Wirtschaftswissenschaften
Refine
Year of publication
- 2022 (171) (remove)
Document Type
- Working Paper (99)
- Part of Periodical (55)
- Article (7)
- Contribution to a Periodical (5)
- Book (4)
- Part of a Book (1)
Has Fulltext
- yes (171)
Is part of the Bibliography
- no (171) (remove)
Keywords
- regulation (5)
- financial markets (4)
- ESG (3)
- inflation (3)
- AI borrower classification (2)
- AI enabled credit scoring (2)
- Artificial Intelligence (2)
- Banking Union (2)
- Big Data (2)
- COVID-19 (2)
- Experiment (2)
- FOMC (2)
- FinTech (2)
- Financial Regulation (2)
- GDPR (2)
- Germany (2)
- Household Finance (2)
- Market Liquidity (2)
- Performance (2)
- Sustainability (2)
- Transparency (2)
- banking regulation (2)
- brown-spinning (2)
- climate change (2)
- coronavirus (2)
- corporate finance (2)
- credit scoring methodology (2)
- credit scoring regulation (2)
- financial privacy (2)
- financial stability (2)
- household income (2)
- natural gas (2)
- peer effects (2)
- political economy (2)
- portfolio management (2)
- private companies (2)
- private equity (2)
- public debt (2)
- responsible lending (2)
- social media (2)
- statistical discrimination (2)
- 2-Sector Model (1)
- 401(k) plan (1)
- Affordability crisis (1)
- Agile methods (1)
- Antitrust (1)
- Art investment (1)
- Asset Pricing (1)
- Asset prices (1)
- Bailin (1)
- Bank Accounting (1)
- Bank's Balance Sheets (1)
- Banking (1)
- Banks (1)
- Bayesian Estimation (1)
- Behavioral Finance (1)
- Behavioral Measurement (1)
- Beliefs (1)
- Bias in medical research (1)
- Big Five Personality (1)
- Big data (1)
- Blockchain (1)
- Broker (1)
- Business Subsidies (1)
- CBDC (1)
- CCPA (1)
- CECL (1)
- Carbon Taxation (1)
- Cash (1)
- Causal Machine Learning (1)
- Choice under Risk (1)
- Cholesky decomposition (1)
- Climate Change (1)
- Coalitions (1)
- Colocation (1)
- Complex Financial Instruments (1)
- Consumer Welfare (1)
- Corporate concentration (1)
- Covid pandemic (1)
- Covid-19 (1)
- Cultural Finance (1)
- Customer data sharing (1)
- Cybersecurity (1)
- DSGE (1)
- DSGE models (1)
- Data access (1)
- Data portability (1)
- Data protection (1)
- Digital footprints (1)
- Digital service chain (1)
- Disclosure (1)
- Disclosure regulation (1)
- ESM (1)
- Economic and Monetary Union (1)
- Energy Embargo (1)
- Enriched Digital Footprint (1)
- Environmental (1)
- Environmental, social, and governance factors (ESG) (1)
- Estimation (1)
- Ethical issues (1)
- Ethics (1)
- European Banking Union (1)
- European Capital Markets Union (1)
- European Central Bank (1)
- European Commission (1)
- European Investment Bank (1)
- European Parliament (1)
- European Stability Mechanism (1)
- European integration (1)
- Eurozone (1)
- Execution Cost (1)
- Expected credit losses (1)
- Externalities (1)
- FinTechs (1)
- Financial Supervision (1)
- Financial interests (1)
- Fintech (1)
- Fixed Income (1)
- Forecasting (1)
- Fund family (1)
- Gambling (1)
- Generationenrente (1)
- Generations (1)
- Global Optimization (1)
- Governance (1)
- Green Nudging (1)
- Green Quantitative Easing (1)
- Greenwashing (1)
- Headline (1)
- Heterogeneous Agents (1)
- Heterogeneous Firms (1)
- High-Frequency Trading (1)
- History & Finance (1)
- Household finance (1)
- IFRS 9 (1)
- IPS (1)
- IV (1)
- IV approach (1)
- Idiosyncratic Risk (1)
- Impairments (1)
- Institutional Investor (1)
- Integrated Assessment Model (1)
- Invasion (1)
- LBO spillovers (1)
- Lending (1)
- Life insurance companies (1)
- Limited Commitment (1)
- Limited Enforcement (1)
- Limits to Arbitrage (1)
- Liquidity (1)
- Liquidity Risk (1)
- Loans (1)
- Long-run risk (1)
- Lottery stocks (1)
- Maastricht criteria (1)
- Marginal Propensity to Consume (1)
- Market Fragmentation (1)
- Market Microstructure (1)
- Market Quality (1)
- Marketplace lending (1)
- Mixed-frequency data (1)
- Model-based regulation (1)
- Monte Carlo Methods (1)
- Morality (1)
- NFT (1)
- Nachhaltigkeit (1)
- Non-Fungible Tokens (1)
- Numerical accuracy (1)
- Online Poker (1)
- Open banking (1)
- P2P lending (1)
- PIPL (1)
- Paycheck Protection Program (1)
- Paycheck Sensitivity (1)
- Persistence (1)
- Pivotality (1)
- Political Economy (1)
- Portfolio optimization (1)
- Price elasticity of gasoline demand (1)
- Pricing Determinants (1)
- Product returns (1)
- Prosociality (1)
- Public Finance (1)
- Real estate (1)
- Reallocation (1)
- Regulation (1)
- Rents (1)
- Research and development (1)
- Retail Challenge (1)
- Retail investors (1)
- Risk Attitudes (1)
- Risk Preferences (1)
- Risk Sharing (1)
- Russia (1)
- Russian Sanction (1)
- SME Trading (1)
- SRB (1)
- SRF (1)
- SVAR (1)
- SWIFT (1)
- Scrum (1)
- Securities Market Regulation (1)
- Short-run and long-run inflation expectations (1)
- Short-time work (1)
- Social (1)
- Social Impact (1)
- Social Learning (1)
- Social Security claiming (1)
- Socially responsible investments (1)
- Solution methods (1)
- Solvency regulation (1)
- Stability and Growth Pact (1)
- States (1)
