)
- Inequality (2)
- Inflation (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)
- Personal bankruptcy (2)
- Political Union (2)
- Politische Union (2)
- Portfolio allocation (2)
- Price Discovery (2)
- Price Efficiency (2)
- Private equity (2)
- Product Market Competition (2)
- R&D (2)
- Ratingagenturen (2)
- Real Effects (2)
- Reallocation (2)
- Reformvorschläge (2)
- Resolution (2)
- Restrukturierung (2)
- Retail Investor (2)
- Risk-Taking (2)
- Schuldenkrise (2)
- Self-control (2)
- Share Deals (2)
- Single Resolution Mechanism (2)
- Social Networks (2)
- Solvency (2)
- Staatsschuldenkrise (2)
- Stability and Growth Pact (2)
- Steuergestaltung (2)
- Stochastic mortality risk (2)
- Stress Test (2)
- Systemisches Risiko (2)
- TLAC (2)
- Tail Risk (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)
- Zentralbank (2)
- annuity (2)
- asymmetric information (2)
- austerity (2)
- bank regulation (2)
- bank risk (2)
- bank runs (2)
- banking separation (2)
- banking supervision (2)
- blockchain (2)
- borrowing constraints (2)
- brown-spinning (2)
- bubbles (2)
- capital markets (2)
- capital requirements (2)
- central banks (2)
- compensation (2)
- confidence (2)
- consumer credit (2)
- consumption (2)
- consumption hump (2)
- cooperation (2)
- corporate restructuring (2)
- credit funds (2)
- credit risk (2)
- credit scoring methodology (2)
- credit scoring regulation (2)
- credit supply (2)
- crowding out (2)
- crowdinvesting (2)
- cryptocurrencies (2)
- cycle flows (2)
- cyclical liabilities (2)
- debt restructuring (2)
- delayed retirement (2)
- derivatives (2)
- dynamic portfolio choice (2)
- economic and monetary union (2)
- emergency liquidity assistance (ELA) (2)
- entrepreneurial finance (2)
- entrepreneurship (2)
- equity premium (2)
- executive compensation (2)
- finance (2)
- financial advice (2)
- financial constraints (2)
- financial institutions (2)
- financial privacy (2)
- financial services (2)
- financing decisions (2)
- financing policy (2)
- forward guidance (2)
- general equilibrium (2)
- global banks (2)
- globalization (2)
- government bonds (2)
- green finance (2)
- heterogeneous agents (2)
- household debt (2)
- housing (2)
- implied volatility (2)
- individual investor (2)
- individual investors (2)
- inflation (2)
- innovation (2)
- interbank network (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)
- machine learning (2)
- managerial incentives (2)
- monetary transmission (2)
- money market funds (2)
- monitoring (2)
- nachrangiges Fremdkapital (2)
- net zero transition (2)
- newly founded firms (2)
- operational performance (2)
- optimal investment (2)
- panel VAR (2)
- pension (2)
- pension reform (2)
- pensions (2)
- persistence (2)
- politische Union (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)
- proprietary trading (2)
- recapitalization (2)
- responsibility (2)
- responsible lending (2)
- retirement (2)
- return predictability (2)
- risk culture (2)
- risk taking (2)
- saving (2)
- securities regulation (2)
- shareholder activism (2)
- shareholder recovery (2)
- social media (2)
- social norms (2)
- sovereign risk (2)
- spillover effects (2)
- statistical discrimination (2)
- stock market participation (2)
- stock returns (2)
- stockholding (2)
- structured finance (2)
- supervisory arbitrage (2)
- supervisory board (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)
- Amortization payments (1)
- AnaCredit (1)
- Anchoring (1)
- Angel (1)
- Anlageentscheidung (1)
- Anleihemärkte (1)
- Annual General Meeting (1)
- Annuity (1)
- Anonymity (1)
- Anticipated Inflation (1)
- Apache Spark (1)
- Appraisal rights (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)
- Bankberatung (1)
- Banken (1)
- Bankenabgabe (1)
- Bankenhospital (1)
- Bankeninsolvenz (1)
- Banking Crisis (1)
- Banking Supervision (1)
- Banking crisis (1)
- Banking union (1)
- Bargaining (1)
- Basel regulation (1)
- Basisdemokratie (1)
- Batch Learning (1)
- Bayesian VAR (1)
- Bayesian estimation (1)
- Bayesian learning (1)
- Bayesianische Schätzung (1)
- Behavioral Finance (1)
- Behavioral Insurance (1)
- Behavioral Measurement (1)
- Behavioral finance (1)
- Beitragsgarantien (1)
- Belief Formation (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)
- Board Appointments (1)
- Bond Markets (1)
- Bond risk premia (1)
- Boni (1)
- Briefkastenfirmen (1)
- Broker (1)
- Bubbles (1)
- Bunching (1)
- Business Subsidies (1)
