330 Wirtschaft
Refine
Year of publication
Document Type
- Working Paper (1834)
- Article (474)
- Part of Periodical (446)
- Report (105)
- Doctoral Thesis (40)
- Book (28)
- Conference Proceeding (14)
- Periodical (11)
- Part of a Book (9)
- Review (7)
Language
- English (2975) (remove)
Is part of the Bibliography
- no (2975)
Keywords
- Deutschland (117)
- Geldpolitik (55)
- USA (51)
- monetary policy (50)
- Financial Institutions (48)
- Schätzung (48)
- Europäische Union (44)
- Monetary Policy (44)
- ECB (42)
- Bank (39)
- Capital Markets Union (36)
- Financial Markets (36)
- Corporate Governance (35)
- Household Finance (33)
- Banking Union (32)
- Banking Regulation (30)
- Inflation (29)
- corporate governance (23)
- Risikokapital (22)
- Venture Capital (22)
- Liquidity (21)
- Banking Supervision (20)
- Financial Stability (20)
- Regulation (20)
- Systemic Risk (20)
- Währungsunion (20)
- Haushalt (19)
- Kreditmarkt (19)
- Kreditrisiko (19)
- Portfoliomanagement (19)
- regulation (19)
- Aktienmarkt (18)
- Großbritannien (18)
- Insurance (18)
- Macro Finance (18)
- household finance (18)
- Börsenkurs (17)
- Volatilität (17)
- Financial Crisis (16)
- Going Public (16)
- asset pricing (16)
- Financial Literacy (15)
- Germany (15)
- Japan (15)
- financial stability (15)
- systemic risk (15)
- Asset Pricing (14)
- COVID-19 (14)
- Contagion (14)
- ESG (14)
- banking (14)
- insurance (14)
- BRRD (13)
- European Central Bank (13)
- Fiscal Policy (13)
- Solvency II (13)
- fiscal policy (13)
- inflation (13)
- liquidity (13)
- Banking Resolution (12)
- Covid-19 (12)
- Kapitalertrag (12)
- Sustainable Finance (12)
- competition (12)
- credit risk (12)
- financial crisis (12)
- financial literacy (12)
- Consumption (11)
- ESMA (11)
- Kapitalmarkt (11)
- Klein- und Mittelbetrieb (11)
- Kreditwesen (11)
- Portfolio Selection (11)
- real-time data (11)
- Bail-in (10)
- China (10)
- Disclosure (10)
- GARCH-Prozess (10)
- Life Insurance (10)
- Neuer Markt (10)
- Optionspreistheorie (10)
- Prognose (10)
- SSM (10)
- asymmetric information (10)
- capital regulation (10)
- model uncertainty (10)
- oil price (10)
- portfolio choice (10)
- transparency (10)
- Arbeitslosigkeit (9)
- Asset Allocation (9)
- Banks (9)
- Börsenzulassung (9)
- Climate Change (9)
- EBA (9)
- EMU (9)
- Federal Reserve (9)
- Frankreich (9)
- Household finance (9)
- Innovation (9)
- Kredit (9)
- Market Microstructure (9)
- Mergers and Acquisitions (9)
- Sparen (9)
- Value at Risk (9)
- Wertpapieremission (9)
- Wettbewerb (9)
- banking union (9)
- climate change (9)
- contagion (9)
- coronavirus (9)
- finance (9)
- forecasting (9)
- ABS (8)
- Aktienkurs (8)
- Asymmetrische Information (8)
- Bayesian inference (8)
- Bitcoin (8)
- DSGE (8)
- DSGE models (8)
- Derivatives (8)
- Finanzwirtschaft (8)
- General Equilibrium (8)
- Inflation Targeting (8)
- Precautionary Saving (8)
- Quantitative Easing (8)
- Saving (8)
- Social System (8)
- Stockholding (8)
- Transparency (8)
- Wechselkurs (8)
- Wirtschaftswachstum (8)
- bail-in (8)
- bank regulation (8)
- banking regulation (8)
- banks (8)
- financial transaction data (8)
- inequality (8)
- market discipline (8)
- regulatory arbitrage (8)
- relationship lending (8)
- welfare (8)
- Bank Lending (7)
- Banking (7)
- Bankkredit (7)
- Bayesian estimation (7)
- Börse (7)
- Clearing (7)
- Comments disabled (7)
- Competition (7)
- Cryptocurrency (7)
- Derivat, Wertpapier (7)
- EIOPA (7)
- Einkommen (7)
- Euro Area (7)
- Europäische Zentralbank (7)
- Event Study (7)
- GARCH (7)
- Italien (7)
- Kapitalgewinn (7)
- Kapitalmarkteffizienz (7)
- Kreditwürdigkeit (7)
- Learning (7)
- MiFID II (7)
- Preisbildung (7)
- Private Investment (7)
- Retirement (7)
- Risiko (7)
- Risikomanagement (7)
- Systemic risk (7)
- TLAC (7)
- Uncertainty (7)
- Wertpapiermarkt (7)
- capital structure (7)
- euro area (7)
- forward guidance (7)
- leverage (7)
- matching (7)
- political economy (7)
- prudential supervision (7)
- public debt (7)
- shadow banking (7)
- social security (7)
- venture capital (7)
- 401(k) plan (6)
- Adverse Selection (6)
- Artificial Intelligence (6)
- Basel III (6)
- Capital-Asset-Pricing-Modell (6)
- Coronavirus (6)
- Deflation (6)
- Demography (6)
- Emerging Market (6)
- Entwicklungsländer (6)
- Euro (6)
- Evaluation (6)
- Fair value accounting (6)
- Financial Crises (6)
- Financial Regulation (6)
- Financial literacy (6)
- Finanzkrise (6)
- Fintech (6)
- Immobilienfonds (6)
- International Financial Reporting Standards (6)
- Investor Protection (6)
- Kapitalanlage (6)
- Konjunktur (6)
- Leistungsbilanz (6)
- Liquidität (6)
- Low Interest Rates (6)
- MREL (6)
- Machine Learning (6)
- Mitgliedsstaaten (6)
- Model Uncertainty (6)
- Moral Hazard (6)
- Neuer Markt <Börse> (6)
- New Economy (6)
- Numerical accuracy (6)
- OTC markets (6)
- Pension (6)
- Pension Insurance (6)
- Private Equity (6)
- Publizitätspflicht (6)
- Risikoverteilung (6)
- Risk (6)
- Ruhestand (6)
- Schwellenländer (6)
- Social Interaction (6)
- Solution methods (6)
- Statistischer Test (6)
- Trading (6)
- Underpricing (6)
- Unemployment (6)
- Walter Eucken (6)
- Wirtschafts- und Währungsunion (6)
- Zinsfuß (6)
- ambiguity (6)
- bank lending (6)
- capital requirements (6)
- consumption (6)
- corporate finance (6)
- expectations (6)
- financial regulation (6)
- financial system (6)
- globalization (6)
- human capital (6)
- incomplete markets (6)
- interest rates (6)
- machine learning (6)
- monetary policy rules (6)
- money (6)
- policy rules (6)
- private equity (6)
- risk-taking (6)
- uncertainty (6)
- volatility (6)
- wealth inequality (6)
- Abnehmer (5)
- Aktionär (5)
- Altersversorgung (5)
- Asset-Backed Security (5)
- Asymmetric Information (5)
- Beschaffungsmarketing (5)
- Beziehungsmanagement (5)
- Buffer Stock Saving (5)
- Business Cycle (5)
- Business Cycles (5)
- Corporate Bonds (5)
- Corporate Finance (5)
- Corporate Social Responsibility (5)
- Corporate governance (5)
- Credit Ratings (5)
- Credit Risk (5)
- Entrepreneurship (5)
- European Central Bank (ECB) (5)
- European Monetary Union (5)
- European Union (5)
- Fair-Value-Bewertung (5)
- Financial stability (5)
- Finanzierungstheorie (5)
- Finanzintermediäre (5)
- Finanzplanung (5)
- Generally Accepted Accounting Principles (5)
- Green Finance (5)
- Hedging (5)
- Homeownership (5)
- IPO (5)
- Interbankenabkommen (5)
- International Accounting Standards (5)
- Investmentfonds (5)
- Kapitalstruktur (5)
- Kreditsicherung (5)
- Lebensversicherung (5)
- Lieferung (5)
- Liquidity Risk (5)
- Market Efficiency (5)
- Monetary Union (5)
- Ordoliberalism (5)
- Portfolio Choice (5)
- Portfolio choice (5)
- Progressive Taxation (5)
- Rating (5)
- Regulierung (5)
- Risk Management (5)
- Schuldverschreibung (5)
- Securitization (5)
- Sovereign Risk (5)
- Sovereign debt (5)
- Sustainability (5)
