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In this paper I discuss the properties of particle verbs in light of a proposal about syntactic projection. In section 2 I suggest that projection involves functional structure in two important ways: (i) only functional phrases can be complements, and (ii) lexical heads that take complements and project must be inflected. In section 3, I show that the structure of particle verbs is not uniform with respect to (i) and (ii). On the one hand, a particle always combines with an inflected verb; in this respect, particle verbs look like verb-complement constructions. On the other hand, the particle is not a functional phrase and therefore is not a proper complement, which makes the combination of the particle and the verb look more like a morphologically complex verb. I argue that syntactic rules can in fact interpret the node dominating the particle and the verb as a projection and as a complex head. In section 4, I show that many of the characteristic properties of particle verbs in the Germanic languages follow from the fact that they are structural hybrids.
Left dislocation in Zulu
(2004)
This paper examines left dislocation constructions in Zulu, a Southern Bantu language belonging to the Nguni group (Zone S 40). In Zulu left dislocation configurations, a topic phrase in the beginning of the sentence is linked to a resumptive element within the associated clause. Typically, the resumptive element is an incorporated pronoun (cf. Bresnan & Mchombo 1987), as illustrated by the examples in (1) and (2). In these examples, the object pronoun (in italics) is part of the verbal morphology and agrees with the noun class (gender) of the dislocate. This situation is schematically illustrated in (3), where co-indexation represents agreement: ...
Condensing phenomena for systems biology, ecology and sociology present in real life different complex behaviors. Based on local interaction between agents, we present another result of the Energy-based model presented by [20]. We involve an additional condition providing the total condensing (also called consensus) of a discrete positive measure. Key words: Condensing; consensus; random move; self-organizing groups; collective intelligence; stochastic modeling. AMS Subject Classifications: 81T80; 93A30; 37M05; 68U20
Local interactions between particles of a collection causes all particles to reorganize in new positions. The purpose of this paper is to construct an energy-based model of self-organizing subgroups, which describes the behavior of singular local moves of a particle. The present paper extends the Hegselmann-Krause model on consensus dynamics, where agents simultaneously move to the barycenter of all agents in an epsilon neighborhood. The Energy-based model presented here is analyzed and simulated on finite metric space. AMS Subject Classifications:81T80; 93A30; 37M05; 68U20
Freiburg School of Law and Economics, Freiburg (Lehrstuhl-)Tradition and the Genesis of Norms
(2014)
The paper analyzes the parallels and differences between the Freiburg School of Law and Economics represented by the works of Eucken (and Röpke) and the Freiburg (Lehrstuhl-)Tradition represented by the works of Hayek and Vanberg. The parallels are illustrated by making use of the constitutional economics concepts Ordnungspolitik (i.e., order of rules/choices over rules) as well as freedom of privileges and discrimination. The differences, which have received surprisingly little attention, include the following aspects: 1. philosophy of science and epistemology, 2. genesis of norms, and 3. political philosophy. The paper tackles these issues in three steps. The second chapter presents Vanberg’s constitutional economics theory with special emphasis on the concepts of citizen sovereignty and normative individualism. The third chapter reviews the ordoliberal concepts of science and the state which are – to a certain degree – elitist and expertocratic, that is, they rely to a considerable degree on intellectual experts (in particular, scientists) being part of the societal elite. The fourth chapter differentiates two kinds of genesis of norms: an evolutionary one and an elitist-expertocratic one allowing for a differentiation between Eucken’s and Röpke’s Ordoliberalism on the on the hand and Vanberg’s Hayekian -- and Buchanan-style constitutional economics approach on the other hand. The paper ends with a summary of the main findings.
