Universitätspublikationen
Refine
Year of publication
- 2013 (147) (remove)
Document Type
- Working Paper (147) (remove)
Has Fulltext
- yes (147) (remove)
Is part of the Bibliography
- no (147) (remove)
Keywords
- Liikanen-Kommission (5)
- banking union (4)
- Bail-in (3)
- Bankenunion (3)
- Banking Union (3)
- Contagion (3)
- European Banking Authority (EBA) (3)
- European Central Bank (ECB) (3)
- Trennbanken (3)
- Urheberrecht (3)
- euro area (3)
- leverage (3)
- monetary policy (3)
- oil price (3)
- political economy of bureaucracy (3)
- prudential supervision (3)
- real-time data (3)
- regulatory capture (3)
- Bail-in Anleihen (2)
- Banking Separation (2)
- ECB (2)
- Frühe Neuzeit (2)
- Gerichte (2)
- Gesellschaft (2)
- Konfliktlösung (2)
- Liikanen Commission (2)
- Normative Ordnungen (2)
- OMT (2)
- Open Access (2)
- Sanktionen (2)
- Single Supervisory Mechanism (SSM) (2)
- Solvency II (2)
- Wissenschaft (2)
- active shareholders (2)
- capital regulation (2)
- capital structure (2)
- collective litigation (2)
- compensation (2)
- conflict resolution (2)
- debt sustainability (2)
- deposit insurance (2)
- financial crisis (2)
- financial literacy (2)
- fiscal policy (2)
- fiscal reaction function (2)
- globalization (2)
- habit formation (2)
- inflation (2)
- investor protection (2)
- law and finance (2)
- leveraged buyouts (2)
- liquidity risk (2)
- private equity (2)
- risk aversion (2)
- social interactions (2)
- society (2)
- surveillance (2)
- Abstinenzkontrolle (1)
- Abstinenzweisung (1)
- Abwicklung (1)
- Abwicklungsinstrumente (1)
- Akkadian language (1)
- Akkadische Sprache (1)
- Alter Orient (1)
- Alternative Dispute Resolution (ADR) (1)
- Amtsgerichte (1)
- América hispánica (1)
- Ancient Law (1)
- Ancient Near Eastern International Law (1)
- Ancient Near Eastern law (1)
- Ancient near east (1)
- Antikes Recht (1)
- Arbeitsproduktivität (1)
- Asset Allocation (1)
- Asset Pricing (1)
- Asset allocation (1)
- Aufsicht (1)
- Aufsichtsratsvergütung (1)
- Ausschüsse für Politik und Recht (1)
- Bailout (1)
- Banken (1)
- Bankenaufsicht (1)
- Bankenaufsichtsrecht (1)
- Banking stability (1)
- Basel III (1)
- Bayesian VAR (1)
- Bewertungsreserven (1)
- Boards für Stadt-Entwicklung (1)
- Boni (1)
- Brent (1)
- Büros für Wirtschafts-und Handelsbeziehungen (1)
- Büros für Wohnungsbau (1)
- CRA3 (1)
- Central Banking (1)
- China (1)
- Chinese studies (1)
- Church Courts (1)
- Colonialism (1)
- Competition (1)
- Compliance (1)
- Conditional Forecasts (1)
- Conflict of Laws (1)
- Consumption hump (1)
- Copyright (1)
- Corporate Governance (1)
- Corporate Social Responsibility (1)
- Corporate bonds (1)
- Courts (1)
- Credit (1)
- Cyprus (1)
- DCC-GARCH (1)
- DSGE modelling (1)
- Debatten (1)
- Deficit spending (1)
- Deutscher Corporate Governance Kodex (1)
- Discretion (1)
- Dorfkomitees (1)
- Downside risk (1)
- Drittes Mexikanisches Provinzialkonzil (1)
- ESMA (1)
- EU (1)
- Early Modern Times (1)
- Eide (1)
- Einlagengeschäft (1)
- Enforcement (1)
- Equator Principles (1)
- Equator Principles Association (1)
- Estimation efficiency (1)
- Euro area (1)
- European Central Bank (1)
- Exkommunikation (1)
- Financial Crisis (1)
- Financial Expert (1)
- Financial distress (1)
- Firm valuation (1)
- Fiscal Crisis (1)
- Fiscal Policy (1)
- Forum externum (1)
- Forum internum (1)
- Fragmentation (1)
- Garantiezins (1)
- Geistliche Gerichtsbarkeit (1)
- General Equilibrium (1)
- Gerichtsverfahren (1)
- German Capital Markets Model Case Act (KapMuG) (1)
- German Markets Model Case Act (KapMuG) (1)
- German constitutional law (1)
- German corporate governance codex (1)
- Geschäftsleiterermesse (1)
- Gesetzgebung (1)
- Global financial crisis (1)
- Globalisierung (1)
- Globalization (1)
- Gläubiger (1)
- Greek economic crisis (1)
- Griechenland (1)
- Gründe (1)
- Handelsgeschäft (1)
- Hidden State (1)
- Home ownership (1)
- Homestead exemptions (1)
- IT innovations (1)
- Implicit Guarantees (1)
