Center for Financial Studies (CFS)
Refine
Year of publication
Document Type
- Working Paper (1471)
- Report (77)
- Part of Periodical (58)
- Article (18)
- Conference Proceeding (3)
- Periodical (3)
- Book (1)
- Doctoral Thesis (1)
Is part of the Bibliography
- no (1632)
Keywords
- Deutschland (54)
- Geldpolitik (54)
- USA (45)
- monetary policy (41)
- Europäische Union (30)
- Monetary Policy (27)
- Schätzung (24)
- Währungsunion (22)
- Bank (21)
- Venture Capital (21)
- Risikokapital (20)
- Inflation (19)
- Liquidity (18)
- Haushalt (17)
- household finance (17)
- Corporate Governance (16)
- Banking Union (14)
- ECB (14)
- ESG (14)
- Financial Crisis (14)
- Going Public (14)
- Household Finance (14)
- Kreditmarkt (14)
- corporate governance (14)
- regulation (14)
- systemic risk (14)
- Aktienmarkt (13)
- Kreditrisiko (13)
- asset pricing (13)
- COVID-19 (12)
- Volatilität (12)
- liquidity (12)
- European Central Bank (11)
- Regulation (11)
- fiscal policy (11)
- insurance (11)
- Consumption (10)
- financial literacy (10)
- oil price (10)
- Asset Pricing (9)
- Contagion (9)
- Covid-19 (9)
- EMU (9)
- GARCH-Prozess (9)
- Inflation Targeting (9)
- Market Microstructure (9)
- Prognose (9)
- Regulierung (9)
- Sparen (9)
- bail-in (9)
- banking (9)
- competition (9)
- financial crisis (9)
- financial stability (9)
- inflation (9)
- Competition (8)
- Europäische Zentralbank (8)
- Financial Literacy (8)
- Fiscal Policy (8)
- Germany (8)
- Insurance (8)
- Kapitalertrag (8)
- Neuer Markt (8)
- Quantitative Easing (8)
- Solvency II (8)
- Stockholding (8)
- Transparency (8)
- Value at Risk (8)
- Wettbewerb (8)
- contagion (8)
- portfolio choice (8)
- regulatory arbitrage (8)
- welfare (8)
- Bankenaufsicht (7)
- Banks (7)
- Börsenkurs (7)
- Börsenzulassung (7)
- Disclosure (7)
- Finanzkrise (7)
- GARCH (7)
- General Equilibrium (7)
- Großbritannien (7)
- Precautionary Saving (7)
- Sustainable Finance (7)
- Systemic Risk (7)
- Wechselkurs (7)
- Wertpapieremission (7)
- banks (7)
- capital regulation (7)
- euro area (7)
- finance (7)
- forward guidance (7)
- leverage (7)
- real-time data (7)
- shadow banking (7)
- Bankenunion (6)
- Banking (6)
- Banking Regulation (6)
- Deflation (6)
- Emerging Market (6)
- Euro Area (6)
- Europäische Währungsunion (6)
- Financial Stability (6)
- Household finance (6)
- Kapitalgewinn (6)
- Kapitalmarkt (6)
- Klein- und Mittelbetrieb (6)
- Kredit (6)
- Kreditwesen (6)
- Learning (6)
- Machine Learning (6)
- Portfolio Choice (6)
- Portfolio Selection (6)
- Portfoliomanagement (6)
- Preisbildung (6)
- Private Equity (6)
- Schwellenländer (6)
- Uncertainty (6)
- Underpricing (6)
- Wirtschafts- und Währungsunion (6)
- ambiguity (6)
- banking regulation (6)
- climate change (6)
- consumption (6)
- financial regulation (6)
- interest rates (6)
- market discipline (6)
- model uncertainty (6)
- monetary policy rules (6)
- relationship lending (6)
- social security (6)
- venture capital (6)
- volatility (6)
- wealth inequality (6)
- Bankkredit (5)
- Basel III (5)
- Bayesian inference (5)
- Buffer Stock Saving (5)
- Business Cycle (5)
- Business Cycles (5)
- Capital Markets Union (5)
- Climate Change (5)
- DSGE (5)
- Derivat, Wertpapier (5)
- EZB (5)
- Einkommen (5)
- Event Study (5)
- Federal Reserve (5)
- Financial Regulation (5)
- Green Finance (5)
- Investmentfonds (5)
- Japan (5)
- Kapitalanlage (5)
- Liquidität (5)
- Market Efficiency (5)
- Mergers and Acquisitions (5)
- Mitgliedsstaaten (5)
- Model Uncertainty (5)
- Neuer Markt <Börse> (5)
- New Economy (5)
- Progressive Taxation (5)
- Risikomanagement (5)
- Ruhestand (5)
- Sustainability (5)
- Wirtschaftswachstum (5)
- Zinsfuß (5)
- annuity (5)
- asymmetric information (5)
- bank lending (5)
- bank resolution (5)
- banking union (5)
- credit risk (5)
- credit risk management (5)
- expectations (5)
- habit formation (5)
- human capital (5)
- law and finance (5)
- liquidity risk (5)
- liquidity trap (5)
- peer effects (5)
- pension (5)
- political economy (5)
- private equity (5)
- prudential supervision (5)
- public debt (5)
- risk-taking (5)
- saving (5)
- social interactions (5)
- sovereign risk (5)
- stockholding (5)
- term structure (5)
- transparency (5)
- uncertainty (5)
- zero lower bound (5)
- Öffentliche Ausgaben (5)
- 401(k) plan (4)
- Arbeitslosigkeit (4)
- Artificial Intelligence (4)
- Asset Allocation (4)
- Asymmetrische Information (4)
- BRRD (4)
- Bail-in (4)
- Bank Resolution (4)
- Bayesian Estimation (4)
- Brexit (4)
- Central Banking (4)
- China (4)
- Corporate Social Responsibility (4)
- Credit Ratings (4)
- Credit Risk (4)
- DSGE models (4)
- Darlehen (4)
- Disposition Effect (4)
- Entrepreneurship (4)
- Equity Premium (4)
- Erwartung (4)
- European Monetary Union (4)
- Financial Crises (4)
- Financial Institutions (4)
- Financial Markets (4)
- Financial crisis (4)
- Financial stability (4)
- Finanzplanung (4)
- Finanzwirtschaft (4)
- Fiskalpolitik (4)
- Fragmentation (4)
- High-Frequency Trading (4)
- Homeownership (4)
- Household Portfolios (4)
- IPO (4)
- Incomplete Markets (4)
- Inequality (4)
- Initial Public Offerings (4)
- Innovation (4)
- Integration (4)
- Investor Sentiment (4)
- Italien (4)
- Kanada (4)
- Kapitalmarkteffizienz (4)
- Konjunktur (4)
- Kreditsicherung (4)
- Kreditwürdigkeit (4)
- MiFID II (4)
- Monetary Union (4)
- Moral Hazard (4)
- Numerical accuracy (4)
- OTC markets (4)
- Portfolio choice (4)
- Prediction (4)
- Price Discovery (4)
- Privater Verbrauch (4)
- Rating (4)
- Restrukturierung (4)
- Risikoverteilung (4)
- Risk (4)
- Solution methods (4)
- Sovereign Risk (4)
- Sustainable Investments (4)
- Unconventional Monetary Policy (4)
- Unemployment (4)
- Unternehmenskooperation (4)
- Unternehmenssanierung (4)
- Value-at-Risk (4)
- Verbraucherpreis (4)
- Vertrag (4)
- Volatility (4)
- Wirecard (4)
- Xetra-Handelssystem (4)
- Zinsstruktur (4)
- Zinsstrukturtheorie (4)
- bailout (4)
- bank regulation (4)
- banking supervision (4)
- capital requirements (4)
- capital structure (4)
- collateral (4)
- debt sustainability (4)
- euro (4)
- exchange rates (4)
- financial intermediation (4)
- forecasting (4)
- globalization (4)
- goods market integration (4)
- growth (4)
- household debt (4)
- idiosyncratic risk (4)
- incomplete markets (4)
- inequality (4)
- inflation targeting (4)
- investment (4)
- investment decisions (4)
- law of one price (4)
- learning (4)
- leveraged buyouts (4)
- machine learning (4)
- makroprudenzielle Regulierung (4)
- model comparison (4)
- money (4)
- money creation (4)
- moral hazard (4)
- nominal rigidities (4)
- non-bank financial intermediation (4)
- policy rules (4)
- portfolio allocation (4)
- predictability (4)
- price discovery (4)
- price stability (4)
- purchasing power parity (4)
- rational expectations (4)
- realized volatility (4)
- relative price volatility (4)
- risk premium (4)
- structural reforms (4)
- systemisches Risiko (4)
- unemployment (4)
- Abnehmer (3)
- Adverse Selection (3)
- Aging (3)
- Aktienanlage (3)
- Aktienbörse (3)
- Algorithmic Trading (3)
- Altersversorgung (3)
- Arbeitsmarkt (3)
- Arbeitsproduktivität (3)
- Asset pricing (3)
- Asset-Backed Security (3)
- Aufsichtsratsvergütung (3)
- Auslandskredit (3)
- Bank regulation (3)
- Basler Eigenkapitalvereinbarung , 2001 (3)
- Beschaffungsmarketing (3)
- Beziehungsmanagement (3)
- Blockchain (3)
- Bundesbank (3)
- Börsenhändler (3)
- CDS (3)
- Capital-Asset-Pricing-Modell (3)
- Central Bank Communication (3)
- Climate change (3)
- Cointegration (3)
- Consumer Credit (3)
- Corporate Bonds (3)
- Credit Cards (3)
- Credit Spread (3)
- Debt-equity swap (3)
- Debt-nature swap (3)
- Deutsche Börse (3)
- Deutscher Corporate Governance Kodex (3)
- EDIS (3)
- ESM (3)
- ETFs (3)
- Economic and Monetary Union (3)
- Eurosystem (3)
- Expectations (3)
- FOMC (3)
- Fair value accounting (3)
- Fair-Value-Bewertung (3)
- FinTech (3)
- Financial Education (3)
- Financial Knowledge (3)
- Finanzierungstheorie (3)
- Finanzstabilität (3)
- Fiscal Multiplier (3)
- Fiscal Stimulus (3)
- G-7-Staaten (3)
- Geduld (3)
- Generally Accepted Accounting Principles (3)
- Gewinn (3)
- Gleichgewicht (3)
- Gläubiger (3)
- Governance (3)
- Government Spending (3)
- Granger Causality (3)
- Greece (3)
- Green bonds (3)
- Greenium (3)
- Growth (3)
- Heterogeneous Agents (3)
- High-Frequency Data (3)
- IFRS 9 (3)
- Inside Debt (3)
- Interconnectedness (3)
- Kalman filter (3)
- Kenntnis (3)
- Kleingewerbe (3)
- Konjunkturzyklus (3)
- Konsumentenkredit (3)
- Kreditkarte (3)
- Kreditsicherheit (3)
- Krisenmanagement (3)
- Labor Market (3)
- Labor income risk (3)
- Law and Finance (3)
- Lieferung (3)
- Limited Commitment (3)
- Limited Partnership (3)
- Liquidity Provision (3)
- Liquidity Risk (3)
- Länderrating (3)
- Länderrisiko (3)
- MREL (3)
- Machine learning (3)
- Market Structure (3)
- Monetary Policy Rules (3)
- Neokeynesianismus (3)
- Neural Networks (3)
- New Keynesian Model (3)
- Nominalzins (3)
- OECD (3)
- Optimal Monetary Policy (3)
- Pensions (3)
- Performance (3)
- Portfolio allocation (3)
- Preispolitik (3)
- Preisstarrheit (3)
- Price Efficiency (3)
- Prüfungsausschuss (3)
- R&D (3)
- Recursive Preferences (3)
- Reform (3)
- Rentenmarkt (3)
- Retail investors (3)
- Retirement (3)
- Return Predictability (3)
- Risiko (3)
- Risk Aversion (3)
- Risk Management (3)
- Risk Sharing (3)
- Robustness (3)
- Saving (3)
- Schock <Wirtschaft> (3)
- Schulden (3)
- Schuldverschreibung (3)
- Single Supervisory Mechanism (3)
- Social Security (3)
- Sovereign Debt (3)
- Sovereign debt (3)
- Staatsanleihe (3)
- Standardisierung (3)
- Sticky Prices (3)
- Systemic risk (3)
- TLAC (3)
- Textual Analysis (3)
- Trading (3)
- Transmissionsmechanismus (3)
- Transparenz (3)
- Trust (3)
- Umschuldung (3)
- Universalbank (3)
- Unternehmen (3)
- Unternehmenszusammenschluss (3)
- VAR (3)
- Venture capital (3)
- Verbrauch (3)
- Verbraucherpreisindex (3)
- Versicherungsmarkt (3)
- Vertrauen (3)
- Wage Rigidity (3)
- Wertpapiermarkt (3)
- Wirtschaftspolitik (3)
- Wohlfahrtseffekt (3)
- Wohlstand (3)
- Währungskrise (3)
- Zerobond (3)
- Zertifizierung (3)
- Zinsertragskurve (3)
- active shareholders (3)
- aggregate risk (3)
- asset purchases (3)
- bank runs (3)
- banking separation proposals (3)
- beliefs (3)
- bid-ask spread (3)
- big data (3)
- blockchain (3)
- border effects (3)
- business cycle (3)
- capital markets (3)
- central bank independence (3)
- commitment (3)
- confidence (3)
- consumption-portfolio choice (3)
- cooperation (3)
- corporate finance (3)
- corporate rating (3)
- credit constraints (3)
- crowding out (3)
- crude oil (3)
- currency crisis (3)
- discretion (3)
- discrimination (3)
- distress (3)
- downside risk (3)
- entrepreneurship (3)
- equity premium (3)
- financial distress (3)
- financial frictions (3)
- financial innovation (3)
- fintech (3)
- fiscal reaction function (3)
- gasoline price (3)
- hedging (3)
- housebanks (3)
- housing (3)
- implied volatility (3)
- incentives (3)
- insider trading (3)
- investor protection (3)
- jumps (3)
- laboratory experiments (3)
- limited attention (3)
- limits to arbitrage (3)
- loan contract design (3)
- longevity risk (3)
- monetary transmission mechanism (3)
- money market funds (3)
- monitoring (3)
- mortgages (3)
- networks (3)
- panel VAR (3)
- pension reform (3)
- persistence (3)
- proprietary trading (3)
- public policy (3)
- quantitative easing (3)
- recursive utility (3)
- regime-switching (3)
- retirement (3)
- retirement age (3)
- retirement income (3)
- risk aversion (3)
- risk taking (3)
- social preferences (3)
- spatial data (3)
- sticky prices (3)
- stochastic differential utility (3)
- stochastic volatility (3)
- sustainability (3)
- sustainable finance (3)
- systematic risk (3)
- taxes (3)
- trading behavior (3)
- unconventional monetary policy (3)
- wealth (3)
- workouts (3)
- yield curve (3)
- zero interest rate bound (3)
- Öffentliche Ordnung (3)
- ABS (2)
- AI borrower classification (2)
- AI enabled credit scoring (2)
- ARCH-Prozess (2)
- Abnormal Returns (2)
- Accounting for Banks (2)
- Active investors (2)
- Adaptive Erwartung (2)
- Adverse Selection Risk (2)
- Aggregate outcomes (2)
- Aktienkurs (2)
- Aktionär (2)
- Alternative investments (2)
- Anchoring (2)
- Anlegerschutz (2)
- Anleihe (2)
- Annual General Meeting (2)
- Anreiz (2)
- Antitrust (2)
- Asset Prices (2)
- Asset Quality Review (2)
- Asset Securitisation (2)
- Asymmetric Information (2)
- Auditing (2)
- Auftragsabwicklung (2)
- Bank Capitalization (2)
- Bank Lending (2)
- Bank Simulation (2)
- Bankbilanz (2)
- Bankenabwicklung (2)
- Bankensektor (2)
- Banking Stability (2)
- Banking crisis (2)
- Bankruptcy (2)
- Bargaining (2)
- Basle 2 (2)
- Basle Committee (2)
- Basler Eigenkapitalvereinbarung <1988> (2)
- Basler Eigenkapitalvereinbarung, 2001 (2)
- Basler Eigenkapitalvereinbarung, 2010 (2)
- Bayes-Entscheidungstheorie (2)
- Bayesian estimation (2)
- Bayesian learning (2)
- Beliefs (2)
- Big Data (2)
- Biodiversity (2)
- Bitcoin (2)
- Board of Directors (2)
- Bond Markets (2)
- Brent (2)
- Bundesanleihe (2)
- Business Sentiment (2)
- Business lending (2)
- Börse (2)
- Börsenmakler (2)
- CAPM (2)
- CBDC (2)
- CLO (2)
- Call-Option (2)
- Capital Markets (2)
- Car Loans (2)
- Central Counterparties (2)
- Choquet expected utility (2)
- Circuit Breaker (2)
- Coco bonds (2)
- Cognition (2)
- Collateral (2)
- Collateral Constraint (2)
- Collateral Policy (2)
- Commerzbank (2)
- Commodities (2)
- Compensation (2)
- Compensation Structure (2)
- Complexity (2)
- Conditional Volatility (2)
- Consumer Welfare (2)
- Consumption Dynamics (2)
- Contract Design (2)
- Core Inflation (2)
- Coronavirus (2)
- Corporate Debt Structure (2)
- Counterparty Risk (2)
- Covid pandemic (2)
- Credit (2)
- Credit Rating Agencies (2)
- Crowding-out (2)
- Cumulative prospect theory (2)
- Current Account (2)
- DCC-GARCH (2)
- DSGE Model (2)
- Dark Trading (2)
- Deductible Insurance (2)
- Default (2)
- Delegated portfolio management (2)
- Density Forecasting (2)
- Deposit Insurance (2)
- Desinvestition (2)
- Deutsche Bank (2)
- Digitalisierung (2)
- Disaggregated Prices (2)
- Disinflation (2)
- Distress (2)
- Dodd-Frank Act (2)
- Downside Risk (2)
- Drei-Säulen-System (2)
- Dynamic Duration Models (2)
- Dynamisches Gleichgewicht (2)
- ECB Monetary Policy (2)
- EMIR (2)
- ESG Rating Agencies (2)
- EU economic and financial services legislation (2)
- Economic Governance (2)
- Effektenbank (2)
- Eigenkapitalgrundsätze (2)
- Einkommensteuer (2)
- Electronic Commerce (2)
- Eligibility premium (2)
- Emissionsgeschäft (2)
- Emissionskurs (2)
- Empirical Asset Pricing (2)
- Endogenous Growth (2)
- Endogenous growth (2)
- Enforcement (2)
- Entrepreneurial Finance (2)
- Entry and exit (2)
- Entscheidung bei Unsicherheit (2)
- Entwicklungsländer (2)
- Environmental (2)
- Environmental policy (2)
- Equity Crowdfunding (2)
- Euro (2)
- Euro area (2)
- Euromarkt (2)
- Europarecht (2)
- European Banking Union (2)
- European Commission (2)
- European Supervisory Architecture (2)
- European integration (2)
- Eurozone (2)
- Excess Zeros (2)
- Exchange Rates (2)
- Executive Compensation (2)
- Exotic options (2)
- Expectation Formation (2)
- Expected Returns (2)
- Expected credit losses (2)
- Experiment (2)
- FBSDE (2)
- Fair Value Accounting (2)
- FinTechs (2)
- Finance (2)
- Financial Advice (2)
- Financial Distress (2)
- Financial Education Programs (2)
- Financial Expert (2)
- Financial Instruments (2)
- Financial Reporting (2)
- Financial literacy (2)
- Finanzierung (2)
- Finanzintermediäre (2)
- Finanztransaktionssteuer (2)
- Firmenkundengeschäft (2)
- Firmenwert (2)
- Fiscal Consolidation (2)
- Fiscal Union (2)
- Fiskalunion (2)
- Flotation Costs (2)
- Forbearance (2)
- Forecasting (2)
- Freibetrag (2)
- Fremdfinanzierung (2)
- Fund Flows (2)
- Funds (2)
- Fusion (2)
- G-SIB (2)
- G-SIFIs (2)
- Geldmarkt (2)
- Geldmenge (2)
- Geldmengensteuerung (2)
- General-to-specific Methodology (2)
- German banks (2)
- German financial system (2)
- German reunification (2)
- Geschichte 1997-2000 (2)
- Geschichte 2002 (2)
- Geschichte 2007-2010 (2)
- Glaubwürdigkeit (2)
- Globalization (2)
- Government Debt (2)
- Great Recession (2)
- Greek economic crisis (2)
- Green Bonds (2)
- Greenwashing (2)
- Griechenland (2)
- Grunderwerbsteuer (2)
- Handel (2)
- Hausbank (2)
- Hawkes processes (2)
- Health (2)
- Health shocks (2)
- Hedge Accounting (2)
- Hedging (2)
- Herd Behavior (2)
- Heterogeneous innovation (2)
- Hidden Liquidity (2)
- High Frequency Data (2)
- High Frequency Trading (2)
- High-Frequency Traders (HFTs) (2)
- High-frequency Data (2)
- Hold-up (2)
- Home ownership (2)
- Homestead exemptions (2)
- House prices (2)
- Household-Size Economies (2)
- Housing (2)
- Housing Wealth (2)
- Human Capital (2)
- IAS (2)
- Iceberg Orders (2)
- Idiosyncratic Risk (2)
- Income and Wealth Inequality (2)
- Incomplete markets (2)
- India (2)
- Inflation Convergence (2)
- Inflationsrate (2)
- Informationsökonomie (2)
- Infrastructure (2)
- Insider Trading (2)
- Institutioneller Anleger (2)
- Insurance Companies (2)
- Interest Rate Guarantees (2)
- Intermediary (2)
- International Accounting Standard 39 (2)
- International Finance (2)
- Internationale Kapitalbewegung (2)
- Internationaler Konjunkturzusammenhang (2)
- Internationaler Kreditmarkt (2)
- Investmentsparen (2)
- Investor Protection (2)
- Investor behavior (2)
- Investor protection (2)
- Ireland (2)
- Jumps (2)
- Kapitalmobilität (2)
- Kassamarkt (2)
- Keynessche Theorie (2)
- Kointegration (2)
- Kongress (2)
- Konsol (2)
- Kosten (2)
- Kreditgeschäft (2)
- Kreditgewährung (2)
- Kreditpolitik (2)
- Kurtosis (2)
- Lebenshaltungskosten (2)
- Lebensversicherungen (2)
- Leistungsbilanz (2)
- Lender of Last Resort (2)
- Lending (2)
- Life Insurance (2)
- Life-Cycle Model (2)
- Liikanen-Kommission (2)
- Limit Order Book (2)
- Limit Order Market (2)
- Limit Order Markets (2)
- Limited Enforcement (2)
- Linear Aggregation (2)
- Liquidity Coinsurance (2)
- Liquidity Constraints (2)
- Liquidity Trap (2)
- Liquiditätspräferenztheorie (2)
- Loan Securitisation (2)
- Loan loss accounting (2)
- Loans (2)
- Lock-up (2)
- Long-Run Performance (2)
- Long-run Risk (2)
- Lottery stocks (2)
- Low-income Countries (2)
- Macroeconomic Announcements (2)
- Macroeconomic Modelling (2)
- Makroökonomie (2)
- Makroökonomisches Modell (2)
- Mark-to-Market (2)
- Mark-to-market (2)
- Market Design (2)
- Market Fragmentation (2)
- Market Quality (2)
- Marketplace lending (2)
- Marktanteil (2)
- Markteffizienz (2)
- Marktrisiko (2)
- Merger (2)
- Messung (2)
- MiFIR (2)
- Microstructure (2)
- Minimax (2)
- Monetary policy rules (2)
- Monetary policy transmission (2)
- Money (2)
- Mortgages (2)
- Multiplicative Error Model (2)
- Multivariate GARCH (2)
- Multivariate Probit (2)
- Nachhaltigkeit (2)
- Networks (2)
- New Keynesian (2)
- New-Keynesian Model (2)
- Nominal GDP Growth (2)
- Non-performing Loans (2)
- Notenbank (2)
- OMT (2)
- Open Banking Platform Germany (2)
- Optimal Taxation (2)
- Optimal policy (2)
- Optimism (2)
- Optionsgeschäft (2)
- Optionshandel (2)
- Optionsmarkt (2)
- Optionspreistheorie (2)
- Output Gap (2)
- Over-Allotment Option (2)
- Ownership Structure (2)
- P2P lending (2)
- PCAOB (2)
- Parameter Elicitation (2)
- Patents (2)
- Permanent Income Hypothesis (2)
- Personal bankruptcy (2)
- Phillips Curve (2)
- Phillips-Kurve (2)
- Policy Rules (2)
- Policy Under Uncertainty (2)
- Political Union (2)
- Politische Union (2)
- Portfolio Optimization (2)
- Portugal (2)
- Predictive Likelihood (2)
- Preisindex der Lebenshaltung (2)
- Price Impact of Trades (2)
- Principal Agent (2)
- Private equity (2)
- Procyclicality (2)
- Product Market Competition (2)
- Product Market Deregulation (2)
- Productivity (2)
- Prognoseverfahren (2)
- Prospect Theory (2)
- Prudential oversight (2)
- Put-Option (2)
- Quantitative easing (2)
- Quantity Theory (2)
- Ratingagenturen (2)
- Rational Expectations (2)
- Real Effects (2)
- Real-time Data (2)
- Realer-Konjunkturzyklus-Theorie (2)
- Reallocation (2)
- Reformvorschläge (2)
- Regelbindung (2)
- Regional Diversity (2)
- Rentenreform (2)
- Reputation (2)
- Resolution (2)
- Retail Investor (2)
- Retirement Planning (2)
- Rezession (2)
- Risikoprämie (2)
- Risk Premium (2)
- Risk Transfer (2)
- Risk-Taking (2)
- SFDR (2)
- SRM (2)
- SWIFT (2)
- Sanctions (2)
- Schuldenbremse (2)
- Schuldenkrise (2)
- Schweiz (2)
- Scrum (2)
- Securitization (2)
- Selection (2)
- Self-control (2)
- Self-fulfilling Prophecy (2)
- Semiparametric Specification Test (2)
- Share Deals (2)
- Sicherheit (2)
- Sign Restrictions (2)
- Simulated Maximum Likelihood (2)
- Single Resolution Mechanism (2)
- Skewness (2)
- Social Insurance (2)
- Social Networks (2)
- Spanien (2)
- Speculation (2)
- Spread Decomposition Models (2)
- Staatsschuldenkrise (2)
- Standortfaktor (2)
- Steuergestaltung (2)
- Stochastic Volatility (2)
- Stochastic mortality risk (2)
- Stock Market (2)
- Stock Market Participation (2)
- Stone-Geary preferences (2)
- Stress Test (2)
- Structured Finance (2)
- Supply Chain (2)
- Survey Indicator (2)
- Survey Method (2)
- Sustainable Investing (2)
- Syndicated loans (2)
- Systematic Risk (2)
- Systemisches Risiko (2)
- TIPS (2)
- Tagesgeschäft (2)
- Tail Risk (2)
- Taxonomy (2)
- Taylor Rule (2)
- Taylor Rules (2)
- Term Structure of Interest Rates (2)
- Termingeschäft (2)
- Theorie (2)
- Top Income Taxation (2)
- Trading Intensity (2)
- Transfer Learning (2)
- Transition risk (2)
- Twitter (2)
- US GAAP (2)
- Unbewegliche Sache (2)
- Underwriter Fee (2)
- Unternehmensgründung (2)
- VaR (2)
- Value-at-risk (2)
- Variance Decomposition (2)
- Vektor-autoregressives Modell (2)
- Verbraucher (2)
- Volatility Interruption (2)
- WTI (2)
- Wealth (2)
- Welfare (2)
- Welthandel (2)
- Wertpapierhandelssystem (2)
- Wertpapierportefeuille (2)
- Wettbewerbsfreiheit (2)
- Wettbewerbsfähigkeit (2)
- Wirtschaftskrise (2)
- Wohneigentum (2)
- Zeitreihenanalyse (2)
- Zentralbank (2)
- Zentralbanken (2)
- Zentraler Kontrahent (2)
- Zero Lower Bound (2)
- Zins (2)
- Zinsen (2)
- Zwangsanleihe (2)
- advertising (2)
- announcements (2)
- anomalies (2)
- art (2)
- art market (2)
- asset valuation (2)
- attention (2)
- auctions (2)
- austerity (2)
- bank capital (2)
- bank competition (2)
- bank deposits (2)
- bank risk (2)
- banking separation (2)
- behavioral finance (2)
- bond markets (2)
- borrowing constraints (2)
- bubbles (2)
- business equity (2)
- capital (2)
- central bank (2)
- central bank communication (2)
- central banking (2)
- central banks (2)
- compensation (2)
- compensation design (2)
- complexity (2)
- computer vision (2)
- consumer credit (2)
- consumption hump (2)
- continuation vote (2)
- contract design (2)
- coordination (2)
- core (2)
- corn (2)
- corporate bond market (2)