- Business lending (1)
- C corporations (1)
- CAPM (1)
- CCP (1)
- CECL (1)
- CEO attractiveness (1)
- CMU (1)
- COVID-19 Pandemic (1)
- COVID-19 news (1)
- CRA3 (1)
- CSR (1)
- Capital Markets (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)
- Chancen- und Risikoberichterstattung (1)
- Childhood mortality rates (1)
- Citation Network Analysis (1)
- Climate Behavior (1)
- Climate Policies (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)
- Commercial real estate (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)
- Correlated risk (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-Predictability (1)
- Cross-Section of Returns (1)
- Cultural Finance (1)
- Cultural Influences on Economic Behavior (1)
- Culture (1)
- Cumulating survey data (1)
- Cumulative prospect theory (1)
- Customer data sharing (1)
- Cyprus (1)
- DCC-GARCH (1)
- DHS surveys (1)
- DMA (1)
- DSA (1)
- DSGE (1)
- DSGE Modell (1)
- DSGE model (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)
- 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)
- EFSF (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)
- Econometrics (1)
- Economics (1)
- Education Subsidy (1)
- Efficiency Wages (1)
- Einlagengeschäft (1)
- Einlagensicherung (1)
- Einlageverträge (1)
- Eligibility premium (1)
- Emissions (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)
- Ernennungspraxis von Zentralbankern (1)
- Erneuerbare-Energien-Gesetz (1)
- Ethics (1)
- Euro (1)
- Euro Area (1)
- Euro-zone Government Bonds (1)
- Eurobonds (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 Integration (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)
- Europäische Währungsunion, Strukturanpassungen, Europäische Integration (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)
- 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)
- FOMC (1)
- Fair market valuation (1)
- Fair value (1)
- Fair value accounting (1)
- Family dynamics (1)
- Feedback (1)
- Field Experiment (1)
- Fin Tech (1)
- Finance and Employment (1)
- Financial Advice (1)
- Financial Assistance (1)
- Financial Constraints (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 center (1)
- Financial education (1)
- Financing Constraints (1)
- Financing Costs (1)
- Financing Gap (1)
- Finanzbildung (1)
- Finanzfachkenntnis (1)
- Finanzinnovationen (1)
- Finanzspekulation (1)
- Finanzstabilitätsgesetz (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 data (1)
- Forward-looking models (1)
- Framing e↵ects (1)
- Freiheit (1)
- Frictions (1)
- G-SIB (1)
- GDP growth (1)
- GFSY (1)
- GMM (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)
- Geopolitics (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)
- Globalisierung (1)
- Governance (1)
- Government (1)
- Government debt (1)
- Granger causality (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)
- Haushaltspolitik (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 (1)
- High-Frequency Trading (HFT) (1)
- High-Level-Forum (1)
- High-frequency event study (1)
- Higher Moments of Return (1)
- Historical cost accounting (1)
- History & Finance (1)
- Hochfrequenzhandel (1)
- Home (1)
- Home ownership (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)
- Index effect (1)
- Index investing (1)
- Index rebalancing (1)
- Individual Investors (1)
- Individual investors (1)
- Industry Classification (1)
- Inflation Beliefs (1)
- Inflation Targeting (1)
- Inflationssteuerung (1)
- Information Acquisition (1)
- Information Frictions (1)
- Information Production (1)
- Information Treatment (1)
- Information processing (1)
- Infrastructure (1)
- Initial Coin Offering (1)
- Institution formation (1)
- Institution-building (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)
- Interest rate rule estimation (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)
- Investmentfonds (1)
- Investor behavior (1)
- Investor education (1)
- Investor sentiment (1)
- Investors Heterogeneity (1)
- Job Match Quality (1)
- Kapitalmarktunion (1)
- Kapitalrenditen (1)
- Kinderbonus (1)
- Klimawandel (1)
- Konjunkturpakete (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)
- Leasing (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 (1)
- Life insurance companies (1)
- Life-Cycle Model (1)
- Life-cycle hypothesis (1)
- Liikanen Commission (1)
- Liikanen Report (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)
- MICS surveys (1)