Following Foucault's analysis of German Neoliberalism (Ordoliberalism) and his thesis of ambiguity, this paper introduces a two-level distinction between individual and regulatory ethics. In particular, its aim is to reassess the importance of individual ethics in the conceptual framework of Ordoliberalism. The individual ethics of Ordoliberalism is based on the heritage of Judeo-Christian values and the Kantian individual liberty and responsibility. The regulatory or formal-institutional ethics of Ordoliberalism which has so far received most attention on the contrary refers to the institutional and legal framework of a socio-economic order. By distinguishing these two dimensions of ethics incorporated in German Neoliberalism, it is feasible to distinguish different varieties of neoliberalism and to link Ordoliberalism to modern economic ethics.
Variations and disparities between von Hayek and Ordoliberalism can be detected on diverse levels: 1. philosophy of science; 2. setting dissimilar priorities; 3. social philosophy; 4. genesis of norms; and, 5. notion of freedom. Therefore, it is possible to make an important distinction within neoliberalism itself, which contains at least two factions: von Hayek’s evolutionary liberalism, and German Ordoliberalism. The following essay not only takes the neoliberal separation of different varieties as granted; it proceeds further. It focuses on the topic of justice and elaborates the (slightly) differing conceptions of justice within neoliberalism. Thus, the specific contribution of the paper is that it adds a sixth dimension of differences (which is highly interconnected with the differing conceptions of genesis of norms). In this paper, I emphasize the (often neglected) subtle differences between von Hayek, Eucken, Röpke, and Rüstow, with special emphasis on their theories of justice. In this regard, I focus not only on Eucken and von Hayek; in addition, I include the concepts of justice developed by Rüstow and Röpke, as well, and, in consequence, broaden the perspective incorporating Eucken as a member of the Freiburg School of Law and Economics, and Rüstow and Röpke as representatives of Ordoliberalism in the wider sense. The paper tackles these topics in three steps. After briefly examining and discussing the existing literature and providing a literature overview on the decade-long debate on von Hayek and Ordoliberalism, I then describe von Hayek’s conception of commutative justice; particularly, justice of rules and procedures (rather than end-state justice). Then, I examine Eucken’s, Rüstow’s, and Röpke’s theories of justice, which consist of a mixture of commutative and distributive justice. Then, I draw a comparison between the ideas of justice developed by Eucken, Röpke, Rüstow, and von Hayek. The essay ends with a summary of my main findings.
4 June 2013 marked the formal launch of the third generation of the Equator Principles (EP III) and the tenth anniversary of the EPs – enough reasons for evaluating the EPs initiative from an economic ethics and business ethics perspective. This chapter deals with the following questions: What has been achieved so far by the EPs? Which reform steps need to be adopted to further strengthen the EPs framework? Can the EPs be regarded as a role model in the field of sustainable finance and CSR? The first part explains the term EPs and introduces the keywords related to the EPs framework. The second part summarises the main characteristics of the newly-released third generation of the EPs. The third part critically evaluates EP III from an economic ethical and business ethics perspective. The chapter concludes with a summary of the main findings.
2008/9 sees the 60th anniversary of the German economic and currency reform of June 20, 1948, and the adoption of the Grundgesetz on May 23, 1949, which committed the country to the ideals of a socially committed market economy. Both of these events are important points along the path taken by the Federal Republic of Germany to reach the system of a social market economy. Since the term, Social Market Economy is often used in several different contexts and sometimes to mean contradictory things, we must ask: what exactly does the term social market economy entail? What economic-ethical ideas and theories are behind it? This paper will trace the origins of the social market economy (chapter 2) and explain the central characteristics of the Freiburg School of Economics (chapter 3), one of the main pillars of the social market economy. Central to this paper is the oeuvre of Walter Eucken, one of the leading representatives of the ordoliberal Freiburg School. The aim is to identify socio-political factors of influence and inspiration on his theory of economic policy (chapter 4) and evaluate similarities to the works of Kant, Smith and other economic philosophers. Chapter 5 will seek to elucidate Eucken’s “Program of Liberty”. We shall also allow ourselves a slight diversion to elaborate on the parallels between this work and Kant’s understanding of freedom and autonomy. Chapter 6 deals with Eucken’s dual requirements of an economic and social order (i.e. functioning and humane socio-economic order). In chapter 7, we seek to answer – with considerable reference to Adam Smith – to what extent it can be assumed that self-interest and the common good are mutually compatible. This paper concludes with a few remarks about the topicality of ordoliberalism in relation to modern, German-speaking economic ethics (chapter 8).