- corporate restructuring (2)
- cost of capital (2)
- credibility (2)
- credit funds (2)
- credit scoring methodology (2)
- credit scoring regulation (2)
- credit supply (2)
- crises (2)
- crisis (2)
- crowdfunding (2)
- crowdinvesting (2)
- cryptocurrencies (2)
- cycle flows (2)
- cyclical liabilities (2)
- debt consolidation (2)
- debt maturity (2)
- debt restructuring (2)
- default (2)
- deflation (2)
- delayed claiming (2)
- delayed retirement (2)
- density forecasting (2)
- derivatives (2)
- disaster risk (2)
- discount (2)
- distress prediction (2)
- diversification (2)
- dynamic portfolio choice (2)
- early retirement (2)
- economic and monetary union (2)
- education (2)
- elasticity of intertemporal substitution (2)
- electricity (2)
- emergency liquidity assistance (ELA) (2)
- equity options (2)
- event study (2)
- exchange rate (2)
- executive compensation (2)
- exit strategies (2)
- expectation formation (2)
- experimental economics (2)
- experts (2)
- factor model (2)
- financial advice (2)
- financial institutions (2)
- financial markets (2)
- financial privacy (2)
- financial services (2)
- financial sophistication (2)
- financial system (2)
- financing decisions (2)
- financing policy (2)
- firm heterogeneity (2)
- forecast combination (2)
- futures (2)
- gasoline (2)
- general equilibrium (2)
- global banks (2)
- global real activity (2)
- government bonds (2)
- green finance (2)
- hedge funds (2)
- heterogeneous agents (2)
- high-frequency data (2)
- historical statistics (2)
- household portfolio (2)
- household portfolios (2)
- household survey (2)
- household-portfolio shares (2)
- identification (2)
- implied volatility skew (2)
- impulse response (2)
- individual investor (2)
- individual investors (2)
- inflation target (2)
- information aggregation (2)
- innovation (2)
- institutional investors (2)
- institutions (2)
- interbank network (2)
- interbank networks (2)
- international financial integration (2)
- investments (2)
- joint inference (2)
- labor supply (2)
- laboratory experiment (2)
- life cycle saving (2)
- lifetime income (2)
- limit order book (2)
- liquidity provision (2)
- loanable funds (2)
- long-run risk (2)
- long-term lending (2)
- longevity (2)
- loss function (2)
- macro-prudential supervision (2)
- macroeconomic modelling (2)
- macroeconomic models (2)
- macroprudential supervision (2)
- managerial incentives (2)
- manipulation (2)
- marginal propensity to consume (2)
- market efficiency (2)
- market supervision (2)
- monetary policy rule (2)
- monetary policy transmission (2)
- monetary transmission (2)
- money markets (2)
- mutual funds (2)
- nachrangiges Fremdkapital (2)
- natural experiment (2)
- natural gas (2)
- newly founded firms (2)
- news (2)
- nonlinear optimal policy (2)
- oil inventories (2)
- oil market (2)
- operational performance (2)
- optimal investment (2)
- option prices (2)
- pandemics (2)
- pass-through (2)
- payout policy (2)
- pensions (2)
- policy under uncertainty (2)
- politische Union (2)
- population aging (2)
- principal-agent models (2)
- principles-based regulation (2)
- private information (2)
- productivity (2)
- professional networks (2)
- prohibition of proprietary trading (2)
- property rights (2)
- quantity theory (2)
- real estate lending (2)
- real exchange rate (2)
- recapitalization (2)
- recession (2)
- recovery (2)
- redistribution (2)
- refugees (2)
- renegotiation (2)
- repurchases (2)
- responsible lending (2)
- return predictability (2)
- risk (2)
- risk management (2)
- risk premia (2)
- risk transfer (2)
- safe assets (2)
- screening (2)
- securities regulation (2)
- seigniorage (2)
- sentiment (2)
- shareholder activism (2)
- shareholder recovery (2)
- shipping (2)
- signaling (2)
- simulated method of moments (2)
- skewness (2)
- social dilemmas (2)
- social media (2)
- social norms (2)
- sovereign debt crisis (2)
- sovereign exposures (2)
- speed bump (2)
- spillover effects (2)
- spot market power (2)
- stakeholders (2)
- statistical discrimination (2)
- stock market (2)
- stock market participation (2)
- stock returns (2)
- structural VAR (2)
- structured finance (2)
- subsistence consumption (2)
- supervisory arbitrage (2)
- supervisory board (2)
- surveillance (2)
- syndicated loans (2)
- systemic risk charge (2)
- tatonnement (2)
- taxation (2)
- too big to fail (2)
- too-big-to-fail (2)
- total loss absorbing capacity (TLAC) (2)
- tragedy of the commons (2)
- transmission (2)
- two-asset portfolio (2)
- unconventional oil (2)
- wealth distribution (2)
- welfare loss (2)
- fiscal policy (2)
- Älterer Mensch (2)
- Österreich (2)
- "Event Study" (1)
- "magnet effect" (1)
- 2-Sector Model (1)
- ARCH-Modell (1)
- ARMA (1)
- Abgabe (1)
- Abhängigkeit (1)
- Absatzweg (1)
- Abwanderung-Widerspruch-Theorie (1)
- Abwicklung (1)
- Abwicklungsinstrumente (1)
- Academic faculties (1)
- Accounting (1)
- Accounting for Financial Instruments in the Banking Industry: Conclusions from a Simulation Model (1)
- Accounting regulation (1)
- Accounting research (1)
- Acquisitions (1)
- Activism (1)
- Activist Hedge Fund (1)
- Adaptation (1)
- Adverse Selection Costs (1)
- Affordability crisis (1)
- Age (1)
- Agency Theory (1)
- Agency costs (1)
- Aggregate Fluctuations (1)
- Agile Methods (1)
- Agile methods (1)
- Aktie (1)
- Aktienanalyse (1)
- Aktienbewertung (1)
- Aktienportefeuille (1)
- Algorithmic Discrimination (1)
- Algorithmic transparency (1)
- Allgemeines Gleichgewicht (1)
- Allgemeines Gleichgewichtsmodell (1)
- Allocation (1)
- Allocative Effciency (1)
- Alternative Investments (1)
- Altersstruktur (1)
- Amortization payments (1)
- Amtsperiode (1)
- AnaCredit (1)
- Angebot (1)
- Angel (1)
- Anlageentscheidung (1)
- Anlagepolitik (1)
- Anlageverhalten (1)
- Anleihemärkte (1)
- Annuity (1)
- Anonymity (1)
- Anreizsystem (1)
- Anteilseigner (1)
- Anticipated Inflation (1)
- Anticipatory Feeling (1)
- Apache Spark (1)
- Appraisal rights (1)
- Arbeitsloser (1)
- Arbeitsmarktflexibilisierung (1)
- Arbeitsmarkttheorie (1)
- Arbitrage (1)
- Arm’s Length Debt (1)
- Art (1)
- Art Index (1)
- Art Market (1)
- Art investment (1)
- Art market (1)
- Art price index (1)
- Artificial Intelligence; (1)
- Asset Allocation, Contagion (1)
- Asset Liquidation (1)
- Asset Location (1)
- Asset Management Companies (1)
- Asset Market (1)
- Asset Price Bubbles (1)
- Asset Price Cycles (1)
- Asset Purchase Programme (1)
- Asset Return (1)
- Asset Side Market Discipline (1)
- Asset allocation (1)
- Asset prices (1)
- Asymmetric Tax Regimes (1)
- Asymmetries (1)
- Asymmetry (1)
- Asynchronous Trading (1)
- Auction (1)
- Auctions (1)
- Audit fees (1)
- Audit partner tenure (1)
- Audit quality (1)
- Auditor rotation (1)
- Ausbreitung (1)
- Ausgaben (1)
- Auslandsanleihe (1)
- Auslandsschulden (1)
- Austerity Measures (1)
- Automation (1)
- Autoregressiver Prozess (1)
- Außenhandel (1)
- Außenwirtschaft (1)
- Außenwirtschaftliches Gleichgewicht (1)
- Außerbilanzielles Geschäft (1)
- Außerbörslicher Wertpapierhandel (1)
- BCBS (1)
- BVerfG (1)
- BaFin (1)
- Backward error (1)
- Bafin (1)
- Bail-in Anleihen (1)
- Bailin (1)
- Bank Accounting (1)
- Bank Acquisition (1)
- Bank Bailout (1)
- Bank Capital (1)
- Bank Capital Structure (1)
- Bank Corporate Governance (1)
- Bank Credit (1)
- Bank Defaults (1)
- Bank Deregulation (1)
- Bank Incentives (1)
- Bank Lending Conditions (1)
- Bank Pool (1)
- Bank Recapitalization (1)
- Bank Recovery and Resolution Directive (BRRD) (1)
- Bank Regulation (1)
- Bank Supervision (1)
- Bank affiliation (1)
- Bank loan terms (1)
- Bank of Japan (1)
- Bank's Balance Sheets (1)
- Bankberatung (1)
- Banken (1)
- Bankenabgabe (1)
- Bankenhospital (1)
- Bankeninsolvenz (1)
- Bankenliquidität (1)
- Bankenwettbewerb (1)
- Banker's pay (1)
- Banking Competition (1)
- Banking Crisis (1)
- Banking Supervision (1)
- Banking union (1)
- Bankrecht (1)
- Bankrott (1)
- Bargaining Power (1)
- Basel II (1)
- Basel II Accord (1)
- Basel regulation (1)
- Basisdemokratie (1)
- Batch Learning (1)
- Bayes-Verfahren (1)
- Bayesian analysis (1)
- Bayesian time-varying parameter estimation (1)
- Befragungsanalyse (1)
- Behandlungskapazität (1)
- Behavioral Finance (1)
- Beitragsgarantien (1)
- Belief Formation (1)
- Belief up-dating (1)
- Bellman Equations (1)
- Beschränkung (1)
- Beschäftigungstheorie (1)
- Beschäftigungswirkung (1)
- Beta (1)
- Betafaktor (1)
- Beteiligungsfinanzierung (1)
- Betrieb (1)
- Betriebsgröße (1)
- Bevölkerungsentwicklung (1)
- Bewertungsreserven (1)
- Bewertungsreserven, (1)
- Bewertungsstetigkeit (1)
- Bezüge im Bankensektor (1)
- Bias (1)
- Bias in medical research (1)
- Bid-Ask Spread (1)
- Big Five (1)
- Big data (1)
- Bilanz (1)
- Bilanzierungsgrundsätze (1)
- Bilanzklarheitsgrundsatz (1)
- Bilanzkontinuität (1)
- Bilanzrecht (1)
- Bilateral Trade Flows (1)
- Biotech Firms (1)
- Blankoverkauf (1)
- Blocked Realized Kernel (1)
- Blocking (1)
- Board Appointments (1)
- Board Oversight (1)
- Bond Market (1)
- Bond Ratings (1)
- Bond Spreads (1)
- Bond risk premia (1)
- Boni (1)
- Boom (1)
- Bootstrap (1)
- Borrowing (1)
- Briefkastenfirmen (1)
- Broker (1)
- Brokerage (1)
- Bubbles (1)
- Buchführung (1)
- Buchführungsgrundsätze (1)
- Buffer Stock Model (1)
- Bunching (1)
- Business Subsidies (1)
- Business cycles (1)
- Bust (1)
- Börsenkrach (1)
- Börsenmaklerin (1)
- Börsenwettbewerb (1)
- C corporations (1)
- CBRT (1)
- CCP (1)
- CDS spreads (1)
- CECL (1)
- CEO Speeches (1)
- CMU (1)
- COVID-19 Pandemic (1)
- COVID-19 news (1)
- COVID-19 pandemic (1)
- CRA3 (1)
- CSPP (1)
- CSR (1)
- Call Market (1)
- Call options (1)
- Canada (1)
- Capacity utilization (1)
- Capital Purchase Program (1)
- Capital Taxation (1)
- Capital requirements (1)
- Capitulation (1)
- Carbon Taxation (1)
- Carbon abatement (1)
- Cash (1)
- Cash Flow Risk (1)
- Cash flow effect of monetary policy (1)
- Cashflow (1)
- Cat Bonds (1)
- Causal Machine Learning (1)
- Causal inferences (1)
- Central Bank (1)
- Central Bank Losses (1)
- Central Bank of Cyprus (1)
- Central Banks (1)
- Central Banks and Their Policies (1)
- Central Clearing (1)
- Central Counterparty (1)
- Central Counterparty Clearing House (CCP) (1)
- Central bank liquidity (1)
- Centrality (1)
- Chancen- und Risikoberichterstattung (1)
- Chart-Analyse (1)
- Checkliste (1)
- Childhood (1)
- Chile (1)
- Cholesky decomposition (1)
- Citation Network Analysis (1)
- Classification (1)
- Clearing (1)
- Climate Behavior (1)
- Climate Policies (1)
- Climate change economics (1)
- Climate finance (1)
- Closed-end fund (1)
- Closed-end fund discount (1)
- Closed-end funds (1)
- Closing Price (1)
- Clustering (1)
- Co-residence (1)
- CoCo Bond (1)
- CoCo bonds (1)
- CoCos (1)
- Coalitions (1)
- Cognitive Abilities (1)
- Cohorts (1)
- Collateral constraints (1)
- Collateralized debt obligation (1)
- Collective Action Clause (1)
- College dropout risk (1)
- College premium (1)
- College wage premium (1)
- Colocation (1)
- Commercial banking (1)
- Commitment (1)
- Common Factor (1)
- Common Factor Model (1)
- Common Factor Models (1)
- Common Factor Weights (1)
- Comovements (1)
- Competition Policy (1)
- Competition in Order Flow (1)
- Complementarity (1)
- Complex Financial Instruments (1)
- Comprehensive Assessment (1)
- Concentration (1)
- Condition number (1)
- Conditional Pooling (1)
- Conditional intensity (1)
- Conditional response (1)
- Conditionality (1)
- Confirmatory Bias (1)
- Connectivity (1)
- Consumer Finance (1)
- Consumer confidence (1)
- Consumer credit (1)
- Consumer financial protection (1)
- Consumption Function (1)
- Consumption Inequality (1)
- Consumption Insurance (1)
- Consumption hump (1)
- Consumption-Saving (1)
- Consumption-investment Problems (1)
- Consumption-portfolio choice (1)
- Consumption/Saving Forecast (1)
- Contagion Risk (1)
- Container Trade (1)
- Contestability (1)
- Contingent Commissions (1)
- Contingent Convertible Bonds (1)
- Contingent Convertible Capital (1)
- Continuous-time methodsc (1)
- Contract (1)
- Contract terms (1)
- Contractarian Model of Corporate Law (1)
- Control transfers (1)
- Convertible Securities (1)
- Cooperation (1)
- Coordination (1)
- Coordination Risk (1)
- Copula (1)
- Corona-Steuerhilfegesetz (1)
- Corporate Announcements (1)
- Corporate Distress (1)
- Corporate Financing (1)
- Corporate Groups (1)
- Corporate Name Change (1)
- Corporate Philanthropy (1)
- Corporate Quantitative Easing (1)
- Corporate bonds (1)
- Corporate concentration (1)
- Corporate deposits (1)
- Corporate financing (1)
- Corporate governance (1)
- Corporate law (1)
- Corporate quantitative easing (1)
- Correlated Events (1)
- Costly Capital (1)
- Counterfactual Decompositions (1)
- Counterparty Credit Limits (1)
- Country Comparison (1)
- Country-Specific and Global Shocks (1)
- Covariance Estimation (1)
- Covariance Prediction (1)
- Covenants (1)
- Covid-19 Pandemic (1)
- Covid-19-Crisis (1)
- Creative destruction (1)
- Credibility of Inflation Targets (1)
- Credit Crunch (1)
- Credit Cycles (1)
- Credit Default Swap (CDS) (1)
- Credit Default Swaps (1)
- Credit Risk Transfer (1)
- Credit derivatives (1)
- Credit lines (1)
- Credit rating (1)
- Credit risk (1)
- Credit spreads (1)
- Credit union (1)
- Creditor Protection (1)
- Creditor Rights (1)
- Creditor Rights Protection (1)
- Crime (1)
- Crises Forecasting (1)
- Crisis Management (1)
- Crisis contracts (1)
- Cross-Predictability (1)
- Cross-Section of Returns (1)
- Crowding Out (1)
- Cryptocurrencies (1)
- Cultural Finance (1)
- Cultural Influences on Economic Behavior (1)
- Culture (1)
- Customer Flow (1)
- Customer Protection Rules (1)
- Customer data sharing (1)
- Cycle Portfolio Choice (1)
- Cyprus (1)
- D49 (1)
- DGE Models (1)
- DSGE Models (1)
- DSGE model (1)
- DSGE modelling (1)
- Dark Pools (1)
- Data access (1)
- Data portability (1)
- Database linking (1)
- Dealer Markets (1)
- Debit Cards (1)
- Debt (1)
- Debt Management (1)
- Debt Securities (1)
- Debt and equity financing (1)
- Decision (1)
- Default probability (1)
- Defizitregeln (1)
- Delaunay Interpolation (1)
- Delaware Incorporation (1)
- Demand Analysis (1)
- Democratic Legitimacy (1)
- Demographic Change (1)
- Demographischer Wandel (1)
- Demutualization (1)
- Depreciation (1)
- Depths (1)
- Derivat <Wertpapier> (1)
- Derivatehandel (1)
- Derivatives (1)
- Designated Market Makers (DMMs) Market Making (1)
- Determinacy (1)
- Deutsche Bundesbank (1)
- Deutscher Aktienindex (1)
- Deutsches Rentensystem (1)
- Devisen (1)
- Devisenbörse (1)
- Devisenmarkt (1)
- DiD (1)
- Dictionary (1)
- Dienstleistungsverkehr (1)
- Difference in Difference (1)
- Different Beliefs (1)
- Digital (1)
- Digital art (1)
- Digital footprints (1)
- Digitalized Markets (1)
- Directors' Dealings (1)
- Direktinvestition (1)
- Disappointment (1)
- Disasters (1)
- Disclosure Framework (1)
- Disclosure regulation (1)
- Discount Broker (1)
- Discount Rate Risk (1)
- Discount Rates (1)
- Discourse (1)
- Discretion (1)
- Discretionary Fiscal Policy (1)
- Disintegration (1)
- Diskontsatz (1)
- Distraction (1)
- Distributed Computing (1)
- Distributed Ledger (1)
- Distributed lag (1)
- Distribution (1)
- Distribution of Welfare (1)
- Divergence of Opinion (1)
- Diversification (1)
- Dividend Payments (1)
- Dividend Policy (1)
- Dividendenpolitik (1)
- Dividends (1)
- Double Auction (1)
- Double Volume Caps (1)
- Downside risk (1)
- Downward Nominal Rigidity (1)
- Drag-along rights (1)
- Dual Moral Hazard (1)
- Dual-class shares (1)
- Dunkelziffer (1)
- Durable consumption (1)
- Duration of Civil Proceedings (1)
- Dynamic Capabilities (1)
- Dynamic Factor Model (1)
- Dynamic Models (1)
- Dynamic Networks (1)
- Dynamic Optimization (1)
- Dynamic Representative Consumer (1)
- Dynamic Stochastic General Equilibrium Model (1)
- Dynamic and Reliable Regulation (1)
- Dynamic inconsistency (1)
- Dynamic stochastic general equilibrium model (1)
- Dynamisches Modell (1)
- E.U. Corporate Law (1)
- ECB policy surprise (1)
- ECJ (1)
- EDIC (1)
- EFSF (1)
- EGC (1)
- EIOPA (1)
- ELA (1)
- ESCB (1)
- ESG Investing (1)
- ESG lending (1)
- ESG loans (1)
- ESG ratings (1)
- EU (1)
- EU Bonds (1)
- EU banks (1)
- EU countries (1)
- EU crisis (1)
- EU industrial production (1)
- EU market regulation (1)
- EU-Staaten (1)
- EURONET-DIANE (1)
- Earnings Management (1)
- Econometrics (1)
- Economic Literacy (1)
- Economic Performance (1)
- Economic Recovery (1)
- Economic Reforms (1)
- Economic research (1)
- Economics (1)
- Education (1)
- Education Subsidy (1)
- Effective lower bound (1)
- Effektivinflation (1)
- Effektivverzinsung (1)
- Efficiency Wages (1)
- Efficient Frontier (1)
- Efficient Importance Sampling (1)
- Efficient Return (1)
- Eigenheim (1)
- Eigenkapital (1)
- Einkommensunterschied (1)
- Einlagengeschäft (1)
- Einlagensicherung (1)
- Einlageverträge (1)
- Elasticity (1)
- Electoral Pressure (1)
- Electronic Markets (1)
- Emerging Market Economies (1)
- Emerging Market Emerging Market (1)
- Emerging Markets (1)
- Emissions (1)
- Empirical Contract Theory (1)
- Empirical methods (1)
- Empirische Vertragsanalyse (1)
- Employee commitment (1)
- Employee rights (1)
- Endogeneity (1)
- Endogenous Asset Market Participation (1)
- Endogenous Beliefs (1)
- Endogenous Gridpoints (1)
- Endogenous gridpoints Method (1)
- Energiewende (1)
- Energy Efficiency (1)
- Energy Performance Certificate (1)
- Energy crisis (1)
- Energy efficiency (1)
- Enforcement Delegation (1)
- Enriched Digital Footprint (1)
- Entity matching (1)
- Entity resolution (1)
- Entrepreneurial Activity (1)
- Entrepreneurial finance (1)
- Entropy Measure (1)
- Entry (1)
- Entscheidung (1)
- Entscheidungsregel (1)
- Entscheidungstheorie (1)
- Epidemiologic model (1)
- Epidemiologisches Modell (1)
- Epstein-Zin preferences (1)
- Epstein-Zin-Weil recursive preferences (1)
- Equation of Exchange (1)
- Equilibrium Exchange Rates (1)
- Equilibrium Thinking (1)
- Equity Culture (1)
- Equity Markets (1)
- Equity Options (1)
- Equity Trading (1)
- Equity fund (1)
- Equity options (1)
- Equivalence Scales (1)
- Equivalent Incomes (1)
- Erbschaftsteuer (1)
- Erich Gutenberg (1)
- Ernennungspraxis von Zentralbankern (1)
- Erneuerbare-Energien-Gesetz (1)
- Erwachsener, 50-60 Jahre (1)
- Erwachsener, 50-65 Jahre (1)
- Erwartungsbildung (1)
- Estimation (1)
- Estimation efficiency (1)
- Ethereum (1)
- Ethics (1)
- Euro <Währung> (1)
- Euro Area Regional and Sectoral Inflation (1)
- Euro Area and US (1)
- Euro, Währung (1)
- Euro-zone Government Bonds (1)
- Eurobonds (1)
- Europe (1)
- European Banking Authority (1)
- European Banking Authority (EBA) (1)
- European Banking Authority, Single Supervisory Mechanism (1)
- European Capital Markets Union (1)
- European Central Bank (ECB) (1)
- European Central Bankor (1)
- European Insurance Union (1)
- European Insurance and Occupational Pensions Authority (1)
- European Integration (1)
- European Investment Bank (1)
- European Market Infrastructure Regulation (EMIR) (1)
- European Parliament (1)
- European Stability Mechanism (1)
- European Supervisory Authorities (1)
- European System of Central Banks (1)
- European Systemic Risk Board (1)
- European Union (1)
- European banks (1)
- European debt crisis (1)
- European household portfolios (1)
- European market fragmentation (1)
- European unemployment insurance (1)
- Europäische Währungsunion, Strukturanpassungen, Europäische Integration (1)
- Eurosystem collateral eligibility (1)
- Evidence-based policymaking (1)
- Excess sensitivity (1)
- Excessive risk taking (1)
- Exchange Rate Channel (1)
- Exchange Rate Mechanism (1)
- Exchange Rate Pass-Through (1)
- Exchange rate volatility (1)
- Exchange traded funds (1)
- Execution Cost (1)
- Execution Quality (1)
- Executive Remuneration (1)
- Exit Decisions (1)
- Exit Rights (1)
- Expectation Error (1)
- Expectation formation (1)
- Expectation–Maximisation (1)
- Expected Equity Returns (1)
- Expected shortfall (1)
- Expenditure Survey (1)
- Experience (1)
- Experiences (1)
- Experimental Asset Markets (1)
- Experimental Economics (1)
- Experimental Finance (1)
- Explainable machine learning (1)
- Explosive behavior (1)
- Exponential smoothing (1)
- Externalities (1)
- Extracurricular Activities (1)
- Extrapolation (1)
- Extreme Price Movements (1)
- Extreme value theory (1)
- FDI-intensity (1)
- Factor Model (1)
- Factor Models (1)
- Factor Structure (1)
- Factor-Augmented Vector Autoregression Model (FAVAR) (1)
- Fair value (1)
- Fair-Value Accounting (1)
- Faktorenanalyse (1)
- FamaFrench model (1)
- Family Background (1)
- Family dynamics (1)
- Fat-tails (1)
- Fear of job loss (1)
- Federal Reserve Bank <New York, NY> (1)
- Feedback (1)
- Field Experiment (1)
- Filtering (1)
- Fin Tech (1)
- Finance and Employment (1)
- Financial Assistance (1)
- Financial Constraints (1)
- Financial Contagion (1)
- Financial Crisis 2007/08 (1)
- Financial Decisionmaking (1)
- Financial Development (1)
- Financial Frictions (1)
- Financial Industry (1)
- Financial Information (1)
- Financial Innovation (1)
- Financial Integration (1)
- Financial Market Cycles (1)
- Financial Market Integration (1)
- Financial Market Linkages (1)
- Financial Market Structure (1)
- Financial Markets and the Macroeconomy (1)
- Financial Media (1)
- Financial Networks (1)
- Financial Regulation and Banking (1)
- Financial Risk (1)
- Financial Sophistication (1)
- Financial Supervision (1)
- Financial and Economics Knowledge (1)
- Financial econometrics (1)
- Financial education (1)
- Financial frictions (1)
- Financial institutions (1)
- Financial interests (1)
- Financial intermediation (1)
- Financial market (1)
- Financial openness (1)
- Financing Conditions (1)
- Financing Constraints (1)
- Financing Costs (1)
- Financing Gap (1)
- Finanzanalyse (1)
- Finanzbildung (1)
- Finanzdienstleistung (1)
- Finanzfachkenntnis (1)
- Finanzinnovationen (1)
- Finanzlage (1)
- Finanzmarkt (1)
- Finanzplatz (1)
- Finanzplatzinstitutionen (1)
- Finanzpolitik (1)
- Finanzspekulation (1)
- Finanzstabilitätsgesetz (1)
- Finanzsystem (1)
- Finite Normal Mixtures (1)
- Finland (1)
- Finnland (1)
- Fintech (1)
- Firm Investment (1)
- Firm Prestige (1)
- Firm Value (1)
- Firm valuation (1)
- Firm-bank relationship (1)
- Firm-specific News (1)
- Firma (1)
- Firms (1)
- First Loss Position (1)
- Fiscal Compact (1)
- Fiscal Policies (1)
- Fiscal Solidarity (1)
- Fiscal Stabilization (1)
- Fiscal Stimulus Program (1)
- Fiscal Transparency (1)
- Fiscal policy (1)
- Fiscal stress (1)
- Fiscal theory of the price level (1)
- Fixed-Income (1)
- Flash Crash (1)
- Flat Taxes (1)
- Flight-to-safety (1)
- Fokker-Planck equation (1)
- Fonds (1)
- Forecast Comparison/ Competition (1)
- Forecast Distribution (1)
- Forecasting and Simulation (1)
- Forecasts (1)
- Foreign Assets (1)
- Foreign Exchange Reserves (1)