- MTS Bond Market (1)
- Maastricht criteria (1)
- Macroeconomics (1)
- Macroprudential policy (1)
- Management Commentary (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)
- Marktmacht (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 design (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)
- Numerical accuracy (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)
- Passive investment (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)
- 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 Choice (1)
- Portfolio Management (1)
- Portfolio Rebalancing (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)
- Real-time data (1)
- Realization Utility (1)
- Rechtsdurchsetzung (1)
- Rechtsnormen (1)
- Record resolution (1)
- Redemptions (1)
- Referrals (1)
- Reform (1)
- Regulation Capital Requirements (1)
- Regulations (1)
- Regulatory Arbitrage (1)
- Regulatory Capture (1)
- Related Party Transactions (1)
- Rendite (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)
- Restrukturierungsgesetz (1)
- Retail Banking (1)
- Retail Challenge (1)
- Retirement (1)
- Return predictability (1)
- Riester-Rente (1)
- Risiko (1)
- Risikobereitschaft (1)
- Risikomaße (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)
- 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)
- Smoothing (1)
- SoFFin (1)
- Social Conditioning (1)
- Social Learning (1)
- Social Norms (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)
- Solution methods (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)
- Spatial econometrics (1)
- Speculation (1)
- Spike–and–Slab prior (1)
- Staatsverschuldung (1)
- Stabilitäts- und Wachstumspakt (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)
- Strategieberichterstattung (1)
- Structural Bank Reform (1)
- Structured retail products (1)
- Strukturanpassungen (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 balances (1)
- TARGET-Salden (1)
- TARGET2 (1)
- TARP (1)
- TIPS (1)
- TIPS–Treasury puzzle (1)
- TLTRO (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 (1)
- Trading strategy (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)
- Under-5 mortality rate (1)
- Ungleichheit (1)
- Utility Functions (1)
- Utility Theory (1)
- Utilization (1)
- VAR estimation (1)
- Value-at-risk (1)
- Variable annuity (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)
- Wertpapierberatung (1)
- Wertpapiere (1)
- Wertpapiermärkte (1)
- Wettbewerb (1)
- Wettbewerbsrecht (1)
- Wirtschaftsverfassung (1)
- WpHG (1)
- Währungsrecht (1)
- Währungswettbewerb (1)
- XAI (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)
- aleartory society (1)
- allocation bias (1)
- altruism (1)
- ambiguity premium (1)
- angel finance (1)
- anomalies (1)
- artificial intelligence (1)
- asset markets (1)
- asset prices (1)
- asset purchases (1)
- asset-backed securities (1)
- assetbacked securities (1)
- asymmetric shocks (1)
- attention (1)
- attitudes towards inequality (1)
- auction format (1)
- audit quality, (1)
- average treatment effect (1)
- backward stochastic differential equation (1)
- bail-in bonds (1)
- bailouts (1)
- balance of payments (1)
- balance sheet adjustment (1)
- bank (1)
- bank and non-bank financial intermediation (1)
- bank bonds (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)
- beauty premium (1)
- behavioral economics (1)
- belief effect (1)
- belief estimation (1)
- belief formation (1)
- belief updating (1)
- beliefs (1)
- benchmarks (1)
- betrayal aversion (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 re-cycling (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 governor (1)
- central bank independence (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)
- control by Court of Auditors (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 savings (1)
- corporate taxation (1)
- counterfactual analysis (1)
- counterfactual decompositions (1)
- counterfactual thinking (1)
- credence goods (1)
- credit access (1)
- credit channel (1)
- credit default swap (1)
- credit losses (1)
- credit rationing (1)
- credit risk transfer (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)
- dash-for-cash (1)
- debt consolidation (1)
- debt cost (1)
- decentralization theorem (1)
- decision-making (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)
- dictator game (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)
- disequilibrium (1)
- distress (1)