- Theorie (5)
- Trust (5)
- Unternehmen (5)
- Vergleich (5)
- Volatility (5)
- Wertpapierhandel (5)
- Xetra-Handelssystem (5)
- annuity (5)
- bank resolution (5)
- banking supervision (5)
- business cycle (5)
- central bank independence (5)
- collateral (5)
- complementarity (5)
- credit risk management (5)
- duration models (5)
- evaluation (5)
- financial markets (5)
- financial systems (5)
- forecast combination (5)
- habit formation (5)
- law and finance (5)
- liquidity risk (5)
- liquidity trap (5)
- model comparison (5)
- networks (5)
- peer effects (5)
- pension (5)
- predictability (5)
- price stability (5)
- rational expectations (5)
- recursive utility (5)
- saving (5)
- social interactions (5)
- sovereign risk (5)
- stochastic volatility (5)
- stockholding (5)
- structured finance (5)
- sustainable finance (5)
- systematic risk (5)
- term structure (5)
- time series models (5)
- unemployment (5)
- zero lower bound (5)
- Öffentliche Ausgaben (5)
- Adaptive Erwartung (4)
- Aging (4)
- Aktienanalyse (4)
- Aktienbewertung (4)
- Aktienoption (4)
- Aktienrecht (4)
- Annuities (4)
- Arbeitsloser (4)
- Arbeitsmarkt (4)
- Arbeitsmarktpolitik (4)
- Asset pricing (4)
- Bank Resolution (4)
- Bank Restructuring (4)
- Bankenaufsicht (4)
- Bayesian Estimation (4)
- Bewertungseinheit (4)
- Blockchain (4)
- CLO (4)
- Cointegration (4)
- Collateral (4)
- Counterparty Risk (4)
- Credit (4)
- DSGE model (4)
- Darlehen (4)
- Deposit Insurance (4)
- Disposition Effect (4)
- Dodd-Frank Act (4)
- Dynamisches Gleichgewicht (4)
- Education (4)
- Einkommensverteilung (4)
- Electronic Commerce (4)
- Enforcement (4)
- Entwicklungsfinanzierung (4)
- Equity Premium (4)
- Erwartung (4)
- Eurozone (4)
- FOMC (4)
- FinTech (4)
- Financial crisis (4)
- Finanzanalyse (4)
- Finanzierung (4)
- Finanzierungsstruktur (4)
- Finanzintermediation (4)
- Fiskalpolitik (4)
- Fragmentation (4)
- Generaldirektor (4)
- Geschäftsführer (4)
- Globalisierung (4)
- Governance (4)
- Greece (4)
- Herding (4)
- High-Frequency Trading (4)
- Household Portfolios (4)
- IAS (4)
- Idiosyncratic Risk (4)
- Incomplete Markets (4)
- Inequality (4)
- Initial Public Offerings (4)
- Interest Rate Risk (4)
- Interest Rates (4)
- Internationaler Kreditmarkt (4)
- Internationaler Vergleich (4)
- Investitionsentscheidung (4)
- Investor Sentiment (4)
- Jumps (4)
- Kalman filter (4)
- Kanada (4)
- Kongress (4)
- Kreditgewährung (4)
- Krisenmanagement (4)
- Labor income risk (4)
- Machine learning (4)
- Makroökonomie (4)
- Markteffizienz (4)
- MiFIR (4)
- Monetary policy (4)
- Neubewertung (4)
- Portfolio optimization (4)
- Prediction (4)
- Price Discovery (4)
- Private equity (4)
- Privater Verbrauch (4)
- Produktivität (4)
- Public Private Partnership (4)
- Rendite (4)
- Risikoprämie (4)
- Robustness (4)
- Schock <Wirtschaft> (4)
- Schweden (4)
- Schweiz (4)
- Screening (4)
- Single Supervisory Mechanism (4)
- Sparkasse (4)
- Standardisierung (4)
- Stochastic Volatility (4)
- Sustainable Investments (4)
- Systematic Risk (4)
- TARGET (4)
- Tax (4)
- Technische Aktienanalyse (4)
- Topmanager (4)
- US GAAP (4)
- Unconventional Monetary Policy (4)
- Universalbank (4)
- Unternehmenskooperation (4)
- Unternehmenssanierung (4)
- Value-at-Risk (4)
- Venture capital (4)
- Verbrauch (4)
- Verbraucherpreis (4)
- Wertpapieranalyse (4)
- Word-of-Mouth (4)
- Zeitreihenanalyse (4)
- Zinsstruktur (4)
- Zinsstrukturtheorie (4)
- asset allocation (4)
- bailout (4)
- beliefs (4)
- business cycles (4)
- capital markets (4)
- consumer protection (4)
- consumption-portfolio choice (4)
- convergence (4)
- cooperation (4)
- credit constraints (4)
- credit rationing (4)
- crises (4)
- crowdfunding (4)
- density forecasts (4)
- euro (4)
- exchange rates (4)
- financial distress (4)
- financial intermediation (4)
- financial services (4)
- goods market integration (4)
- growth (4)
- household debt (4)
- housing (4)
- idiosyncratic risk (4)
- incentives (4)
- inflation targeting (4)
- institutional investors (4)
- institutions (4)
- investment (4)
- investment decisions (4)
- law of one price (4)
- learning (4)
- leveraged buyouts (4)
- managerial incentives (4)
- market efficiency (4)
- market microstructure (4)
- money creation (4)
- monitoring (4)
- moral hazard (4)
- nominal rigidities (4)
- non-bank financial intermediation (4)
- panel VAR (4)
- portfolio allocation (4)
- price discovery (4)
- purchasing power parity (4)
- quantitative easing (4)
- rating agencies (4)
- realized volatility (4)
- relative price volatility (4)
- retirement (4)
- risk (4)
- risk premium (4)
- risk transfer (4)
- savings banks (4)
- selection bias (4)
- stochastic differential utility (4)
- stock market (4)
- structural reforms (4)
- sustainability (4)
- vocational training (4)
- ARCH-Prozess (3)
- Accounting (3)
- Agency-Theorie (3)
- Aktienanlage (3)
- Aktienbörse (3)
- Aktienoptionshandel (3)
- Aktienoptionsplan (3)
- Aktionärsstruktur (3)
- Algorithmic Trading (3)
- Annuity (3)
- Anreiz (3)
- Anteilseigner (3)
- Auctions (3)
- Auslandskredit (3)
- Außenwirtschaftliches Gleichgewicht (3)
- Bank regulation (3)
- Basler Eigenkapitalvereinbarung , 2001 (3)
- Basler Eigenkapitalvereinbarung <1988> (3)
- Basler Eigenkapitalvereinbarung, 2001 (3)
- Basler Eigenkapitalvereinbarung, 2010 (3)
- Bayesian learning (3)
- Bias (3)
- Biodiversity (3)
- Board of Directors (3)
- Brexit (3)
- Börsenhändler (3)
- CDS (3)
- Call-Option (3)
- Central Bank Communication (3)
- Central Banking (3)
- Central Clearing (3)
- Climate change (3)
- Consumer Credit (3)
- Consumers (3)
- Credit Cards (3)
- Credit Spread (3)
- Cryptocurrencies (3)
- Culture (3)
- Current Account (3)
- Debt-equity swap (3)
- Debt-nature swap (3)
- Deutsche Börse (3)
- Development finance (3)
- Discretion (3)
- Diseases (3)
- Disinflation (3)
- ESM (3)
- ETFs (3)
- EU (3)
- Economic and Monetary Union (3)
- Eigenkapitalgrundsätze (3)
- Eligibility premium (3)
- Emissionskurs (3)
- Employee stock options (3)
- Entscheidung bei Unsicherheit (3)
- Equator Principles (3)
- Erwartungsbildung (3)
- European Banking Authority (EBA) (3)
- Executive Compensation (3)
- Executive stock options (3)
- Exotic options (3)
- Expectations (3)
- Experiment (3)
- Exponential smoothing (3)
- Festwert (3)
- Finance (3)
- Financial Advice (3)
- Financial Distress (3)
- Financial Education (3)
- Financial Knowledge (3)
- Financial distress (3)
- Fire Sales (3)
- Firmenkundengeschäft (3)
- Fiscal Multiplier (3)
- Fiscal Stimulus (3)
- Flotation Costs (3)
- Fremdfinanzierung (3)
- Fusion (3)
- G-7-Staaten (3)
- GDPR (3)
- Geduld (3)
- Gender (3)
- German banks (3)
- Gewinn (3)
- Glaubwürdigkeit (3)
- Gleichgewicht (3)
- Globalization (3)
- Gläubiger (3)
- Government Spending (3)
- Granger Causality (3)
- Green bonds (3)
- Greenbook (3)
- Greenium (3)
- Growth (3)