- Foreign holdings (1)
- Formalism (1)
- Formative experiences (1)
- Forschung (1)
- Forschung und Entwicklung (1)
- Forward Guidance (1)
- Forward error (1)
- Forward-looking models (1)
- Framing Effect (1)
- Framing effects (1)
- Frankfurt am Main (1)
- Frankreich (1)
- Frau (1)
- Fraud (1)
- Free-Riding (1)
- Freiheit (1)
- Fremdkapital (1)
- Frequency Domain (1)
- Frictions (1)
- Friedman-Schwartz's evidence (1)
- Friktionelle Arbeitslosigkeit (1)
- Fund (1)
- Fund family (1)
- Fundamental Value (1)
- Fundamentalanalyse (1)
- Funds of Funds (1)
- Futures Market (1)
- Futures Markets (1)
- G21 (1)
- G24 (1)
- GARCH-Prozes (1)
- GDP growth (1)
- GFSY (1)
- GMM Estimation (1)
- Gains from Trade (1)
- Gains from trade (1)
- Gambling (1)
- Game Theory (1)
- Gamma distribution (1)
- Garantiezins (1)
- Gauß-Funktion (1)
- Gegenwartspreise (1)
- Geld (1)
- Geldangebot (1)
- Geldkurs (1)
- Geldmengenziel (1)
- Geldtheorie (1)
- Gemeinsamer Markt (1)
- Gender (1)
- Gender Differences (1)
- Gender Gap (1)
- Gender Issues (1)
- General Equilibrium Asset Pricing (1)
- Generaldirektor (1)
- Generalized Dynamic Factor Model (1)
- Generationenrente (1)
- Generations (1)
- Geopolitics (1)
- German Banking (1)
- German Corporate Governance System (1)
- German Markets Model Case Act (KapMuG) (1)
- German Reunification (1)
- German constitutional law (1)
- German cooperative banks (1)
- German corporate governance (1)
- German corporate governance codex (1)
- German natural gas market (1)
- German retirement system (1)
- German savings banks (1)
- Germany Inc. (1)
- Geschichte 1866-1879 (1)
- Geschichte 1920-1922 (1)
- Geschichte 1948-2008 (1)
- Geschichte 1965-1979 (1)
- Geschichte 1966-1998 (1)
- Geschichte 1968-1979 (1)
- Geschichte 1970-1989 (1)
- Geschichte 1970-2004 (1)
- Geschichte 1971-2003 (1)
- Geschichte 1978-1997 (1)
- Geschichte 1979-1980 (1)
- Geschichte 1979-1983 (1)
- Geschichte 1983-2004 (1)
- Geschichte 1984-1995 (1)
- Geschichte 1984-1999 (1)
- Geschichte 1984-2005 (1)
- Geschichte 1986-1998 (1)
- Geschichte 1989-2002 (1)
- Geschichte 1990-1999 (1)
- Geschichte 1992-1996 (1)
- Geschichte 1992-1997 (1)
- Geschichte 1993-2003 (1)
- Geschichte 1995 (1)
- Geschichte 1995-1997 (1)
- Geschichte 1995-1998 (1)
- Geschichte 1998 (1)
- Geschichte 1999-2001 (1)
- Geschichte 2000-2002 (1)
- Geschäftsführer (1)
- Geselligkeit (1)
- Gewerbebetrieb (1)
- Gewerbesteuer (1)
- Gig-economy (1)
- Gini (1)
- Gleichgewichtstheorie (1)
- Global Accounting Standards (1)
- Global Economy (1)
- Global Optimization (1)
- Global Temperature (1)
- Global Yield (1)
- Gläubigerschutz (1)
- Going-private Decisions (1)
- Gold Standard (1)
- Government (1)
- Government Deficit (1)
- Government Spending Multipliers (1)
- Government Spending Shocks (1)
- Government debt (1)
- Government spending multiplier (1)
- Graccident (1)
- Granger causality (1)
- Gravity equations (1)
- Great Inflation (1)
- Green Asset Ratio (1)
- Green Nudging (1)
- Green Quantitative Easing (1)
- Green finance (1)
- Grexit (1)
- Group Interesterest (1)
- Group Think (1)
- Grundschuld (1)
- Größe (1)
- Grüne Transformation (1)
- Gutenberg, Erich (1)
- Habit-formation (1)
- Haftungsbeschränkung (1)
- Hamilton filter (1)
- Hamiltonian Monte Carlo (1)
- Handelsgeschäft (1)
- Handelsvolumen (1)
- Haus (1)
- Haushal (1)
- Haushaltsdefizit (1)
- Haushaltskrisenbarometer (1)
- Haushaltspolitik (1)
- Hayek (1)
- Hazard estimation (1)
- Headline (1)
- Health Insurance (1)
- Health expenses (1)
- Health jumps (1)
- Hedge Funds (1)
- Hedge funds (1)
- Helicoptergeld (1)
- Herdenimmunität (1)
- Heterogeneit (1)
- Heterogeneous Beliefs (1)
- Heterogeneous Firms (1)
- Heterogeneous Preferences (1)
- Heterogeneous agents (1)
- Hidden Orders (1)
- Hierarchies (1)
- High-Frequency Trading (HFT) (1)
- High-Level-Forum (1)
- High-frequency event study (1)
- Higher Moments of Return (1)
- Hirshleifer Effect (1)
- Historical Cost (1)
- History & Finance (1)
- History-Dependent Policy (1)
- Hochfrequenzhandel (1)
- Hochzinspolitik (1)
- Home (1)
- Home Bias (1)
- Home Equity (1)
- Homophily (1)
- Hong test (1)
- Horizontal Integration (1)
- House Prices (1)
- Household Consumption (1)
- Household Consumption Data (1)
- Household Debt (1)
- Household Inflation Expectations (1)
- Household Wealth (1)
- Household debt (1)
- Household saving (1)
- Housing Market Cycles (1)
- Housing tenure (1)
- Human capital (1)
- Hurricane Katrina (1)
- Hurrikan (1)
- Hybrid Markets (1)
- Hybrid Trading Systems (1)
- Hyperbolic Distribution (1)
- Hyperinflation (1)
- Hypothekarkredite (1)
- Hypothekengeschäft (1)
- Hysteresis (1)
- I(2) analysis (1)
- IASC New Structure (1)
- IFRS (1)
- IMF (1)
- IMF Program Participation (1)
- IT innovations (1)
- IV (1)
- IV approach (1)
- IV estimation (1)
- Identification (1)
- Idiosyncratic volatility puzzle (1)
- Illiquidity (1)
- Imbalances (1)
- Immaterieller Anlagewert (1)
- Immediacy (1)
- Immigration (1)
- Impact of Changing Stock-Market Regulation and Institution (1)
- Impairments (1)
- Imperfect Competition (1)
- Imperfect Knowledge (1)
- Implicit Insurance Contracts (1)
- Implied Probability Densities (1)
- Implied volatility (1)
- Import (1)
- Impulse Response Function (1)
- Impulse Responses (1)
- Impulse-response (1)
- Incentive (1)
- Incentives (1)
- Inclusive Finance (1)
- Income Inequality (1)
- Incomplete Insurance Contracts (1)
- Incubator (1)
- Incurred loss model (1)
- Indeterminacy (1)
- Index Funds (1)
- Index Model (1)
- Index Trigger (1)
- Index-Futures (1)
- Indexation (1)
- Individual Investors (1)
- Individual investors (1)
- Individuum (1)
- Industrie (1)
- Industriestaaten (1)
- Industry Classification (1)
- Industry Comparison (1)
- Inefficient Forecasts (1)
- Infektionsdynamik (1)
- Inflation Beliefs (1)
- Inflation Expectations (1)
- Inflation Forecasting (1)
- Inflation Inertia (1)
- Inflation Rate (1)
- Inflation convergence (1)
- Inflation targeting (1)
- Inflationsmessung (1)
- Informal Loans (1)
- Information (1)
- Information Acquisition (1)
- Information Frictions (1)
- Information Production (1)
- Information Share (1)
- Information Shares (1)
- Information Theory (1)
- Information Treatment (1)
- Information processing (1)
- Information value (1)
- Informational Volatility (1)
- Informationsaustausch (1)
- Informationsgehalt (1)
- Informationswert (1)
- Initial Public Offering (1)
- Initial Public Offering (IPO) (1)
- Insidergeschäft (1)
- Insiderregeln (1)
- Institution formation (1)
- Institution-building (1)
- Institutional Investor (1)
- Institutional Investors (1)
- Institutional Investors’ Ownership (1)
- Institutional Setting on Underpricing (1)
- Institutional investors (1)
- Insurance Activities (1)
- Insurance Brokers (1)
- Insurance Supervision (1)
- Integrated Assessment Model (1)
- Integrated Risk Management (1)
- Integrität (1)
- Intensity Models (1)
- Interbank Market (1)
- Interbank Markets (1)
- Interdealer Brokerage (1)
- Interest Rate (1)
- Interest Rate Forecasting (1)
- Interest Rate Risk (1)
- Intergenerational Risk Sharing (1)
- Interim Report (1)
- Intermediated work (1)
- Intermediation (1)
- Internal Controls (1)
- Internal borrower rating (1)
- Internalization (1)
- International Accounting Standards (1)
- International Capital Flows (1)
- International Cross-Listings (1)
- International Financial Futures Exchange (1)
- International Financial Futures and Options Exchange (1)
- International Financial Reporting Standards (1)
- International Stock Exchange of the United Kingdom and the Republic of Ireland (1)
- International Transmission Mechanism (1)
- International finance (1)
- International relationships (1)
- Internationale Bank (1)
- Internationale Wettbewerbsfähigkeit (1)
- Internationale Währungspolitik (1)
- Internationaler Terrorismus (1)
- Internationaler Vergleich (1)
- Internationaler Währungsfonds (1)
- Internationales Währungssystem (1)
- Internationalisierung (1)
- Internationalization (1)
- Internes Kontrollsystem (1)
- Intertemporal Choice (1)
- Intra-Day Volatility (1)
- Intraday Trading Process (1)
- Intratemporal Elasticity of Substitution (1)
- Inventory Risk (1)
- Investition (1)
- Investitionsentscheidung (1)
- Investment Banking (1)
- Investment Decisions (1)
- Investment Funds (1)
- Investment Styles (1)
- Investment attitudes (1)
- Investment funds (1)
- Investment-Specific Shocks (1)
- Investments (1)
- Investor (1)
- Investor education (1)
- Investor sentiment (1)
- Investors Heterogeneity (1)
- Job Match Quality (1)
- Justiz (1)
- Justizverwaltung (1)
- Kalman Filter (1)
- Kapitalismus (1)
- Kapitalkonzentration (1)
- Kapitalmarktunion (1)
- Kapitalrenditen (1)
- Katrina (1)
- Kaufentscheidung (1)
- Kaufkraft des Geldes (1)
- Kaufkraftparität (1)
- Kaufkraftvergleich (1)
- Kinderbonus (1)
- Klimawandel (1)
- Konditionenpolitik (1)
- Kongreß (1)
- Konjunkturpolitik (1)
- Konjunkturschwankung (1)
- Konsumgütermarkt (1)
- Kontrolle (1)
- Konzentration <Wirtschaft> (1)
- Korrelation (1)
- Kovarianzanalyse (1)
- Kreditderivat (1)
- Kreditgenossenschaft (1)
- Kreditgenossenschaftlicher Verbund (1)
- Kreditinstitute (1)
- Kreditmanagement (1)
- Kritik (1)
- Kryptowährungen (1)
- Kunstmarkt (1)
- Kursanomalie (1)
- Kursrisiko (1)
- Künstliche Intelligenz (KI) (1)
- LASSO (1)
- LBO spillovers (1)
- LBOs (1)
- LSTM neural networks (1)
- Labor Hoarding (1)
- Labor Income Risk (1)
- Labor Market Deregulation (1)
- Labor Market Frictions (1)
- Labor Markets (1)
- Labor Supply (1)
- Labor market competition (1)
- Labour supply (1)
- Lack of Planning (1)
- Laffer Curve (1)
- Lag (1)
- Lagrange-d'Alembert equation (1)
- Landesbank (1)
- Landeskreditbank Baden-Württemberg (1)
- Langzeitvertrag (1)
- Laplace Distribution (1)
- Laplace-Verteilung (1)
- Latency (1)
- Latent Variables (1)
- Law Enforcement (1)
- Law and economics (1)
- Law and finance (1)
- Lead-lag relationship (1)
- Leading indicator (1)
- Lebenskostenindex (1)
- Lebenszeitverlust (1)
- Legal Institutions (1)
- Leistungslohn (1)
- Leitungsentscheidungen (1)
- Lender of last resort (1)
- Lernen (1)
- Leverage (1)
- Leverage Effect (1)
- Leveraged buyouts (1)
- Libra (1)
- Lieferant (1)
- Life Events (1)
- Life Insurance Surrender (1)
- Life Insurers (1)
- Life course transitions (1)
- Life insurance companies (1)
- Life-cycle hypothesis (1)
- Liikanen Commission (1)
- Liikanen Report (1)
- Limit Order (1)
- Limit Order Book Market (1)
- Limit Order Book Slopes (1)
- Limit Order Books (1)
- Limited partnerships (1)
- Lintner dividend model (1)
- Liquidity Facilities (1)
- Liquidity Premium (1)
- Liquidity Shock (1)
- Liquidity Shocks (1)
- Liquidity premium (1)
- Liquidity provider incentives (1)
- Liquidity provision (1)
- Liquiditätseffekte der Zinspolitik (1)
- Listed Private Equity (1)
- Listing Requirements (1)
- Literacy (1)
- Living Wills (1)
- Livingston Survey (1)
- Loan Losses (1)
- Loan Pricing (1)
- Loan losses (1)
- Loan to income ratio (1)
- Loan to value ratio (1)
- Lobbying (1)
- Locus of control (1)
- Lohnrigidität (1)
- Lohnstarrheit (1)
- Long Term Investment (1)
- Long-Run Risk (1)
- Long-Run Underperformance (1)
- Long-run risk (1)
- Long-term Contracts (1)
- Loss Sharing (1)
- Loss-aversion (1)
- Low-emission vehicles (1)
- Lucas paradox (1)
- MIFID (1)
- MMFs (1)
- MTS Bond Market (1)
- Macroeconomic Forecasting (1)
- Macroeconomic Fundamentals (1)
- Macroeconomic Modeling (1)
- Macroeconomic News (1)
- Macroeconomic News Announcements (1)
- Macroeconomics (1)
- Macroprudential policy (1)
- Male and Female Differences (1)
- Management Commentary (1)
- Managerial rent (1)
- Managing Innovations (1)
- Mandatory Law (1)
- Margin (1)
- Marginal Propensity to Consume (1)
- Mark-to-Market Accounting (1)
- Market (in)completeness (1)
- Market Concentration (1)
- Market Data Sales (1)
- Market Fragility (1)
- Market Integrity (1)
- Market Linkage (1)
- Market Liquidity (1)
- Market Making (1)
- Market Manipulation (1)
- Market Microstructure Noise (1)
- Market Microstructure Theory (1)
- Market Oversight (1)
- Market Power (1)
- Market Reactions (1)
- Market Value (1)
- Market discipline (1)
- Market efficiency (1)
- Market fragmentation (1)
- Market manipulation (1)
- Market microstructure (1)
- Market sentiment (1)
- Market volatility (1)
- Markov Perfect Equilibrium (1)
- Markov Processes (1)
- Markov-Modell (1)
- Markov-switching DSGE (1)
- Markov–Switching (1)
- Marktmacht (1)
- Marktstruktur (1)
- Matching (1)
- Maximum Likelihood (1)
- Maximum likelihood estimation (1)
- Medicare (1)
- Mehrgenerationenmodell (1)
- Mehrproduktbetrieb (1)
- Mehrwertsteuersenkung (1)
- Mensch und Maschine (1)
- Mental models (1)
- Merchandise trade (1)
- Merger Arbitrage (1)
- Meritocracy (1)
- Methode (1)
- Mexiko (1)
- MiFID (1)
- Microfinance (1)
- Microstructure Noise (1)
- Migration (1)
- Mikrostrukturtheorie <Kapitalmarkttheorie> (1)
- Mini-flash crash (1)
- Minimum Reserves (1)
- Minority Shareholder Protection (1)
- Mis-selling (1)
- Mitgliedschaft (1)
- Mitigation (1)
- Mixed-frequency data (1)
- Mixing Frequencies (1)
- Mixture Distributions (1)
- Mobility (1)
- Model Adequacy (1)
- Model Comparison (1)
- Model Selection (1)
- Model evaluation (1)
- Model uncertainty (1)
- Model-based regulation (1)
- Modell (1)
- Models and Applications (1)
- Monetarism (1)
- Monetary (1)
- Monetary Models (1)
- Monetary Policy Surprises (1)
- Monetary Policy Transmission (1)
- Monetary Shocks (1)
- Monetary Targeting (1)
- Monetary policy (1)
- Monetary policy strategy (1)
- Monetary-fiscal interaction (1)
- Money Creation (1)
- Money Market (1)
- Money Market Funds (1)
- Money demand (1)
- Money non neutrality (1)
- Monte Carlo Likelihood (1)
- Monte Carlo Methods (1)
- Monte Carlo integration (1)
- Moral Hazar (1)
- Morality (1)
- Mortality risk (1)
- Mortgage Markets (1)
- Mortgage affordability (1)
- Mortgage design (1)
- Mortgage premia (1)
- Mortgage supply (1)
- Multi-Layer Network (1)
- Multi-Products Firms (1)
- Multi-Step estimation (1)
- Multi-level marketing (1)
- Multilayer networks (1)
- Multiline Insurance (1)
- Multiple Blockholders (1)
- Multiple Equilibria (1)
- Multiple equilibria (1)
- Multiplicative Error Models (1)
- Multitasking (1)
- Multivariate Stable Distribution (1)
- Multivariate time series (1)
- Mundellian trilemma (1)
- Music (1)
- Mutual Funds (1)
- Mutual funds (1)
- Mutually Exciting Processes (1)
- Mutually exciting processes (1)
- Mängelhaftung (1)
- Münzgewinn (1)
- NCAs (1)
- NFT (1)
- NLP (1)
- Nachfrage (1)
- Narrative Approach (1)
- Narrative Identification (1)
- Narrow Banking (1)
- Nasdaq (1)
- Nash Bargaining (1)
- Nash equilibrium (1)
- National Accounting (1)
- Natural Language Processing (1)
- Natural experiments (1)
- Negative home equity (1)
- Nelson-Siegel curve (1)
- Nelson-Siegel model (1)
- Net Foreign Assets (1)
- Net Worth (1)
- Net-zero transition (1)
- Network Combination (1)
- Network Communities (1)
- Network theory (1)
- Neural Network (1)
- Neuseeland (1)
- Neutralität des Geldes (1)
- New Keynesian DSGE (1)
- New Keynesian Models (1)
- New Keynesian macro-epidemic models (1)
- New-Keynesian Models (1)
- News (1)
- News Releases (1)
- News Sentiment (1)
- News and Business Cycles (1)
- News media sentiment (1)
- Next Generation EU (1)
- Nichtlineare Zeitreihenanalyse (1)
- Nichtlineares mathematisches Modell (1)
- Niedrigzinsen (1)
- Niedrigzinsphase (1)
- Niedrigzinsumfeld (1)
- Nominal Rigidities (1)
- Nominal Wage Rigidity (1)
- Non-Display Order (1)
- Non-Fungible Tokens (1)
- Non-bank lead arrangers (1)
- Non-fungible tokens (NFTs) (1)
- Non-governmental Organizations (1)
- Non-linear pricing design (1)
- Nonlinear Bayesian Estimation (1)
- Nonlinear Optimal Policy (1)
- Nonlinear Policy (1)
- Nonlinear solution methods (1)
- Nonlinearity (1)
- Norwegian banking crisis (1)
- Number of Lenders (1)
- Number of lenders (1)
- Numerical Solution (1)
- Nutzenfunktion (1)
- OPEC (1)
- OTC (1)
- OTC Markets (1)
- OTC derivatives (1)
- Obfuscation (1)
- Occasionally Binding Constraint (1)
- Offene Volkswirtschaft (1)
- Offenlegungspflichten (1)
- Oil (1)
- Oil market (1)
- Older Population (1)
- On-the-Job Search (1)
- Online Surveys (1)
- Open Economy (1)
- Open Economy DSGE Models (1)
- Open banking (1)
- Opening Auction (1)
- Opening Call Auction (1)
- Opening Price (1)
- Operational Risk (1)
- Optimal Asset Allocation (1)
- Optimal Industrial Policies (1)
- Optimal Policy (1)
- Optimal Policy Mix (1)
- Optimal Regulation (1)
- Optimierung (1)
- Option (1)
- Option Pricing (1)
- Option-pricing Model (1)
- Options (1)
- Order Entry (1)
- Order Flow (1)
- Order Placement Strategy (1)
- Orderbuch (1)
- Ordnungspolitik (1)
- Original sin (1)
- Osteuropa (1)
- Output Gap Uncertainty (1)
- Output Growth (1)
- Output and Inflation Persistence (1)
- Outright Monetary Transactions (1)
- Over-Confidence (1)
- Overlapping Generations (1)
- Overlapping generations (1)
- Overvaluation Hypothesis (1)
- Own Risk and Solvency Assessment (1)
- Ownership structures (1)
- PPP (1)
- Panama Papers (1)
- Pandemic (1)
- Panel Cointegration (1)
- Panel Data (1)
- Panel Sample Selection Models (1)
- Panelanalyse (1)
- Pareto Inferior (1)
- Pareto-Optimum (1)
- Partial Information (1)
- Patience (1)
- Paul Volcker (1)
- Paycheck Protection Program (1)
- Pecuniary Externality (1)
- Peer Effects (1)
- Peer effects (1)
- Peers (1)
- Pension (1)
- Pension Finance (1)
- Pension system (1)
- Pensions Dashboard (1)
- Perceptions (1)
- Perfect Sequential Equilibrium (1)
- Performance Gap (1)
- Permanent and Transitory Decomposition (1)
- Permanent-Income Hypothesis (1)
- Persistence (1)
- Persistent and Transitory Income Shocks (1)
- Personal Finance (1)
- Personality traits (1)
- Petroleum-based Economies (1)
- Pivotality (1)
- Plaintiff Lawyers (1)
- Planning (1)
- Point-Mass Mixture (1)
- Point-mass Mixture (1)
- Policy Analysis (1)
- Policy Center (1)
- Policy Effects (1)
- Policy measures in the EU (1)
- Political Economy (1)
- Politikgestaltung volkswirtschaftlicher Institutionen (1)
- Politisches Handeln <Motiv> (1)
- Pollution (1)
- Population Aging (1)
- Portfolio (1)
- Portfolio Allocation (1)
- Portfolio Inertia (1)
- Portfolio Insurance (1)
- Portfolio Management (1)
- Portfolio Rebalancing (1)
- Portfolio optimization (1)
- Portfolio-Management (1)
- Portfolios (1)
- Positive semidefiniteness (1)
- Potential Output (1)
- Prag <2008> (1)
- Pre-Opening (1)
- Preference Interaction (1)
- Preference Stability (1)
- Preference Uncertainty (1)
- Preference for early resolution of uncertainty (1)
- Preference survey module (1)
- Preis (1)
- Preisdifferenzierung (1)
- Preisdiskriminierung (1)
- Preisstabilität (1)
- Preisänderung (1)
- Price Competition (1)
- Price Expectations (1)
- Price Formation (1)
- Price Impact (1)
- Price Pressures (1)
- Price Stability (1)
- Price discrimination (1)
- Price elasticity of gasoline demand (1)
- Pricing Determinants (1)
- Pricing bubbles (1)
- Pride (1)
- Principal Component Analysis (1)
- Prior (1)
- Private Altersversorgung (1)
- Private Altersvorsorge (1)
- Private Business (1)
- Private Public Partnership (PPP) (1)
- Private benefits (1)
- Private debt (1)
- Private ordering (1)
- Privater (1)
- Privatization (1)
- Prize Stabilization (1)
- Pro-Rata (1)
- Probability Weighting Function (1)
- Product returns (1)
- Production (1)
- Production Economy (1)
- Production, Saving, Consumption and Investment Forecasting (1)
- Productivity and Growth (1)
- Produktivität (1)
- Professionalisierung der Aufsichtsratstätigkeit (1)
- Program Evaluation (1)
- Propagation mechanism (1)
- Proprietary Trading (1)
- Prosociality (1)
- Prudence (1)
- Prudential filter (1)
- Public Goods (1)
- Public Housing (1)
- Public Policy (1)
- Public Private Partnership (1)
- Public financial news (1)
- Public pension funds (1)
- Public-Private Partnerships (1)
- Publizität (1)
- Publizitätspflicht (1)
- Puffer (1)
- Pump-and-dump schemes (1)
- QE (1)
- Quantile Causality (1)
- Quantile Regression (1)
- Quantitative Lockerung (1)
- Quantitative trade models (1)
- Quantity Equation (1)
- Quantitätstheorie (1)
- Question Framing (1)
- Quid-pro-quo Mechanism (1)
- R&D Collaboration (1)
- R&D Investment (1)
- R&D expenses (1)
- RBC (1)
- RCT (1)
- Raiffeisenbank (1)
- Ramsey planner (1)
- Range-based estimation (1)
- Rating Agencies (1)
- Rating Process (1)
- Ratingagentur (1)
- Rational Inattention (1)
- Rationale Erwartung (1)
- Real Estate (1)
- Real Exchange Rate (1)
- Real GDP (1)
- Real Interest Rates (1)
- Real Wage Rigidities (1)
- Real effects (1)
- Real estate (1)
- Real options (1)
- Real-Time Data (1)
- Realer Wechselkurs (1)
- Realization Utility (1)
- Realized Kernel (1)
- Realized Volatility (1)
- Realzins (1)
- Recht (1)
- Rechtsdurchsetzung (1)
- Rechtsnormen (1)
- Record resolution (1)
- Recursive Least Squares (1)
- Recursive Saddlepoint Method (1)
- Recursive Utility (1)
- Redemptions (1)
- Reference Point (1)
- Referrals (1)
- Regional Entrepreneurship (1)
- Regional Inflation Dynamics (1)
- Regression Discontinuity (1)
- Regret (1)
- Regularization (1)
- Regulation of Financial Institutions (1)
- Regulations (1)
- Regulatory Arbitrage (1)
- Regulatory Capture (1)
- Related Party Transactions (1)
- Relationship Lending (1)
- Relationship banking (1)
- Rendite (1)
- Rent-Seeking (1)
- Rente (1)
- Rentenalter (1)
- Rententransparenz (1)
- Rents (1)
- Reorganization (1)
- Repeated Games (1)
- Repeated Principal-Agent Model (1)
- Repo Markets (1)
- Repo Specialness (1)
- Reporting Standards (1)
- Representative Consumer (1)
- Reproduktionszahlen (1)
- Research and development (1)
- Research design (1)
- Reserve Orders (1)
- Reserve Requirements (1)
- Reserve requirements (1)
- Resiliency (1)
- Resolution Planning (1)
- Resource Acquisition (1)
- Resource Based View (1)
- Responsible investment (1)
- Restructuring (1)
- Restrukturierungsgesetz (1)
- Retail Banking (1)
- Retail Challenge (1)
- Retail gasoline price (1)
- Retirement Accounts (1)
- Retirement Security (1)
- Retirement Seminars (1)
- Retirement and Retirement Policies (1)
- Retirement planning (1)
- Retirement saving (1)
- Return (1)
- Return Risk (1)
- Return predictability (1)
- Returns to experience (1)
- Reversible Jump Markov Chain Monte Carlo (1)
- Revisions (1)
- Revolving Debt (1)
- Riester-Rente (1)
- Risikoanalyse (1)
- Risikoaversion (1)
- Risikomaße (1)
- Risikoverhalten (1)
- Risk Assessment (1)
- Risk Attitudes (1)
- Risk Measurement (1)
- Risk Pooling (1)
- Risk Preferences (1)
- Risk Taking (1)
- Risk sharing (1)
- Risk taking (1)
- Risk-Return Characteristics (1)
- Risk-neutral densities (1)
- Risk-premium (1)
- Risk-taking (1)
- Riskfree Rate (1)
- Risky Decision (1)
- Robust Simple Rules (1)
- Routine Medical Care (1)
- Rubin Causal Model (1)
- Ruhegeld (1)
- Rule-of-Thumb Consumers (1)