- distributed ledger technology (1)
- distributional consequences of monetary policy (1)
- diversity (1)
- divestments (1)
- dividends (1)
- dollar funding (1)
- duration of civil proceedings (1)
- duration of pay (1)
- dynamic correlation (1)
- dynamic inconsistency (1)
- dynamic model (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)
- educational intervention (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 options (1)
- equity trading (1)
- erm structure of interest rates (1)
- ethische Normen (1)
- euro (1)
- europäischer Zahlungsverkehr (1)
- eurozone (1)
- event study (1)
- executive labor market (1)
- exit (1)
- exit strategies (1)
- expectation gap (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 contracts (1)
- financial decision-making (1)
- financial disasters (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 models (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 valuation (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 responsibility (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)
- forecasting (1)
- foreign direct investment (1)
- foreign portfolio investment (1)
- fragmentation (1)
- free dividend fallacy (1)
- frequent batch auctions (1)
- functional finance approach (1)
- funding dry-ups (1)
- game perceptions (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)
- 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)
- heuristics (1)
- high consumption volatility (1)
- high-frequency data (1)
- high-frequency traders (HFTs) (1)
- high-frequency trading (1)
- holdout litigation (1)
- honesty (1)
- honorable merchant (1)
- honourable merchant (1)
- household liquidity (1)
- household savings (1)
- household finance (1)
- households (1)
- housing expenditure share (1)
- ideational shift (1)
- identification (1)
- idle time (1)
- illusion of control (1)
- impatience (1)
- implied correlation (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 responsibility (1)
- individual retirement account (1)
- individuelle Altersvorsorge (1)
- industrial organization (1)
- inference (1)
- inflation swaps (1)
- informal loans (1)
- informal markets (1)
- information demand (1)
- information flow (1)
- information processing (1)
- informational externalities (1)
- informativeness principle (1)
- infrastructural power (1)
- initial coin offering (1)
- input-output (1)
- institutional design (1)
- insurance groups (1)
- insurance guarantee schemes (1)
- insurance industry (1)
- insurance pricing (1)
- insurance supervision (1)
- insurer default risk (1)
- interbank market (1)
- interbank markets (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 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)
- machine reasoning (1)
- macro-prudential policy (1)
- macro-prudential supervision (1)
- macroeconomic models (1)
- macroprudential franework (1)
- macroprudential regulation (1)
- macroprudential supervision (1)
- makroökonomische Konjunkturforschung (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)
- moderne Notenbanker (1)
- monetary policy surprise (1)
- monetary policy surprise shocks (1)
- monetary system (1)
- monetäre Makroökonomik (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)
- new fiscal compact (1)
- non-linear VAR (1)
- non-performing assets (1)
- online borrowing (1)
- open economy (1)
- operational risk (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)
- panel vector autoregression (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 ban (1)
- protected values (1)
- provisioning rules (1)
- prudential regulation (1)
- public banks (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)
- 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)
- risk-taking incentives (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 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)
- small business lending (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 crisis (1)
- sovereign debt litigation (1)
- sovereign debt restructuring (1)
- sovereign debt standstill (1)
- soziale Marktwirtschaft (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)
- 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)
- token offering (1)
- token offerings (1)
- too-big-to-fail (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)
- trust game (1)
- trust 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)
- value-at-risk (1)
- values (1)
- variable annuity (1)