- Gütefunktion (3)
- Hamiltonian Monte Carlo (3)
- Health shocks (3)
- Heranwachsender (3)
- Heterogeneous Agents (3)
- High-Frequency Data (3)
- Human Capital (3)
- IFRS 9 (3)
- Incomplete markets (3)
- India (3)
- Information Acquisition (3)
- Inside Debt (3)
- Institutionalismus (3)
- Insurance Companies (3)
- Integration (3)
- Interconnectedness (3)
- Internal Controls (3)
- International Accounting Standard 39 (3)
- Investition (3)
- Investments (3)
- Job Creation Schemes (3)
- Kapitalallokation (3)
- Kapitalkosten (3)
- Kenntnis (3)
- Kleingewerbe (3)
- Konjunkturzyklus (3)
- Konsumentenkredit (3)
- Kreditgeschäft (3)
- Kreditkarte (3)
- Kreditsicherheit (3)
- Kreditwürdigkeitsprüfung (3)
- Kritik (3)
- Labor Market (3)
- Law and Finance (3)
- Leistungsbewertung (3)
- Lender of Last Resort (3)
- Life-Cycle Model (3)
- Limited Commitment (3)
- Limited Partnership (3)
- Liquidity Provision (3)
- Loss Sharing (3)
- Länderrating (3)
- Länderrisiko (3)
- Marginal Propensity to Consume (3)
- Market Structure (3)
- Matching (3)
- Mikrofinanzierung (3)
- Monetary Policy Rules (3)
- Monetary policy transmission (3)
- Neokeynesianismus (3)
- Neoliberalism (3)
- Neural Networks (3)
- New Keynesian Model (3)
- Nominalzins (3)
- Notenbank (3)
- OECD (3)
- OMT (3)
- Offene Volkswirtschaft (3)
- Optimal Monetary Policy (3)
- Optionsgeschäft (3)
- Optionshandel (3)
- Optionsmarkt (3)
- Over-Allotment Option (3)
- Parametertest (3)
- Pensions (3)
- Performance (3)
- Phillips Curve (3)
- Policy Center (3)
- Policy Rules (3)
- Portfolio Optimization (3)
- Portfolio allocation (3)
- Preispolitik (3)
- Preisstarrheit (3)
- Price Efficiency (3)
- Privacy (3)
- Put-Option (3)
- R&D (3)
- Ratingagentur (3)
- Real Effects (3)
- Real-time Data (3)
- Recursive Preferences (3)
- Reform (3)
- Rentenmarkt (3)
- Rentenreform (3)
- Reputation (3)
- Restrukturierung (3)
- Retail investors (3)
- Return Predictability (3)
- Risk Aversion (3)
- Risk Sharing (3)
- SRM (3)
- Sachbearbeiter (3)
- Schattenwirtschaft (3)
- Schulden (3)
- Self-control (3)
- Sign Restrictions (3)
- Signifikanzniveau (3)
- Social Networks (3)
- Social Security (3)
- Solvency (3)
- Sovereign Debt (3)
- Staatsanleihe (3)
- Start-ups (3)
- Sticky Prices (3)
- Stochastischer Prozess (3)
- Stock Market (3)
- Stress Test (3)
- Teilwert (3)
- Term Structure of Interest Rates (3)
- Testtheorie (3)
- Textual Analysis (3)
- Tontines (3)
- Transmissionsmechanismus (3)
- Transparenz (3)
- Umfrage (3)
- Umschuldung (3)
- Unbewegliche Sache (3)
- Underwriter Fee (3)
- Unternehmensgründung (3)
- Unternehmenszusammenschluss (3)
- VAR (3)
- Vektor-autoregressives Modell (3)
- Verbraucherpreisindex (3)
- Versicherungen (3)
- Versicherungsmarkt (3)
- Versicherungswirtschaft (3)
- Vertrag (3)
- Vocational education (3)
- Vorstandsvorsitzender (3)
- Wage Rigidity (3)
- Welfare (3)
- Weltwirtschaft (3)
- Wettbewerbsfreiheit (3)
- Wettbewerbsfähigkeit (3)
- Wirecard (3)
- Wirtschaftspolitik (3)
- Wohlfahrtseffekt (3)
- Wohlstand (3)
- Wohneigentum (3)
- Währungskrise (3)
- Zahlungsbilanzausgleich (3)
- Zahlungsbilanzungleichgewicht (3)
- Zero Lower Bound (3)
- Zerobond (3)
- Zertifizierung (3)
- Zins (3)
- Zinsertragskurve (3)
- active shareholders (3)
- aggregate risk (3)
- asset purchases (3)
- bank runs (3)
- banking separation proposals (3)
- banknotes (3)
- behavioral finance (3)
- bid-ask spread (3)
- big data (3)
- blockchain (3)
- border effects (3)
- bubbles (3)
- capital (3)
- career concerns (3)
- central banking (3)
- childcare (3)
- commitment (3)
- communication (3)
- compensation (3)
- complexity (3)
- confidence (3)
- corporate rating (3)
- corporate social responsibility (3)
- credibility (3)
- credit supply (3)
- crowding out (3)
- crude oil (3)
- currency crisis (3)
- debt maturity (3)
- debt sustainability (3)
- default (3)
- deflation (3)
- derivatives (3)
- difference-in-differences (3)
- discrete hazard models (3)
- discretion (3)
- discrimination (3)
- distress (3)
- diversification (3)
- diversity (3)
- downside risk (3)
- economic competence (3)
- economic growth (3)
- education (3)
- efficiency (3)
- entrepreneurship (3)
- entry (3)
- equity premium (3)
- estimation risk (3)
- event study (3)
- executive compensation (3)
- financial constraints (3)
- financial frictions (3)
- financial innovation (3)
- financing policy (3)
- fintech (3)
- gasoline price (3)
- gender (3)
- general equilibrium (3)
- global justice (3)
- hedging (3)
- heterogeneous agents (3)
- housebanks (3)
- implied volatility (3)
- innovation (3)
- insider trading (3)
- institution building (3)
- interest rate risk (3)
- intergenerational persistence (3)
- investor protection (3)
- jumps (3)
- labor income (3)
- labor supply (3)
- laboratory experiments (3)
- limited attention (3)
- limits to arbitrage (3)
- loan contract design (3)
- loan origination (3)
- long-run risk (3)
- longevity risk (3)
- loss function (3)
- macroeconomic models (3)
- monetary transmission (3)
- monetary transmission mechanism (3)
- money market funds (3)
- mortgages (3)
- optimal monetary policy (3)
- ownership structure (3)
- pedagogy (3)
- pension reform (3)
- pensions (3)
- persistence (3)
- political economy of bureaucracy (3)
- pricing (3)
- proprietary trading (3)
- public policy (3)
- quantity theory (3)
- regime-switching (3)
- regulatory capture (3)
- retirement age (3)
- retirement income (3)
- risk allocation (3)
- risk aversion (3)
- risk taking (3)
- school closures (3)
- screening (3)
- securitisation (3)
- signaling (3)
- social norms (3)
- social preferences (3)
- sovereign debt (3)
- spatial data (3)
- stakeholders (3)
- state-owned enterprises (3)
- sticky prices (3)
- stock returns (3)
- syndicated loans (3)
- systemisches Risiko (3)
- taxation (3)
- taxes (3)
- trading (3)
- trading behavior (3)
- unconventional monetary policy (3)
- wages (3)
- wealth (3)
- welfare loss (3)
- workouts (3)
- yield curve (3)
- zero interest rate bound (3)
- Älterer Mensch (3)
- Öffentliche Ordnung (3)
- Ökonometrie (3)
- Ökonomische Bildung (3)
- (De-)stabilisation (2)
- (dis-)intermediation (2)
- AI borrower classification (2)
- AI enabled credit scoring (2)
- Abnormal Returns (2)
- Absatzweg (2)
- Accounting for Banks (2)
- Acquisitions (2)
- Active Labour Market Policy (2)
- Active investors (2)
- Adverse Selection Risk (2)
- Aesthetics (2)
- Agency Theory (2)
- Aggregate outcomes (2)
- Aktienrückkauf (2)
- Algorithmic Discrimination (2)
- Alternative investments (2)
- Analyst Behaviour (2)
- Anchoring (2)
- Ankündigungseffekt (2)
- Anlagepolitik (2)
- Anleihe (2)
- Annual General Meeting (2)
- Anpassung (2)
- Antitrust (2)
- Appraisal rights (2)
- Arbeitslosenversicherung (2)
- Arbeitsproduktivität (2)
- Armut (2)
- Asset Price Bubbles (2)
- Asset Prices (2)
- Asset Quality Review (2)