- Russia (1)
- Russian Economy (1)
- Russian Sanction (1)
- S corporations (1)
- S&P 500 (1)
- SEC (1)
- SHARE, Projekt (1)
- SIFI (1)
- SME Trading (1)
- SPR (1)
- SRB (1)
- SRF (1)
- SSM (1)
- STAR GARCH (1)
- STS (simple, transparent, and standardized securitizations) (1)
- SVAR (1)
- Saving Behavior (1)
- Saving Decisions (1)
- Saving puzzles (1)
- Savings (1)
- Say on Pay (1)
- Scenario (1)
- Schadensindex (1)
- Schenkungsteuer (1)
- Schuldnerland (1)
- Schweden (1)
- Schätzfunktion (1)
- Schätztheorie (1)
- Screening (1)
- Search Frictions (1)
- Search Model (1)
- Secondary Loan Markets (1)
- Securities Market Regulation (1)
- Securities Regulation (1)
- Securities regulation (1)
- Securitisation (1)
- Segmentation (1)
- Self Control (1)
- Self-Control (1)
- Self-exciting point process (1)
- Selling Behavior (1)
- Selling Decisions (1)
- Semiparametric Model (1)
- Sensitivität (1)
- Sentiment Analysis (1)
- Sequential Policy (1)
- Services Trade (1)
- Settlement (1)
- Settlement Latency (1)
- Severance Pay (1)
- Shadow Banking (1)
- Shannon capacity (1)
- Shapley-Lösung (1)
- Shareholder Letters (1)
- Shareholder Rights Directive (1)
- Shareholder wealth (1)
- Short Selling Constraints (1)
- Short-run Risk (1)
- Short-time work (1)
- Shortfall Risk (1)
- Signaling (1)
- Signaling Game (1)
- Similarity (1)
- Similarity encoding (1)
- Simulation (1)
- Sin Stocks (1)
- Single Banking Market (1)
- Single Resolution Mechanism (SRM) (1)
- Single Supervisy Mechanism (1)
- Skonto (1)
- Slow-Moving Capital (1)
- Small Business (1)
- Small Open Economy Models (1)
- Smoothing (1)
- SoFFin (1)
- Sociability (1)
- Social (1)
- Social Conditioning (1)
- Social Impact (1)
- Social Interactions (1)
- Social Learning (1)
- Social Norms (1)
- Social Policy (1)
- Social Security Reform (1)
- Social Security and Public Pensions (1)
- Social Security claiming (1)
- Social Security claiming age (1)
- Social Security reform (1)
- Social Security solvency (1)
- Social and Governance (ESG) (1)
- Social media (1)
- Social networks (1)
- Socially responsible investing (1)
- Socioeconomic Status (1)
- Sociology of Finance (1)
- Soft Information (1)
- Sovereign (1)
- Sovereign Bond Markets (1)
- Sovereign Bonds (1)
- Sovereign Credit Risk (1)
- Sovereign Debt Restructuring Mechanism (1)
- Sovereign Wealth Funds (1)
- Sovereign credit risk (1)
- Sovereign debt crisis (1)
- Sovereign guarantees (1)
- Sovereign risk (1)
- Sovereign wealth funds (1)
- Sowjetunion (1)
- Sozialausgaben (1)
- Soziale Marktwirtschaft (1)
- Sozialversicherung (1)
- Sparkasse (1)
- Sparse estimation (1)
- Sparsity (1)
- Spatial autoregressive model (1)
- Spectral Decomposition (1)
- Speculative bubbles (1)
- Spende (1)
- Spezifität (1)
- Spike–and–Slab prior (1)
- Spill-over-Effekt (1)
- Spillovers (1)
- Spitzentechnologie (1)
- Staat (1)
- Staatsanleihe Staatsanleihe (1)
- Staatsaufsicht (1)
- Staatsverschuldung (1)
- Stabilisierung (1)
- Stability (1)
- Stability and Growth Pact (1)
- Stabilitäts- und Wachstumspakt (1)
- Stablecoins (1)
- Stages (1)
- Stagnation (1)
- Stakeholder (1)
- Standard Setting (1)
- Standards (1)
- Standortpolitik (1)
- Start-ups (1)
- State-Dependent Pricing (1)
- Stationarity (1)
- Stationary Equilibrium (1)
- Status organizations (1)
- Stay-Home (1)
- Sterling (1)
- Steuergelder (1)
- Steuerhinterziehung (1)
- Steueroasen (1)
- Steuerpolitik (1)
- Steuerprogression (1)
- Steuersatz (1)
- Steuervermeidung (1)
- Sticky Information (1)
- Stochastic Discount Factor (1)
- Stochastic General Equilibrium Model (1)
- Stochastic Growth Model (1)
- Stochastic Search Variable Selection (1)
- Stochastic volatility (1)
- Stochastische dynamische Optimierung (1)
- Stochastischer Prozess (1)
- Stock Exchanges (1)
- Stock Market Dynamic Interactions (1)
- Stock Market Returns (1)
- Stock Markets (1)
- Stock Returns (1)
- Stock Trading (1)
- Stock market (1)
- Stock market wealth (1)
- Strategic Complementarity (1)
- Strategic investors (1)
- Strategieberichterstattung (1)
- Structural Bank Reform (1)
- Structural Change (1)
- Structural VAR (1)
- Structural VAR Approach (1)
- Structural estimation (1)
- Structured retail products (1)
- Struktur (1)
- Strukturanpassungen (1)
- Stückkosten (1)
- Subjective Survival Beliefs (1)
- Subjective expectations (1)
- Subsidization (1)
- Substitutionselastizität (1)
- Success Rates (1)
- Supervision (1)
- Supervisory Achitecture (1)
- Supervisory Relief Measures (1)
- Surveillance (1)
- Survey (1)
- Survey Data (1)
- Survey Methods (1)
- Sustainability-Linked Bonds (1)
- Sustainability-Linked Loans (1)
- Sustainabilty (1)
- Sustainable Finance Disclosure Regulation (1)
- Sustainable finance (1)
- Sustainable finance literacy (1)
- Swap (1)
- Sweden (1)
- Swiss Army Knife (1)
- Sydney Stock Exchange (1)
- Syndicated Loans (1)
- Syndication (1)
- Systemic events (1)
- Systemically Important Financial Institutions (1)
- TARGET balances (1)
- TARGET-Salden (1)
- TARGET2 (1)
- TARP (1)
- TIPS–Treasury puzzle (1)
- TLTRO (1)
- TRACE (1)
- Tageswert (1)
- Takeover speculation (1)
- Target 2 (1)
- Tarifverhandlung (1)
- Tax Cuts (1)
- Tax Cuts and Jobs Act (1)
- Tax Distortions (1)
- Tax Multiplier (1)
- Tax Rebates (1)
- Taxation of Capital (1)
- Taxonomie (1)
- Taxonomy Regulation (1)
- Taylor Regel (1)
- Taylor rule (1)
- Taylor-Regel (1)
- Technische Aktienanalyse (1)
- Technischer Fortschritt (1)
- Technology Adoption (1)
- Technology Park (1)
- Technology Shocks (1)
- Technology spillover (1)
- Temporal aggregation (1)
- Term Structure (1)
- Term Structure Modelling (1)
- Term life insurance (1)
- Terminmarkt (1)
- Terminplanung (1)
- Terms of Trade (1)
- Terrorism (1)
- Testen (1)
- Textual Sentiment (1)
- The Community Reinvestment Act (1)
- Threshold Error Correction (1)
- Tick Size (1)
- Time Inconsistency (1)
- Time Preferences (1)
- Time variation (1)
- Time-Consistency (1)
- Time-varying networks (1)
- Timing (1)
- Tobin tax (1)
- Tone (1)
- Too big to fail (1)
- Too-big-to-fail (1)
- Top 1% (1)
- Topmanager (1)
- Toxic Emissions (1)
- Trade Integration (1)
- Trade sales (1)
- Trade-sale Rights (1)
- Trading volume (1)
- Transaction costs (1)
- Transition (1)
- Transition Financing (1)
- Transitional Dynamics (1)
- Treasury Futures (1)
- Tree-based models (1)
- Trend Growth (1)
- Trennbanken (1)
- Triple Difference Estimator (1)
- Trittbrettfahrerverhalten (1)
- Trust Game (1)
- Trustworthiness (1)
- Tunneling (1)
- Turkey (1)
- Turning points (1)
- Tying (1)
- U.S. Banking Industry (1)
- U.S. oil independence (1)
- UK (1)
- US monetary aggregates (1)
- US top-wealth shares (1)
- US-Dollar (1)
- USA / Board of Governors of the Federal Reserve System (1)
- USA / President (1)
- Ukraine (1)
- Umbrella Policies (1)
- Umfrage (1)
- Unabhängigkeit (1)
- Unconventional Monetary policy (1)
- Under Risk (1)
- Underwriter (1)
- Undiversifiable Earnings Risk (1)
- Unendliches Spiel (1)
- Ungleichheit (1)
- Unit root (1)
- United States (1)
- Universal Banking (1)
- Universal banks (1)
- University governance (1)
- Unobserved Component Models (1)
- Unsichtbarer Handel (1)
- Unterbewertung (1)
- Unternehmensbewertung (1)
- Unternehmensentwicklung (1)
- Unternehmensgröße (1)
- Unternehmenskonzentration (1)
- Up-front fees (1)
- Upper Limit (1)
- Upside Risk (1)
- Utility Functions (1)
- Utility Maximization (1)
- Utility Theory (1)
- Utilization (1)
- VAR Modeling (1)
- VAR estimation (1)
- VC-backed IPOs (1)
- VLCC (1)
- Value creation (1)
- Value premium (1)
- Variance Risk Premium (1)
- Vector Autoregression (1)
- Vektoranalysis (1)
- Venue Choice (1)
- Verdopplungszeit (1)
- Vereinigtes Königreich (1)
- Vergleich (1)
- Verhaltensökonomie (1)
- Verhandlungsspiel (1)
- Verhandlungstheorie (1)
- Verlust (1)
- Verlustrücktrag (1)
- Vermögen (1)
- Vermögenspreise (1)
- Vermögensumverteilung (1)
- Vermögensverteilung (1)
- Versicherung (1)
- Versicherungen (1)
- Versicherungsbetrieb (1)
- Versicherungsnehmer (1)
- Versicherungsschutz (1)
- Versicherungsverein auf Gegenseitigkeit (1)
- Versicherungsvertrag (1)
- Versicherungswirtschaft (1)
- Verteilungsgerechtigkeit (1)
- Vertical Integration (1)
- Vertical R&D (1)
- Vertrag über die Arbeitsweise der EU (AEUV) (1)
- Vertragsschluss (1)
- Volcker Rule (1)
- Volksbank (1)
- Vorstandsvergütung (1)
- Vorstandsvorsitzender (1)
- WHO alerts (1)
- Wachstum (1)
- Wage Setting (1)
- Wage rigidity (1)
- Wagner's Law (1)
- Wagnisfinanzierungsgesellschaft (1)
- Washington <DC, 2008> (1)
- Watchlist (1)
- Weak Instruments (1)
- Wealth Accumulation (1)
- Wealth Decumulation (1)
- Wealth Distribution (1)
- Wealth Effect (1)
- Wealth Holdings (1)
- Wealth Losses (1)
- Wealth Shocks (1)
- Wealth effects (1)
- Wealth shocks (1)
- Wechselkurspolitik (1)
- Welfare Costs (1)
- Weltwirtschaft (1)
- Wertpapieranalyse (1)
- Wertpapieranlage (1)
- Wertpapierberatung (1)
- Wertpapierbörse (1)
- Wertpapiere (1)
- Wertpapierhandel (1)
- Wertpapiermärkte (1)
- Wettbewerbsrecht (1)
- Wettbewerbsstrategie (1)
- Wettervorhersage (1)
- Windfalls (1)
- Wirtschaftliche Stabilität (1)
- Wirtschaftsentwicklung (1)
- Wirtschaftsmodell (1)
- Wirtschaftssektor (1)
- Wirtschaftsverfassung (1)
- Wissen (1)
- Wohlfahrtsstaat (1)
- Wohnungsfinanzierung (1)
- Word Embedding (1)
- World Yield (1)
- WpHG (1)
- Währungspolitik (1)
- Währungsrecht (1)
- Währungsrisiko (1)
- Währungssystem (1)
- Währungswettbewerb (1)
- XAI (1)
- Xetra (1)
- Yen (1)
- Yield Curve (1)
- Yield Curve Risk (1)
- Yield curve (1)
- Yield spread (1)
- Zahlungsbedingungen (1)
- Zahlungsbilanzausgleich (1)
- Zahlungsbilanzungleichgewicht (1)
- Zeit (1)
- Zeitinkonsistenz (1)
- Zeitreihe (1)
- Zentralbankensystem (1)
- Zentralbankgeld (1)
- Zentralbankpolitik (1)
- Zentralnbank (1)
- Zero Bound (1)
- Zero lower bound (1)
- Zinsparität (1)
- Zinspolitik (1)
- Zinsspanne (1)
- Zinsspannenrechnung (1)
- Zinsänderungsrisiko (1)
- Zombie Lending (1)
- Zustandsabhängigkeit (1)
- abnormal returns (1)
- absence of arbitrage (1)
- absolute loss (1)
- accountability (1)
- accounting (1)
- accounting data (1)
- acquisition cost (1)
- adaptation (1)
- adaptive learning (1)
- adviser (1)
- affect heuristic (1)
- affine equilibrium model (1)
- age (1)
- age limits (1)
- agency (1)
- agglomeration (1)
- aggregate uncertainty (1)
- aging (1)
- agriculture (1)
- algorithmic trading (1)
- allocation bias (1)
- allocative efficiency (1)
- ambiguity aversion (1)
- ambiguity premium (1)
- analytic functions (1)
- anchor (1)
- angel finance (1)
- annual general meeting (1)
- annuity puzzle (1)
- anticipation (1)
- art investing (1)
- art investments (1)
- asset management (1)
- asset managers (1)
- asset markets (1)
- asset prices (1)
- asset-backed securities (1)
- assetbacked securities (1)
- asymmetric shocks (1)
- asymmetry (1)
- attitudes towards inequality (1)
- auction (1)
- auction format (1)
- audit industry (1)
- audit partners (1)
- audit quality (1)
- audit quality, (1)
- auditor rotation (1)
- automatic enrollment (1)
- average treatment effect (1)
- background risk (1)
- backtesting (1)
- backward stochastic differential equation (1)
- bail-in bonds (1)
- bailouts (1)
- balance of payments (1)
- balance sheet adjustment (1)
- balance sheet risk (1)
- ban (1)
- bank (1)
- bank accounting (1)
- bank and non-bank financial intermediation (1)
- bank balance-sheet channel (1)
- bank behavior (1)
- bank bonds (1)
- bank capital ratios (1)
- bank capital requirements (1)
- bank default (1)
- bank distress (1)
- bank integration (1)
- bank lending channel (1)
- bank loans (1)
- bank performance (1)
- bank relationship (1)
- bank resolution regimes (1)
- bank seserves (1)
- bank stability (1)
- banking and treasury functions (1)
- banking networks (1)
- banking resolution (1)
- banking supervision, (1)
- banking system liquidity (1)
- banking systems (1)
- banknotes (1)
- bankruptcy (1)
- banks’ funding costs (1)
- behavioral economics (1)
- behavioral inattention (1)
- behavioral macroeconomics (1)
- belief effect (1)
- belief estimation (1)
- belief formation (1)
- belief updates (1)
- belief updating (1)
- benchmarks (1)
- betrayal aversion (1)
- betting (1)
- bi-power variation (1)
- biased assimilation (1)
- biased beliefs (1)
- biases (1)
- bidder surplus (1)
- bilateral investment treaties (1)
- biofuel (1)
- biofuels (1)
- biometric risks (1)
- bitcoin (1)
- bond auctions (1)
- bond market liquidity (1)
- bond ownership (1)
- bond returns (1)
- bonds (1)
- booms (1)
- bootstrap (1)
- borrowing (1)
- bounded rationality (1)
- bracket creep (1)
- brown-spinning (1)
- buffer-stock models of saving (1)
- bunker fuel (1)
- bureaucrats' incentives (1)
- business cycles (1)
- business owners wealth (1)
- calendar effects (1)
- call auctions (1)
- capacity constraints (1)
- capacity utilization (1)
- capital adequacy (1)
- capital flows (1)
- capital gains tax (1)
- capital injection to banks (1)
- capital maintenance (1)
- capital ratios (1)
- capital re-cycling (1)
- capital taxation (1)
- capital taxes (1)
- capital-labor ratio (1)
- caps (1)
- career concerns (1)
- career development (1)
- careers (1)
- cartel damages (1)
- cash equity markets (1)
- cash flow effects of interest rate policy (1)
- cash flow sensitivity (1)
- cash holdings (1)
- catastrophe bond (1)
- catastrophic events (1)
- catastrophic risk (1)
- causal inferences (1)
- central bank accountability (1)
- central bank governance (1)
- central bank governor (1)
- central bank information effect (1)
- central bank mandates (1)
- central bank policy (1)
- central counter parties (1)
- central counterparties (1)
- centralisation (1)
- centrality metrics (1)
- certification (1)
- cheating (1)
- childcare (1)
- choice overload (1)
- client involvement (1)
- climate (1)
- climate behavior (1)
- climate policies (1)
- climate risk (1)
- climate-related disclosures (1)
- closed-end funds (1)
- coal (1)
- cognitive abilities (1)
- cognitive load (1)
- cognitive sophistication (1)
- cointegrated systems (1)
- cointegration (1)
- coinvestment (1)
- collateral reuse (1)
- collective action clauses (1)
- collective litigation (1)
- combined forecasting (1)
- commercial banks (1)
- commodities (1)
- commodity (1)
- common bond (1)
- common factor models (1)
- communication (1)
- comparability (1)
- competition between exchanges (1)
- competitive equilibrium (1)
- competitive insurance market (1)
- competitiveness (1)
- complementarity (1)
- compliance behavior (1)
- comprehensive assessment (1)
- computer visionbiases (1)
- conditional CAPM (1)
- conditional volatility (1)
- conditionality (1)
- confirmatory biases (1)
- conflict of laws (1)
- connected industries (1)
- conspicuous consumption (1)
- constrained efficiency (1)
- construction procurement (1)
- consumer education (1)
- consumer loans (1)
- consumer prices (1)
- consumer protection (1)
- consumption commitments (1)
- consumption dynamics (1)
- consumption heterogeneity (1)
- consumption-based models (1)
- consumption-portfolio decisions (1)
- container (1)
- content analysis (1)
- contest (1)
- contingent capital (1)
- continuous limit order book (1)
- contract addition (1)
- contract econometrics (1)
- contract law (1)
- contract theory (1)
- contractual liability (1)
- contrarian trading (1)
- control by Court of Auditors (1)
- controlled diffusion (1)
- controlled diffusions and jump processes (1)
- conventional monetary policy (1)
- convergence (1)
- conÖrmation bias (1)
- coordination risk (1)
- copula (1)
- corporate bonds (1)
- corporate control (1)
- corporate credit risk (1)
- corporate deposits (1)
- corporate governance codes (1)
- corporate income tax (1)
- corporate savings (1)
- corporate social responsibility (1)
- corporate taxation (1)
- corporate taxes (1)
- correlation (1)
- cost of carry model (1)
- cost-benefit analysis (1)
- counterfactual analysis (1)
- counterfactual decompositions (1)
- counterfactual thinking (1)
- covariance (1)
- crack spread (1)
- credence goods (1)
- credit access (1)
- credit card debt (1)
- credit channel (1)
- credit default swap (1)
- credit derivatives (1)
- credit losses (1)
- credit management (1)
- credit market competition (1)
- credit misallocation (1)
- credit ratings (1)
- credit rationing (1)
- credit risk transfer (1)
- credit scoring (1)
- credit volume (1)
- credit-file data set (1)
- creditors runs (1)
- crop prices (1)
- cross-border insolvency (1)
- cross-border institutions (1)
- cross-border political access (1)
- cross-equation restrictions of rational expectations (1)
- cross-section (1)
- cross-section of expected stock returns (1)
- cross-section of stock return (1)
- cross-section of stock returns (1)
- cross-subsidy (1)
- cross‐country analysis (1)
- crowdlending (1)
- crowdsponsoring (1)
- cryptocurrency (1)
- culture (1)
- currencies (1)
- currency board (1)
- currency competition (1)
- current account (1)
- dark trading (1)
- dash-for-cash (1)
- debt issuance (1)
- debt relief to households (1)
- debt structure (1)
- decentralization theorem (1)
- decision theory (1)
- default effect (1)
- default investment (1)
- deleveraging (1)
- demand curve (1)
- demand elasticities (1)
- democracy (1)
- demographic change (1)
- demographic trends (1)
- demographischer Wandel (1)
- deposit insurance (1)
- deposits (1)
- deregulation (1)
- derivates market (1)
- designated market makers (1)
- dictator game (1)
- die game milk (1)
- diesel (1)
- differences of opinion (1)
- differential games (1)
- diffusion of norms (1)
- digital money (1)
- digital planning tool (1)
- digitalization (1)
- directors (1)
- disaggregated prices (1)
- disaggregation (1)
- disagreement (1)
- disclosure (1)
- discourse analysis (1)
- discretionary lending (1)
- disinflation (1)
- disintermediation (1)
- distance (1)
- distributed ledger technology (1)
- distribution channel (1)
- distributional consequences of monetary policy (1)
- divergence of opinion (1)
- diversity (1)
- divestments (1)
- dividend policy (1)
- dividends (1)
- dollar (1)
- dollar funding (1)
- doubling time (1)
- dual systems (1)
- duration of civil proceedings (1)
- duration of pay (1)
- dynamic correlation (1)
- dynamic factor models (1)
- dynamic inconsistency (1)
- dynamic model (1)
- dynamic panel GMM estimation (1)
- dynamic panel sata models (1)
- dynamic spillovers (1)
- earnings management (1)
- economic fluctuations (1)
- economic governance (1)
- economic growth (1)
- economic policy (1)
- economic policy uncertainty (1)
- economic preferences (1)
- economic rationality (1)
- economic reforms (1)
- economic surprises (1)
- economies of scale (1)
- educational intervention (1)
- effective lower bound (1)
- egulation of financial markets (1)
- elections (1)
- electronic markets (1)
- electronic trading (1)
- electronic trading systems (1)
- emerging market economies (1)
- emerging markets (1)
- emissions trading system (ETS) (1)
- emotions (1)
- empirical contract theory (1)
- employees (1)
- employer-employee level dataset (1)
- employment (1)
- end-of-day price dislocation (1)
- endogeneity (1)
- endogenous growth (1)
- endogenous information acquisition (1)
- endogenous risk (1)
- endorsement effect (1)
- energy (1)
- energy crisis (1)
- entrepreneurial spawning (1)
- entrusted loan (1)
- equity (1)
- equity betas (1)
- equity market integration (1)
- equity markets (1)
- equity trading (1)
- equity-risk premium (1)
- erm structure of interest rates (1)
- escape dynamics (1)
- ethanol (1)
- ethische Normen (1)
- euro area regional and sectoral inflation (1)
- europäischer Zahlungsverkehr (1)
- eurozone (1)
- event-study (1)
- exchange rate determination (1)
- exchange rate response to monetary policy (1)
- exchange trading rules (1)
- executive labor market (1)
- exit (1)
- expectation (1)
- expectation gap (1)
- experiences (1)
- experiment (1)
- experimental asset markets (1)
- experiments (1)
- expert forecasts (1)
- expert opinions (1)
- exploratory data analysis (1)
- export ban (1)
- exports (1)
- externalities (1)
- externality (1)
- extreme value theory (1)
- factor timing (1)
- factorization of matrix polynomials (1)
- fairness (1)
- familiarity (1)
- family firms (1)
- federal transfers (1)
- fertility (1)
- fiduciary (1)
- field study (1)
- filtering (1)
- finance and development (1)
- finance and employment (1)
- finance and technology (1)
- finance wage premium (1)
- financial accelerator (1)
- financial constraints (1)
- financial contracts (1)
- financial crises (1)
- financial cycles (1)
- financial decision-making (1)
- financial derivatives (1)
- financial development (1)
- financial disasters (1)
- financial education (1)
- financial fragility (1)
- financial fragmentation (1)
- financial innovations (1)
- financial literacy determinants (1)
- financial market (1)
- financial market data (1)
- financial market regulation (1)
- financial market stability (1)
- financial market supervision (1)
- financial markets regulation (1)
- financial models (1)
- financial repression (1)
- financial resilience (1)
- financial retrenchment (1)
- financial risk und project risk (1)
- financial risk-taking (1)
- financial solidarity (1)
- financial spillover (1)
- financial spillovers (1)
- financial stablity (1)
- financial stocks (1)
- financial structure (1)
- financial supervision (1)
- financial systems (1)
- financial transaction data (1)
- financial transaction tax (1)
- financing (1)
- financing constraint (1)
- fire sales (1)
- firm growth (1)
- firm objective (1)
- firm value (1)
- first-order approach (1)
- first-price auctions (1)
- fiscal adjustment (1)
- fiscal austerity (1)
- fiscal crisis (1)
- fiscal decentralization (1)
- fiscal federalism (1)
- fiscal financial vulnerabilities (1)
- fiscal multipliers (1)
- fiscal policy transmission (1)
- fiscal responsibility (1)
- fiscal solidarity (1)
- fiscal stimulus (1)
- fiscal stress (1)
- fiscal transfers (1)
- fiscal union (1)
- fiscal variables (1)
- fixed point approach (1)
- flash crashes (1)
- flexible-hour contracts (1)
- floating net asset value (FNAV) (1)
- floor versus screen trading (1)
- floors (1)
- food crisis (1)
- food price volatility (1)
- forbearance (1)
- forecast (1)
- forecast accuracy (1)
- forecasts (1)
- foreign currency lending (1)
- foreign direct investment (1)
- foreign portfolio investment (1)
- formal education (1)
- fragmentation (1)
- free banking (1)
- free dividend fallacy (1)
- free-riding problem (1)
- frequency domain (1)
- frequent batch auctions (1)
- front loading Effekte (1)
- front loading effects (1)
- functional finance approach (1)
- fund growth (1)
- funding dry-ups (1)
- funding risk (1)
- furlough (1)
- futures markets (1)
- game perceptions (1)
- gasoline supply (1)
- gasoline tax (1)
- gender (1)
- gender equality (1)
- gender wage gap (1)
- genetics (1)
- geographic expansion (1)