This paper investigates the accuracy of point and density forecasts of four DSGE models for inflation, output growth and the federal funds rate. Model parameters are estimated and forecasts are derived successively from historical U.S. data vintages synchronized with the Fed’s Greenbook projections. Point forecasts of some models are of similar accuracy as the forecasts of nonstructural large dataset methods. Despite their common underlying New Keynesian modeling philosophy, forecasts of different DSGE models turn out to be quite distinct. Weighted forecasts are more precise than forecasts from individual models. The accuracy of a simple average of DSGE model forecasts is comparable to Greenbook projections for medium term horizons. Comparing density forecasts of DSGE models with the actual distribution of observations shows that the models overestimate uncertainty around point forecasts.
Who is Ângkar? The nature of authority and responsibility under the Khmer Rouge Forme cadres of the Khmer Rouge today still speak of Ângkar, the organisation of the Khmer Rouge, with the utmost respect and subservience. Unlike in other genocidal regimes in which state actors played an important role, such as the NSDAP and SS in the Holocaust or Ittihad in the Ottoman genocide of the Armenians, Ângkar cannot be reduced merely to the name of the party organisation of the Khmer Rouge. Although Ângkar is a concept known to all in Cambodia and remains synonymous with absolute authority and the necessity for unwavering obedience, there is a broad variety of perspectives when trying to state who or what Ângkar actually is...
This contribution draws on two recent publications in which the macroeconomic model data base (www.macromodelbase.com) is employed for model comparisons. The comparative approach is used to base policy analysis on a systematic evaluation of the different implications that a certain economic policy can have when submitted to different modeling approaches. In this manner, policy recommendations are more robust to modeling uncertainty. By extending the comparative approach to forecasting, the authors investigate the accuracy of different forecasting models and obtain more reliable mean forecasts.
How to be a good European...
(2010)
Unter der Überschrift "Ich kaufe griechische Staatsanleihen weil..." sollten Persönlichkeiten aus Politik, Wirtschaft und Kultur kurz begründen, warum sie griechische Staatsanleihen gekauft haben bzw. kaufen werden--idealerweise unter Nachweis ihres finanziellen Engagements. Zum jetzigen Zeitpunkt kaufe ich keine griechischen Staatsanleihen...
Repertoires of counter-contention: conceptualizing institutional responses to social movements
(2016)
The ways in which political authorities respond to societal challenges is a key element in the interaction between social movements and state institutions. Two conceptual distinctions are important when studying such repertoires of counter-contention: authorities’ responses may (1) aim at either including or excluding challengers, and they may (2) either respect their autonomy or try to control them.
This is the ninth article in our series Trouble on the Far-Right.
Since around 1990, the state of the Austrian far right1 has been characterized by the strength of the Austrian Freedom Party (FPÖ – Freiheitliche Partei Österreichs, more precisely translated as Freedomite Party of Austria2) and the relative weakness of extra-parliamentarian far right activism. Far from a mere coincidence, these two features are to be understood as closely linked: the FPÖ’s electoral successes have brought far right causes and talking points unto the political center stage on a national level, given them ample media coverage and made street militancy increasingly pointless. Insofar, the Austrian far right spectrum could – at least until recently – be described as a photographic negative of the situation in Germany: successful party politics, weak bottom-up mobilizations and a comparatively low incidence of street violence. Currently, however, the long held hopes of German right-wingers for a party both in the mold, and strength, of the FPÖ are apparently being fulfilled by the emergence of the Alternative for Germany (AfD). Conversely, both legal and illegal street activism have been on the rise in Austria in recent years, particularly since the start of the asylum crisis in Europe. Numerous violent incidents were reported in 2015, including a minimum of 25 attacks on housing facilities for asylum seekers.