- Informality of negotiation (1)
- Informalität der Verhandlungen (1)
- Insurance (1)
- Intellectual Property (1)
- Internationale Institutionen (1)
- Internationale Organisationen (1)
- Internationales Privatrecht (1)
- Judicial vicar (1)
- Juristenausbildung (1)
- Kenya (1)
- Kirche (1)
- Kirchenrecht (1)
- Kollisionsrecht (1)
- Kontinuierliche Transdermale Alkoholüberwachung (1)
- Konzernrecht (1)
- Konzernverantwortung (1)
- Kredit (1)
- Late Middle Ages (1)
- Lebensversicherungen (1)
- Legal Transplants (1)
- Legitimation (1)
- Liquidity (1)
- Market Discipline (1)
- Market Quality (1)
- Market Structure (1)
- Methode (1)
- Migration (1)
- Monetary Policy (1)
- New Keynesian model (1)
- Nonlinear Filtering (1)
- Nordfrankreich (1)
- Normativität (1)
- Northern France (1)
- Offizial (1)
- Optimal monetary policy (1)
- Organisationspflichten von Banken (1)
- Own Risk and Solvency Assessment (1)
- Parish priest (1)
- Parteistaat (1)
- Personal bankruptcy (1)
- Petitionen (1)
- Pfarrer (1)
- Policy debates (1)
- Politics and Law Committees (1)
- Portfolio allocation (1)
- Portfolio optimization (1)
- Positive semidefiniteness (1)
- Private International Law (1)
- Prüfungsausschuss (1)
- R&D expenses (1)
- Rating Agencies (1)
- Real options (1)
- Recht (national) (1)
- Rechtfertigung (1)
- Rechtfertigungsnarrativ (1)
- Rechtsgeschichte (1)
- Rechtssoziologie (1)
- Rechtstheorie (1)
- Rechtsverbindlichkeit (1)
- Rechtsvereinheitlichung (1)
- Rechtswissenschaft (national) (1)
- Recursive Preferences (1)
- Regionalwissenschaften (1)
- Restrukturierung (1)
- Risiko (1)
- Risikomanagement (1)
- Risk-premium (1)
- SRM (1)
- Schuldner (1)
- Self-exciting Processes (1)
- Sicherstellungspflichten von Geschäftsleitern (1)
- Single Resolution Mechanism (1)
- Sinologie (1)
- Sovereign debt (1)
- Sovereign debt crisis (1)
- Sovereign default (1)
- Spanischamerika (1)
- Spätmittelalter (1)
- Stabilität (1)
- System (1)
- Systemic risk (1)
- Tail risk (1)
- Taylor rule (1)
- Tercer Concilio Provincial Mexicano (1)
- Too big to fail (1)
- Too-Big-To-Fail (1)
- Trandermale Alkoholmessung (1)
- Transdiziplinarität (1)
- Transnationale Rechtswissenschaft (1)
- Transnationales Recht (1)
- Trust (1)
- Unification of Law (1)
- Value-at-risk (1)
- Vergütung (1)
- Vermittlung (1)
- Versicherungsaufsichtsrecht (1)
- Verträge (1)
- Volatility (1)
- Vorschaubilder (1)
- Vorstandsvergütung (1)
- Völkerrecht (1)
- WTI (1)
- Weltgesellschaft (1)
- Wissenschaftssystem (national) (1)
- Zentralbank (1)
- Zero nominal interest rate bound (1)
- acquisition cost (1)
- adviser (1)
- agriculture (1)
- alternative dispute resolution (ADR) (1)
- altorientalisches Recht (1)
- altorientalistisches internationales Recht (1)
- ambiguity aversion (1)
- area studies (1)
- art investing (1)
- attention (1)
- backward stochastic differential equation (1)
- bailout (1)
- ban (1)
- bank competition (1)
- bank regulation (1)
- bank risk (1)
- bank runs (1)
- banking supervision (1)
- banks (1)
- biofuel (1)
- cash-in-advance (1)
- central bank independence (1)
- central banking (1)
- church (1)
- city development boards (1)
- collective redress (1)
- communication (1)
- competition (1)
- comprehensive assessment (1)
- constrained efficiency (1)
- consumer credit (1)
- consumer prices (1)
- consumer protection (1)
- consumption heterogeneity (1)
- contagion (1)
- contractual liability (1)
- convergence (1)
- cooperation (1)
- copula (1)
- corn (1)
- corporate governance (1)
- corporate restructuring (1)
- corporate social responsibility (1)
- court cases (1)
- courts (1)
- crack spread (1)
- credit (1)
- creditor (1)
- crop prices (1)
- cycle flows (1)
- cyclical liabilities (1)
- debt maturity (1)
- debt structure (1)
- debtor (1)
- decision theory (1)
- deflation (1)
- derecho canónico (1)
- discretionary lending (1)
- district courts (1)
- dual systems (1)
- economic and trade bureaus (1)
- education (1)
- end-of-day price dislocation (1)