- geopolitical risk (1)
- german banking system (1)
- german banks (1)
- german pension system (1)
- global banking (1)
- global co-movement (1)
- global preference survey (1)
- goal orientation (1)
- government (1)
- government debt (1)
- gradualism (1)
- greek crisis (1)
- green central bank policy (1)
- green financing (1)
- group identity (1)
- group law (1)
- group size (1)
- growth options (1)
- habit (1)
- health (1)
- hedging errors (1)
- hedonic model (1)
- herd immunity (1)
- heterogeneity (1)
- heterogeneous beliefs (1)
- heterogeneous expectations (1)
- heterogeneous firms (1)
- heterogeneous monetary policy response (1)
- heterogeneous price expectations (1)
- heterogeneous wage rigidity (1)
- hidden action (1)
- high consumption volatility (1)
- high frequency data (1)
- high frequency trading (1)
- high-frequency traders (HFTs) (1)
- high-frequency trading (1)
- high-tech (1)
- high-tech investment (1)
- higher order beliefs (1)
- higher-order beliefs (1)
- holdout litigation (1)
- honesty (1)
- hours per capita measurement (1)
- house price (1)
- household liquidity (1)
- household savings (1)
- household wealth (1)
- household finance (1)
- households (1)
- housing debt crisis (1)
- housing expenditure share (1)
- housing investments (1)
- ideational shift (1)
- idle time (1)
- impatience (1)
- imperfect common knowledge (1)
- imperfect competition (1)
- imperfect labor market competition (1)
- implied correlation (1)
- import prices (1)
- import-export relations (1)
- impulse analysis (1)
- incentive compatibility (1)
- incentive compensation (1)
- incentive pay (1)
- incentives for investment (1)
- incidence (1)
- income dependent inflation (1)
- income distribution (1)
- income risk (1)
- income tax (1)
- incomplete information (1)
- independent private values (1)
- indeterminacy (1)
- index of lost lifetime (1)
- indicators (1)
- indirect inference estimation (1)
- individual retirement account (1)
- individual-bank lending (1)
- individuelle Altersvorsorge (1)
- industrial organization (1)
- inertia in demand (1)
- infection dynamics (1)
- inference (1)
- inflation expectations (1)
- inflation forecast targeting (1)
- inflation forecasting (1)
- inflation inertia (1)
- inflation swaps (1)
- informal loans (1)
- informal markets (1)
- information (1)
- information asymmetry (1)
- information demand (1)
- information flow (1)
- information frictions (1)
- information networks (1)
- information processing (1)
- information sharing (1)
- informational externalities (1)
- informativeness principle (1)
- infrastructural power (1)
- infrastructure (1)
- input-output (1)
- instability under learning (1)
- institutional design (1)
- instruments (1)
- insurance industry (1)
- insurance supervision (1)
- inter-corporate loan (1)
- interbank market (1)
- interbank markets (1)
- interconnections (1)
- interdependence (1)
- interdependent preferences (1)
- interest rate elasticity (1)
- interest rate risk (1)
- interest-rate channel (1)
- interest-rate rules (1)
- intergenerational persistence (1)
- intermediate targets (1)
- intermediation (1)
- internal capital markets (1)
- internal financing (1)
- internal money market (1)
- internal rating models (1)
- internal ratings (1)
- internal ratings based approach (1)
- international capital markets (1)
- international comparative finance (1)
- international currencies (1)
- international diversification benefits (1)
- international lendin (1)
- international monetary system (1)
- international price dispersion (1)
- international price setting (1)
- international taxation (1)
- internationaler Konjunkturzusammenhang (1)
- internet (1)
- intertemporal trade (1)
- intraday (1)
- intraday (co-)variation risk (1)
- intraday non-linearities (1)
- intuitive thinking (1)
- inverse probability weighting (1)
- investment behavior (1)
- investment biases (1)
- investment forum (1)
- investment guarantee (1)
- investment mistakes (1)
- investor behavior (1)
- investor preferences (1)
- investor segmentation (1)
- investor sentiment (1)
- investor sophistication (1)
- isk premiums (1)
- jet fuel (1)
- jump risk (1)
- jumps in aggregate consumption (1)
- jumps in the longrun growth rate (1)
- kapitalgedeckte Alterssicherung (1)
- knowledge of economics and finance (1)
- knowledge of finance and economics (1)
- labelling (1)
- labels (1)
- labor demand (1)
- labor hoarding (1)
- labor income (1)
- labor income taxes (1)
- labor market (1)
- labor market entry (1)
- labor mobility (1)
- labour economics (1)
- labour market policies (1)
- large language models (1)
- latency arbitrage (1)
- law (1)
- law enforcement (1)
- layoff risk (1)
- learning about jumps (1)
- learning strategy (1)
- leasing (1)
- legal transplants (1)
- leisure (1)
- lender of last resort (1)
- lending (1)
- level and slope of implied volatility smile (1)
- level playing field (1)
- leverage constraint (1)
- leverage effect (1)
- life cycle model (1)
- life expectancy (1)
- life-cycle (1)
- life-cycle behavior (1)
- life-cycle household decisions (1)
- life-cycle hypothesis (1)
- life-cycle models (1)
- life-cycle utility maximization (1)
- lifecycle (1)
- lifecycle investment (1)
- lifecycle saving (1)
- liftoff (1)
- likelihood insensitivity (1)
- limited arbitrage (1)
- liquidity elasticity (1)
- liquidity externalities (1)
- liquidity premium (1)
- liquidity requirements (1)
- liquidity runs (1)
- loan guarantees (1)
- loan loss allowances (1)
- loan officer (1)
- loan origination (1)
- loan price determination (1)
- local investors (1)
- local method of moments (1)
- local projection (1)
- local projections (1)
- local public debt (1)
- locally non-diversifiable risk (1)
- location decisions (1)
- long memory (1)
- long real interest rates (1)
- long time series (1)
- long-run growth (1)
- long-term real interest rates (1)
- longrun risk (1)
- loss index (1)
- loss sharing (1)
- losses (1)
- lottery-type assets (1)
- low frequency trends (1)
- low interest rate environment (1)
- low risk anomaly (1)
- lump sum (1)
- macro-finance (1)
- macro-financial models (1)
- macro-prudential policy (1)
- macro-prudential tools (1)
- macroeconomic conditions (1)
- macroeconomic experiences (1)
- macroeconomic fundamentals (1)
- macroeconomic risks (1)
- macrofinancial linkages (1)
- macroprudential franework (1)
- macroprudential policy transmission (1)
- macroprudential regulation (1)
- make-up strategies (1)
- makroökonomische Konjunkturforschung (1)
- management compensation (1)
- mandatory disclosure (1)
- manufacturing (1)
- marked to market (1)
- marked to market. (1)
- market and credit risk factors (1)
- market design (1)
- market enforcement (1)
- market expectation (1)
- market fragmentation (1)
- market infrastructure (1)
- market integration (1)
- market makers (1)
- market making (1)
- market microstructure (1)
- market microstructure noise (1)
- market price (1)
- market quality (1)
- market rate of interest (1)
- market risk (1)
- market shares (1)
- market size (1)
- market structure (1)
- market-based (1)
- market-based financial intermediation (1)
- market-making (1)
- marketplace lending (1)
- matching (1)
- maturity (1)
- mean response function (1)
- measure of ambiguity (1)
- measurement error (1)
- media polarization (1)
- median (1)
- median response function (1)
- medium-sized debtors (1)
- mergers and acquisitions (1)
- micro data transparency (1)
- microdata (1)
- microprudential supervision (1)
- midpoint extended life order (1)
- mini-flash crash (1)
- misperception (1)
- missing data (1)
- missing disinflation (1)
- mitigation (1)
- mixed frequency (1)
- mnimum distribution requirements (1)
- modal model (1)
- model misspecification (1)
- moderne Notenbanker (1)
- momentum trading (1)
- monetary financing (1)
- monetary non-neutrality (1)
- monetary operations (1)
- monetary policy strategy (1)
- monetary policy surprise (1)
- monetary policy surprise shocks (1)
- monetary reform (1)
- monetary shocks (1)
- monetary system (1)
- monetary targeting (1)
- monetäre Makroökonomik (1)
- money in the utility function (1)
- mood (1)
- moral hazar (1)
- moral values (1)
- mortgage loans (1)
- motivated beliefs (1)
- motivated reasoning (1)
- motivation for honesty (1)
- multi agent models (1)
- multi-unit auctions (1)
- multinational firms (1)
- multiple lending (1)
- multiple point of entry (1)
- multiple-bank lending (1)
- multiplex networks (1)
- multiplicative error model (1)
- multivariate GARCH (1)
- mutual fund performance (1)
- nance premium (1)
- narrative sign restrictions (1)
- national interest (1)
- national systems of local banks (1)
- natural disasters (1)
- natural gas price (1)
- natural rate (1)
- natural unemployment rate (1)
- negativer Zins (1)
- neoinstitutionalism (1)
- net asset value (1)
- net foreign assets (1)
- net wealth (1)
- net zero transition (1)
- net-zero arbitrage (1)
- net-zero plans and targets (1)
- net-zero transition (1)
- network (1)
- network analysis (1)
- network centrality (1)
- network dynamics (1)
- network formation (1)
- network model (1)
- network topology (1)
- network topology estimation (1)
- network visualization (1)
- new fiscal compact (1)
- nominal exchange rate regime neutrality (1)
- nominee account (1)
- non-Bayesian updates (1)
- non-linear VAR (1)
- non-performing assets (1)
- nonlinearities (1)
- nonlinearity (1)
- nonparametric methods (1)
- nonstandard asymptotics (1)
- normal inverse gaussian distribution (1)
- official market interventions (1)
- oil (1)
- oil demand elasticity (1)
- oil price shock (1)
- oil sands (1)
- oil supply elasticity (1)
- oil trade (1)
- old cohorts wealth (1)
- one-child policy (1)
- online borrowing (1)
- online experiments (1)
- open economy (1)
- open economy macro-finance modeling (1)
- operating procedures (1)
- opinion (1)
- opportunity (1)
- optimal asset allocation (1)
- optimal capital structure choice (1)
- optimal inflation rate (1)
- optimal learning (1)
- optimal monetary policy (1)
- optimal policy (1)
- optimal rate of inflation (1)
- optimal stopping (1)
- optimum currency area (1)
- option-implied distribution (1)
- options (1)
- order flow (1)
- order submission (1)
- orthogonalization (1)
- otc derivatives markets (1)
- outgroup derogation (1)
- output fluctuations (1)
- output gap (1)
- output gap estimates (1)
- overconfidence (1)
- overlapping generations (1)
- overlapping wage contracts (1)
- overreaction (1)
- owner-manager conflict (1)
- ownership concentration (1)
- ownership structure (1)
- pairwise connectedness (1)
- pandemic (1)
- pandemic insurance (1)
- panel data (1)
- panel unit root test (1)
- panel vector autoregression (1)
- parameter uncertainty (1)
- pari passu clauses (1)
- partially linear models (1)
- participation (1)
- participation rate (1)
- passthrough (1)
- patents (1)
- paycheck frequency (1)
- payment system (1)
- peak oil (1)
- peer to peer payment systems (1)
- peer-to-peer (1)
- pension funds (1)
- perceived wealth (1)
- performance (1)
- performance indicators (1)
- performance pricing (1)
- performance-sensitive debt (1)
- personal finance (1)
- personality traits (1)
- peso problem (1)
- pessimism (1)
- pharmaceutical industry (1)
- phased withdrawal accounts (1)
- placebo technique (1)
- polarization (1)
- policy (1)
- policy credibility (1)
- policy design of macroeconomic institutions (1)
- policy evaluation (1)
- policy intervention (1)
- policy normalization (1)
- policy reform (1)
- policy robustness (1)
- policy uncertainty (1)
- political behavior (1)
- political economy of bureaucracy (1)
- political polarization (1)
- politics (1)
- pooling equilibrium (1)
- portfolio management (1)
- portfolio modelling (1)
- portfolio optimization (1)
- portfolio performance (1)
- portfolio selection (1)
- posterior (1)
- posterior risk (1)
- potential output (1)
- precautionary recapitalization (1)
- predictive likelihood (1)
- present bias (1)
- price discovery process (1)
- price discrimination (1)
- price elasticity (1)
- price impact (1)
- price reversal (1)
- price rigidities (1)
- price shocks (1)
- price-dividend ratio (1)
- price-setting (1)
- pricing (1)
- pricing estimates (1)
- primary dealers (1)
- principal agent (1)
- principal components (1)
- private Vermögensbildung (1)
- private benefits of control (1)
- private business (1)
- private companies (1)
- private financial services (1)
- private markets (1)
- private money (1)
- private sector involvement (1)
- probability of default (1)
- product development (1)
- productivity growth (1)
- profits (1)
- propagation of inequality (1)
- propensity score (1)
- proprietary trading ban (1)
- protected values (1)
- provisioning rules (1)
- prudential regulation (1)
- public bonds (1)
- public finance (1)
- public information (1)
- public markets (1)
- public policy analysis (1)
- public private partnership (1)
- quadratic variation (1)
- quadratic variation and covariation (1)
- quantile regression (1)
- racial inequality (1)
- randomized controlled trial (1)
- rank feedback (1)
- rare disaster risk (1)
- rare disasters (1)
- rating (1)
- rational bias (1)
- rational learning (1)
- reactive equilibrium (1)
- real and nominal border effect (1)
- real exchange rate dispersion (1)
- real exchange rate volatility (1)
- real exchange rates (1)
- real option (1)
- realized beta (1)
- realized quarticity (1)
- recent economic crisis (1)
- reconciliation of Lucas's advocacy of rational-expectations modelling and policy predictions and Sims's advocacy of VAR modelling (1)
- recursive preferences (1)
- refined products (1)
- refining (1)
- reform (1)
- regime switching model (1)
- regime-dependent correlations (1)
- regional heterogeneity (1)
- regional propagation (1)
- regression adjustment (1)
- regression discontinuity design (1)
- regret (1)
- regularization (1)
- regulatory capture (1)
- rehypothecation (1)
- related party transactions (1)
- relationship lending, (1)
- relative performance evaluation (1)
- relative performance feedback (1)
- rent seeking (1)
- renting vs. owning home (1)
- repeat sale (1)
- repeated games (1)
- replication (1)
- repo market (1)
- reporting (1)
- reproduction number (1)
- resilience (1)
- resiliency (1)
- resource boom (1)
- responsibility (1)
- retail investors (1)
- retained earnings (1)
- retention (1)
- retirement expectations (1)
- retirement plan (1)
- retirement planning (1)
- retirement policies (1)
- retirement preparation (1)
- return expectations (1)
- reversals (1)
- reverse mortgage (1)
- risk perception (1)
- risk preference (1)
- risk spillovers (1)
- risk-based capital (1)
- risk-sharing (1)
- risk-taking channel of monetary policy (1)
- risk-taking incentives (1)
- robust decision theory (1)
- robust inference (1)
- robust monetary policy (1)
- robustness (1)
- rules (1)
- rules vs discretion (1)
- salience (1)
- saving behavior (1)
- saving puzzles (1)
- savings accounts (1)
- savings and wealth accumulation (1)
- say-on-pay (1)
- scanner price data (1)
- scarring effects (1)
- school closures (1)
- seasonal affective disorder (SAD) (1)
- seasonality (1)
- second-order dependence (1)
- secrecy (1)
- secular stagnation (1)
- securities (1)
- securities law and regulation (1)
- securities lending (1)
- securities markets (1)
- securities trading (1)
- securitization (1)
- selection (1)
- selection bias (1)
- self-control (1)
- semi-parametric estimation (1)
- sensitivity (1)
- separating equilibrium (1)
- severance pay caps (1)
- severity (1)
- shale oil (1)
- shareholder engagement (1)
- shareholder wealth (1)
- shareholderism (1)
- shifting endpoint (1)
- shocks (1)
- short-sale constraints (1)
- short-selling (1)
- simple rules (1)
- simultaneity (1)
- single point of entry (1)
- skill (1)
- skill-biased technological change (1)
- slumps (1)
- small and medium enterprises (1)
- smoothing (1)
- sniping (1)
- social (1)
- social centralization (1)
- social dilemma (1)
- social distance (1)
- social identity (1)
- social impact (1)
- social impact bonds (1)
- social networks (1)
- social norm (1)
- social security claiming (1)
- socialist education (1)
- socially responsible consumers (1)
- soft information (1)
- soft law (1)
- solution methods (1)
- solvency shocks (1)
- sophistication (1)
- source dependence (1)
- sovereign bond markets (1)
- sovereign bond risk premiums (1)
- sovereign debt (1)
- sovereign debt litigation (1)
- sovereign debt restructuring (1)
- sovereign debt standstill (1)
- sovereign rating (1)
- sovereignbank linkages (1)
- soziale Marktwirtschaft (1)
- specificity (1)
- speculative trading (1)
- spending cuts (1)
- spillovers (1)
- spot covariance (1)
- spread premium (1)
- sset pricing (1)
- staatliche Sozialversicherung (1)
- stability (1)
- stability of equilibria (1)
- stabilization (1)
- stable convergence (1)
- stakeholder (1)
- stakeholder governance (1)
- staleness (1)
- standard setting (1)
- state (1)
- state dependence (1)
- state dependency (1)
- state-contingent contracts (1)
- state-dependent sensitivity value-at-risk (SDSVaR) (1)
- state-owned enterprises (1)
- state-space model (1)
- statement indicators (1)
- stationarity (1)
- statistical risk measurement (1)
- statistical testing (1)
- statistics (1)
- stealth trading (1)
- stewardship codes (1)
- sticky expectations (1)
- stochastic control (1)
- stock buybacks (1)
- stock demand (1)
- stock market crisis (1)
- stock market investment (1)
- stock market nonparticipation (1)
- stock market reaction (1)
- stock market volatility (1)
- stock ownership (1)
- stock pricing (1)
- stock repurchases (1)
- stock return expectations (1)
- stocks (1)
- storage (1)
- storage demand (1)
- strategic complementarity (1)
- strategic interaction of regulators (1)
- strategic trading (1)
- strategy review (1)
- stress test (1)
- structural change (1)
- structural estimation (1)
- structural scenario analysis (1)
- structured products (1)
- strukturelle Reformen (1)
- subjective expectations (1)
- subordinated debt (1)
- substitution (1)
- sunspots (1)
- super-elasticity (1)
- supervision (1)
- supervisory intervention (1)
- supply chain (1)
- survey (1)
- survey analysis (1)
- survey expectations (1)
- survey experiments (1)
- survey forecasts (1)
- sustainability KPIs (1)
- sustainable investments (1)
- systemic importance (1)
- systemic risk analysis (1)
- systemic risk contribution (1)
- systemic risk fund (1)
- systemic risk network (1)
- systemic risk, too-interconnected-to-fail (1)
- säkulare Stagnation (1)
- tail dependence (1)
- tail measure (1)
- talent, learning (1)
- tanker (1)
- targets (1)
- taste heterogeneity (1)
- tax (1)
- tax arbitrage (1)
- tax clientele effects (1)
- tax competition (1)
- tax cut (1)
- tax haven (1)
- tax havens (1)
- tax information exchange (1)
- tax information exchange agreements (1)
- tax intervention (1)
- tax policy (1)
- tax reform (1)
- taxing rights (1)
- taxonomies (1)
- technical and fundamental trading (1)
- technological growth (1)
- technology diffusion (1)
- temperature (1)
- temperature shocks (1)
- temporary equilibrium (1)
- term premia (1)
- term structure of interest (1)
- term structure of price expectations (1)
- test cases (1)
- text analysis (1)
- textual analysis (1)
- threshold vector auto-regressive models (1)
- tight oil (1)
- time charter (1)
- time dependency (1)
- time inconsistency (1)
- time series momentum (1)
- time-varying natural rate (1)
- time-varying parameter (1)
- time-varying risk premia (1)
- time-varying systemic risk contribution (1)
- timing (1)
- topic modelling (1)
- total connectedness (1)
- total directional connect- edness (1)
- trade (1)
- trade signaling (1)
- trading (1)
- trading activity (1)
- trading pause (1)
- trading process (1)
- trading rules (1)
- trading strategies (1)
- transaction costs (1)
- transactions (1)
- transition countries (1)
- transition risk (1)
- transmission mechanism (1)
- treasury auctions (1)
- treatment capacity (1)
- trend chasing (1)
- trend inflation (1)
- trend-cycle decomposition (1)
- troika (1)
- trust (1)
- trust driven expectations (1)
- trust evolutionary games (1)
- trust game (1)
- trust games (1)
- tunneling (1)
- twin study (1)
- two-pillar system (1)
- tâtonnement (1)
- uncertainty aversion (1)
- unconfirmed cases (1)
- underinvestment (1)
- unemployment insurance (1)
- universal banking (1)
- updating (1)
- utility dividends (1)
- utility functions (1)
- validation (1)
- valuation (1)
- valuation adjustment (1)
- valuation discount (1)
- valuation ratios (1)
- value at risk (1)
- value-at-risk (1)
- values (1)
- variable annuity (1)
- variance decomposition (1)
- variance risk premium (1)
- vector autoregression (1)
- vector error correction model (1)
- vector-autoregression (1)
- vektorautoregressive Modelle (1)
- venture capital and bank financing (1)
- venture capitalism (1)
- venture funding (1)
- vertical differentiation (1)
- vertical fiscal imbalances (1)
- vignette survey method (1)
- volatility estimation (1)
- volatility forecasting (1)
- volatility of volatility (1)
- voyage (1)
- vulture creditors (1)
- wage hump (1)
- wages (1)
- war (1)
- waterbed effect (1)
- weak identification (1)
- wealth effects (1)
- weather (1)
- welfare costs (1)
- welfare effects (1)
- welfare state (1)
- wholesale shocks (1)
- winner's curse (1)
- worker-firm panels (1)
- workforce (1)
- working hours (1)
- workout (1)
- world interest rates (1)
- yen (1)
- yield spreads (1)
- z-Transform (1)
- zero returns (1)
- zero-interest-rate bound (1)
- fiscal multipliers (1)
- Ökonometrisches Modell (1)
- Übernahmeangebot (1)
- ΔCoVaR (1)
- financial literacy (1)
Institute
- Center for Financial Studies (CFS) (1632)
- Wirtschaftswissenschaften (1147)
- Sustainable Architecture for Finance in Europe (SAFE) (779)
- House of Finance (HoF) (718)
- Institute for Monetary and Financial Stability (IMFS) (109)
- Rechtswissenschaft (48)
- Foundation of Law and Finance (41)
- Institute for Law and Finance (ILF) (8)
- Frankfurt MathFinance Institute (FMFI) (3)
- E-Finance Lab e.V. (1)
This paper analyzes banks' choice between lending to firms individually and sharing lending with other banks, when firms and banks are subject to moral hazard and monitoring is essential. Multiple-bank lending is optimal whenever the benefit of greater diversification in terms of higher monitoring dominates the costs of free-riding and duplication of efforts. The model predicts a greater use of multiple-bank lending when banks are small relative to investment projects, firms are less profitable, and poor financial integration, regulation and inefficient judicial systems increase monitoring costs. These results are consistent with empirical observations concerning small business lending and loan syndication. JEL Klassifikation: D82; G21; G32.