- Stationary Equilibrium (1)
- Subsidization (1)
- Supervision (1)
- Supply Chain (1)
- Survey Data (1)
- Swiss Army Knife (1)
- Temporal aggregation (1)
- Textual Analysis (1)
- Time Inconsistency (1)
- Time Preferences (1)
- Transaction Data (1)
- Ukraine (1)
- Universal banks (1)
- Venture capital (1)
- Volcker Rule (1)
- Wettbewerbsrecht (1)
- accountability (1)
- ad blocker (1)
- annuity (1)
- art (1)
- asset valuation (1)
- asymmetric information (1)
- auctions (1)
- bail-in (1)
- bank regulation (1)
- bank resolution (1)
- banking (1)
- banking union (1)
- banknotes (1)
- banks (1)
- belief formation (1)
- beliefs (1)
- betting (1)
- biases (1)
- big data (1)
- bitcoin (1)
- blockchain (1)
- bond market liquidity (1)
- bureaucrats' incentives (1)
- business cycle (1)
- capital regulation (1)
- capital requirements (1)
- central bank communication (1)
- climate (1)
- climate-related disclosures (1)
- coal (1)
- collateral reuse (1)
- computer vision (1)
- computer visionbiases (1)
- conditionality (1)
- continuous limit order book (1)
- core (1)
- credit risk (1)
- creditors runs (1)
- crises (1)
- cross-equation restrictions of rational expectations (1)
- cross-section (1)
- cryptocurrencies (1)
- debt cost (1)
- democracy (1)
- deposit guarantee scheme (1)
- derivatives (1)
- diesel (1)
- digital planning tool (1)
- disagreement (1)
- disaster risk (1)
- discourse analysis (1)
- discrimination (1)
- economic governance (1)
- economies of scale (1)
- electricity (1)
- endogeneity (1)
- energy crisis (1)
- equity cost (1)
- experts (1)
- external instruments (1)
- factorization of matrix polynomials (1)
- filtering (1)
- finance (1)
- finance and development (1)
- finance wage premium (1)
- financial distress (1)
- financial solidarity (1)
- fintech (1)
- fiscal rules (1)
- fiscal solidarity (1)
- frequent batch auctions (1)
- gasoline (1)
- gasoline supply (1)
- gasoline tax (1)
- geo-economics (1)
- government bonds (1)
- green financing (1)
- high-frequency trading (1)
- identification (1)
- inequality (1)
- inflation expectations (1)
- inflation surge (1)
- insider trading (1)
- institutions (1)
- investment behavior (1)
- investment decisions (1)
- investment forum (1)
- jet fuel (1)
- kapitalgedeckte Alterssicherung (1)
- labelling (1)
- latency arbitrage (1)
- leverage constraint (1)
- life expectancy (1)
- liquidity provision (1)
- loanable funds (1)
- longevity (1)
- machine learning (1)
- market design (1)
- market microstructure (1)
- market supervision (1)
- market-making (1)
- monetary policy (1)
- monetary policy rule (1)
- monetary system (1)
- monetary transmission (1)
- monetization of content (1)
- money (1)
- money creation (1)
- moral hazar (1)
- motivated reasoning (1)
- national interest (1)
- neoinstitutionalism (1)
- net zero transition (1)
- net-zero transition (1)
- news consumption (1)
- oil (1)
- online advertising (1)
- opinion (1)
- orthogonalization (1)
- pass-through (1)
- pensions (1)
- persistent or transitory inflation shock (1)
- polarization (1)
- policy reform (1)
- policy rule (1)
- price stability (1)
- property rights (1)
- proprietary trading (1)
- randomized control trial (1)
- randomized controlled trial (1)
- reconciliation of Lucas's advocacy of rational-expectations modelling and policy predictions and Sims's advocacy of VAR modelling (1)
- recursive utility (1)
- rehypothecation (1)
- repo market (1)
- retirement (1)
- retirement expectations (1)
- retirement planning (1)
- risk preference (1)
- safe assets (1)
- saving behavior (1)
- savings banks (1)
- securities lending (1)
- simultaneity (1)
- skill-biased technological change (1)
- sniping (1)
- social impact (1)
- social networks (1)
- sovereign bonds (1)
- sovereign debt (1)
- stabilization (1)
- stock market investment (1)
- structural power (1)
- survey (1)
- survey experiment (1)
- survey forecasts (1)
- sustainability (1)
- sustainability disclosures (1)
- tax arbitrage (1)
- taxes (1)
- uncertainty (1)
- venture capital (1)
- worker-firm panels (1)
Institute
- Wirtschaftswissenschaften (171)
- Sustainable Architecture for Finance in Europe (SAFE) (126)
- Center for Financial Studies (CFS) (86)
- House of Finance (HoF) (67)
- Foundation of Law and Finance (18)
- Rechtswissenschaft (15)
- Institute for Monetary and Financial Stability (IMFS) (14)
- Präsidium (9)
- E-Finance Lab e.V. (3)
- Gesellschaftswissenschaften (3)
We estimate the transmission of the pandemic shock in 2020 to prices in the residential and commercial real estate market by causal machine learning, using new granular data at the municipal level for Germany. We exploit differences in the incidence of Covid infections or short-time work at the municipal level for identification. In contrast to evidence for other countries, we find that the pandemic had only temporary negative effects on rents for some real estate types and increased asset prices of real estate particularly in the top price segment of commercial real estate.