- ethanol (1)
- exchange trading rules (1)
- excommunication (1)
- external forum (1)
- extreme value theory (1)
- financial reporting quality (1)
- financial repression (1)
- financial services (1)
- financial stability (1)
- financial stocks (1)
- financing policy (1)
- first-order approach (1)
- fiscal dominance (1)
- food crisis (1)
- food price volatility (1)
- forecast accuracy (1)
- forecast combination (1)
- forecasts (1)
- forward guidance (1)
- fragmented authoritarianism (1)
- fragmentierter Autoritarismus (1)
- futures (1)
- gender equality (1)
- genetics (1)
- hidden action (1)
- high frequency trading (1)
- household debt (1)
- household finance (1)
- housing construction bureaus (1)
- human capital (1)
- impatience (1)
- implied correlation (1)
- implied volatility skew (1)
- informal loans (1)
- input-output (1)
- insider trading (1)
- insurance guarantee schemes (1)
- interbank markets (1)
- interbank network (1)
- internal forum (1)
- intuitive thinking (1)
- judicial offices (1)
- jumps (1)
- jurisprudence (national) (1)
- la Edad Moderna (1)
- labor income (1)
- law (national) (1)
- legal education (1)
- legal history (1)
- legal theory (1)
- legally binding force (1)
- legislation (1)
- life-cycle utility maximization (1)
- local Public Security Bureaus (1)
- local government (1)
- lokale Regierungen (1)
- lokale Ämter für Öffentliche Sicherheit (1)
- makroprudenzielle Regulierung (1)
- managerial incentives (1)
- manipulation (1)
- marginal propensity to consume (1)
- market and credit risk factors (1)
- matching (1)
- mediation (1)
- method (1)
- microfoundations (1)
- mixed frequency (1)
- model case procedure (1)
- model misspecification (1)
- monetary policy real-time output gap (1)
- monetary transmission mechanism (1)
- money (1)
- mortgages (1)
- multinational companies/business and human rights (1)
- multiplicative error model (1)
- national systems of local banks (1)
- network formation (1)
- network topology estimation (1)
- networks (1)
- normativity (1)
- oaths (1)
- operational performance (1)
- optimal investment (1)
- option-implied distribution (1)
- ownership concentration (1)
- parameter uncertainty (1)
- participation (1)
- party-state (1)
- pass-through (1)
- payment systems (1)
- performance indicators (1)
- petitioning cases (1)
- political behavior (1)
- portfolio allocation (1)
- portfolio choice (1)
- portfolio optimization (1)
- predictability (1)
- principal agent (1)
- productivity (1)
- project finance (1)
- randomized control trials (1)
- recursive utility (1)
- refined products (1)
- regulation (1)
- relationship lending (1)
- repeated games (1)
- reputational risk (1)
- restatements (1)
- risk (1)
- risk taking (1)
- risk-shifting (1)
- risk-taking (1)
- salience (1)
- sanctions (1)
- saving (1)
- schlichte Einwilligung (1)
- science system (national) (1)
- selection bias (1)
- short-selling (1)
- social norms (1)
- sociology of Law (1)
- soft information (1)
- sophistication (1)
- sovereign bond risk premiums (1)
- sovereign risk (1)
- stability (1)
- stochastic differential utility (1)
- stochastic volatility (1)
- stock market participation (1)
- stock return expectations (1)
- structural change (1)
- structural reforms (1)
- strukturelle Reformen (1)
- sustainable finance (1)
- system (1)
- systemic risk network (1)
- systemic risk, too-interconnected-to-fail (1)
- tail measure (1)
- test cases (1)
- time-varying systemic risk contribution (1)
- trading process (1)
- trading rules (1)
- transdisciplinarity (1)
- transnational jurisprudence (1)
- transnational law (1)
- treaties (1)
- troika (1)
- trust (1)
- trust driven expectations (1)
- trust evolutionary games (1)
- twin study (1)
- tâtonnement (1)
- value at risk (1)
- variance risk premium (1)
- village committees (1)
- weiwen (1)
- welfare loss (1)
- world society (1)
- zero lower bound (1)
- § 68b Abs. 1 S. 1 Nr. 10 StGB (1)
- Öffentliche Gewalt (1)