We analyze governance with a dataset on investments of venture capitalists in 3848 portfolio firms in 39 countries from North and South America, Europe and Asia spanning 1971-2003. We find that cross-country differences in Legality have a significant impact on the governance structure of investments in the VC industry: better laws facilitate faster deal screening and deal origination, a higher probability of syndication and a lower probability of potentially harmful co-investment, and facilitate board representation of the investor. We also show better laws reduce the probability that the investor requires periodic cash flows prior to exit, which is in conjunction with an increased probability of investment in high-tech companies. Klassifikation: G24, G31, G32.
A large literature over several decades reveals both extensive concern with the question of time-varying betas and an emerging consensus that betas are in fact time-varying, leading to the prominence of the conditional CAPM. Set against that background, we assess the dynamics in realized betas, vis-à-vis the dynamics in the underlying realized market variance and individual equity covariances with the market. Working in the recently-popularized framework of realized volatility, we are led to a framework of nonlinear fractional cointegration: although realized variances and covariances are very highly persistent and well approximated as fractionally-integrated, realized betas, which are simple nonlinear functions of those realized variances and covariances, are less persistent and arguably best modeled as stationary I(0) processes. We conclude by drawing implications for asset pricing and portfolio management. JEL Klassifikation: C1, G1
Earlier studies of the seigniorage inflation model have found that the high-inflation steady state is not stable under adaptive learning. We reconsider this issue and analyze the full set of solutions for the linearized model. Our main focus is on stationary hyperinflationary paths near the high-inflation steady state. The hyperinflationary paths are stable under learning if agents can utilize contemporaneous data. However, in an economy populated by a mixture of agents, some of whom only have access to lagged data, stable inflationary paths emerge only if the proportion of agents with access to contemporaneous data is sufficiently high. JEL Klassifikation: C62, D83, D84, E31
In this paper, we study the effectiveness of monetary policy in a severe recession and deflation when nominal interest rates are bounded at zero. We compare two alternative proposals for ameliorating the effect of the zero bound: an exchange-rate peg and price-level targeting. We conduct this quantitative comparison in an empirical macroeconometric model of Japan, the United States and the euro area. Furthermore, we use a stylized micro-founded two-country model to check our qualitative findings. We find that both proposals succeed in generating inflationary expectations and work almost equally well under full credibility of monetary policy. However, price-level targeting may be less effective under imperfect credibility, because the announced price-level target path is not directly observable. Klassifikation: E31, E52, E58, E61
We determine optimal monetary policy under commitment in a forwardlooking New Keynesian model when nominal interest rates are bounded below by zero. The lower bound represents an occasionally binding constraint that causes the model and optimal policy to be nonlinear. A calibration to the U.S. economy suggests that policy should reduce nominal interest rates more aggressively than suggested by a model without lower bound. Rational agents anticipate the possibility of reaching the lower bound in the future and this amplifies the effects of adverse shocks well before the bound is reached. While the empirical magnitude of U.S. mark-up shocks seems too small to entail zero nominal interest rates, shocks affecting the natural real interest rate plausibly lead to a binding lower bound. Under optimal policy, however, this occurs quite infrequently and does not require targeting a positive average rate of inflation. Interestingly, the presence of binding real rate shocks alters the policy response to (non-binding) mark-up shocks. JEL Klassifikation: C63, E31, E52 .
In this article, we investigate risk return characteristics and diversification benefits when private equity is used as a portfolio component. We use a unique dataset describing 642 US-American portfolio companies with 3620 private equity investments. Information about precisely dated cash flows at the company level enables for the first time a cash flow equivalent and simultaneous investment simulation in stocks, as well as the construction of stock portfolios for benchmarking purposes. With respect to the methodology involved, we construct private equity, stock-benchmark and mixed-asset portfolios using bootstrap simulations. For the late 1990s we find a dramatic increase in the extent to which private equity outperforms stock investment. In earlier years private equity was underperforming its stock benchmarks. Within the overall class of private equity, returns on earlier private equity investment categories, like venture capital, show on average higher variations and even higher rates of failure. It is in this category in particular that high average portfolio returns are generated solely by the ability to select a few extremely well performing companies, thus compensating for lost investments. There is a high marginal diversifiable risk reduction of about 80% when the portfolio size is increased to include 15 investments. When the portfolio size is increased from 15 to 200 there are few marginal risk diversification effects on the one hand, but a large increase in managing expenditure on the other, so that an actual average portfolio size between 20 and 28 investments seems to be well balanced. We provide empirical evidence that the non-diversifiable risk that a constrained investor, who is exclusively investing in private equity, has to hold exceeds that of constrained stock investors and also the market risk. From the viewpoint of unconstrained investors with complete investment freedom, risk can be optimally reduced by constructing mixed asset portfolios. According to the various private equity subcategories analyzed, there are big differences in optimal allocations to this asset class for minimizing mixed-asset portfolio variance or maximizing performance ratios. We observe optimal portfolio weightings to be between 3% and 65%.
We take a simple time-series approach to modeling and forecasting daily average temperature in U.S. cities, and we inquire systematically as to whether it may prove useful from the vantage point of participants in the weather derivatives market. The answer is, perhaps surprisingly, yes. Time-series modeling reveals conditional mean dynamics, and crucially, strong conditional variance dynamics, in daily average temperature, and it reveals sharp differences between the distribution of temperature and the distribution of temperature surprises. As we argue, it also holds promise for producing the long-horizon predictive densities crucial for pricing weather derivatives, so that additional inquiry into time-series weather forecasting methods will likely prove useful in weather derivatives contexts.
Despite powerful advances in yield curve modeling in the last twenty years, comparatively little attention has been paid to the key practical problem of forecasting the yield curve. In this paper we do so. We use neither the no-arbitrage approach, which focuses on accurately fitting the cross section of interest rates at any given time but neglects time-series dynamics, nor the equilibrium approach, which focuses on time-series dynamics (primarily those of the instantaneous rate) but pays comparatively little attention to fitting the entire cross section at any given time and has been shown to forecast poorly. Instead, we use variations on the Nelson-Siegel exponential components framework to model the entire yield curve, period-by-period, as a three-dimensional parameter evolving dynamically. We show that the three time-varying parameters may be interpreted as factors corresponding to level, slope and curvature, and that they may be estimated with high efficiency. We propose and estimate autoregressive models for the factors, and we show that our models are consistent with a variety of stylized facts regarding the yield curve. We use our models to produce term-structure forecasts at both short and long horizons, with encouraging results. In particular, our forecasts appear much more accurate at long horizons than various standard benchmark forecasts. JEL Code: G1, E4, C5
We consider three sets of phenomena that feature prominently - and separately - in the financial economics literature: conditional mean dependence (or lack thereof) in asset returns, dependence (and hence forecastability) in asset return signs, and dependence (and hence forecastability) in asset return volatilities. We show that they are very much interrelated, and we explore the relationships in detail. Among other things, we show that: (a) Volatility dependence produces sign dependence, so long as expected returns are nonzero, so that one should expect sign dependence, given the overwhelming evidence of volatility dependence; (b) The standard finding of little or no conditional mean dependence is entirely consistent with a significant degree of sign dependence and volatility dependence; (c) Sign dependence is not likely to be found via analysis of sign autocorrelations, runs tests, or traditional market timing tests, because of the special nonlinear nature of sign dependence; (d) Sign dependence is not likely to be found in very high-frequency (e.g., daily) or very low-frequency (e.g., annual) returns; instead, it is more likely to be found at intermediate return horizons; (e) Sign dependence is very much present in actual U.S. equity returns, and its properties match closely our theoretical predictions; (f) The link between volatility forecastability and sign forecastability remains intact in conditionally non-Gaussian environments, as for example with time-varying conditional skewness and/or kurtosis.
We extend the important idea of range-based volatility estimation to the multivariate case. In particular, we propose a range-based covariance estimator that is motivated by financial economic considerations (the absence of arbitrage), in addition to statistical considerations. We show that, unlike other univariate and multivariate volatility estimators, the range-based estimator is highly efficient yet robust to market microstructure noise arising from bid-ask bounce and asynchronous trading. Finally, we provide an empirical example illustrating the value of the high-frequency sample path information contained in the range-based estimates in a multivariate GARCH framework.
Financial theory creates a puzzle. Some authors argue that high-risk entrepreneurs choose debt contracts instead of equity contracts since risky but high returns are of relatively more value for a loan-financed firm. On the contrary, authors who focus explicitly on start-up finance predict that entrepreneurs are the more likely to seek equity-like venture capital contracts, the more risky their projects are. Our paper makes a first step to resolve this puzzle empirically. We present microeconometric evidence on the determinants of debt and equity financing in young and innovative SMEs. We pay special attention to the role of risk for the choice of the financing method. Since risk is not directly observable we use different indicators for financial and project risk. It turns out that our data generally confirms the hypothesis that the probability that a young high-tech firm receives equity financing is an increasing function of the financial risk. With regard to the intrinsic project risk, our results are less conclusive, as some of our indicators of a risky project are found to have a negative effect on the likelihood to be financed by private equity.
We study the returns the venture capital and private equity investment from 221 venture capital and private equity funds that are part of 72 venture capital and private equity firms, 5040 entrepreneurial firms (3826 venture capital and 1214 private equity), and spanning 32 years (1971 - 2003) and 39 countries from North and South America, Europe and Asia. We make use of four main categories of variables to proxy for value-added activities and risks that explain venture capital and private equity returns: market and legal environment, VC characteristics, entrepreneurial firm characteristics, and the characteristics and structure of the investment. We show Heckman sample selection issues in regards to both unrealized and partially realized investments are important to consider for analysing the determinants of realized returns. We further compare the actual unrealized returns, as reported to investment managers, to the predicted unrealized returns based on the estimates of realized returns from the sample selection models. We show there exists significant systematic biases in the reporting of unrealized investments to institutional investors depending on the level of the earnings aggressiveness and disclosure indices in a country, as well as proxies for the degree of information asymmetry between investment managers and venture capital and private equity fund managers. Klassifikation: G24, G28, G31, G32, G35
We analyze welfare maximizing monetary policy in a dynamic two-country model with price stickiness and imperfect competition. In this context, a typical terms of trade externality affects policy interaction between independent monetary authorities. Unlike the existing literature, we remain consistent to a public finance approach by an explicit consideration of all the distortions that are relevant to the Ramsey planner. This strategy entails two main advantages. First, it allows an accurate characterization of optimal policy in an economy that evolves around a steady-state which is not necessarily efficient. Second, it allows to describe a full range of alternative dynamic equilibria when price setters in both countries are completely forward-looking and households' preferences are not restricted. In this context, we study optimal policy both in the long-run and along a dynamic path, and we compare optimal commitment policy under Nash competition and under cooperation. By deriving a second order accurate solution to the policy functions, we also characterize the welfare gains from international policy cooperation. Klassifikation: E52, F41 . This version: January, 2004. First draft: October 2003 .
This paper considers a theoretical model of n asymmetric firms that reduce their initial unit costs by spending on R&D activities. In accordance with Schumpeterian hypotheses we obtain that more efficient (bigger) firms spend more in R&D and this leads to a more concentrated market structure. We also find a positive relationship between innovation and market concentration. This calls for a corrective tax on R&D activities to curtail strategic incentives to over-invest in R&D trying to achieve a higher market share. Klassifikation: L11, L52, O31 . February, 2004.
This paper aims to analyze the impact of different types of venture capitalists on the performance of their portfolio firms around and after the IPO. We thereby investigate the hypothesis that different governance structures, objectives and track record of different types of VCs have a significant impact on their respective IPOs. We explore this hypothesis by using a data set embracing all IPOs which occurred on Germany's Neuer Markt. Our main finding is that significant differences among the different VCs exist. Firms backed by independent VCs perform significantly better two years after the IPO compared to all other IPOs and their share prices fluctuate less than those of their counterparts in this period of time. Obviously, independent VCs, which concentrated mainly on growth stocks (low book-to-market ratio) and large firms (high market value), were able to add value by leading to less post-IPO idiosyncratic risk and more return (after controlling for all other effects). On the contrary, firms backed by public VCs (being small and having a high book-to-market ratio) showed relative underperformance. Klassifikation: G10, G14, G24 . 29th January 2004 .
How might retirees consider deploying the retirement assets accumulated in a defined contribution pension plan? One possibility would be to purchase an immediate annuity. Another approach, called the "phased withdrawal" strategy in the literature, would have the retiree invest his funds and then withdraw some portion of the account annually. Using this second tactic, the withdrawal rate might be determined according to a fixed benefit level payable until the retiree dies or the funds run out, or it could be set using a variable formula, where the retiree withdraws funds according to a rule linked to life expectancy. Using a range of data consistent with the German experience, we evaluate several alternative designs for phased withdrawal strategies, allowing for endogenous asset allocation patterns, and also allowing the worker to make decisions both about when to retire and when to switch to an annuity. We show that one particular phased withdrawal rule is appealing since it offers relatively low expected shortfall risk, good expected payouts for the retiree during his life, and some bequest potential for the heirs. We also find that unisex mortality tables if used for annuity pricing can make women's expected shortfalls higher, expected benefits higher, and bequests lower under a phased withdrawal program. Finally, we show that delayed annuitization can be appealing since it provides higher expected benefits with lower expected shortfalls, at the cost of somewhat lower anticipated bequests. Klassifikation: G22, G23, J26, J32, H55 . January 2004.
This paper proposes an intertemporal model of venture capital investment with screening and advising where the venture capitalist´s time endowment is the scarce input factor. Screening improves the selection of firms receiving finance, advising allows firms to develop a marketable product, both have a variable intensity. In our setup, optimal linear contracts solves the moral hazard problem. Screening however asks for an entrepreneur wage and does not allow for upfront payments which would cause severe adverse selection. Project characteristics have implications for screening and advising intensity and the distribution of profits. Finally, we develop a formal version of the "venture capital cycle" by extending the basic setup to a simple model of venture capital supply and demand.
This paper analyses the effects of the Initial Public Offering (IPO) market on real investment decisions in emerging industries. We first propose a model of IPO timing based on divergence of opinion among investors and short-sale constraints. Using a real option approach, we show that firms are more likely to go public when the ratio of overvaluation over profits is high, that is after stock market run-ups. Because initial returns increase with the demand from optimistic investors at the time of the offer, the model provides an explanation for the observed positive causality between average initial returns and IPO volume. Second, we discuss the possibility of real overinvestment in high-tech industries. We claim that investing in the industry gives agents an option to sell the project on the stock market at an overvalued price enabling then the financing of positive NPV projects which would not be undertaken otherwise. It is shown that the IPO market can however also lead to overinvestment in new industries. Finally, we present some econometric results supporting the idea that funds committed to the financing of high-tech industries may respond positively to optimistic stock market valuations.
Equal size, equal role? : interest rate interdependence between the Euro area and the United States
(2003)
This paper investigates whether the degree and the nature of economic and monetary policy interdependence between the United States and the euro area have changed with the advent of EMU. Using real-time data, it addresses this issue from the perspective of financial markets by analysing the effects of monetary policy announcements and macroeconomic news on daily interest rates in the United States and the euro area. First, the paper finds that the interdependence of money markets has increased strongly around EMU. Although spillover effects from the United States to the euro area remain stronger than in the opposite direction, we present evidence that US markets have started reacting also to euro area developments since the onset of EMU. Second, beyond these general linkages, the paper finds that certain macroeconomic news about the US economy have a large and significant effect on euro area money markets, and that these effects have become stronger in recent years. Finally, we show that US macroeconomic news have become good leading indicators for economic developments in the euro area. This indicates that the higher money market interdependence between the United States and the euro area is at least partly explained by the increased real integration of the two economies in recent years.
Based on a broad set of regional aggregated and disaggregated consumer price index (CPI) data from major industrialized countries in Asia, North America and Europe we are examining the role that national borders play for goods market integration. In line with the existing literature we find that intra-national markets are better integrated than international market. Additionally, our results show that there is a large "ocean" effect, i.e., inter-continental markets are significantly more segmented than intra-continental markets. To examine the impact of the establishment of the European Monetary Union (EMU) on integration, we split our sample into a pre-EMU and EMU sample. We find that border effects across EMU countries have declined by about 80% to 90% after 1999 whereas border estimates across non-EMU countries have remained basically unchanged. Since global factors have affected all countries in our sample similarly and major integration efforts across EMU countries were made before 1999, we suggest that most of the reduction in EMU border estimates has been "nominal". Panel unit root evidence shows that the observed large differences in integration across intra- and inter-continental markets remain valid in the long-run. This finding implies that real factors are responsible for the documented segmentations across our sample countries.
We estimate a Bayesian vector autoregression for the U.K. with drifting coefficients and stochastic volatilities. We use it to characterize posterior densities for several objects that are useful for designing and evaluating monetary policy, including local approximations to the mean, persistence, and volatility of inflation. We present diverse sources of uncertainty that impinge on the posterior predictive density for inflation, including model uncertainty, policy drift, structural shifts and other shocks. We use a recently developed minimum entropy method to bring outside information to bear on inflation forecasts. We compare our predictive densities with the Bank of England's fan charts.
We show diverse beliefs is an important propagation mechanism of fluctuations, money non neutrality and efficacy of monetary policy. Since expectations affect demand, our theory shows economic fluctuations are mostly driven by varying demand not supply shocks. Using a competitive model with flexible prices in which agents hold Rational Belief (see Kurz (1994)) we show that (i) our economy replicates well the empirical record of fluctuations in the U.S. (ii) Under monetary rules without discretion, monetary policy has a strong stabilization effect and an aggressive anti-inflationary policy can reduce inflation volatility to zero. (iii) The statistical Phillips Curve changes substantially with policy instruments and activist policy rules render it vertical. (iv) Although prices are flexible, money shocks result in less than proportional changes in inflation hence the aggregate price level appears "sticky" with respect to money shocks. (v) Discretion in monetary policy adds a random element to policy and increases volatility. The impact of discretion on the efficacy of policy depends upon the structure of market beliefs about future discretionary decisions. We study two rationalizable beliefs. In one case, market beliefs weaken the effect of policy and in the second, beliefs bolster policy outcomes and discretion could be a desirable attribute of the policy rule. Since the central bank does not know any more than the private sector, real social gain from discretion arise only in extraordinary cases. Hence, the weight of the argument leads us to conclude that bank´s policy should be transparent and abandon discretion except for rare and unusual circumstances. (vi) An implication of our model suggests the current effective policy is only mildly activist and aims mostly to target inflation.
Permanent and transitory policy shocks in an empirical macro model with asymmetric information
(2003)
Despite a large literature documenting that the efficacy of monetary policy depends on how inflation expectations are anchored, many monetary policy models assume: (1) the inflation target of monetary policy is constant; and, (2) the inflation target is known by all economic agents. This paper proposes an empirical specification with two policy shocks: permanent changes to the inflation target and transitory perturbations of the short-term real rate. The public sector cannot correctly distinguish between these two shocks and, under incomplete learning, private perceptions of the inflation target will not equal the true target. The paper shows how imperfect policy credibility can affect economic responses to structural shocks, including transition to a new inflation target - a question that cannot be addressed by many commonly used empirical and theoretical models. In contrast to models where all monetary policy actions are transient, the proposed specification implies that sizable movements in historical bond yields and inflation are attributable to perceptions of permanent shocks in target inflation.
This paper investigates the role that imperfect knowledge about the structure of the economy plays in the formation of expectations, macroeconomic dynamics, and the efficient formulation of monetary policy. Economic agents rely on an adaptive learning technology to form expectations and to update continuously their beliefs regarding the dynamic structure of the economy based on incoming data. The process of perpetual learning introduces an additional layer of dynamic interaction between monetary policy and economic outcomes. We find that policies that would be efficient under rational expectations can perform poorly when knowledge is imperfect. In particular, policies that fail to maintain tight control over inflation are prone to episodes in which the public's expectations of inflation become uncoupled from the policy objective and stagflation results, in a pattern similar to that experienced in the United States during the 1970s. Our results highlight the value of effective communication of a central bank's inflation objective and of continued vigilance against inflation in anchoring inflation expectations and fostering macroeconomic stability. July 2003.
Monetary policy is sometimes formulated in terms of a target level of inflation, a fixed time horizon and a constant interest rate that is anticipated to achieve the target at the specified horizon. These requirements lead to constant interest rate (CIR)instrument rules. Using the standard New Keynesian model, it is shown that some forms of CIR policy lead to both indeterminacy of equilibria and instability under adaptive learning. However, some other forms of CIR policy perform better. We also examine the properties of the different policy rules in the presence of inertial demand and price behaviour.
Escapist policy rules
(2003)
We study a simple, microfounded macroeconomic system in which the monetary authority employs a Taylor-type policy rule. We analyze situations in which the self-confirming equilibrium is unique and learnable according to Bullard and Mitra (2002). We explore the prospects for the use of 'large deviation' theory in this context, as employed by Sargent (1999) and Cho, Williams, and Sargent (2002). We show that our system can sometimes depart from the self-confirming equilibrium towards a non-equilibrium outcome characterized by persistently low nominal interest rates and persistently low inflation. Thus we generate events that have some of the properties of "liquidity traps" observed in the data, even though the policymaker remains committed to a Taylor-type policy rule which otherwise has desirable stabilization properties.
The development of tractable forward looking models of monetary policy has lead to an explosion of research on the implications of adopting Taylor-type interest rate rules. Indeterminacies have been found to arise for some specifications of the interest rate rule, raising the possibility of inefficient fluctuations due to the dependence of expectations on extraneous "sunspots ". Separately, recent work by a number of authors has shown that sunspot equilibria previously thought to be unstable under private agent learning can in some cases be stable when the observed sunspot has a suitable time series structure. In this paper we generalize the "common factor "technique, used in this analysis, to examine standard monetary models that combine forward looking expectations and predetermined variables. We consider a variety of specifications that incorporate both lagged and expected inflation in the Phillips Curve, and both expected inflation and inertial elements in the policy rule. We find that some policy rules can indeed lead to learnable sunspot solutions and we investigate the conditions under which this phenomenon arises.
A financial system can only perform its function of channelling funds from savers to investors if it offers sufficient assurance to the providers of the funds that they will reap the rewards which have been promised to them. To the extent that this assurance is not provided by contracts alone, potential financiers will want to monitor and influence managerial decisions. This is why corporate governance is an essential part of any financial system. It is almost obvious that providers of equity have a genuine interest in the functioning of corporate governance. However, corporate governance encompasses more than investor protection. Similar considerations also apply to other stakeholders who invest their resources in a firm and whose expectations of later receiving an appropriate return on their investment also depend on decisions at the level of the individual firm which would be extremely difficult to anticipate and prescribe in a set of complete contingent contracts. Lenders, especially long-term lenders, are one such group of stakeholders who may also want to play a role in corporate governance; employees, especially those with high skill levels and firm-specific knowledge, are another. The German corporate governance system is different from that of the Anglo-Saxon countries because it foresees the possibility, and even the necessity, to integrate lenders and employees in the governance of large corporations. The German corporate governance system is generally regarded as the standard example of an insider-controlled and stakeholder-oriented system. Moreover, only a few years ago it was a consistent system in the sense of being composed of complementary elements which fit together well. The first objective of this paper is to show why and in which respect these characterisations were once appropriate. However, the past decade has seen a wave of developments in the German corporate governance system, which make it worthwhile and indeed necessary to investigate whether German corporate governance has recently changed in a fundamental way. More specifically one can ask which elements and features of German corporate governance have in fact changed, why they have changed and whether those changes which did occur constitute a structural change which would have converted the old insider-controlled system into an outsider-controlled and shareholder-oriented system and/or would have deprived it of its former consistency. It is the second purpose of this paper to answer these questions. Revised version forthcoming in "The German Financial System", edited by Jan P. Krahnen and Reinhard H. Schmidt, Oxford University Press.
A rapidly growing literature has documented important improvements in volatility measurement and forecasting performance through the use of realized volatilities constructed from high-frequency returns coupled with relatively simple reduced-form time series modeling procedures. Building on recent theoretical results from Barndorff-Nielsen and Shephard (2003c,d) for related bi-power variation measures involving the sum of high-frequency absolute returns, the present paper provides a practical framework for non-parametrically measuring the jump component in realized volatility measurements. Exploiting these ideas for a decade of high-frequency five-minute returns for the DM/$ exchange rate, the S&P500 market index, and the 30-year U.S. Treasury bond yield, we find the jump component of the price process to be distinctly less persistent than the continuous sample path component. Explicitly including the jump measure as an additional explanatory variable in an easy-to-implement reduced form model for realized volatility results in highly significant jump coefficient estimates at the daily, weekly and quarterly forecast horizons. As such, our results hold promise for improved financial asset allocation, risk management, and derivatives pricing, by separate modeling, forecasting and pricing of the continuous and jump components of total return variability.