- variance risk premium (1)
- vektorautoregressive Modelle (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) (813)
- Wirtschaftswissenschaften (753)
- Center for Financial Studies (CFS) (718)
- Sustainable Architecture for Finance in Europe (SAFE) (686)
- Rechtswissenschaft (55)
- Foundation of Law and Finance (44)
- Institute for Monetary and Financial Stability (IMFS) (13)
- Frankfurt MathFinance Institute (FMFI) (2)
- Präsidium (2)
- E-Finance Lab e.V. (1)
Cross-predictability denotes the fact that some assets can predict other assets' returns. I propose a novel performance-based measure that disentangles the economic value of cross-predictability into two components: the predictive power of one asset's signal for other assets' returns (cross-predictive signals) and the amount of an asset's return explained by other assets' signals (cross-predicted returns). Empirically, the latter component dominates the former in the overall cross-prediction effects. In the crosssection, cross-predictability gravitates towards small firms that are strongly mispriced and difficult to arbitrage, while it becomes more difficult to cross-predict returns when market capitalization and book-to-market ratio rise.
This paper examines the dynamic relationship between firm leverage and risktaking. We embed the traditional agency problem of asset substitution within a multi-period model, revealing a U-shaped relationship between leverage and risktaking, evident in data from both the U.S. and Europe. Firms with medium leverage avoid risk to preserve the option of issuing safe debt in the future. This option is valuable because safe debt does not incur the expected cost of bankruptcy, anticipated by debt-holders due to future risk-taking incentives. Our model offers new insights on the interaction between companies' debt financing and their risk profiles.
The crowdfunding of altruism
(2022)
This paper introduces a machine learning approach to quantify altruism from the linguistic style of textual documents. We apply our method to a central question in (social) entrepreneurship: How does altruism impact entrepreneurial success? Specifically, we examine the effects of altruism on crowdfunding outcomes in Initial Coin Offerings (ICOs). The main result suggests that altruism and ICO firm valuation are negatively related. We, then, explore several channels to shed some light on whether the negative altruism-valuation relation is causal. Our findings suggest that it is not altruism that causes lower firm valuation; rather, low-quality entrepreneurs select into altruistic projects, while the marginal effect of altruism on high-quality entrepreneurs is actually positive. Altruism increases the funding amount in ICOs in the presence of high-quality projects, low asymmetric information, and strong corporate governance.
Experiments are an important tool in economic research. However, it is unclear to which extent the control of experiments extends to the perceptions subjects form of such experimental decision situations. This paper is the first to explicitly elicit perceptions of the dictator and trust game and shows that there is substantial heterogeneity in how subjects perceive the same game. Moreover, game perceptions depend not only on the game itself but also on the order of games (i.e., the broader experimental context in which the game is embedded) and the subject herself. This highlights that the control of experiments does not necessarily extend to game perceptions. The paper also demonstrates that perceptions are correlated with game behavior and moderate the relationship between game behavior and field behavior, thereby underscoring the importance and relevance of game perceptions for economic research.
This paper shows that support for climate action is high across survey participants from all EU countries in three dimensions: (1) Participants are willing to contribute personally to combating climate change, (2) they approve of pro-climate social norms, and (3) they demand government action. In addition, there is a significant perception gap where individuals underestimate others' willingness to contribute to climate action by over 10 percentage points, influencing their own willingness to act. Policymakers should recognize the broad support for climate action among European citizens and communicate this effectively to counteract the vocal minority opposed to it.
