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In this study, we analyze the trading behavior of banks with lending relationships. We combine detailed German data on banks’ proprietary trading and market making with lending information from the credit register and then examine how banks trade stocks of their borrowers around important corporate events. We find that banks trade more frequently and also profitably ahead of events when they are the main lender (or relationship bank) for the borrower. Specifically, we show that relationship banks are more likely to build up positive (negative) trading positions in the two weeks before positive (negative) news events, and also that they unwind these positions shortly after the event. This trading pattern is more pronounced for unscheduled earnings events, M&A transactions, and after borrower obtain new bank loans. Our results suggest that lending relationships endow banks with important information, highlighting the potential for conflicts of interest in banking, which has been a prominent concern in the regulatory debate.
Do required minimum distribution 401(k) rules matter, and for whom? Insights from a lifecylce model
(2021)
Tax-qualified vehicles helped U.S. private-sector workers accumulate $25Tr in retirement assets. An often-overlooked important institutional feature shaping decumulations from these retirement plans is the “Required Minimum Distribution” (RMD) regulation, requiring retirees to withdraw a minimum fraction from their retirement accounts or pay excise taxes on withdrawal shortfalls. Our calibrated lifecycle model measures the impact of RMD rules on financial behavior of heterogeneous households during their worklives and retirement. We show that proposed reforms to delay or eliminate the RMD rules should have little effects on consumption profiles but more impact on withdrawals and tax payments for households with bequest motives.
Expectations about economic variables vary systematically across genders. In the domain of inflation, women have persistently higher expectations than men. We argue that traditional gender roles are a significant factor in generating this gender expectations gap as they expose women and men to different economic signals in their daily lives. Using unique data on the participation of men and women in household grocery chores, their resulting exposure to price signals, and their inflation expectations, we document a tight link between the gender expectations gap and the distribution of grocery shopping duties. Because grocery prices are highly volatile, and consumers focus disproportionally on positive price changes, frequent exposure to grocery prices increases perceptions of current inflation and expectations of future inflation. The gender expectations gap is largest in households whose female heads are solely responsible for grocery shopping, whereas no gap arises in households that split grocery chores equally between men and women. Our results indicate that gender differences in inflation expectations arise due to social conditioning rather than through differences in innate abilities, skills, or preferences.
Pfälzische Rechtsgeschichten
(2021)
Using loan-level data from Germany, we investigate how the introduction of model-based capital regulation affected banks’ ability to absorb shocks. The objective of this regulation was to enhance financial stability by making capital requirements responsive to asset risk. Our evidence suggests that banks ‘optimized’ model-based regulation to lower their capital requirements. Banks systematically underreported risk, with under reporting being more pronounced for banks with higher gains from it. Moreover, large banks benefitted from the regulation at the expense of smaller banks. Overall, our results suggest that sophisticated rules may have undesired effects if strategic misbehavior is difficult to detect.
This paper aims at an improved understanding of the relationship between monetary policy and racial inequality. We investigate the distributional effects of monetary policy in a unified framework, linking monetary policy shocks both to earnings and wealth differentials between black and white households. Specifically, we show that, although a more accommodative monetary policy increases employment of black households more than white households, the overall effects are small. At the same time, an accommodative monetary policy shock exacerbates the wealth difference between black and white households, because black households own less financial assets that appreciate in value. Over multi-year time horizons, the employment effects are substantially smaller than the countervailing portfolio effects. We conclude that there is little reason to think that accommodative monetary policy plays a significant role in reducing racial inequities in the way often discussed. On the contrary, it may well accentuate inequalities for extended periods.
In diesem Text werden, ausgehend von der Unterscheidung von Autorität und Autoritarismus, zunächst Entwicklungen im Gefahrenabwehrrecht (Polizeirecht) rekonstruiert, die sich autoritär kennzeichnen lassen. Die Entfesselung des (rechtsstaatlich gebändigten) Leviathan wird dann weiterverfolgt im Recht des Infektionsschutzes. Der Fokus liegt hier auf den anti-corona Gesetzen zum Schutz der Bevölkerung der Jahre 2020 und 2021. In einer Art Gegenprobe wird der infektionsschutzrechtliche Autoritarismus daraufhin überprüft, ob er alternativlos war, problemlos auf die rechtsstaatliche Spur zurückgeführt werden oder sich als demokratisches Gemeinschaftsprojekt interpretieren lassen könnte.
Der Beitrag erläutert die Fragestellung, die Kernthesen und den juristischen Erkenntniswert einer „Ontologie des Immaterialgüterrechts“. Ihr Untersuchungsgegenstand ist die Frage, auf welchem Verständnis der Wirklichkeit, genauer: seines Schutzgegenstands, das IP-Recht beruht. Nicht die Seinsweise des Rechts wird analysiert, sondern die hiervon zu unterscheidende Seinsweise einer bestimmten Klasse von Rechtsobjekten, nämlich Immaterialgütern und insbesondere urheberrechtlichen Werken. Die diesbezügliche ontologische und historische Betrachtung ergibt, dass es sich beim abstrakt-unkörperlichen Werk um eine sprachbasierte Konstruktion handelt, die als sozial-institutionelle Tatsache wirkmächtig ist, weil und soweit Menschen seit ca. 200 Jahren so sprechen und denken, als gäbe es unkörperliche Werke – obwohl diese metaphysische Annahme nicht plausibel ist. Der Beitrag erläutert weiter, dass sich das Urheber- und IP-Recht auf der Basis dieser Einsichten und einer alternativen, handlungs- und artefaktbasierten IP-Theorie besser erklären lässt als auf dem Boden des herrschenden Paradigmas vom abstrakten Immaterialgut bzw. Werk. Dies gilt sowohl im Hinblick auf die Dogmatik und Anwendungspraxis des geltenden Rechts als auch im Hinblick auf die ökonomische Analyse und den Rechtsvergleich. Die normativen Implikationen dieser deskriptiven Erkenntnisse sind hingegen begrenzt und richten sich vor allem an die Urheberrechtswissenschaft. Diese sollte tunlichst nicht mehr so reden und argumentieren, als existierten abstrakte Werke, die dem Berechtigten wie Sachen exklusiv zugeordnet sind.