- Asset Securitisation (2)
- Asset allocation (2)
- Auditing (2)
- Auktionstheorie (2)
- Bailout (2)
- Bank Capitalization (2)
- Bank Simulation (2)
- Bankbilanz (2)
- Bankenkrise (2)
- Bankenunion (2)
- Banking Stability (2)
- Banking crisis (2)
- Banking stability (2)
- Bankpolitik (2)
- Bankrecht (2)
- Bankruptcy (2)
- Bargaining (2)
- Bargaining Power (2)
- Barrier options (2)
- Basel II (2)
- Basel regulation (2)
- Basle 2 (2)
- Basle Committee (2)
- Bayes-Entscheidungstheorie (2)
- Bayes-Verfahren (2)
- Bayesian Analysis (2)
- Bayesian VAR (2)
- Beliefs (2)
- Betafaktor (2)
- Bevölkerungsentwicklung (2)
- Big Data (2)
- Big Five (2)
- Bilanzierungsgrundsätze (2)
- Bilanzrecht (2)
- Bond Markets (2)
- Bootstrap (2)
- Brent (2)
- Bundesanleihe (2)
- Business Network (2)
- Business Sentiment (2)
- Business lending (2)
- Börsenkrach (2)
- Börsenmakler (2)
- CAPM (2)
- CBDC (2)
- CDO (2)
- CES-Funktion (2)
- COVID-19 news (2)
- CSR (2)
- Capital Butgeting (2)
- Car Loans (2)
- Cash (2)
- Cashflow (2)
- Central Bank (2)
- Central Counterparties (2)
- Checkliste (2)
- Choquet expected utility (2)
- Circuit Breaker (2)
- Co-residence (2)
- Coco bonds (2)
- Collateral Constraint (2)
- Collateral Policy (2)
- Commitment (2)
- Commodities (2)
- Compensation (2)
- Compensation Structure (2)
- Complementarity (2)
- Complexity (2)
- Conditional Volatility (2)
- Conditionality (2)
- Consumer Welfare (2)
- Consumer financial protection (2)
- Consumption Dynamics (2)
- Contract Design (2)
- Coordination (2)
- Core Inflation (2)
- Corporate Debt Structure (2)
- Corporate bonds (2)
- Corporate law (2)
- Covid pandemic (2)
- Credit Default Swaps (2)
- Credit Rating Agencies (2)
- Crowdfunding (2)
- Crowding-out (2)
- Cumulative prospect theory (2)
- Cyprus (2)
- DCC-GARCH (2)
- DEA (2)
- DSGE Estimation (2)
- DSGE Model (2)
- Dark Pools (2)
- Dark Trading (2)
- Datenschutz (2)
- Datenschutz / Kontrolle (2)
- Default (2)
- Delegated portfolio management (2)
- Demographic Change (2)
- Density Forecasting (2)
- Desinvestition (2)
- Deutsche Bank (2)
- Development Finance (2)
- Digital Finance (2)
- Digitalization (2)
- Disaggregated Prices (2)
- Discourse (2)
- Discretization Error (2)
- Distress (2)
- Downside Risk (2)
- Drag-along rights (2)
- Dynamic Duration Models (2)
- Dynamic inconsistency (2)
- Dänemark (2)
- ECB Monetary Policy (2)
- EDIS (2)
- EGC (2)
- EMIR (2)
- ESG Rating Agencies (2)
- EU economic and financial services legislation (2)
- EU-Staaten (2)
- Economic Governance (2)
- Economic Reforms (2)
- Economics (2)
- Effektenbank (2)
- Eigenkapital (2)
- Einkommensteuer (2)
- Elasticity (2)
- Emerging Markets (2)
- Emissionsgeschäft (2)
- Empirical Contract Theory (2)
- Endogenous Growth (2)
- Endogenous growth (2)
- Entrepreneurial Finance (2)
- Entry and exit (2)
- Entwicklung (2)
- Environmental (2)
- Environmental policy (2)
- Equator Principles Association (2)
- Equity Crowdfunding (2)
- Euro area (2)
- Euromarkt (2)
- Europa (2)
- Europe (2)
- European Banking Union (2)
- European Commission (2)
- European Market Infrastructure Regulation (EMIR) (2)
- European Parliament (2)
- European Stability Mechanism (2)
- European Supervisory Architecture (2)
- European integration (2)
- Europäische Wirtschafts- und Währungsunion (2)
- Eurosystem (2)
- Evolutorische Wirtschaft (2)
- Excess Zeros (2)
- Exchange Rates (2)
- Exercise Behavior (2)
- Expectation Formation (2)
- Expected credit losses (2)
- FBSDE (2)
- Factor Model (2)
- Factor Models (2)
- Fair Value Accounting (2)
- Fair value (2)
- FinTechs (2)
- Financial Decisions (2)
- Financial Development (2)
- Financial Education Programs (2)
- Financial Frictions (2)
- Financial Instruments (2)
- Financial Reporting (2)
- Financial Systems (2)
- Financial advice (2)
- Finanzdienstleistung (2)
- Finanzlage (2)
- Finanzplatz (2)
- Firmenwert (2)
- Fiscal Consolidation (2)
- Fiscal policy (2)
- Forbearance (2)
- Forecasting (2)
- Forschung und Entwicklung (2)
- Forward Guidance (2)
- Frankfurt School (2)
- Frankfurt am Main (2)
- Fraud (2)
- Fremdkapital (2)
- Friedrich August von Hayek (2)
- Fund Flows (2)
- Funds (2)
- Führungskraft (2)
- G-SIB (2)
- G-SIFIs (2)
- Geldmarkt (2)
- Geldmengensteuerung (2)
- Geopolitik (2)
- German Banking System (2)
- German Neoliberalism (2)
- German financial system (2)
- German reunification (2)
- Geschichte 1980-1998 (2)
- Geschichte 1997-2000 (2)
- Geschichte 2002 (2)
- Geschichte 2007-2010 (2)
- Gesellschaftsrecht (2)
- Government Debt (2)
- Granger causality (2)
- Great Recession (2)
- Greek economic crisis (2)
- Green Bonds (2)
- Greenwashing (2)
- Guidelines (2)
- Haftung (2)
- Handel (2)
- Hausbank (2)
- Hawkes processes (2)
- Health (2)
- Health care (2)
- Hedge Accounting (2)
- Herd Behavior (2)
- Heterogeneity (2)
- Heterogeneous innovation (2)
- Hidden Liquidity (2)
- High Frequency Data (2)
- High-Frequency Traders (HFTs) (2)
- High-frequency Data (2)
- Hold-up (2)
- Home ownership (2)
- Homestead exemptions (2)
- Hongkong (2)
- House Prices (2)
- House prices (2)
- Household Crisis Barometer (2)
- Household income (2)
- Household-Size Economies (2)
- Housing (2)
- Housing Wealth (2)
- Human capital (2)
- Hysterese (2)
- Iceberg Orders (2)
- Identität (2)
- Immaterieller Anlagewert (2)
- Immigration (2)
- Income and Wealth Inequality (2)
- Index (2)
- Index-Futures (2)
- Indexzahl (2)
- Individual Ethics (2)
- Inflation Convergence (2)
- Inflationsrate (2)
- Influence Activities (2)
- Information (2)
- Informationsverhalten (2)
- Informationsökonomie (2)
- Informeller Finanzsektor (2)
- Infrastructure (2)
- Insider Trading (2)
- Insidergeschäft (2)
- Institutional Investors (2)
- Insurance Activities (2)
- Insurance Markets (2)
- Interbank Market (2)
- Interest Rate Guarantees (2)
- Intermediary (2)
- International Accounting (2)
- International Finance (2)
- International Macroeconomics (2)
- International Portfolio Diversification (2)
- Internationale Bank (2)
- Internationale Kapitalbewegung (2)
- Internationaler Konjunkturzusammenhang (2)
- Internationaler Wettbewerb (2)
- Investitionsplanung (2)
- Investitionsrechnung (2)
- Investmentsparen (2)
- Investor behavior (2)
- Investor protection (2)
- Ireland (2)
- Irland (2)
- Kapitalbedarfsrechnung (2)
- Kapitalflussrechnung (2)
- Kapitalismus (2)
- Kapitalmarktrecht (2)
- Kapitalmobilität (2)
- Kassamarkt (2)
- Keynessche Theorie (2)
- Klein- und Mittelunternehmen (2)
- Kointegration (2)
- Konsol (2)
- Kontrolle (2)
- Kosten (2)
- Kreditgenossenschaft (2)
- Kreditpolitik (2)
- Kurtosis (2)
- Language Critique (2)
- Law and economics (2)
- Law and finance (2)
- Leasing (2)
- Lebenshaltungskosten (2)
- Leistungsmessung (2)
- Lending (2)
- Lieferanten-Kunden-Beziehung (2)
- Life Insurance Surrender (2)
- Life Insurers (2)
- Life cycle saving (2)
- Life insurance (2)