In recent decades, biodiversity has declined significantly, threatening ecosystem services that are vital to society and the economy. Despite the growing recognition of biodiversity risks, the private sector response remains limited, leaving a significant financing gap. The paper therefore describes market-based solutions to bridge the financing gap, which can follow a risk assessment approach and an impact-oriented perspective. Key obstacles to mobilising private capital for biodiversity conservation are related to pricing biodiversity due to its local dimension, the lack of standardized metrics for valuation and still insufficient data reporting by companies hindering informed investment decisions. Financing biodiversity projects poses another challenge, mainly due to a mismatch between investor needs and available projects, for example in terms of project timeframes and their additionality.
How does the design of debt repayment schedules affect household borrowing? To answer this question, we exploit a Swedish policy reform that eliminated interest-only mortgages for loan-to-value ratios above 50%. We document substantial bunching at the threshold, leading to 5% lower borrowing. Wealthy borrowers drive the results, challenging credit constraints as the primary explanation. We develop a model to evaluate the mechanisms driving household behavior and find that much of the effect comes from households experiencing ongoing flow disutility to amortization payments. Our results indicate that mortgage contracts with low initial payments substantially increase household borrowing and lifetime interest costs.
We educate investors with significant dividend holdings about the benefits of dividend reinvestment and the costs of misperceiving dividends as additional, free income. The intervention increases planned dividend reinvestment in survey responses. Using trading records, we observe a corresponding causal increase in dividend reinvestment in the field of roughly 50 cents for every euro received. This holds relative to their prior behavior and a placebo sample. Investors who learned the most from the intervention update their trading by the largest extent. The results suggest the free dividends fallacy is a significant source of dividend demand. Our study demonstrates that simple, targeted, and focused educational interventions can affect investment behavior.
Inflation and trading
(2024)
We study how investors respond to inflation combining a customized survey experiment with trading data at a time of historically high inflation. Investors' beliefs about the stock return-inflation relation are very heterogeneous in the cross section and on average too optimistic. Moreover, many investors appear unaware of inflation-hedging strategies despite being otherwise well-informed about inflation and asset returns. Consequently, whereas exogenous shifts in inflation expectations do not impact return expectations, information on past returns during periods of high inflation leads to negative updating about the perceived stock-return impact of inflation, which feeds into return expectations and subsequent actual trading behavior.
Almost ten years after the European Commission action plan on building a capital markets union (CMU) and despite incremental progress, e.g. in the form of the EU Listing Act, the picture looks dire. Stock exchanges, securities markets, and supervisory authorities remain largely national, and, in many cases, European companies have decided to exclusively list overseas. Notwithstanding the economic and financial benefits of market integration, CMU has become a geopolitical necessity. A unified capital market can bolster resilience, strategic autonomy, and economic sovereignty, reduce dependence on external funding, and may foster economic cooperation between member states.
The reason for the persistent stand-still in Europe’s CMU development is not so much the conflict between market- and state-based integration, but rather the hesitancy of national regulatory and supervisory bodies to relinquish powers. If EU member states wanted to get real about CMU (as they say, and as they should), they need to openly accept the loss of sovereignty that follows from a true unified capital market. Building on economic as well as historical evidence, the paper offers viable proposals on how to design competent institutions within the current European framework.
This note outlines the case for speedy capital market integration and for the adoption of a common regulatory framework and single supervisory authority from a political economy perspective. We also show the alternative case for harmonization and centralization via regulatory competition, elaborating how competition between EU jurisdictions by way of full mutual recognition may lead to a (cost-)efficient and standardized legal framework for capital markets. Lastly, the note addresses the political economy conflict that underpins the implementation of both models for integrating capital markets. We point out that, in both cases, national authorities experience a loss of legislative and jurisdictional competence at the national level. We predict that any plan to foster a stronger capital market union, following an institution based or a market-based strategy, will face opposition from powerful national stakeholders.