Cryptocurrencies provide a unique opportunity to identify how derivatives impact spot markets. They are fully fungible, trade across multiple spot exchanges at different prices, and futures contracts were selectively introduced on bitcoin (BTC) exchange rates against the USD in December 2017. Following the futures introduction, we find a significantly greater increase in cross-exchange price synchronicity for BTC--USD relative to other exchange rate pairs, as demonstrated by an increase in price correlations and a reduction in arbitrage opportunities and volatility. We also find support for an increase in price efficiency, market quality, and liquidity. The evidence suggests that futures contracts allowed investors to circumvent trading frictions associated with short sale constraints, arbitrage risk associated with block confirmation time, and market segmentation. Overall, our analysis supports the view that the introduction of BTC--USD futures was beneficial to the bitcoin spot market by making the underlying prices more informative.
The leading premium
(2022)
In this paper, we consider conditional measures of lead-lag relationships between aggregate growth and industry-level cash-flow growth in the US. Our results show that firms in leading industries pay an average annualized return 3.6\% higher than that of firms in lagging industries. Using both time series and cross sectional tests, we estimate an annual pure timing premium ranging from 1.2% to 1.7%. This finding can be rationalized in a model in which (a) agents price growth news shocks, and (b) leading industries provide valuable resolution of uncertainty about the growth prospects of lagging industries.
Joint Institutional Frameworks in bilateral relations are circumscribed in policy scope, can lack adequate instruments for dynamic adaptation and provide limited access to decision-making processes internal to the contracting parties. Informal governance, the involvement of private actors as well as rules such as equivalence provide avenues to remedy these limits in bilateral relations in sectoral governance. Through bilateral agreements, the scope of territorially bound political authority is expanded. The formalised and institutionalised frameworks and bodies established are, however, frequently accompanied by mechanisms of informal cooperation and special rules either to cover policy fields where no contractual relation exists, to provide for flexible solutions where needed, or to involve both public and private actors that otherwise do not have access to formal decision-making bodies. This SAFE working paper conceptualises formal and informal modes of cooperation and varying actor constellations. It discusses their relevance for the case of bilateral relations between the European Union (EU) and Switzerland in sectoral governance. More specifically, it draws lessons from EU-Swiss sectoral governance of financial and electricity markets for the future relations of the EU with the United Kingdom (UK). The findings suggest that there are distinct governance arrangements across sectors, while the patterns of sectoral governance are expected to look very much alike in the United Kingdom and Switzerland in the years to come. The general takeaway is that Brexit will have repercussions for the EU’s external relations with other third countries, putting ever more emphasis on formal and rule-based approaches, while leaving a need for sector-specific cross border co-operation.
Using the negotiation process of the Basel Committee on Banking Supervision (BCBS), this paper studies the way regulators form their positions on regulatory issues in the process of international standard-setting and the consequences on the resultant harmonized framework. Leveraging on leaked voting records and corroborating them using machine learning techniques on publicly available speeches, we construct a unique dataset containing the positions of banks and national regulators on the regulatory initiatives of Basel II and III. We document that the probability of a regulator opposing a specific initiative increases by 30% if their domestic national champion opposes the new rule, particularly when the proposed rule disproportionately affects them. We find the effect is driven by regulators who had prior experience of working in large banks – lending support to the private-interest theories of regulation. Meanwhile smaller banks, even when they collectively have a higher share in the domestic market, do not have any impact on regulators’ stand – providing little support to public-interest theories of regulation. Finally, we show this decision-making process manifests into significant watering down of proposed rules, thereby limiting the potential gains from harmonization of international financial regulation.