Using fiscal reaction functions for 3a panel of actual euro-area countries the paper investigates whether euro membership has reduced the responsiveness of countries to increases in the level of inherited debt compared to the period prior to succession to the euro. While we find some evidence for such a loss in prudence, the results are not robust to changes in the specification, as for example an exclusion of Greece from the panel. This suggests that the current debt problems may result to a large extent from pre-existing debt levels prior to entry or from a larger need for fiscal prudence in a common currency, while an adverse change in the fiscal reaction functions for most countries does not apply.
Applying an investment perspective to higher education, the paper presents detailed empirical evidence on the rate of return to higher education and its determinants. Employing a sample of 17,180 higher education graduates derived from the German Labor Force Survey 2004, we show considerable variation in the rates of return to higher education across the different subjects, with some subjects on average not representing attractive private investments from an economic point of view. We find that the decision what to study is worth several hundred thousand Euros. Applying regression analysis, we find gender- and degree-specific return advantages only in certain subjects. Comparing the return of an investment in higher education and the production cost of higher education, we show that more expensive subjects (apart from Medicine) yield a lower return. When considering the cost of study, the overall order of attractiveness of the different forms of education remains stable, but the investment in further subjects is no longer clearly attractive. Keywords: Returns to Education, Human Capital, Higher Education Earnings Capacity.
Option-implied information and predictability of extreme returns : [Version 24 September 2012]
(2012)
We study whether option-implied conditional expectation of market loss due to tail events, or tail loss measure, contains information about future returns, especially the negative ones. Our tail loss measure predicts future market returns, magnitude, and probability of the market crashes, beyond and above other option-implied variables. Stock-specific tail loss measure predicts individual expected returns and magnitude of realized stock-specific crashes in the cross-section of stocks. An investor, especially the one who cares about the left tail of her wealth distribution (e.g., disappointment-averse), benefits from using the tail loss measure as an information variable to construct managed portfolios of a risk-free asset and market index. The tail loss measure is motivated by the results of the extreme value theory, and it is computed from observed prices of out-of-the-money put as the risk-neutral expected value of a loss beyond a given relative threshold.
Security, arms control, disarmament and confidence building measures in the Baltic sea region
(2017)
Taking into consideration the stalemete of all disarmament negotiations as well as the worsening situation in the Baltic Sea region, I would like to present another paper as well, discussing the security trends in the Baltic Sea region and the potential of confidence building measures in this region as well as to discuss in this context the prospects of arms control and disarmament in general as well as specifically in Europeparticularly in the Baltic Sea region...
Terrorism isn't new to the country; in its history, France has experienced a significant number of attacks. In 1995, the GIA-affiliated terrorist network of which Khaled Kelkal was part conducted several attacks, as did the Al Qaida-affiliated gang de Roubaix one year later; but until Mohammed Merah’s murders in 2012 in Toulouse and Montauban, terrorist attacks were treated as political violence in the context of anti-colonial struggles or connected to other kinds of violent conflicts abroad, such as the Bosnian War, rather than as religiously inspired or connected to social, societal and/or political issues within the country, or as some sort of atypical pathology. Terrorist perpetrators, their networks and milieus were met with repressive instruments – a wider angle of analysis which would have allowed to tackle the threat from a more holistic perspective had not been incorporated in a counter-terrorism policy design.
This is the last post in the blog series „Movements and Institutions“. Check out the introductory post for more information on the series and click here for all contributions.
This blog series reflected on the interactions between social movements and institutions. These interactions have proven to be among the most complicated areas of social movement research, especially because causality is very hard to establish: (how) do movements influence formal political institutions – and vice versa? How to study, understand and explain the consequences of the institutionalization of social movements? The difficulties of addressing these questions are also related to definitional problems as social movements and institutions can be understood and defined in various ways. All authors contributing to this blog series highlight the importance of studying interactions between social movements from one perspective or another.
