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Our recently developed LRSX Tool implements a technique to automatically prove the correctness of program transformations in higher-order program calculi which may permit recursive let-bindings as they occur in functional programming languages. A program transformation is correct if it preserves the observational semantics of programs- In our tool the so-called diagram method is automated by combining unification, matching, and reasoning on alpha-renamings on the higher-order metalanguage, and automating induction proofs via an encoding into termination problems of term rewrite systems. We explain the techniques, we illustrate the usage of the tool, and we report on experiments.
We develop a simple theoretical model to motivate testable hypotheses about how peer-to-peer (P2P) platforms compete with banks for loans. The model predicts that (i) P2P lending grows when some banks are faced with exogenously higher regulatory costs; (ii) P2P loans are riskier than bank loans; and (iii) the risk-adjusted interest rates on P2P loans are lower than those on bank loans. We confront these predictions with data on P2P lending and the consumer bank credit market in Germany and find empirical support. Overall, our analysis indicates the P2P lenders are bottom fishing when regulatory shocks create a competitive disadvantage for some banks.
Policymakers attach an important role to the macroeconomic outlook of households. Using a representative online panel form the U.S., the authors examine how individuals' macroeconomic expectations causally affect their personal economic prospects and their behavior and provide them with different professional forecasts about the likelihood of a recession. The authors find that groups with the largest exposure to aggregate risk, such as individuals working in cyclical industries, are most likely to respond to an improved macroeconomic outlook, while a large fraction of the population is unlikely to react.
Popularity/Prestige
(2018)
What is the canon? Usually this question is just a proxy for something like, "Which works are in the canon?" But the first question is not just a concise version of the second, or at least it doesn’t have to be. Instead, it can ask what the structure of the canon is - in other words, when things are in the canon, what are they in? This question came to the fore during the project that resulted in Pamphlet 11. The members of that group were looking for morphological differences between the canon and the archive. The latter they define, straightforwardly and capaciously, as "that portion of published literature that has been preserved—in libraries and elsewhere" The canon is a slipperier concept; the authors speak instead of multiple canons, like the books preserved in the Chadwyck-Healey Nineteenth-Century Fiction Collection, the constituents of the six different "best-twentieth century novels" lists analyzed by Mark Algee-Hewitt and Mark McGurl in Pamphlet 8, authors included in the British Dictionary of National Biography, and so forth. [...] This last conundrum points the way out of these difficulties and into a workable model of the structure of the canon. It suggests two different ways of entering the canon: being read by many and being prized by an elite few—or, to use the terms arrived at in Pamphlet 11, popularity and prestige. With these two dimensions, we arrive at a canonical space [...].
Der Beitrag bietet eine Übersicht zu den Zusammenhängen zwischen Immaterialgüterrechten (IP [intellectual property]-Rechte), Privatautonomie und Innovation. Demnach beruht das IP-Recht auf der Annahme, dass erst die Kombination aus fungiblen Ausschließlichkeitsrechten und Privatautonomie – also die juristische Form der Marktwirtschaft – einen innovationsförderlichen Effekt verspricht. Dementsprechend kombiniert das geltende Recht ein hohes materielles IP-Schutzniveau mit einer weitreichenden Anerkennung der Privatautonomie der Berechtigten. Dieser Regulierungsansatz hat den Vorteil, dass sehr anpassungsfähige Rahmenbedingungen für Innovationen geschaffen werden. Wer für seine Innovation eine umfassende Exklusivität benötigt, kann unter Geltung der beiden genannten Prinzipien ebenso operieren wie Akteure, die auf IP-Schutz teilweise oder ganz verzichten möchten, weil ihnen dies unter den gegebenen Wettbewerbsbedingungen vorzugswürdig erscheint. Und doch erläutert der Beitrag, dass die naheliegende Folgerung zu kurz greift, der Gesetzgeber könne sich darauf beschränken, möglichst umfassende und zugleich fungible IP-Rechte zu kodifizieren, da der Markt stets für eine effiziente und auch sonst sozial wünschenswerte Ressourcenallokation sorge. Denn die mit ausschließlichen IP-Rechten verbundenen Transaktionskosten stehen diesem Ziel nicht selten im Wege. Damit zeigt sich, dass keine noch so elaborierte Vertragsrechtstheorie die Frage nach dem Sinn des logisch vorrangigen Eigentums erübrigt.