While focusing on the protection of distressed sovereigns, the current debate intended to reform the International Financial Architecture has hardly addressed the protection of creditors rights that varies among laws. I suspect however that this constitutes an essential determinant of the success of suggested solutions, especially under the contractual approach. Based on a sample of bonds issued by developing countries states in the period, January 1987 to December 1997, I find that, for given contract characteristics (e.g. listing markets and currency), the governing law is selected according to its ability to enforce repayment. However, although the New York law seems looser and incur larger enforcement costs than the England&Wales law, the former permits equivalent yearly credit amounts. I interpret this as a consequence of the existence of a larger set of valuable assets (e.g. trade) in the US that constitute implicit securities. My findings yield important implications for the reforms. In particular, provided that there exists a seemingly equivalent enforcement credibility between England and New York laws, the prompt implementation of the contractual approach solution should constitute a valuable first step toward efficient sovereign debt markets. October 2003.
The paper suggests an innovative contribution to the investigation of banking liabilities pricing contracted by sovereign agents. To address fundamental issues of banking, the study focuses on the determinants of the up-front fees (the up-front fee is a charge paid out at the signature of the loan arrangement). The investigation is based on a uniquely extensive sample of bank loans contracted or guaranteed by 58 less-developed countries sovereigns in the period from 1983 to 1997. The well detailed reports allow for the calculation of the equivalent yearly margin on the utilization period for all individual loan. The main findings suggest a significant impact of the renegotiation and agency costs on front-end borrowing payments. Unlike the sole interest spread, the all-in interest margin better takes account of these costs. The model estimates however suggest the non-linear pricing is hardly associated with an exogenous split-up intended by the borrower and his banker to cover up information. Instead the up-front payment is a liquidity transfer as described by Gorton and Kahn (2000) to compensate for renegotiation and monitoring costs. The second interesting result is that banks demand payment for all types of sovereign risk in an identical manner public debt holders do. The difference is that, unlike bond holders, bankers have the possibility to charge an up-front fee to compensate for renegotiation costs. Hence, beyond the information related issues, the higher complexity of the pricing design makes bank loan optimal for lenders on sovereign capital markets, especially relative to public debt, thus motivating for their presence. The paper contributes to the expanding literature on loan syndication and banking related issues. The study also has relevance for the investigation of the developing countries debt pricing.
We present an analysis of VaR forecasts and P&L-series of all 13 German banks that used internal models for regulatory purposes in the year 2001. To this end, we introduce the notion of well-behaved forecast systems. Furthermore, we provide a series of statistical tools to perform our analyses. The results shed light on the forecast quality of VaR models of the individual banks, the regulator's portfolio as a whole, and the main ingredients of the computation of the regulatory capital required by the Basel rules.
We estimate a model with latent factors that summarize the yield curve (namely, level, slope, and curvature) as well as observable macroeconomic variables (real activity, inflation, and the stance of monetary policy). Our goal is to provide a characterization of the dynamic interactions between the macroeconomy and the yield curve. We find strong evidence of the effects of macro variables on future movements in the yield curve and much weaker evidence for a reverse influence. We also relate our results to a traditional macroeconomic approach based on the expectations hypothesis.
Using the Johansen test for cointegration, we examine to which extent inflation rates in the Euro area have converged after the introduction of a single currency. Since the assumption of non-stationary variables represents the pivotal point in cointegration analyses we pay special attention to the appropriate identification of non-stationary inflation rates by the application of six different unit root tests. We compare two periods, the first ranging from 1993 to 1998 and the second from 1993 to 2002 with monthly observations. The Johansen test only finds partial convergence for the former period and no convergence for the latter.
Financial markets are to a very large extent influenced by the advent of information. Such disclosures, however, do not only contain information about fundamentals underlying the markets, but they also serve as a focal point for the beliefs of market participants. This dual role of information gains further importance for explaining the development of asset valuations when taking into account that information may be perceived individually (private information), or may be commonly shared by all traders (public information). This study investigates into the recently developed theoretical structures explaining the operating mechanism of the two types of information and emphasizes the empirical testability and differentiation between the role of private and public information. Concluding from a survey of experimental studies and own econometric analyses, it is argued that most often public information dominates private information. This finding justifies central bankers´ unease when disseminating news to the markets and argues against the recent trend of demanding full transparency both for financial institutions and financial markets themselves.
The paper describes the legal and economic environment of mergers and acquisitions in Germany and explores barriers to obtaining and executing corporate control. Various cases are used to demonstrate that resistance by different stakeholders including minority shareholders, organized labour and the government may present powerful obstacles to takeovers in Germany. In spite of the overall convergence of European takeover and securities trading laws, Germany still shows many peculiarities that make its market for corporate control distinct from other countries. Concentrated share ownership, cross shareholdings and pyramidal ownership structures are frequent barriers to acquiring majority stakes. Codetermination laws, the supervisory board structure and supermajority requirements for important corporate decisions limit the execution of control by majority shareholders. Bidders that disregard the German preference for consensual solutions and the specific balance of powers will risk their takeover attempt be frustrated by opposing influence groups. Revised version forthcoming in "The German Financial System", edited by Jan P. Krahnen and Reinhard H. Schmidt, Oxford University Press.
This paper is a draft for the chapter "German banks and banking structure" of the forthcoming book "The German financial system" edited by J.P. Krahnen and R.H. Schmidt (Oxford University Press). As such, the paper starts out with a description of past and present structural features of the German banking industry. Given the presented empirical evidence it then argues that great care has to be taken when generalising structural trends from one financial system to another. Whilst conventional commercial banking is clearly in decline in the US, it is far from clear whether the dominance of banks in the German financial system has been significantly eroded over the last decades. We interpret the immense stability in intermediation ratios and financing patterns of firms between 1970 and 2000 as strong evidence for our view that the way in which and the extent to which German banks fulfil the central functions for the financial system are still consistent with the overall logic of the German financial system. In spite of the current dire business environment for financial intermediaries we do not expect the German financial system and its banking industry as an integral part of this system to converge to the institutional arrangements typical for a market-oriented financial system.
We present a survey on the role of initial public offerings (Epos) and venture capital (VC) in Germany after the Second World War. Between 1945 and 1983 IPOs hardly played a role at all and only a minor role thereafter. In addition, companies that chose an IPO were much older and larger than the average companies going public for the first time in the US or the UK. The level of IPO underpricing in Germany, in contrast, has not been fundamentally different from that in other countries. The picture for venture capital financing is not much different from that provided by IPOs in Germany. For a long time venture capital financing was hardly significant, particularly as a source of early stage financing. The unprecedented boom on the Neuer Markt between 1997 and 2000, when many small venture capital financed firms entered the market, provides a striking contrast to the preceding era. However, by US standards, the levels of both IPO and venture capital activities remained rather low even in this boom phase. The extent to which recent developments will have a lasting impact on the financing of German firms, the level of IPO activity, and venture capital financing, remains to be seen. At the time of writing, activity has come to a near stand still and the Neuer Markt has just been dissolved. The low number of IPOs and the fairly low volume of VC financing in Germany before the introduction of the Neuer Markt are a striking and much debated phenomenon. Understanding the reasons for these apparent peculiarities is vital to understanding the German financial system. The potential explanations that have been put forward range from differentces in mentality to legal and institutional impediments and the availability of alternative sources of financing. Moreover the recent literature discusses how interest groups may have benefited and influenced the situation. These groups include politicians, unions/workers, managers/controlling-owners of established firms as well as banks. Revised version forthcoming in "The German Financial System", edited by Jan P. Krahnen and Reinhard H. Schmidt, Oxford University Press.
We analyze the venture capitalist´s decision on the timing of the IPO, the offer price and the fraction of shares he sells in the course of the IPO. A venture capitalist may decide to take a company public or to liquidate it after one or two financing periods. A longer venture capitalist´s participation in a firm (later IPO) may increase its value while also increasing costs for the venture capitalist. Due to his active involvement, the venture capitalist knows the type of firm and the kind of project he finances before potential new investors do. This information asymmetry is resolved at the end of the second period. Under certain assumptions about the parameters and the structure of the model, we obtain a single equilibrium in which high-quality firms separate from low-quality firms. The latter are liquidated after the first period, while the former go public either after having been financed by the venture capitalist for two periods or after one financing period using a lock-up. Whether a strategy of one or two financing periods is chosen depends on the consulting intensity of the project and / or on the experience of the venture capitalist. In the separating equilibrium, the offer price corresponds to the true value of the firm. An earlier version of this paper appeared as: The Decision of Venture Capitalists on Timing and Extent of IPOs (ZEW Discussion Paper No. 03-12). This version July 2003.
Using a unique, hand-collected database of all venture-backed firms listed on Germany´s Neuer Markt, we analyze the history of venture capital financing of these firms before the IPO and the behavior of venture capitalists at the IPO. We can detect significant differences in the behavior and characteristics of German vs. foreign venture capital firms. The discrepancy in the investment and divestment strategies may be explained by the grandstanding phenomenon, the value-added hypothesis and certification issues. German venture capitalists are typically younger and smaller than their counterparts from abroad. They syndicate less. The sectoral structure of their portfolios differs from that of foreign venture capital firms. We also find that German venture capitalists typically take companies with lower offering volumes on the market. They usually finance firms in a later stage, carry through fewer investment rounds and take their portfolio firms public earlier. In companies where a German firm is the lead venture capitalist, the fraction of equity held by the group of venture capitalists is lower, their selling intensity at the IPO is higher and the committed lock-up period is longer.
This paper deals with the proposed use of sovereign credit ratings in the "Basel Accord on Capital Adequacy" (Basel II) and considers its potential effect on emerging markets financing. It investigates in a first attempt the consequences of the planned revisions on the two central aspects of international bank credit flows: the impact on capital costs and the volatility of credit supply across the risk spectrum of borrowers. The empirical findings cast doubt on the usefulness of credit ratings in determining commercial banks' capital adequacy ratios since the standardized approach to credit risk would lead to more divergence rather than convergence between investment-grade and speculative-grade borrowers. This conclusion is based on the lateness and cyclical determination of credit rating agencies' sovereign risk assessments and the continuing incentives for short-term rather than long-term interbank lending ingrained in the proposed Basel II framework.
Do changes in sovereign credit ratings contribute to financial contagion in emerging market crises?
(2003)
Credit rating changes for long-term foreign currency debt may act as a wake-up call with upgrades and downgrades in one country affecting other financial markets within and across national borders. Such a potential (contagious) rating effect is likely to be stronger in emerging market economies, where institutional investors' problems of asymmetric information are more present. This empirical study complements earlier research by explicitly examining cross-security and cross-country contagious rating effects of credit rating agencies' sovereign risk assessments. In particular, the specific impact of sovereign rating changes during the financial turmoil in emerging markets in the latter half of the 1990s has been examined. The results indicate that sovereign rating changes in a ground-zero country have a (statistically) significant impact on the financial markets of other emerging market economies although the spillover effects tend to be regional.
Accounting for financial instruments in the banking industry: conclusions from a simulation model
(2003)
The paper analyses the effects of three sets of accounting rules for financial instruments - Old IAS before IAS 39 became effective, Current IAS or US GAAP, and the Full Fair Value (FFV) model proposed by the Joint Working Group (JWG) - on the financial statements of banks. We develop a simulation model that captures the essential characteristics of a modern universal bank with investment banking and commercial banking activities. We run simulations for different strategies (fully hedged, partially hedged) using historical data from periods with rising and falling interest rates. We show that under Old IAS a fully hedged bank can portray its zero economic earnings in its financial statements. As Old IAS offer much discretion, this bank may also present income that is either positive or negative. We further show that because of the restrictive hedge accounting rules, banks cannot adequately portray their best practice risk management activities under Current IAS or US GAAP. We demonstrate that - contrary to assertions from the banking industry - mandatory FFV accounting adequately reflects the economics of banking activities. Our detailed analysis identifies, in addition, several critical issues of the accounting models that have not been covered in previous literature.
Some of the most widely expressed myths about the German financial system are concerned with the close ties and intensive interaction between banks and firms, often described as Hausbank relationships. Links between banks and firms include direct shareholdings, board representation, and proxy voting and are particularly significant for corporate governance. Allegedly, these relationships promote investment and improve the performance of firms. Furthermore, German universal banks are believed to play a special role as large and informed monitoring investors (shareholders). However, for the very same reasons, German universal banks are frequently accused of abusing their influence on firms by exploiting rents and sustaining the entrenchment of firms against efficient transfers of firm control. In this paper, we review recent empirical evidence regarding the special role of banks for the corporate governance of German firms. We differentiate between large exchangelisted firms and small and medium sized companies throughout. With respect to the role of banks as monitoring investors, the evidence does not unanimously support a special role of banks for large firms. Only one study finds that banks´ control of management goes beyond what nonbank shareholders achieve. Proxyvoting rights apparently do not provide a significant means for banks to exert management control. Most of the recent evidence regarding small firms suggests that a Hausbank relationship can indeed be beneficial. Hausbanks are more willing to sustain financing when borrower quality deteriorates, and they invest more often than arm´s length banks in workouts if borrowers face financial distress.
In Germany a public discussion on the "power of banks" has been going on for decades now with power having at least two meanings. On the one hand it is the power of banks to control public corporations through direct shareholdings or the exercise of proxy votes - this is the power of banks in corporate control. On the other hand it is market power - due to imperfect competition in markets for financial services - that banks exercise vis-à-vis their loan and deposit customers. In the past, bank regulation has often been blamed to undermine competition and the working of market forces in the financial industry for the sake of soundness and stability of financial services firms. This chapter tries to shed some light on the historical development and current state of bank regulation in Germany. In so doing it tries to embed the analysis of bank regulation into a more general industrial organisation framework. For every regulated industry, competition and regulation are deeply interrelated as most regulatory institutions - even if they do not explicitly address the competitiveness of the market - either affect market structure or conduct. This paper tries to uncover some of the specific relationships between monetary policy, government interference and bank regulation on the one hand and bank market structure and economic performance on the other. In so doing we hope to point to several areas for fruitful research in the future. While our focus is on Germany, some of the questions that we raise and some of our insights might also be applicable to banking systems elsewhere. Revised version forthcoming in "The German Financial System", edited by Jan P. Krahnen and Reinhard H. Schmidt, Oxford University Press.
The experience in the period during and after the Asian crisis of 1997-98 has provoked an extensive debate about the credit rating agencies' evaluation of sovereign risk in emerging markets lending. This study analyzes the role of credit rating agencies in international finan-cial markets, particularly whether sovereign credit ratings have an impact on the financial stability in emerging market economies. The event study and panel regression results indicate that credit rating agencies have substantial influence on the size and volatility of emerging markets lending. The empirical results are significantly stronger in the case of government's downgrades and negative imminent sovereign credit rating actions such as credit watches and rating outlooks than positive adjustments by the credit rating agencies while by the market participants' anticipated sovereign credit rating changes have a smaller impact on financial markets in emerging economies.
The German financial system is the archetype of a bank-dominated system. This implies that organized equity markets are, in some sense, underdeveloped. The purpose of this paper is, first, to describe the German equity markets and, second, to analyze whether it is underdeveloped in any meaningful sense. In the descriptive part we provide a detailed account of the microstructure of the German equity markets, putting special emphasis on recent developments. When comparing the German market with its peers, we find that it is indeed underdeveloped with respect to market capitalization. In terms of liquidity, on the other hand, the German equity market is not generally underdeveloped. It does, however, lack a liquid market for block trading. Klassifikation: G 51 . Revised version forthcoming in "The German Financial System", edited by Jan P. Krahnen and Reinhard H. Schmidt, Oxford University Press.
This chapter analyzes the role of financial accounting in the German financial system. It starts from the common perception that German accounting is rather "uninformative". This characterization is appropriate from the perspective of an arm´s length or outside investor and when confined to the financial statements per se. But it is no longer accurate when a broader perspective is adopted. The German accounting system exhibits several arrangements that privately communicate information to insiders, notably the supervisory board. Due to these features, the key financing and contracting parties seem reasonably well informed. The same cannot be said about outside investors relying primarily on public disclosure. A descriptive analysis of the main elements of the Germany system and a survey of extant empirical accounting research generally support these arguments.
The paper explores factors that influence the design of financing contracts between venture capital investors and European venture capital funds. 122 Private Placement Memoranda and 46 Partnership Agreements are investigated in respect to the use of covenant restrictions and compensation schemes. The analysis focuses on the impact of two key factors: the reputation of VC-funds and changes in the overall demand for venture capital services. We find that established funds are more severely restricted by contractual covenants. This contradicts the conventional wisdom which assumes that established market participants care more about their reputation, have less incentive to behave opportunistically and therefore need less covenant restrictions. We also find that managers of established funds are more often obliged to invest own capital alongside with investors money. We interpret this as evidence that established funds have actually less reason to care about their reputation as compared to young funds. One reason for this surprising result could be that managers of established VC funds are older and closer to retirement and therefore put less weight on the effects of their actions on future business opportunities. We also explore the effects of venture capital supply on contract design. Gompers and Lerner (1996) show that VC-funds in the US are able to reduce the number of restrictive covenants in years with high supply of venture capital and interpret this as a result of increased bargaining power by VC-funds. We do not find similar evidence for Europe. Instead, we find that VC-funds receive less base compensation and higher performance related compensation in years with strong capital inflows into the VC industry. This may be interpreted as a signal of overconfidence: Strong investor demand seems to coincide with overoptimistic expectations by fund managers which make them willing to accept higher powered incentive schemes.
Price stability and monetary policy effectiveness when nominal interest rates are bounded at zero
(2003)
This paper employs stochastic simulations of a small structural rational expectations model to investigate the consequences of the zero bound on nominal interest rates. We find that if the economy is subject to stochastic shocks similar in magnitude to those experienced in the U.S. over the 1980s and 1990s, the consequences of the zero bound are negligible for target inflation rates as low as 2 percent. However, the effects of the constraint are non-linear with respect to the inflation target and produce a quantitatively significant deterioration of the performance of the economy with targets between 0 and 1 percent. The variability of output increases significantly and that of inflation also rises somewhat. Also, we show that the asymmetry of the policy ineffectiveness induced by the zero bound generates a non-vertical long-run Phillips curve. Output falls increasingly short of potential with lower inflation targets.
We study optimal nominal demand policy in an economy with monopolistic competition and flexible prices when firms have imperfect common knowledge about the shocks hitting the economy. Parametrizing firms´ information imperfections by a (Shannon) capacity parameter that constrains the amount of information flowing to each firm, we study how policy that minimizes a quadratic objective in output and prices depends on this parameter. When price setting decisions of firms are strategic complements, for a large range of capacity values optimal policy nominally accommodates mark-up shocks in the short-run. This finding is robust to the policy maker observing shocks imperfectly or being uncertain about firms´ capacity parameter. With persistent mark-up shocks accommodation may increase in the medium term, but decreases in the long-run thereby generating a hump-shaped price response and a slow reduction in output. Instead, when prices are strategic substitutes, policy tends to react restrictively to mark-up shocks. However, rational expectations equilibria may then not exist with small amounts of imperfect common knowledge.
In this study a regime switching approach is applied to estimate the chartist and fundamentalist (c&f) exchange rate model originally proposed by Frankel and Froot (1986). The c&f model is tested against alternative regime switching specifications applying likelihood ratio tests. Nested atheoretical models like the popular segmented trends model suggested by Engel and Hamilton (1990) are rejected in favour of the multi agent model. Moreover, the c&f regime switching model seems to describe the data much better than a competing regime switching GARCH(1,1) model. Finally, our findings turned out to be relatively robust when estimating the model in subsamples. The empirical results suggest that the model is able to explain daily DM/Dollar forward exchange rate dynamics from 1982 to 1998.
We develop a behavioral exchange rate model with chartists and fundamentalists to study cyclical behavior in foreign exchange markets. Within our model, the market impact of fundamentalists depends on the strength of their belief in fundamental analysis. Estimation of a STAR GARCH model shows that the more the exchange rate deviates from its fundamental value, the more fundamentalists leave the market. In contrast to previous findings, our paper indicates that due to the nonlinear presence of fundamentalists, market stability decreases with increasing misalignments. A stabilization policy such as central bank interventions may help to deflate bubbles.
In this paper we study the role of the exchange rate in conducting monetary policy in an economy with near-zero nominal interest rates as experienced in Japan since the mid-1990s. Our analysis is based on an estimated model of Japan, the United States and the euro area with rational expectations and nominal rigidities. First, we provide a quantitative analysis of the impact of the zero bound on the effectiveness of interest rate policy in Japan in terms of stabilizing output and inflation. Then we evaluate three concrete proposals that focus on depreciation of the currency as a way to ameliorate the effect of the zero bound and evade a potential liquidity trap. Finally, we investigate the international consequences of these proposals.
In this paper we estimate a small model of the euro area to be used as a laboratory for evaluating the performance of alternative monetary policy strategies. We start with the relationship between output and inflation and investigate the fit of the nominal wage contracting model due to Taylor (1980)and three different versions of the relative real wage contracting model proposed by Buiter and Jewitt (1981)and estimated by Fuhrer and Moore (1995a) for the United States. While Fuhrer and Moore reject the nominal contracting model in favor of the relative contracting model which induces more inflation persistence, we find that both models fit euro area data reasonably well. When considering France, Germany and Italy separately, however, we find that the nominal contracting model fits German data better, while the relative contracting model does quite well in countries which transitioned out of a high inflation regime such as France and Italy. We close the model by estimating an aggregate demand relationship and investigate the consequences of the different wage contracting specifications for the inflation-output variability tradeoff, when interest rates are set according to Taylor 's rule.
In this study, we perform a quantitative assessment of the role of money as an indicator variable for monetary policy in the euro area. We document the magnitude of revisions to euro area-wide data on output, prices, and money, and find that monetary aggregates have a potentially significant role in providing information about current real output. We then proceed to analyze the information content of money in a forward-looking model in which monetary policy is optimally determined subject to incomplete information about the true state of the economy. We show that monetary aggregates may have substantial information content in an environment with high variability of output measurement errors, low variability of money demand shocks, and a strong contemporaneous linkage between money demand and real output. As a practical matter, however, we conclude that money has fairly limited information content as an indicator of contemporaneous aggregate demand in the euro area.
We investigate the performance of forecast-based monetary policy rules using five macroeconomic models that reflect a wide range of views on aggregate dynamics. We identify the key characteristics of rules that are robust to model uncertainty: such rules respond to the one-year-ahead inflation forecast and to the current output gap and incorporate a substantial degree of policy inertia. In contrast, rules with longer forecast horizons are less robust and are prone to generating indeterminacy. Finally, we identify a robust benchmark rule that performs very well in all five models over a wide range of policy preferences.
Inflation-targeting central banks have only imperfect knowledge about the effect of policy decisions on inflation. An important source of uncertainty is the relationship between inflation and unemployment. This paper studies the optimal monetary policy in the presence of uncertainty about the natural unemployment rate, the short-run inflation-unemployment tradeoff and the degree of inflation persistence in a simple macroeconomic model, which incorporates rational learning by the central bank as well as private sector agents. Two conflicting motives drive the optimal policy. In the static version of the model, uncertainty provides a motive for the policymaker to move more cautiously than she would if she knew the true parameters. In the dynamic version, uncertainty also motivates an element of experimentation in policy. I find that the optimal policy that balances the cautionary and activist motives typically exhibits gradualism, that is, it still remains less aggressive than a policy that disregards parameter uncertainty. Exceptions occur when uncertainty is very high and in inflation close to target.
The use of GARCH models with stable Paretian innovations in financial modeling has been recently suggested in the literature. This class of processes is attractive because it allows for conditional skewness and leptokurtosis of financial returns without ruling out normality. This contribution illustrates their usefulness in predicting the downside risk of financial assets in the context of modeling foreign exchange-rates and demonstrates their superiority over use of normal or Student´s t GARCH models.
Learning and equilibrium selection in a monetary overlapping generations model with sticky prices
(2003)
We study adaptive learning in a monetary overlapping generations model with sticky prices and monopolistic competition for the case where learning agents observe current endogenous variables. Observability of current variables is essential for informational consistency of the learning setup with the model set up but generates multiple temporary equilibria when prices are flexible and prevents a straightforward construction of the learning dynamics. Sticky prices overcome this problem by avoiding simultaneity between prices and price expectations. Adaptive learning then robustly selects the determinate (monetary) steady state independent from the degree of imperfect competition. The indeterminate (non-monetary) steady state and non-stationary equilibria are never stable. Stability in a deterministic version of the model may differ because perfect foresight equilibria can be the limit of restricted perceptions equilibria of the stochastic economy with vanishing noise and thereby inherit different stability properties. This discontinuity at the zero variance of shocks suggests to analyze learning in stochastic models.
This paper compares Bayesian decision theory with robust decision theory where the decision maker optimizes with respect to the worst state realization. For a class of robust decision problems there exists a sequence of Bayesian decision problems whose solution converges towards the robust solution. It is shown that the limiting Bayesian problem displays infinite risk aversion and that decisions are insensitive (robust) to the precise assignment of prior probabilities. This holds independent from whether the preference for robustness is global or restricted to local perturbations around some reference model.
This paper considers a sticky price model with a cash-in-advance constraint where agents forecast inflation rates with the help of econometric models. Agents use least squares learning to estimate two competing models of which one is consistent with rational expectations once learning is complete. When past performance governs the choice of forecast model, agents may prefer to use the inconsistent forecast model, which generates an equilibrium where forecasts are inefficient. While average output and inflation result the same as under rational expectations, higher moments differ substantially: output and inflation show persistence, inflation responds sluggishly to nominal disturbances, and the dynamic correlations of output and inflation match U.S. data surprisingly well.
Over-allotment arrangements are nowadays part of almost any initial public offering. The underwriting banks borrow stocks from the previous shareholders to issue more than the initially announced number of shares. This is combined with the option to cover this short position at the issue price. We present empirical evidence on the value of these arrangements to the underwriters of initial public offerings on the Neuer Markt. The over-allotment arrangement is regarded as a portfolio of a long call option and a short position in a forward contract on the stock, which is different from other approaches presented in the literature. Given the economically substantial values for these option-like claims we try to identify benefits to previous shareholders or new investors when the company is using this instrument in the process of going public. Although we carefully control for potential endogeneity problems, we find virtually no evidence for a reduction in underpricing for firms using over-allotment arrangements. Furthermore, we do not find evidence for more pronounced price stabilization activities or better aftermarket performance for firms granting an over-allotment arrangement to the underwriting banks.