This study analyses potential consequences of exiting the Targeted Long-Term Refinancing Operations (TLTRO) of the European Central Bank (ECB). Thanks to its asset purchase programs, the Eurosystem still holds plenty of reserves even with a full exit from the TLTROs. This explains why voluntary and mandatory repayments of TLTRO III borrowing went smoothly. Nevertheless, the more liquidity is drained from the banking system, the more important becomes interbank market borrowing and lending, ideally between euro area member states. Right now, the usual fault lines of the euro area show up. The German banking system has plenty of reserves while there are first signs of aggregate scarcity in the Italian banking system. This does not need to be a source of concern if the interbank market can be sufficiently reactivated. Moreover, the ECB has several tools to address possible future liquidity shortages.
This document was provided/prepared by the Economic Governance and EMU scrutiny Unit at the request of the ECON Committee.
This paper studies whether Eurosystem collateral eligibility played a role in the portfolio choices of euro area asset managers during the “dash-for-cash” episode of 2020. We find that asset managers reduced their allocation to ECB-eligible corporate bonds, selling them in order to finance redemptions, while simultaneously increasing their cash holdings. These findings add nuance to previous studies of liquidity strains and price dislocations in the corporate bond market during the onset of the Covid-19 pandemic, indicating a greater willingness of dealers to increase their inventories of corporate bonds pledgeable with the ECB. Analysing the price impact of these portfolio choices, we also find evidence pointing to price pressure for both ECB-eligible and ineligible corporate bonds. Bonds that were held to a larger extent by investment funds in our sample experienced higher price pressure, although the impact was lower for ECB-eligible bonds. We also discuss broader implications for the related policy debate about how central banks could mitigate similar types of liquidity shocks.
What are the aggregate and distributional consequences of the relationship be-tween an individual’s social network and financial decisions? Motivated by several well-documented facts about the influence of social connections on financial decisions, we build and calibrate a model of stock market participation with a social network that emphasizes the interplay between connectivity and network structure. Since connections to informed agents help spread information, there is a pivotal role for factors that determine sorting among agents. An increase in the average number of connections raises the average participation rate, mostly due to richer agents. A higher degree of sorting benefits richer agents by creating clusters where information spreads more efficiently. We show empirical evidence consistent with the importance of connectivity and sorting. We discuss several new avenues for future research into the aggregate impact of peer effects in finance.
This paper uses laboratory experiments to provide a systematic analysis of how di↵erent presentation formats a↵ect individuals’ investment decisions. The results indicate that the type of presentation as well as personal characteristics influence both, the consistency of decisions and the riskiness of investment choices. However, while personal characteristics have a larger impact on consistency, the chosen risk level is determined more by framing e↵ects. On the level of personal characteristics, participants’ decisions show that better financial literacy and a better understanding of the presentation format enhance consistency and thus decision quality. Moreover, female participants on average make less consistent decisions and tend to prefer less risky alternatives. On the level of framing dimensions, subjects choose riskier investments when possible outcomes are shown in absolute values rather than rates of return and when the loss potential is less obvious. In particular, reducing the emphasis on downside risk and upside potential simultaneously leads to a substantial increase in risk taking.
This paper is the first to conduct an incentive-compatible experiment using real monetary payoffs to test the hypothesis of probabilistic insurance which states that willingness to pay for insurance decreases sharply in the presence of even small default probabilities as compared to a risk-free insurance contract. In our experiment, 181 participants state their willingness to pay for insurance contracts with different levels of default risk. We find that the willingness to pay sharply decreases with increasing default risk. Our results hence strongly support the hypothesis of probabilistic insurance. Furthermore, we study the impact of customer reaction to default risk on an insurer’s optimal solvency level using our experimentally obtained data on insurance demand. We show that an insurer should choose to be default-free rather than having even a very small default probability. This risk strategy is also optimal when assuming substantial transaction costs for risk management activities undertaken to achieve the maximum solvency level.