Das Immaterialgüterrecht bildet eine der ältesten und inzwischen umfangreichsten Materien des Einheitsprivatrechts. Fast alle Staaten der Erde sind Mitglieder der World Intellectual Property Organization und bekennen sich als solche zur Förderung des „geistigen Eigentums“. Allerdings ist der Rechtsschutz nach dem seinerseits universell anerkannten Territorialitätsprinzip auf das Territorium des jeweiligen Gesetzgebers beschränkt. Zu dieser geografischen Fragmentierung treten fremdenrechtliche Beschränkungen des Zugangs zum lokalen Rechtsschutz hinzu. Der Beitrag erläutert, welche Akteure die Spannung zwischen globaler Kommunikation und fragmentiertem Immaterialgüterrechtsschutz auf welche Weisen regulativ bearbeiten. Dabei wird unterschieden zwischen der Rechtsangleichung bei fortdauernder Fragmentierung, der Schaffung supranational einheitlicher Verfahren, Immaterialgüterrechte und Gerichte sowie informellen Kooperationen zwischen Privaten und Patentämtern. Die Leitfrage der Bestandsaufnahme lautet, ob all diese Phänomene im Sinne von Kropholler und David als funktionales Einheitsrecht begriffen werden können, ob es sich also um Rechtssätze handelt, bei denen die Einheitlichkeit ihrer Geltung im Interesse des unverfälschten internationalen Handels zu einem besonderen Rechtszweck erhoben wurde, oder ob man lediglich objektiv-formal eine rechtlich bindende Einheitlichkeit konstatieren kann, die primär ein anderes Ziel verfolgt, nämlich: die weltweite Stärkung des Immaterialgüterrechtsschutzes. Den Abschluss bildet eine kritische Stellungnahme zur verbreiteten Annahme, die weit fortgeschrittene Vereinheitlichung des Immaterialgüterrechts sei ein großartiger Erfolg.
We show that bond purchases undertaken in the context of quantitative easing efforts by the European Central Bank created a large mispricing between the market for German and Italian government bonds and their respective futures contracts. On top of the direct effect the buying pressure exerted on bond prices, we show three indirect effects through which the scarcity of bonds, resulting from the asset purchases, drove a wedge between the futures contracts and the underlying bonds: the deterioration of bond market liquidity, the increased bond specialness on the repurchase agreement market, and the greater uncertainty about bond availability as collateral.
This paper investigates the effect of the conventional and unconventional (e.g. Quantitative Easing - QE) monetary policy intervention on the insurance industry. We first analyze the impact on the stock performances of 166 (re)insurers from the last QE programme launched by the European Central Bank (ECB) by constructing an event study around the announcement date. Then we enlarge the scope by looking at the monetary policy surprise effects on the same sample of (re)insurers over a timeframe of 12 years, also extending the analysis to the Credit Default Swaps (CDS) market. In the second part of the paper by building a set of balance sheet-based indices, we identify the characteristics of (re)insurers that determine sensitivity to monetary policy actions. Our evidences suggest that a single intervention extrapolated from the comprehensive strategy cannot be utilized to estimate the effect of monetary policy intervention on the market. With respect to the impact of monetary policies, we show how the effect of interventions changes over time. Expansionary monetary policy interventions, when generating an instantaneous reduction of interest rates, generated movement in stock prices in the same direction till September 2010. This effect turned positive during the European sovereign debt crisis. However, the effect faded away in 2014-2015. The pattern is confirmed by the impact on the CDS market. With regard to the determinants of these effects, our analysis suggests that sensitivity is mainly driven by asset allocation and in particular by exposure to fixed income assets.
The paper investigates the determinants of the idiosyncratic volatility puzzle by allowing linkages across asset returns. The first contribution of the paper is to show that portfolios sorted by increasing indegree computed on the network based on Granger causality test have lower expected returns, not related to idiosyncratic volatility. Secondly, empirical evidence indicates that stocks with higher idiosyncratic volatility have the lower exposition on the indegree risk factor.
In talent-intensive jobs, workers’ quality is revealed by their performance. This enhances productivity and earnings, but also increases layoff risk. Firms cannot insure workers against this risk if they compete fiercely for talent. In this case, the more risk-averse workers will choose less quality-revealing jobs. This lowers expected productivity and salaries. Public unemployment insurance corrects this inefficiency, enhancing employment in talent-sensitive industries, consistently with international evidence. Unemployment insurance dominates legal restrictions on firms’ dismissals, which penalize more talent-sensitive firms and thus depress expected productivity. Finally, unemployment insurance fosters education, by encouraging investment in risky human capital that enhances talent discovery.