A number of recent studies have suggested that activist stabilization policy rules responding to inflation and the output gap can attain simultaneously a low and stable rate of inflation as well as a high degree of economic stability. The foremost example of such a strategy is the policy rule proposed by Taylor (1993). In this paper, I demonstrate that the policy settings that would have been suggested by this rule during the 1970s, based on real-time data published by the U.S. Commerce Department, do not greatly differ from actual policy during this period. To the extent macroeconomic outcomes during this period are considered unfavorable, this raises questions regarding the usefulness of this strategy for monetary policy. To the extent the Taylor rule is believed to provide a reasonable guide to monetary policy, this finding raises questions regarding earlier critiques of monetary policy during the 1970s.
Ambivalence in the regulatory definition of capital adequacy for credit risk has recently stirred the financial services industry to collateral loan obligations (CLOs) as an important balance sheet management tool. CLOs represent a specialised form of Asset-Backed Securitisation (ABS), with investors acquiring a structured claim on the interest proceeds generated from a portfolio of bank loans in the form of tranches with different seniority. By way of modelling Merton-type risk-neutral asset returns of contingent claims on a multi-asset portfolio of corporate loans in a CLO transaction, we analyse the optimal design of loan securitisation from the perspective of credit risk in potential collateral default. We propose a pricing model that draws on a careful simulation of expected loan loss based on parametric bootstrapping through extreme value theory (EVT). The analysis illustrates the dichotomous effect of loss cascading, as the most junior tranche of CLO transactions exhibits a distinctly different default tolerance compared to the remaining tranches. By solving the puzzling question of properly pricing the risk premium for expected credit loss, we explain the rationale of first loss retention as credit risk cover on the basis of our simulation results for pricing purposes under the impact of asymmetric information. Klassifikation: C15, C22, D82, F34, G13, G18, G20
The following descriptive paper surveys the various types of loan securitisation and provides a working definition of so-called collateralised loan obligations (CLOs). Free of the common rhetoric and slogans, which sometimes substitute for understanding of the complex nature of structured finance, this paper describes the theoretical foundations of this specialised form of loan securitisation. Not only the distinctive properties of CLOs, but also the information economics inherent in the transfer of credit risk will be considered, so that we can equally privilege the critical aspects of security design in the structuring of CLO transactions.
In this paper we assess the implications of sunk costs and product differentiation on the pricing decisions of the multinational firms. For this purpose we use a modified version of Salop's spatial competition. The model yields clear-cut predictions regarding the effects of exchange rate shocks on the market structure and on pass-through. The main results are following: shocks within the band of inaction do not affect market structure. The upper bound of this range rises as the industry ratio of sunk- to fixed costs increases. As fixed costs and product heterogeneity jointly increase, the lower bound drops. Outside of the range, depreciations cause one or several of those foreign brands closest to the home brand to leave. This decreases the overall responsiveness of prices to exchange rate shocks. Large appreciations induce entry and increase the elasticity of prices. This asymmetry implies larger positive than negative PPP deviations. When accounting for price changes in foreign markets, strategic pricing behaviour is no longer sufficient to generate real exchange rate variability. Incomplete pass-through obtains if and only if the domestic firms have a smaller market share abroad. With large nominal exchange rate shocks a hysteresis result obtains if and only if sunk costs are non-zero. Klassifikation: C33, E31
Since the second half of the nineties the euro area has been subject to a considerable accumulation of temporary and idiosyncratic price shocks. Core inflation indicators for the euro area are thus of utmost interest. Based on euro area-wide data core inflation in this paper is analyzed by means of an indicator derived from the generalized dynamic factor model. This indicator reveals that HICP inflation strongly exaggerated both the decline as well as the increase in the price trend in 1999 and 2000/2001. Our results reinforce those achieved by Cristadoro, Forni, Reichlin and Versonese (2001) based on euro area country data which indicates the robustness of the indicator. Klassifikation: C33, E31
Both unconditional mixed-normal distributions and GARCH models with fat-tailed conditional distributions have been employed for modeling financial return data. We consider a mixed-normal distribution coupled with a GARCH-type structure which allows for conditional variance in each of the components as well as dynamic feedback between the components. Special cases and relationships with previously proposed specifications are discussed and stationarity conditions are derived. An empirical application to NASDAQ-index data indicates the appropriateness of the model class and illustrates that the approach can generate a plausible disaggregation of the conditional variance process, in which the components' volatility dynamics have a clearly distinct behavior that is, for example, compatible with the well-known leverage effect. Klassifikation: C22, C51, G10
In this paper, we present a monetary policy game in which the central bank has a private forecast of supply and demand shocks. The public needs to form its inflationary expectations and can make use of central bank announcements. However, because of the credibility problem that the central bank faces, the public will not believe a precise announcement. By extending the arrangement proposed by Garfinkel and Oh (1995) to a model that includes private information about both demand and supply shocks, we investigate the feasibility of making imprecise credible announcements concerning the rate of inflation. Klassifikation:E52;E58
This paper investigates the financial contracting behavior of German venture capitalists against the results of recent theoretical work on the design of venture capital contracts, especially with regard to the use of convertible securities. First, we identify a special feature of the German market, namely that public-private partnership agencies require significantly lower returns than private and young venture capitalists. The latter are most likely to follow their North-American counterpart by refinancing themselves with closed-end funds. Second, with regard to financing practices it is shown that the use of convertibles, relative to other instruments, is influenced by the anticipated severity of agency problems. Klassifikation: C24; G24; G32
We analyze the desinvestment decision of venture capitalists in the course of an IPO of their portfolio firms. The capital market learns of the project quality only in the period following the IPO. Venture capitalists with high-quality firms face a trade-off between immediately selling their stake in the venture at a price below the true value and having to wait until the true value is revealed. We show that the dilemma may be resolved via a reputation-acquiring mechanism in a repeated game set-up. Thereby, we can explain, e.g., the advent of "hot-issue market behavior" involving early disinvestments and a high degree of price uncertainty. Furthermore, we provide a new rationale for underpricing. Young venture capitalists may use underpricing as a device for credibly committing themselves to acquiring reputation.
Deutsche Börse AG plans to introduce a system (Xetra Best) allowing brokers and broker-dealers to internalize the orders of retail customers. Further, Xetra Best supports payment for order flow arrangements. Both internalization and payment for order flow may be detrimental to market quality. This paper discusses advantages and disadvantages of these arrangements. It draws on experiences made in the US. We derive policy implications that aim at a more stringent interpretation of "best execution", and at higher transparency. Klassifikation: G10, G14
Within a two step GARCH framework we estimate the time-varying spillover effects from European and US return innovations to 10 economic sectors within the euro area, the United States, and the United Kingdom. We use daily data from January 1988 - March 2002. At the beginning of our sample sectors in all three currency areas/blocks formed a quite homogeneous group exhibiting only minor sector-specific characteristics. However, over time sectors became more heterogeneous, that is the response to aggregate shocks increasingly varies across sectors. This provides evidence that sector-specific effects gained in importance. European industries show increased heterogeneity simultaneously with the start of the European Monetary Union, whereas in the US this trend started in the early 1990's. Information technology and non-cyclical services (including telecommunication services) became the most integrated sectors worldwide, which are most affected by aggregate European and US shocks. On the other hand, basic industries, non-cyclical consumer goods, resources, and utilities became less affected by aggregate shocks. Volatility spillovers proved to be small and volatile. JEL_Klassifikation: G1, F36
Forecasting stock market volatility and the informational efficiency of the DAX-index options market
(2002)
Alternative strategies for predicting stock market volatility are examined. In out-of-sample forecasting experiments implied-volatility information, derived from contemporaneously observed option prices or history-based volatility predictors, such as GARCH models, are investigated, to determine if they are more appropriate for predicting future return volatility. Employing German DAX-index return data it is found that past returns do not contain useful information beyond the volatility expectations already reflected in option prices. This supports the efficient market hypothesis for the DAX-index options market.
Money-back guarantees in individual pension accounts : evidence from the German pension reform
(2002)
The German Retirement Saving Act instituted a new funded system of supplementary pensions coupled with a general reduction in the level of state pay-as-you-go old-age pensions. In order to qualify for tax relief, the providers of supplementary savings products must offer a guarantee of the nominal value at retirement of contributions paid into these saving accounts. This paper explores how this "money-back" guarantee works and evaluates alternative designs for guarantee structures, including a life cycle model (dynamic asset allocation), a plan with a pre-specified blend of equity and bond investments (static asset allocation), and some type of portfolio insurance. We use a simulation methodology to compare hedging effectiveness and hedging costs associated with the provision of the money-back guarantee. In addition, the guarantee has important implications for regulators who must find an appropriate solvency system for such saving schemes. This version June 17, 2002 . Klassifikation: G11, G23, G28
Why borrowers pay premiums to larger lenders : empirical evidence from sovereign syndicated loans
(2003)
All other terms being equal (e.g. seniority), syndicated loan contracts provide larger lending compensations (in percentage points) to institutions funding larger amounts. This paper explores empirically the motivation for such a price design on a sample of sovereign syndicated loans in the period 1990-1997. I find strong evidence that a larger premium is associated with higher renegotiation probability and information asymmetries. It hardly has any impact on the number of lenders though. This is consistent with the hypothesis that larger lenders act as main lenders, namely help reduce information asymmetries and provide services in situations of liquidity shortage. This constitutes new evidence of the existence of compensations for such unique services. Moreover, larger payment discrepancies are also associated with larger syndicated loan amounts. This provides further new evidence that larger borrowers bear additional borrowing costs.
Die vorliegende empirische Studie analysiert die Vertragsgestaltung zwischen Investoren und europäischen Venture Capital-Fonds. Im Zentrum steht die Analyse der Vergütung des Fondsmanagements sowie der zum Einsatz kommenden Vertragsklauseln. Deren Ausgestaltung ist entscheidend für die Überwindung der Prinzipal-Agenten-Beziehung innewohnenden Agency-Probleme. Hierzu werden 122 Fondsprospekte sowie 46 Gesellschafterverträge von europäischen Venture Capital-Fonds ausgewertet, die in den Jahren 1996 bis 2001, der ersten großen Boomphase des europäischen Venture Capital-Marktes, aufgelegt wurden. Während die jährliche Vergütung des Fondsmanagements auf den ersten Blick sehr standardisiert erscheint, ergeben sich bei einer Barwertbetrachtung aller zu leistenden Management Fees über die gesamte Fondslaufzeit deutliche Anzeichen für Preisdifferenzierung. In Bezug auf den Einsatz von Vertragsklauseln kann eine Zunahme im Zeitablauf und mithin eine zunehmende Komplexität des Vertragsdesigns festgestellt werden. Vor dem Hintergrund der Erfahrungen aus dem US-amerikanischen Venture Capital-Markt kann diese Entwicklung jedoch noch nicht als abgeschlossen gelten. Der europäische Markt bewegt sich in Bezug auf die Verwendung vertraglicher Restriktionen auf dem Niveau, das in den USA bereits Anfang der neunziger Jahre erreicht war.
We use consumer price data for 205 cities/regions in 21 countries to study PPP deviations before, during and after the major currency crises of the 1990s. We combine data from industrialized nations in North America (Unites States, Canada and Mexico), Europe (Germany, Italy, Spain and Portugal), Asia (Japan and South Korea), and Oceania (Australia and New Zealand) with corresponding data from emerging market economies in South America (Argentina, Bolivia, Brazil, Columbia) and Asia (India, Indonesia, Malaysia, Philippines, Taiwan, Thailand). By doing so, we confirm previous results that both distance and border explain a significant amount of relative price variation across different locations. We also find that currency attacks had major disintegration effects by considerably increasing these border effects and by raising within-country relative price dispersion in emerging market economies. These effects are found to be quite persistent since relative price volatility across emerging markets today is still significantly larger than a decade ago.
We investigate into the role of the trade channel as important determinant of a country's current account position and the degree of business cycle synchronization with the rest of the world by comparing the predictions of two types of DGE models. It is shown that the behavior of a country's external balance and the international transmission of shocks depends amongst other things on two factors: i) the magnitude of trade interdependence, ii) the degree of substitutability between importable and domestically-produced goods. Using time series data on bilateral trade flows, we estimate the magnitude of trade interdependence and the elasticity of substitution between importable and domestic goods for the G7 countries. Given these estimates, idiosyncratic supply shocks potentially induce changes in the current account and foreign output that vary in direction and magnitude across G7 countries. The relationship between the magnitude of foreign trade and the import substitutability with various correlation measures is examined empirically in a cross-sectional dimension. First Draft, July 2001. Final Draft, November 2001. Klassifikation: E32, F41
Industrial production in G7 countries is assumed to be driven by two exogenous disturbances. Those disturbances are identified in a VAR model so they can be interpreted as country-specific and global supply shocks. The dynamic properties of the model are analyzed and the relative importance of each shock is measured. It is shown that the VAR model matches most of the theoretical predictions of standard intertemporal open-economy models. The identified structural disturbances are analyzed with regard to their impact on the current account and investment. First Draft, October 2000. Final Draft, January 2001. This paper is based on the second chapter of my doctoral dissertation at the University of Frankfurt. Klassifikation: E32, F41
Our study examines the existence and the nature of private benefits of control in Germany. We do this by analyzing initial public offerings of founding-family owned firms and tracking their fate up to ten years following the IPO. Our sample includes a uniquely rich data set of 105 IPOs of family-owned firms floated from 1970 to 1991 on German stock exchanges. We find that, first, even ten years after the IPO, family owners, in the cross section, continue to exercise considerable control. Second, we show that there exist substantial private benefits of control in these firms and - to our understanding for the first time - we empirically measure what the nature of these private benefits really is. We also show that the separation of cash flow rights and voting rights via the issuance of dual-class shares is used to create controlling shareholder structures in order to preserve these private benefits. Third, we find a puzzling and significant underperformance of dual-class share IPOs, which can be explained by ex ante unanticipated expropriation of minority shareholders due to poor investor protection in Germany. This Version: 4th draft, November 2001 This paper has been presented at the European Financial Management Association 2001 Meeting in Lugano, the CEPR Conference "The Firm and its Stakeholders" in Courmayeur, the Fall 2000 WAFA Conference in Washington, D.C., the European Economic Association 2000 Conference in Bozen, the ABN AMRO International Conference on IPOs in Amsterdam, the SIRIF Conference on Corporate Governance in Edinburgh, the Financial Center Seminar at the Tinbergen Institute Rotterdam, and the G-Forum on Entrepreneurship Research in Vienna. Klassifikation: G14, G32, G15
Against the difficult background of analysing aggregated data in this paper core inflation in the euro area is estimated by means of the structural vector autoregressive approach. We demonstrate that the HICP sometimes seems to be a misleading indicator for monetary policy in the euro area. We furthermore compare our core inflation measure to the wide-spread "ex food and energy" measure, often referred to by the ECB. In addition we provide evidence that our measure is a coincident indicator of HICP inflation. Assessing the robustness of our core inflation measure we carefully conclude that it seems to be quite reliable. This Version: April, 2002 Revised edition published in: Allgemeinenes Statistisches Archiv, Vol 87, 2003. Klassifikation: C32, E31
Recent empirical research found that the strong short-term relationship between monetary aggregates and US real output and inflation, as outlined in the classical study by M. Friedman and Schwartz, mostly disappeared since the early 1980s. In the light of the B. Friedman and Kuttner (1992) information value approach, we reevaluate the vanishing relationship between US monetary aggregates and these macroeconomic fundamentals by taking into account the international currency feature of the US dollar. In practice, by using official US data for foreign flows constructed by Porter and Judson (1996) we find that domestic money (currency component of M1 corrected for the foreign holdings of dollars) contains valuable information about future movements of US real output and inflation. Statistical evidence here provided thus suggests that the Friedman and Schwartz's stylized facts can be reestablished once the focus of analysis is back on the domestic monetary aggregates. This Version: August, 2001. Klassifikation: E3, E4, E5
We use consumer price data for 81 European cities (in Germany, Austria, Finland, Italy, Spain, Portugal and Switzerland) to study the impact of the introduction of the euro on goods market integration. Employing both aggregated and disaggregated consumer price index (CPI) data we confirm previous results which showed that the distance between European cities explains a significant amount of the variation in the prices of similar goods in different locations. We also find that the variation of relative prices is much higher for two cities located in different countries than for two equidistant cities in the same country. Under the EMU, the elimination of nominal exchange rate volatility has largely reduced these border effects, but distance and border still matter for intra-European relative price volatility.
This paper investigates how US and European equity markets affected the US dollar-euro rate from the introduction of the euro through April 2001. More detailed the following questions are raised: First, do movements in the stock market help to explain movements in the exchange rate? Second, how large is the impact of stock market returns on the exchange rate? And third, does the exchange rate respond differently to different equity markets? The investigation was carried out using daily data within a vector-autoregression model (VAR). Surprisingly, positive returns on US equities as well as on European stock markets had a negative impact on the US dollar-euro rate. Quantitatively, the US dollar-euro rate seems to be more influenced by European stock markets compared to US stock markets. Further, there is evidence for a somewhat weaker impact of technology stock indices on the US dollar-euro rate compared with broader market indices. Finally, the long-term interest rate differential seems to contain more information about exchange rate movements than the short-term interest rate differential. This Version: August, 2001. Klassifikation: C32, F31
This paper uses a unique data set from credit files of six leading German banks to provide some empirical insights into their rating systems used to classify corporate borrowers. On the basis of the New Basle Capital Accord, which allows banks to use their internal rating systems to compute their minimum capital requirements, the relations between potential risk factors, rating decisions and the default probabilities are analysed to answer the question whether German banks are ready for the internal ratings-based approach. The results suggests that the answer is not affirmative at this stage. We find internal rating systems not comparable over banks and furthermore we reveal differences between credit rating determining and default probability determining factors respectively. Klassifikation: G21, G33, G38
In the recent theoretical literature on lending risk, the coordination problem in multi-creditor relationships have been analyzed extensively. We address this topic empirically, relying on a unique panel data set that includes detailed credit-file information on distressed lending relationships in Germany. In particular, it includes information on creditor pools, a legal institution aiming at coordinating lender interests in borrower distress. We report three major findings. First, the existence of creditor pools increases the probability of workout success. Second, the results are consistent with coordination costs being positively related to pool size. Third, major determinants of pool formation are found to be the number of banks, the distribution of lending shares, and the severity of the distress shock.
In recent years new methods and models have been developed to quantify credit risk on a portfolio basis. CreditMetrics (tm), CreditRisk+, CreditPortfolio (tm) are among the best known and many others are similar to them. At first glance they are quite different in their approaches and methodologies. A comparison of these models especially with regard to their applicability on typical middle market loan portfolios is in the focus of this study. The analysis shows that differences in the results of an application of the models on a certain loan portfolio is mainly due to different approaches in approximating default correlations. That is especially true for typically non-rated medium-sized counterparties. On the other hand distributional assumptions or different solution techniques in the models are more or less compatible.
This paper shows that emerging market eurobond spreads after the Asian crisis can be almost completely explained by market expectations about macroeconomic fundamentals and international interest rates. Contrary to the claim that emerging market bond spreads are driven by market variables such as stock market volatility in the developed countries, it is found that this did not play a significant role after the Asian crisis. Using panel data techniques, it is shown that the determinants of bond spreads can be divided into long-term structural variables and medium-term variables which explain month-to-month changes in bond spreads. As relevant medium-term variables, ''consensus forecasts'' of real GDP growth and inflation, and international interest rates are identified. The long-term structural factors do not explicitly enter the model and show up as fixed or random country-specific effects. These intercepts are highly correlated with the countries' credit rating.
This paper analyzes a comprehensive data set of 160 non venture-backed, 79 venture-backed and 61 bridge financed companies going public at Germany´s Neuer Markt between March 1997 and March 2002. I examine whether these three types of issues differ with regard to issuer characteristics, balance sheet data or offering characteristics. Moreover, this empirical study contributes to the underpricing literature by focusing on the complementary or rather competing role of venture capitalists and underwriters in certifying the quality of a company when going public. Companies backed by a prestigious venture capitalist and/or underwritten by a top bank are expected to show less underpricing at the initial public offering (IPO) due to a reduced ex-ante uncertainty. This analysis provides evidence to the contrary: VC-backed IPOs appear to be more underpriced than non VC-backed IPOs.
This paper examines thoroughly the Chilean Pension Reform, giving first an overview of the mandatory saving plan, the relevant institutions, and the rules for transition from the old to the new system. The main part of the paper contains a critical evaluation of the reform, in particular the macroeconomic performance with respect to capital formation and growth, and the effects on the savings rate as well as on the rates of return and labor market are discussed. Furthermore, the development of capital markets is reviewed. A short critique is presented with respect to intergenerational distribution and risk sharing as well as with respect to the social consequences. This paper is the result of a CFS sponsored research project. A preliminary version was presented at the meeting of the committee of Social Policy of the Verein fuer Socialpolitik, May 1999 and at the 55th Congress of IIPF, 23-26 August 1999, in Moskow.
This paper provides empirical evidence on initial public offerings (IPOs) by investigating the pricing and long-run performance of IPOs using a unique data set collected on the German capital market before World War I. Our findings indicate that underpricing of IPOs has existed, but has significantly decreased over time in our sample. Employing a mixture of distributions approach we also find evidence of price stabilization of IPOs. Concerning long-run performance, investors who bought their shares in the early after-market and held them for more than three years experienced significantly lower returns than the respective industry as a whole. Earlier versions of this paper were presented at the ABN-AMRO Conference on IPOs in Amsterdam, the Annual Meetings of the European Finance Association, the Annual Meetings of the Verein für Socialpolitik, the IX Tor Vergata International Conference on Banking and Finance in Rome, and at Johann Wolfgang Goethe-University in Frankfurt.
This paper examines empirically the question whether the presence of foreign banks and a liberal trade regime with regard to financial services can contribute to a stabilization of capital flows to emerging markets. Since foreign banks, so the argument goes, provide better information to foreign investors and increase transparency, the danger of herding is reduced. Previous findings by Kono and Schuknecht (1998) confirmed empirically that such an effect does exist. This study expands their data set with respect to the length of the time period and the number of countries. Contrary to Kono and Schuknecht, it is found that foreign bank penetration tends to rather increase the volatility of capital flows. The trade regime variables are not significant in explaining cross-country variations in the volatility of capital flows. This result does not change significantly when alternative measures of volatility are considered. This paper was presented at the conference ''Financial crisis in transition countries: recent lessons and problems yet to solve'' on 13-14 July 2000 at the Institute for Economic Research (IWH) in Halle, Germany.
This paper discusses the role of internal corporate ratings as a means by which commercial banks condense their informational advantage and preserve it vis-à-vis a competitive lending market. In drawing on a unique data set collected from leading universal banks in Germany, we are able to evaluate the extent to which non-public information determines corporate ratings. As a point of departure, the paper describes a sample of rating systems currently in use, and points at methodological differences between them. Relying on a probit analysis, we are able to show that the set of qualitative, or soft, factors is not simply redundant with respect to publicly available accounting data. Rather, qualitative information tends to be decisive in at least one third of cases. It tends to improve the firms' overall corporate rating. In the case of conflicting rating changes, i.e. when qualitative and quantitative rating changes have opposing signs, quantitative criteria dominate the overall rating change. Furthermore, the more restrictive the weighting scheme as part of the rating methodology is, the stronger is the impact of qualitative information on the firms' overall rating. The implications of our results underline the need to define stringent rating standards, from both a risk management and a regulatory point of view. Revised edition published in: ZEW Wirtschaftsanalysen 2001, Bd 54, Baden-Baden, Nomos
This paper provides a broad empirical examination of the major currencies' roles in international capital markets, with a special emphasis on the first year of the euro. A contribution is made as to how to measure these roles, both for international financing as well as for international investment. The times series collected for these measures allow for the identification of changes in the role of the euro during 1999 compared to the aggregate of euro predecessor currencies, net of intra -euro area assets/liabilities, before stage 3 of EMU. A number of key factors determining the currency distribution of international portfolio investments, such as relative market liquidity and relative risk characteristics of assets, are also examined empirically. It turns out that for almost all important market segments for which data are available, the euro immediately became the second most widely used currency for international financing and investment. For the flow of international bond and note issuance it experienced significant growth in 1999 even slightly overtaking the US dollar in the second half of the year. The euro's international investment role appears more static though, since most of the early external asset supply in euro is actually absorbed by euro area residents.
This paper examines the interaction of G7 real exchange rates with real output and interest rate differentials. Using cointegration methods, we generally find a link between the real exchange rate and the real interest differential. This finding contrasts with the majority of the extant research on the real exchange rate - real interest rate link. We identify a new measure of the equilibrium exchange rate in terms of the permanent component of the real exchange rate that is consistent with the dynamic equilibrium given by the cointegration relation. Furthermore, the presence of cointegration also allows us to identify real, nominal and transitory disturbances with only minimal identifying restrictions. Our findings suggest that persistent deviations of real exchange rates from their equilibrium value can have feedback effects on the underlying fundamentals, hence altering the equilibrium exchange rate itself. This has important implications for the persistence measures of real exchange rates that are reported elsewhere in the literature.
In this study the firms' choice of the number of bank relationships is analyzed with respect to influential factors like borrower quality, size and the existence of a close housebank relationship. Then, the number of bank relationships is used as a proxy to examine if bank competition is reflected in loan terms. It is shown that the number of bank relationships is foremost determined by borrower size and the existence of a housebank relationship. Loan rate spreads are not effected by the number of bank relationships. However, borrowers with a small number of bank relationships provide more collateral and get more credit. These effects are amplified by a housebank relationship. Housebanks get more collateral and are ready to take a larger stake in the financing of their customers.
The globalization of markets and companies has increased the demand for internationally comparable high quality accounting information resulting from a common set of accounting rules. Despite remarkable efforts of international harmonization for more than 25 years, accounting regulation is still the domain of national legislators or delegated standard setters. The paper starts by outlining the reasons for this state of affairs and by characterizing the different institutional backgrounds of accounting standard setting in four selected countries as well as on the international level. This is followed by a summary of important international differences in accounting rules and a summary of the empirical evidence of the impact of different rules on the resulting numbers and their relevance to users. It is argued that neither a priori theoretical reasoning nor the evidence from empirical studies provides a convincing basis for choices between accounting regimes and even less so between specific accounting rules. As there is a broad consensus that there is a need for one set of global accounting standards the final sections of the paper discuss currently existing and proposed structures of international accounting standard setting. The evolving new IASC structure is critically evaluated.