- Life insurance companies (2)
- Liikanen Commission (2)
- Limit Order Book (2)
- Limit Order Market (2)
- Limit Order Markets (2)
- Limited Enforcement (2)
- Linear Aggregation (2)
- Liquidity Constraints (2)
- Liquidity Trap (2)
- Liquidity provision (2)
- Liquiditätspräferenztheorie (2)
- Liquiditätsrisiko (2)
- Loan Securitisation (2)
- Loan loss accounting (2)
- Loans (2)
- Lobbyismus (2)
- Lock-up (2)
- Lohnstarrheit (2)
- Lohnstruktur (2)
- Long-Run Performance (2)
- Long-run Risk (2)
- Lottery stocks (2)
- Low-income Countries (2)
- Macroeconomic Announcements (2)
- Macroeconomic Modelling (2)
- Makroökonomisches Modell (2)
- Malmquist-Productivity (2)
- Management (2)
- Margin (2)
- Mark-to-Market (2)
- Mark-to-market (2)
- Market Design (2)
- Market Fragmentation (2)
- Market Liquidity (2)
- Market Quality (2)
- Market efficiency (2)
- Marketplace lending (2)
- Markov switching models (2)
- Marktanteil (2)
- Marktdisziplin (2)
- Marktstruktur (2)
- Medical research (2)
- Mengenindex (2)
- Messung (2)
- Methode (2)
- Michel Foucault (2)
- Microfinance (2)
- Microstructure (2)
- Mikrostrukturtheorie <Kapitalmarkttheorie> (2)
- Minimax (2)
- Model Comparison (2)
- Model Error (2)
- Monetary policy rules (2)
- Money (2)
- Monopoly (2)
- Mortality risk (2)
- Mortgages (2)
- Multiple Treatment (2)
- Multiplicative Error Model (2)
- Multivariate GARCH (2)
- Multivariate Probit (2)
- Mutual Fund Managers (2)
- Nachfrage (2)
- National Competent Authorities (2)
- Networks (2)
- New Keynesian (2)
- New Keynesian model (2)
- New-Keynesian Model (2)
- News and Business Cycles (2)
- Niederlande (2)
- Non-performing Loans (2)
- Notverkäufe (2)
- Open Economy DSGE Models (2)
- Open Source (2)
- Optimal Taxation (2)
- Optimal policy (2)
- Optimism (2)
- Options (2)
- Ordoliberalismus (2)
- Organisationsentwicklung (2)
- Organisationswandel (2)
- Ortung (2)
- Output Gap (2)
- Overlapping Generations (2)
- Overlapping generations (2)
- Own Risk and Solvency Assessment (2)
- Ownership Structure (2)
- P2P lending (2)
- PCAOB (2)
- Panel (2)
- Panel Data (2)
- Parameter Elicitation (2)
- Patents (2)
- Pathogenesis (2)
- Paycheck Protection Program (2)
- Permanent Income Hypothesis (2)
- Persistence (2)
- Personal bankruptcy (2)
- Pfandbrief (2)
- Phillips-Kurve (2)
- Poland (2)
- Policy Under Uncertainty (2)
- Portfolio Insurance (2)
- Portugal (2)
- Predictive Likelihood (2)
- Preis (2)
- Preisindex der Lebenshaltung (2)
- Price Formation (2)
- Price Impact of Trades (2)
- Principal Agent (2)
- Principal Component Analysis (2)
- Principal-Agent (2)
- Principle of Proportionality (2)
- Private Information (2)
- Private ordering (2)
- Privatization (2)
- Privatsphäre (2)
- Procyclicality (2)
- Product Design (2)
- Product Market Competition (2)
- Productivity (2)
- Prognoseverfahren (2)
- Prospect Theory (2)
- Prudential oversight (2)
- Public-Private Partnership (2)
- Qualität (2)
- Quantitative easing (2)
- Quantity Theory (2)
- Rating Agencies (2)
- Rational Expectations (2)
- Realer-Konjunkturzyklus-Theorie (2)
- Reallocation (2)
- Recht (2)
- Regelbindung (2)
- Regional Diversity (2)
- Regulatory Ethics (2)
- Relationship Lending (2)
- Relationship lending (2)
- Relative Price Variability (2)
- Rentner (2)
- Resolution (2)
- Retail Investor (2)
- Retirement Planning (2)
- Retirement Welfare (2)
- Rezession (2)
- Risk Assessment (2)
- Risk Attitudes (2)
- Risk Preferences (2)
- Risk Premium (2)
- Risk Transfer (2)
- Risk aggregation (2)
- Risk-Taking (2)
- Russia (2)
- SFDR (2)
- SVAR (2)
- SWIFT (2)
- Sanctions (2)
- Savings Banks (2)
- Schätzfunktion (2)
- Schätztheorie (2)
- Scrum (2)
- Securitisation (2)
- Sektoraler Strukturwandel (2)
- Selection (2)
- Self-fulfilling Prophecy (2)
- Semiparametric Specification Test (2)
- Severance Pay (2)
- Shortfall Risk (2)
- Sicherheit (2)
- Signaling (2)
- Simulated Maximum Likelihood (2)
- Simulation (2)
- Single Resolution Mechanism (2)
- Single Supervisory Mechanism (SSM) (2)
- Skewness (2)
- Smoothing (2)
- Social Conditioning (2)
- Social Insurance (2)
- Social media (2)
- Softwareindustrie (2)
- Sovereign default (2)
- Spanien (2)
- Speculation (2)
- Spitzentechnologie (2)
- Spread Decomposition Models (2)
- Stability and Growth Pact (2)
- Stakeholder (2)
- Standort (2)
- Steuer (2)
- Stimmrecht (2)
- Stochastic mortality risk (2)
- Stochastic volatility (2)
- Stock Market Participation (2)
- Stock market (2)
- Stone-Geary preferences (2)
- Structured Finance (2)
- Substitutionselastizität (2)
- Supply Chain (2)
- Survey Data (2)
- Survey Indicator (2)
- Survey Method (2)
- Sustainable Investing (2)
- Syndicated loans (2)
- Systemically Important Financial Institutions (2)
- TIPS (2)
- Tagesgeschäft (2)
- Tail Risk (2)
- Tail risk (2)
- Takeover (2)
- Targeting (2)
- Tarifverhandlung (2)
- Taxation of Capital (2)
- Taxonomy (2)
- Taylor Rule (2)
- Taylor Rules (2)
- Taylor rule (2)
- Technischer Fortschritt (2)
- Term Structure (2)
- Term life insurance (2)
- Termingeschäft (2)
- Time Inconsistency (2)
- Time Preferences (2)
- Top Income Taxation (2)
- Trade sales (2)
- Trading Intensity (2)
- Transfer Learning (2)
- Transition risk (2)
- Trend Growth (2)
- Trittbrettfahrerverhalten (2)
- Twitter (2)
- Ukraine (2)
- United States (2)
- Unternehmensanleihen (2)
- Unternehmensfinanzierung (2)
- Unternehmensverfassung (2)
- VaR (2)
- Value-at-risk (2)
- Variance Decomposition (2)
- Verbraucher (2)
- Verbraucherschutz (2)
- Vergütung (2)
- Vermögensverteilung (2)
- Vertrauen (2)
- Volatility Interruption (2)
- Volatility Risk Premium (2)
- WTI (2)
- Wealth (2)
- Wealth Shocks (2)
- Welthandel (2)
- Weltpolitik (2)
- Wertpapierbörse (2)
- Wertpapierhandelssystem (2)
- Wertpapierportefeuille (2)
- Wirkungsanalyse (2)
- Wirtschaftsentwicklung (2)
- Wirtschaftskrise (2)
- Wirtschaftspolitische Wirkungsanalyse (2)
- Wirtschaftsprüfung (2)
- Währungsrisiko (2)
- Zeitinkonsistenz (2)
- Zeitreihe (2)
- Zentraler Kontrahent (2)
- Zero lower bound (2)
- Zero nominal interest rate bound (2)
- Zinspolitik (2)
- Zinssätze (2)
- Zwangsanleihe (2)
- accountability (2)
- active labour market policy (2)
- adaptive learning (2)
- advertising (2)
- agency (2)
- announcements (2)
- anomalies (2)
- approamixture models (2)
- art (2)
- art market (2)
- asset location (2)
- asset prices (2)
- asset securitisation (2)
- asset valuation (2)
- asset-backed securities (2)
- asset-pricing models (2)
- attention (2)
- auction model (2)
- auctions (2)
- auditor liability (2)
- austerity (2)
- backtesting (2)
- bailouts (2)
- bank capital (2)
- bank competition (2)
- bank deposits (2)
- bank mergers (2)
- bank risk (2)
- banking separation (2)
- bond markets (2)
- bootstrapping (2)
- borrowing constraints (2)
- bounded rationality (2)
- branches (2)
- brown-spinning (2)
- burnout (2)