This paper outlines relatively easy to implement reforms for the supervision of transnational banking-groups in the E.U. that should not be primarily based on legal form but on the actual risk structures of the pertinent financial institutions. The proposal also aims at paying close attention to the economics of public administration and international relations in allocating competences among national and supranational supervisory bodies.
Before detailing the own proposition, this paper looks into the relationship between sovereign debt and banking crises that drive regulatory reactions to the financial turmoil in the Euro area. These initiatives inter alia affirm effective prudential supervision as a pivotal element of crisis prevention.
In order to arrive at a more informed idea, which determinants apart from a per-ceived appetite for regulatory arbitrage drive banks’ organizational choices, this paper scrutinizes the merits of either a branch or subsidiary structure for the cross-border business of financial institutions. In doing so, it also considers the policy-makers perspective. The analysis shows that no one size fits all organizational structure is available and concludes that banks’ choices should generally not be second-guessed, particularly because they are subject to (some) market discipline.
The analysis proceeds with describing and evaluating how competences in prudential supervision are currently allocated among national and supranational supervisory authorities. In order to assess the findings the appraisal adopts insights form the economics of public administration and international relations. It argues that the supervisory architecture has to be more aligned with bureaucrats’ incentives and that inefficient requirements to cooperate and share information should be reduced. The evolving Single Supervisory Mechanism for euro area banks with its rather complicated allocation of responsibilities between the ECB and the national supervisors in participating and non-participating Member States will not solve all the problems identified as it is partly in disaccord with bureaucrats’ incentives.
The last part of this paper finally sketches an alternative solution that dwells on far-reaching mutual recognition of national supervisory regimes and allocates competences in line with supervisors’ incentives and the risk inherent in cross-border banking groups.
Following on the ADEA/APNET study on inter-African Book trade that was commissioned in 1999, ADEA tasked APNET to facilitate the production of national book industry updates in each country. The updates are aimed at encouraging commercial development of inter-African book trade and to make available to the public, total systematic and current situations on the book trade in each country.
Threat perceptions is a popular topic among scholars of international relations, yet the focus is oftentimes how two states perceive and misperceive threats (Robert Jervis, David Singer among others). Threats are generally understood as potential harm directed against the territorial integrity or the political regime of the states in question or both. Wandering on the borders of the mainstream realist theory and the rational choice theory – popular since when behavioralism entered into IR literature in the 1960s – and the constructivism of the reflectivist era (Wendt), the topic has been made a subject of study through such several different conceptual lenses but mostly on an international/state level of analysis a la Waltz...
Consensus modality : accommodating parties and containing overt violence in Nepal’s peace process
(2017)
Throughout this decade, most of the literatures in social sciences on Nepal contain Maoist Armed Conflict (1996-2006) in its introduction part. The country is in constant political turmoil even after the Comprehensive Peace Accord of 2006 between Government of Nepal and then rebel force. Since the peace agreement, Nepalese society has observed diverse socio-political tensions in different forms and become fragile society. Nepal is exerting a growing concern on international politics because of the complication in the peace process of ensuring sustainable peace, stability and economic progress. The implications for peace, stability and economic development in fragile countries present a challenge to the international community (In Grävingholt et al, 2013). Political culture and social structure are empirically related to political stability (Lijphart, 1969: 208). So we cannot separate our social and cultural context with the idea of stability...