- Öffentliches Recht (1)
Institute
- Center for Financial Studies (CFS) (78)
- Wirtschaftswissenschaften (71)
- House of Finance (HoF) (52)
- Rechtswissenschaft (20)
- Sustainable Architecture for Finance in Europe (SAFE) (18)
- Institute for Monetary and Financial Stability (IMFS) (12)
- Institute for Law and Finance (ILF) (8)
- Exzellenzcluster Die Herausbildung normativer Ordnungen (6)
- LOEWE-Schwerpunkt Außergerichtliche und gerichtliche Konfliktlösung (6)
- Gesellschaftswissenschaften (5)
Fazit: Im Gegensatz zu ihrem US-amerikanischen Vorbild ist die deutsche Business Judgment Rule kein „sicherer Hafen“, der Organmitgliedern das Privileg eines haftungsfreien Raums für unternehmerische Entscheidungen eröffnen würde. §§ 93 Abs. 1 Satz 2, 116 Satz 1 AktG formulieren vielmehr lediglich – mit ihrerseits ausfüllungsbedürftigen Begriffen – die Anforderungen an die Entscheidungsfindung eines ordentlichen und gewissenhaften Geschäftsleiters oder Überwachers. Dementsprechend gelten für Entscheidungen außerhalb des unmittelbaren Anwendungsbereichs der Business Judgment Rule keine grundsätzlich anderen Anforderungen. Bei der Festlegung dieser Voraussetzungen an einen ordnungsgemäße Entscheidung ist zu beachten, dass die organschaftliche Sorgfaltspflicht und die Haftungsfolgen für den Fall ihrer Verletzung sich nicht etwa das Gremium insgesamt, sondern an jedes einzelne seiner Mitglieder richten. Daher sollten insbesondere die Standards an eine angemessene Information und an die Plausibilitätskontrolle eingeholter Auskünfte und Expertisen nicht so hoch angesetzt werden, das sie realistischerweise von niemandem erfüllt werden können.Angesichts des zunehmenden Bewusstseins für die mit einer Organmitgliedschaft verbundenen Haftungsgefahren dürfte es sonst in Zukunft schwieriger werden, qualifizierte Aufsichtsratsmitglieder für deutsche Unternehmen zu gewinnen.
Credit boom detection methodologies (such as threshold method) lack robustness as they are based on univariate detrending analysis and resort to ratios of credit to real activity. I propose a quantitative indicator to detect atypical behavior of credit from a multivariate system - a monetary VAR. This methodology explicitly accounts for endogenous interactions between credit, asset prices and real activity and detects atypical credit expansions and contractions in the Euro Area, Japan and the U.S. robustly and timely. The analysis also proves useful in real time.
Are product spreads useful for forecasting? An empirical evaluation of the Verleger hypothesis
(2013)
Notwithstanding a resurgence in research on out-of-sample forecasts of the price of oil in recent years, there is one important approach to forecasting the real price of oil which has not been studied systematically to date. This approach is based on the premise that demand for crude oil derives from the demand for refined products such as gasoline or heating oil. Oil industry analysts such as Philip Verleger and financial analysts widely believe that there is predictive power in the product spread, defined as the difference between suitably weighted refined product market prices and the price of crude oil. Our objective is to evaluate this proposition. We derive from first principles a number of alternative forecasting model specifications involving product spreads and compare these models to the no-change forecast of the real price of oil. We show that not all product spread models are useful for out-of-sample forecasting, but some models are, even at horizons between one and two years. The most accurate model is a time-varying parameter model of gasoline and heating oil spot spreads that allows the marginal product market to change over time. We document MSPE reductions as high as 20% and directional accuracy as high as 63% at the two-year horizon, making product spread models a good complement to forecasting models based on economic fundamentals, which work best at short horizons.