- business equity (2)
- capital market-based financial system (2)
- cash flow statements (2)
- central bank (2)
- central bank communication (2)
- central bank policy (2)
- central banks (2)
- clearing (2)
- climate (2)
- compensation design (2)
- computer vision (2)
- conservatism (2)
- consistent systems (2)
- consolidating supervision (2)
- consumer behavior (2)
- consumer credit (2)
- consumption hump (2)
- continuation vote (2)
- contract design (2)
- controlled diffusions and jump processes (2)
- coordination (2)
- coordination risk (2)
- core (2)
- corn (2)
- corporate bond market (2)
- corporate restructuring (2)
- cost of capital (2)
- counterfactual analysis (2)
- credit access (2)
- credit funds (2)
- credit rating (2)
- credit ratings (2)
- credit risk transfer (2)
- credit scoring (2)
- credit scoring methodology (2)
- credit scoring regulation (2)
- crisis (2)
- critical realist democratic theory (2)
- cross-border banking (2)
- crowdinvesting (2)
- cryptocurrencies (2)
- culture (2)
- current account fluctuations (2)
- cycle flows (2)
- cyclical liabilities (2)
- debt consolidation (2)
- debt restructuring (2)
- debt structure (2)
- decision making (2)
- delayed claiming (2)
- delayed retirement (2)
- deliberative democracy (2)
- demographic change (2)
- demutualization (2)
- density forecasting (2)
- deposit insurance (2)
- direct revelation mechanism (2)
- disaster risk (2)
- disclosure (2)
- discount (2)
- discretionary decisions (2)
- disintermediation (2)
- distress prediction (2)
- dividends (2)
- duration analysis (2)
- dynamic portfolio choice (2)
- early retirement (2)
- earnings management (2)
- economic and monetary union (2)
- economics (2)
- economics of organization (2)
- economies of scale (2)
- elasticity of intertemporal substitution (2)
- elections (2)
- electricity (2)
- employees (2)
- employment (2)
- endogenous growth (2)
- entrepreneurial finance (2)
- equity options (2)
- exchange rate (2)
- exchanges (2)
- exit strategies (2)
- expectation formation (2)
- experimental asset markets (2)
- experimental economics (2)
- experts (2)
- extreme value theory (2)
- factor model (2)
- financial advice (2)
- financial centres (2)
- financial institutions (2)
- financial privacy (2)
- financial sophistication (2)
- financial structure (2)
- financing decisions (2)
- finite mixture distributions (2)
- firm heterogeneity (2)
- fiscal reaction function (2)
- forecasts (2)
- foreign direct investment (2)
- frequency domain (2)
- futures (2)
- gasoline (2)
- global banks (2)
- global real activity (2)
- government bonds (2)
- green finance (2)
- hedge funds (2)
- high-frequency data (2)
- historical statistics (2)
- household portfolio (2)
- household portfolios (2)
- household survey (2)
- household-portfolio shares (2)
- identification (2)
- implied correlation (2)
- implied volatility skew (2)
- impulse response (2)
- index construction (2)
- indirect inference estimation (2)
- individual investor (2)
- individual investors (2)
- inflation persistence (2)
- inflation target (2)
- information (2)
- information aggregation (2)
- information asymmetry (2)
- information production (2)
- interbank network (2)
- interbank networks (2)
- internal ratings (2)
- international diversification (2)
- international financial integration (2)
- internet (2)
- investments (2)
- joint inference (2)
- labor demand (2)
- laboratory experiment (2)
- language communities (2)
- language community (2)
- learning about jumps (2)
- leasing (2)
- lender coordination (2)
- life cycle saving (2)
- life insurance (2)
- lifetime income (2)
- limit order book (2)
- liquidity premium (2)
- liquidity provision (2)
- loan officer (2)
- loanable funds (2)
- long-term lending (2)
- longevity (2)
- lump sum (2)
- macro-prudential supervision (2)
- macroeconomic modelling (2)
- macroprudential supervision (2)
- manipulation (2)
- marginal propensity to consume (2)
- market micros (2)
- market structure (2)
- market supervision (2)
- markups (2)
- mergers & acquisitions (2)
- mergers and acquisitions (2)
- micro-prudential supervision (2)
- migration (2)
- minipublics (2)
- mixture models (2)
- mobility (2)
- model misspecification (2)
- model validation (2)
- monetary policy rule (2)
- monetary policy strategy (2)
- monetary policy transmission (2)
- money in the utility function (2)
- money markets (2)
- multinational companies/business and human rights (2)
- multiple bank financing (2)
- mutual funds (2)
- natural experiment (2)
- natural gas (2)
- net zero transition (2)
- network analysis (2)
- newly founded firms (2)
- news (2)
- nonlinear optimal policy (2)
- nonlinear time series models (2)
- oil inventories (2)
- oil market (2)
- oligarchy (2)
- open source software (2)
- operational performance (2)
- optimal investment (2)
- option prices (2)
- option-implied distribution (2)
- overlapping generations (2)
- owner-manager conflict (2)
- pandemic insurance (2)
- pandemics (2)
- panel data (2)
- panel vector autoregression (2)
- parameter uncertainty (2)
- pass-through (2)
- payout policy (2)
- pension system (2)
- policy (2)
- policy evaluation (2)
- policy robustness (2)
- policy under uncertainty (2)
- population aging (2)
- portfolio management (2)
- portfolio optimization (2)
- portfolio selection (2)
- potential output (2)
- price elasticity (2)
- principal-agent models (2)
- principles-based regulation (2)
- privacy concerns (2)
- private companies (2)
- private information (2)
- probability of default (2)
- productivity (2)
- professional networks (2)
- prohibition of proprietary trading (2)
- project finance (2)
- property rights (2)
- public information (2)
- quantile regression (2)
- quantile regressions (2)
- rating migration (2)
- rational learning (2)
- real estate lending (2)
- real exchange rate (2)
- reale Auswirkungen (2)
- recapitalization (2)
- recession (2)
- recovery (2)
- redistribution (2)
- refugees (2)
- renegotiation (2)
- repeated games (2)
- repurchases (2)
- reputational risk (2)
- responsibility (2)
- responsible lending (2)
- retirement policies (2)
- return predictability (2)
- risk culture (2)
- risk management (2)
- risk premia (2)
- safe assets (2)
- seasonality (2)
- securities regulation (2)
- securitization (2)
- security design (2)
- security issue (2)
- seigniorage (2)
- self-organization (2)
- sentiment (2)
- settlement (2)
- shareholder activism (2)
- shareholder recovery (2)
- shipping (2)
- signalling (2)
- simulated method of moments (2)
- skewness (2)
- small and medium enterprises (2)
- small business lending (2)
- social dilemmas (2)
- social media (2)
- sovereign debt crisis (2)
- sovereign exposures (2)
- speed bump (2)
- spillover effects (2)
- spot market power (2)
- stabilization (2)
- statistical discrimination (2)
- stochastic control (2)
- stock demand (2)