s.a. Deutsche Fassung: Rechtshistorisches Journal 15, 1996, 255-290 und in: Eric Schwarz (Hg.) La théorie des systèmes: une approche inter- et transdisciplinaire. Bösch, Sion 1996, 101-119. Italienische Fassung: La Bukowina globale: il pluralismo giuridico nella società mondiale. Sociologic a politiche sociali 2, 1999, 49-80. Portugiesische Fassung: Bukowina global sobre a emergência de um pluralismo jurídico transnacional. Impulso: Direito e Globalização 14, 2003. Georgische Fassung: Globaluri bukovina: samarTlebrivi pluralizmi msoflio sazogadoebaSi. Journal of the Institute of State and Law of the Georgian Academy of Sciences 2005 (im Erscheinen)
In the article, a travel sketch of Danish playwright Kaj Munk (1898 – 1944) is analytically considered. The analysis of this text allows drawing at least three conclusions: 1. Explicit motive of seasickness, figuring here as antithetic modification of implicite present free-standing posture motive, symbolizes idea of disintegrating personality. 2. Such a symbolism is deeply rooted in that of Danish identity. 3. From literary styles and trends history point of view, the sketch appears to be typical of that line in expressionism, which continues tradition of symbolism as artistic and literary trend of late 19th century.
This paper surveys the growth and various phases of and influences on the concept of democracy in the Islamic political thought of the last two centuries. Among the thinkers covered in the survey are Rifa'a Tahtawi (1801-73), Khairuddin at-Tunis (1810-99), Jamal ad-Din al-Afghani (1838-97), Muhammad Abduh (1849-1905), Abdurrahman al-Kawakibi (1849-1903), Rashid Rida (1865-1935), Hasan al-Banna (1904-49), Ali Abd Ar-Raziq (1888-1966), Sayyid Qutb (1906-66), Sa'id Hawwa, and Malik Bennabi (1905-73). Reference is made to the influence of Sayyid Mawdudi (1903-79), on the thought of Sayyid Qutb. The paper traces also the bearing of Bennabi's thought on Rachid Ghannouchi and on the Islamic movements of our times.
In the last years, much effort went into the design of robust anaphor resolution algorithms. Many algorithms are based on antecedent filtering and preference strategies that are manually designed. Along a different line of research, corpus-based approaches have been investigated that employ machine-learning techniques for deriving strategies automatically. Since the knowledge-engineering effort for designing and optimizing the strategies is reduced, the latter approaches are considered particularly attractive. Since, however, the hand-coding of robust antecedent filtering strategies such as syntactic disjoint reference and agreement in person, number, and gender constitutes a once-for-all effort, the question arises whether at all they should be derived automatically. In this paper, it is investigated what might be gained by combining the best of two worlds: designing the universally valid antecedent filtering strategies manually, in a once-for-all fashion, and deriving the (potentially genre-specific) antecedent selection strategies automatically by applying machine-learning techniques. An anaphor resolution system ROSANA-ML, which follows this paradigm, is designed and implemented. Through a series of formal evaluations, it is shown that, while exhibiting additional advantages, ROSANAML reaches a performance level that compares with the performance of its manually designed ancestor ROSANA.
“We shall bring victory”. Those were the words of sheik Hassan Nasrallah, leader of Hezbollah, on 25 may 2013. Usually these words would be directed at Israel, the sworn enemy of the Lebanese movement. But this time Nasrallah was referring to the fighting in Syria. That night Hezbollah explicitly chose to side with the Syrian government in her fight against the rebels in the ongoing civil war. Why does the Shia Islamic and pro-Iranian Hezbollah stand so firmly alongside the secular Arab nationalist regime of Bashar al-Assad? What are the consequences for Lebanon and what does the interference of Hezbollah tell us about the balance of power in the small and deeply divided neighbouring country of Syria?
This is the sixth article in our series Trouble on the Far-Right.
As everywhere else in Eastern Europe, ever since the fall of the communist regime, Romania’s political system has experienced dramatic changes from one electoral cycle to another, starting off with what was considered to be an inflation of political parties at the beginning of the 1990’s and arriving today at what seems to approximate a two-party system, with the Social-Democratic Party (PSD) on the left and the National Liberal Party (PNL) on the right side of the political spectrum. However, the fog surrounding the ideological identities of virtually all Romanian political parties has only intensified in time, leaving the party system in flux and creating the idea that there are no significant differences between the major political players. As was the case of many other countries, this situation has generated the (at least partial) success of a radical anti-establishment discourse. However, unlike other European countries, the far right in Romania did not benefit by the financial crisis...