Sondierungsstudie im Auftrag des Bundesministeriums für Bildung und Forschung: Die jüngste Finanzkrise und die darauf folgende Staatsschuldenkrise hat sowohl wirtschaftlich als auch gesellschaftlich tiefgreifende Spuren hinterlassen. Dabei wurden auch sehr deutliche Lücken in der Forschung offenbar. Ziel dieser Studie ist es, aufbauend auf dem aktuellen Forschungsstand weiteren Forschungsbedarf in den wesentlich mit Finanzkrisen verbundenen Bereichen aufzuzeigen. Es werden fünf Forschungsbereiche mit jeweiligen Unterthemen vorgeschlagen. Diese fünf Forschungsbereiche gehen unmittelbar aus der Struktur und den Mechanismen der Finanz- und Staatsschuldenkrise hervor. Dabei wird besonderes Augenmerk auf die wirtschafts- und regulierungspolitische Relevanz der Themen sowie dem Umstand getragen, dass die Beantwortung vieler der Fragen interdisziplinäre Zusammenarbeit erfordert.
Finanzkrisen sind inherent mit dem Bankenmodell verbunden. Aufgrund von Verbindungen der Banken untereinander können Probleme einzelner Institute auf andere Institute übertragen werden. Diese systemischen Risiken können das gesamte Finanzsystem destabilisieren. Das Finanzsystem nimmt durch die Kreditvergabe und Bereitstellung von Transaktionssystemen eine herausragende Stellung in einer Volkswirtschaft ein, wodurch stabilisierende Eingriffe der Politik notwendig werden können. Eingriffe zur Wiederherstellung von Stabilität können sehr kostspielig sein und, wie aktuell eindrucksvoll belegt, die stabilisierenden Staaten selbst destabilisieren. Die alternativen Eingriffe vorab betreffen neben der Geldpolitik vor allem regulatorische Eingriffe. Im besonderen sind die Corporate Governance von Finanzinstituten und die Informationsbereitstellung bzw. Transparenz innerhalb des Finanzsektors von Bedeutung. In den vergangen Jahren wuchs vor dem Hintergrund von Regulierung zudem ein paralleles Schattenbankensystems heran, das in seiner Bedeutung dem traditionellen Bankensystem nur unwesentlich nachsteht.
Zwar sind die groben Zusammenhänge und Auswirkungen in den einzelnen Bereichen bekannt, jedoch ist für ein tiefgreifendes Verständnis als Grundlage zur Vermeidung bzw. Eindämmung zukünftiger Krisen sowie zur Folgenabschätzung von Regulierung weitere Forschung unabdingbar.
This policy letter provides an overview of the strengths, weaknesses, risks and opportunities of the upcoming comprehensive risk assessment, a euro area-wide evaluation of bank balance sheets and business models. If carried out properly, the 2014 comprehensive assessment will lead the euro area into a new era of banking supervision. Policy makers in euro area countries are now under severe pressure to define a credible backstop framework for banks. This framework, as the author argues, needs to be a broad, quasi-European system of mutually reinforcing backstops.
June 4th, 2013 marks 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 perspectives. In particular, this essay deals with the following questions: What are the EPs and where are they going? What has been achieved so far by the EPs? What are the strengths and weaknesses of the EPs? Which necessary reform steps need to be adopted in order to further strengthen the EPs framework? Can the EPs be regarded as a role-model in the field of sustainable finance and CSR? The paper is structured as follows: The first chapter defines the term EPs and introduces the keywords related to the EPs framework. The second chapter gives a brief overview of the history of the EPs. The third chapter discusses the Equator Principles Association, the governing, administering, and managing institution behind the EPs. The fourth chapter summarizes the main features and characteristics of the newly released third generation of the EPs. The fifth chapter critically evaluates the EP III from an economic ethics and business ethics perspectives. The paper concludes with a summary of the main findings.