- stock market participation (2)
- straight-through processing (2)
- structural VAR (2)
- structural breaks (2)
- structured products (2)
- subsidiaries (2)
- subsistence consumption (2)
- supervisory arbitrage (2)
- supervisory board (2)
- surveillance (2)
- survey (2)
- sustainable investments (2)
- systemic risk charge (2)
- tail measure (2)
- tatonnement (2)
- tax sheltering (2)
- tax-deferred accounts (2)
- time-varying risk premia (2)
- tragedy of the commons (2)
- transmission (2)
- two-asset portfolio (2)
- unconventional oil (2)
- unemployment insurance (2)
- universal banking (2)
- validation (2)
- variance risk premium (2)
- voluntary disclosure (2)
- wealth distribution (2)
- fiscal policy (2)
- Ökonometrisches Modell (2)
- Österreich (2)
- "Event Study" (1)
- "magnet effect" (1)
- 13F filings (1)
- 2-Sector Model (1)
- 2019 (1)
- :Green Finance (1)
- APCO (1)
- API (1)
- ARCH-Modell (1)
- ARMA (1)
- Abfindungsspekulation (1)
- Abgabe (1)
- Abhängigkeit (1)
- Abteilungsleiter (1)
- Abwanderung-Widerspruch-Theorie (1)
- Academic faculties (1)
- Academic health centres (1)
- Academic medicine (1)
- Accounting for Financial Instruments in the Banking Industry: Conclusions from a Simulation Model (1)
- Accounting regulation (1)
- Accounting research (1)
- Active labour market policy (1)
- Activism (1)
- Activist Hedge Fund (1)
- Adaptation (1)
- Adoption (1)
- Adverse Selection Costs (1)
- Advertisement disclosure (1)
- Advertising (1)
- Advertising performance (1)
- Aesthetic Liking (1)
- Affordability crisis (1)
- Africa (1)
- African Agency (1)
- Age (1)
- Agency costs (1)
- Agent-based modeling (1)
- Agglomeration <Wirtschaft> (1)
- Agglomerationseffekt (1)
- Aggregate Fluctuations (1)
- Agile Methods (1)
- Agile methods (1)
- Aging Society (1)
- Aging society (1)
- Agriculture (1)
- Aid (1)
- Aktie (1)
- Aktiendepot (1)
- Aktiengesellschaft (1)
- Aktienindex (1)
- Aktienportefeuille (1)
- Albania (1)
- Albanija (1)
- Algorithmic Feedback Loops (1)
- Algorithmic transparency (1)
- Allfinanzkonzern (1)
- Allgemeines Gleichgewicht (1)
- Allgemeines Gleichgewichtsmodell (1)
- Allocation (1)
- Allocative Effciency (1)
- Alter (1)
- Alternative Investments (1)
- Altersstruktur (1)
- Altertum (1)
- Alterungsgesellschaft (1)
- Amortization payments (1)
- Amplification (1)
- Amtsperiode (1)
- AnaCredit (1)
- Analysis (1)
- Angebot (1)
- Angel (1)
- Anlageverhalten (1)
- Annual general meeting (1)
- Anonymity (1)
- Anonymity Services (1)
- Anreizsystem (1)
- Anreizvertrag (1)
- Ansteckungsperiode (1)
- Anticipated Inflation (1)
- Anticipatory Feeling (1)
- Apache Spark (1)
- App Tracking Transparency Framework (1)
- Apple (1)
- Applied immunology (1)
- Arab spring (1)
- Arbeitsangebot (1)
- Arbeitsbeschaffung (1)
- Arbeitsmarktflexibilisierung (1)
- Arbeitsmarktforschung (1)
- Arbeitsmarktpolitik / Weiterbildung / Wirtschaftspolitische Wirkungsanalyse / Mikroökonometrie / Schätzung / Neue Bundesländer (1)
- Arbeitsmarktstatistik (1)
- Arbeitsmarkttheorie (1)
- Arbeitsrecht (1)
- Arbeitsvermittlung (1)
- Arbitrage (1)
- Argentinien (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)
- Artificial Neural Networks (ANN) (1)
- Artificial intelligence (1)
- Aspiration (1)
- Assault (1)
- Asset Allocation, Contagion (1)
- Asset Concentration Risk (1)
- Asset Liability Management (1)
- Asset Liquidation (1)
- Asset Location (1)
- Asset Management Companies (1)
- Asset Market (1)
- Asset Price Cycles (1)
- Asset Purchase Programme (1)
- Asset Return (1)
- Asset Side Market Discipline (1)
- Asset prices (1)
- Asymmetric Tax Regimes (1)
- Asymmetric information (1)
- Asymmetric response (1)
- Asymmetries (1)
- Asymmetry (1)
- Asynchronous Trading (1)
- Athena SWAN (1)
- Auction (1)
- Audience Segments (1)
- Audit fees (1)
- Audit partner style (1)
- Audit partner tenure (1)
- Audit quality (1)
- Auditor rotation (1)
- Aufholprozess (1)
- Aufsichtsrat (1)
- Auftrag (1)
- Auftragsabwicklung (1)
- Augmented reality (1)
- Ausbreitung (1)
- Ausfallrisiko (1)
- Ausgaben (1)
- Auskunftei (1)
- Auslandsanleihe (1)
- Auslandsschulden (1)
- Ausländisches Unternehmen (1)
- Ausschluss (1)
- Austerity Measures (1)
- Automated Feedback (1)
- Automated Mobile Customer Alerts (1)
- Automation (1)
- Autopoiesis (1)
- Autoregressiver Prozess (1)
- Außenhandel (1)
- Außenwirtschaft (1)
- Außerbilanzielles Geschäft (1)
- BCBS (1)
- BVerfG (1)
- Backward error (1)
- Badges (1)
- Bahro, Rudolf (1)
- Bailin (1)
- Bangalore (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 Financing (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 lending standards (1)
- Bank loan terms (1)
- Bank mergers (1)
- Bank of Japan (1)
- Bank's Balance Sheets (1)
- Bankenliquidität (1)
- Bankensystem / Finanzsektor / Branchenentwicklung / Rentabilität / Strukturwandel / Sparkasse / Kreditgenossenschaft / Deutschland / 1970-2003 (1)
- Banker's pay (1)
- Banking Competition (1)
- Banking Crisis (1)
- Banking Separation (1)
- Banking Supervision, (1)
- Banking in Europe (1)
- Banking system (1)
- Banking union (1)
- Bankrott (1)
- Bankruptcy Law (1)
- Barclays (1)
- Barclays Bank (1)
- Basel II Accord (1)
- Batch Learning (1)
- Bayes-Lernen (1)
- Bayes-Regel (1)
- Bayesian analysis (1)
- Bayesian model averaging (1)
- Bayesian time-varying parameter estimation (1)
- Bayesianische Schätzung (1)
- Befragungsanalyse (1)
- Befristeter Arbeitsvertrag (1)
- Behavioral Agency Model (1)
- Behavioral Finance (1)
- Behavioral Insurance (1)
- Behavioral Measurement (1)
- Behavioral finance (1)
- Belgien (1)
- Belief Formation (1)
- Belief up-dating (1)
- Beliefs and Choice (1)
- Bellman Equations (1)
- Berufliche Integration (1)
- Berufserfolg (1)
- Beschäftigung (1)
- Beschäftigungseffekt (1)
- Beschäftigungspolitik (1)
- Beschäftigungstheorie (1)
- Beschäftigungswirkung (1)
- Beta (1)
- Beta and return (1)
- Beteiligungsfinanzierung (1)
- Betrieb (1)
- Betriebliche Kennzahl (1)
- Betriebsgröße (1)
- Betriebsleiter (1)
- Beveridge Curve (1)
- Bewertungsstetigkeit (1)
- Bewertungstheorie (1)
- Bias in medical research (1)
- Biased Beliefs (1)
- Bid-Ask Spread (1)
- Bidder Behavior (1)
- Big Five Personality (1)
- Big Techs (1)
- Big Three (1)
- Big data (1)
- Bilanz (1)
- Bilanzklarheitsgrundsatz (1)
- Bilanzkontinuität (1)
- Bilanzpolitik (1)
- Bilanzstrukturmanagement (1)
- Bilateral Trade Flows (1)
- Bilaterales Monopol (1)
- Binnenmarkt (1)
- Biotech Firms (1)
- Biotechnologische Industrie (1)
- Blankoverkauf (1)
- Blocked Realized Kernel (1)
- Blocking (1)
- Blue Chip (1)
- Board Appointments (1)
- Board Independence (1)
- Board Oversight (1)
- Bond Market (1)
- Bond Spreads (1)
- Bond risk premia (1)
- Bonitätsprüfung (1)
- Boom (1)
- Borrowing (1)
- Boston, Mass. (Region) (1)
- Box-Cox quantile regression (1)
- Boycotts (1)
- Branchenkrise (1)