This is the 13. article in our series Trouble on the Far-Right.
The environment for populist radical right (PRR) parties in Europe is favourable. Both the refugee crisis as well as the recent terrorist attacks in Paris and Brussels have ostensibly fuelled further xenophobic and anti-Islam sentiments among European publics, on the basis of which PRR parties have been shown to build their support. Recent elections in Europe have indeed seen good results for parties with an outspoken xenophobic message, the victories in March 2016 for the Alternative for Germany (AfD) in the German regional elections and two far right parties (SNS and L’SNS) in the Slovak national elections being cases in point. Opinion polls in countries such as France and the Netherlands look equally promising for PRR parties. Even though not all European countries have witnessed the successful mobilisation of the PRR, it is fair to conclude that this party family is going strong. It would be too quick to conclude, however, that PRR parties only thrive on the recent salience of the immigration issue.
Part V of our series on ISIS : "Blogforum 'Kalifat des Terrors: Interdisziplinäre Perspektiven auf den Islamischen Staat".
Since 2003, several organizations in the Arab world swore allegiance to Osama Bin Laden and al-Qaida and became part of what was been called “al-Qaeda’s affiliate network”. The emergence of al-Qaeda groups in Saudi Arabia 2003, Iraq 2004, Algeria 2007 and Yemen 2009 convinced many supporters and enemies that there was a truly global network of jihadist groups at work, commanded and controlled by the al-Qaeda leadership in Pakistan.
However, the reality was a lot more complicated. Far from being subordinate to Osama Bin Laden and Aiman al-Zawahiri, these organizations were not willing to submit to al-Qaeda command and control. Their relationship with “al-Qaeda central” was rather an alliance between independent partners of different strength. Although the al-Qaeda leadership sometimes influenced decisions taken by the regional groupings, there are numerous examples of “affiliates” ignoring its advice even regarding strategic issues.
The syndicated loan market, as a hybrid between public and private debt markets, comprises financial institutions with access to valuable private information about borrowers as a result of close bank-borrower relationships. In this paper, we seek empirical evidence for the costs of these relationships in a sample of UK syndicated loan contracts for the time period 1996 through 2005. Using detailed financial data for both borrowers (private and public companies) and for financial institutions, we find that undercapitalized banks charge higher loan spreads for loans to opaque borrowers using various measures for borrower opaqueness and controlling for bank, borrower and loan characteristics. We further analyze this hold-up effect over the business cycle and find that it only prevails during recessions. In expansion phases, however, we do not find evidence for banks exploiting their information monopoly. This finding is consistent with theories on bank reputation in bank loan commitments. Ambiguity about borrower financial health, which induces the information monopoly in the first place, also gives banks the discretion to exploit or not exploit informational captured borrowers. Our findings are both statistically and economically significant and robust to alternative bank and macroeconomic risk proxies. We address potential concerns about unobserved borrower heterogeneity exploiting the panel data nature of our sample. Using firm-bank fixed effect regressions, we find supporting evidence for our theoretical framework. JEL Classifications: G14, G21, G22, G23, G24 Keywords: Syndicated loans; Hold-up; Lending relationships; Business cycle
Part VI of our series on ISIS : "Blogforum 'Kalifat des Terrors: Interdisziplinäre Perspektiven auf den Islamischen Staat".
In 2014, two insurgency organisations stood out by their expansion, success and brutality: The Islamic State (IS) and Boko Haram (BH). The former emerged from the conflicts in Syria and Iraq and became a major actor in the Middle East, its influence reaching beyond the borders of its self-proclaimed “caliphate”, while the latter spread its violence throughout north-eastern Nigeria, spilling over into Cameroon, Chad and Niger. Because of their still growing success, many wonder about a possible partnership between IS and BH. To this I answer that there is a connection, but no partnership. Currently, any evidence suggesting a partnership is circumstantial at best...