The Solvency II standard formula employs an approximate Value-at-Risk approach to define risk-based capital requirements. This paper investigates how the standard formula’s stock risk calibration influences the equity position and investment strategy of a shareholder-value-maximizing insurer with limited liability. The capital requirement for stock risks is determined by multiplying a regulation-defined stock risk parameter by the value of the insurer’s stock portfolio. Intuitively, a higher stock risk parameter should reduce risky investments as well as insolvency risk. However, we find that the default probability does not necessarily decrease when reducing the investment risk (by increasing the stock investment risk parameter). We also find that depending on the precise interaction between assets and liabilities, some insurers will invest conservatively, whereas others will prefer a very risky investment strategy, and a slight change of the stock risk parameter may lead from a conservative to a high risk asset allocation.
This paper compares the shareholder-value-maximizing capital structure and pricing policy of insurance groups against that of stand-alone insurers. Groups can utilise intra-group risk diversification by means of capital and risk transfer instruments. We show that using these instruments enables the group to offer insurance with less default risk and at lower premiums than is optimal for standalone insurers. We also take into account that shareholders of groups could find it more difficult to prevent inefficient overinvestment or cross-subsidisation, which we model by higher dead-weight costs of carrying capital. The tradeoff between risk diversification on the one hand and higher dead-weight costs on the other can result in group building being beneficial for shareholders but detrimental for policyholders.
A greater firm-level transparency through enhanced disclosure provides more information regarding the risk situation of an insurer to its outside stakeholders such as stock investors and policyholders. The disclosure of the insurer's risktaking can result in negative influences on, for example, its stock performance and insurance demand when stock investors and policyholders are risk-averse. Insurers, which are concerned about the potential ex post adverse effects of risk-taking under greater transparency, are thus inclined to limit their risks ex ante. In other words, improved firm-level transparency can induce less risktaking incentive of insurers. This article investigates empirically the relationship between firm-level transparency and insurers' strategies on capitalization and risky investments. By exploring the disclosure levels and the risk behavior of 52 European stock insurance companies from 2005 to 2012, the results show that insurers tend to hold more equity capital under the anticipation of greater transparency, and this strategy on capital-holding is consistent for different types of insurance businesses. When considering the influence of improved transparency on the investment policy of insurers, the results are mixed for different types of insurers.
This article explores life insurance consumption in 31 European countries from 2003 to 2012 and aims to investigate the extent to which market transparency can affect life insurance demand. The cross-country evidence for the entire sample period shows that greater market transparency, which resolves asymmetric information, can generate a higher demand for life insurance. However, when considering the financial crisis period (2008-2012) separately, the results suggest a negative impact of enhanced market transparency on life insurance consumption. The mixed findings imply a trade-off between the reduction in adverse selection under greater market transparency and the possible negative effects on life insurance consumption during the crisis period due to more effective market discipline. Furthermore, this article studies the extent to which transparency can influence the reaction of life insurance demand to bad market outcomes: i.e., low solvency ratios or low profitability. The results indicate that the markets with bad outcomes generate higher life insurance demand under greater transparency compared to the markets that also experience bad outcomes but are less transparent.
Under Solvency II, corporate governance requirements are a complementary, but nonetheless essential, element to build a sound regulatory framework for insurance undertakings, also to address risks not specifically mitigated by the sole solvency capital requirements. After recalling the provisions of the Second Pillar concerning the system of governance, the paper highlights the emerging regulatory trends in the corporate governance of insurance firms. Among others things, it signals the exceptional extension of the duties and responsibilities assigned to the board of directors, far beyond the traditional role of both monitoring the chief executive officer, and assessing the overall direction and strategy of the business. However, a better risk governance is not necessarily built on narrow rule-based approaches to corporate governance.