- Brand focus (1)
- Broker (1)
- Broker Crossing Networks (1)
- Brokerage (1)
- Bruttoinlandsprodukt (1)
- Bubbles (1)
- Buchführung (1)
- Buchführungsgrundsätze (1)
- Budgetierung (1)
- Buffer Stock Model (1)
- Building Societies (1)
- Bulgaria (1)
- Bunching (1)
- Bundesbank (1)
- Burglary (1)
- Business Ethics (1)
- Business Process Outsourcing (1)
- Business Subsidies (1)
- Business cycles (1)
- Business subsidies (1)
- Bust (1)
- Börsenhandel (1)
- Börseninformationssystem (1)
- Börsenordnung (1)
- Börsenrecht (1)
- C corporations (1)
- CBO (1)
- CBRT (1)
- CCP (1)
- CCPA (1)
- CDS spreads (1)
- CECL (1)
- CEO Speeches (1)
- CEO Turnover (1)
- CEO attractiveness (1)
- CEO speeches (1)
- CES production functions (1)
- CMDI (1)
- CMU (1)
- CO2 emissions intensity (1)
- COVID-19 Pandemic (1)
- COVID-19 pandemic (1)
- CRA3 (1)
- CSPP (1)
- CSR Europe (1)
- CVaR (1)
- Call Market (1)
- Call Markets (1)
- Call for action (1)
- Call options (1)
- Cameroon (1)
- Canada (1)
- Capacity utilization (1)
- Capital Asset Pricing Model (1)
- Capital Inflows (1)
- Capital Market (1)
- Capital Markets (1)
- Capital Purchase Program (1)
- Capital Taxation (1)
- Capital allocation (1)
- Capital requirements (1)
- Capital theory (1)
- Capital-labor substitution (1)
- Capitulation (1)
- Car Sales (1)
- Carbon Taxation (1)
- Carbon abatement (1)
- Cash Flow Risk (1)
- Cash flow effect of monetary policy (1)
- Caste (1)
- Cat Bonds (1)
- Causal Machine Learning (1)
- Causal inferences (1)
- Central Bank Losses (1)
- Central Bank of Cyprus (1)
- Central Banks (1)
- Central Banks and Their Policies (1)
- Central Counterparty (1)
- Central Counterparty Clearing House (CCP) (1)
- Central bank liquidity (1)
- Central banks (1)
- Central counterparty clearing house (CCP) (1)
- Centrality (1)
- Change Management (1)
- Changes in labor markets (1)
- Charisma (1)
- Chart-Analyse (1)
- Chemical recycling (1)
- Chief Executive Officer (1)
- Child Care (1)
- Chile (1)
- Choice experiments (1)
- Choice under Risk (1)
- Cholesky decomposition (1)
- Choquet (1)
- Circular economy (1)
- Citation Network Analysis (1)
- Classification (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)
- Cluster <Wirtschaft> (1)
- Clustering (1)
- CoCo Bond (1)
- CoCo bonds (1)
- CoCos (1)
- CoVaR (1)
- Coalitions (1)
- Coase Theorem (1)
- Cognition (1)
- Cognitive Abilities (1)
- Cognitive lock-in (1)
- Cohorts (1)
- Coin tossing (1)
- Collaboration network (1)
- Collaboration types (1)
- Collateral constraints (1)
- Collateral policy (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)
- Commercial real estate (1)
- Commercialisation (1)
- Commerzbank (1)
- Common Factor (1)
- Common Factor Model (1)
- Common Factor Models (1)
- Common Factor Weights (1)
- Comovements (1)
- Comparative (1)
- Comparative Accounting (1)
- Comparative Political Economy (1)
- Comparing Financial Systems (1)
- Compensation Contracting (1)
- Competition Policy (1)
- Competition in Order Flow (1)
- Complementary mobility services (1)
- Complex Financial Instruments (1)
- Comprehensive Assessment (1)
- Computational Methods (1)
- Computerspiel (1)
- Con man (1)
- Concentration (1)
- Concordance (1)
- Condition number (1)
- Conditional Forecasts (1)
- Conditional Pooling (1)
- Conditional intensity (1)
- Conditional response (1)
- Confirmatory Bias (1)
- Connectivity (1)
- Constitutional Economics (1)
- Construction procurement (1)
- Consulting (1)
- Consumer Finance (1)
- Consumer confidence (1)
- Consumer credit (1)
- Consumption Function (1)
- Consumption Inequality (1)
- Consumption Insurance (1)
- Consumption hump (1)
- Consumption intensity (1)
- Consumption-Saving (1)
- Consumption-investment Problems (1)
- Consumption-portfolio choice (1)
- Consumption/Saving Forecast (1)
- Contagion Period (1)
- Contagion Risk (1)
- Container Trade (1)
- Content analysis (1)
- Contestability (1)
- Contingent Commissions (1)
- Contingent Convertible Bonds (1)
- Contingent Convertible Capital (1)
- Continuous-time methodsc (1)
- Contract terms (1)
- Contractarian Model of Corporate Law (1)
- Contracting (1)
- Control transfers (1)
- Convergences of Financial Systems (1)
- Convertible Securities (1)
- Cooperation (1)
- Coordination Of Control Modes (1)
- Coordination Risk (1)
- Copula (1)
- Core-component reuse (1)
- Corona (1)
- Corporate Announcements (1)
- Corporate Distress (1)
- Corporate Financing (1)
- Corporate Governance / Eigentümerstruktur / Universalbank / Finanzmarkt / Mitbestimmung / Deutschland (1)
- Corporate Governance / Informationsökonomik / Informationsverbreitung / Finanzintermediär / Theorie (1)
- Corporate Groups (1)
- Corporate Investment (1)
- Corporate Name Change (1)
- Corporate Philanthropy (1)
- Corporate Quantitative Easing (1)
- Corporate concentration (1)
- Corporate deposits (1)
- Corporate financing (1)
- Corporate quantitative easing (1)
- Correlated Events (1)
- Correlated risk (1)
- Correlated risks (1)
- Cost And Quality Management (1)
- Cost of Capital (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 Rating Reasons (1)
- Credit Risk Transfer (1)
- Credit default swap (CDS) (1)
- Credit derivatives (1)
- Credit lines (1)
- Credit market competition (1)
- Credit rating (1)
- Credit rating agencies (1)
- Credit risk (1)
- Credit spreads (1)
- Credit supply (1)
- Credit union (1)
- Creditor Protection (1)
- Creditor Rights (1)
- Creditor Rights Protection (1)
- Crime (1)
- Crises Forecasting (1)
- Crisis (1)
- Crisis Management (1)
- Crisis contracts (1)
- Croatia (1)
- Cross-Section of Returns (1)
- Cross-listing (1)
- Cross-section of expected returns (1)
- Crowding Out (1)
- Cultural Economics (1)
- Cultural Finance (1)
- Cultural Influences on Economic Behavior (1)
- Cultural Norms (1)
- Cumulative abnormal return (1)
- Currency Board (1)
- Currency Hedging (1)
- Curse of dimensionality (1)
- Customer Acquisition (1)
- Customer Flow (1)
- Customer Management (1)
- Customer Protection Rules (1)
- Customer Referral Programs (1)
- Customer Value (1)
- Customer data sharing (1)
- Customer focus (1)
- CuveWaters (1)
- Cybersecurity (1)
- Cycle Portfolio Choice (1)
- Cyclical Income Risk (1)
- D. Kahneman (1)
- D49 (1)
- DGE Models (1)
- DMA (1)
- DSA (1)
- DSGE Modell (1)
- DSGE Models (1)
- DSGE modelling (1)
- Data access (1)
- Data portability (1)
- Data protection (1)
- Database linking (1)
- Dauer (1)
- Debit Cards (1)
- Debt (1)
- Debt Management (1)
- Debt Securities (1)
- Debt and equity financing (1)
- Decision (1)
- Decision Making und Risk (1)
- Decision trees (1)
- Decision under risk (1)
- Deductible Insurance (1)
- Default probability (1)
- Deficit spending (1)
- Delaunay Interpolation (1)
- Delaware Incorporation (1)
- Delphic forward guidance (1)
- Demand Analysis (1)
- Demand estimation (1)
- Democratic Legitimacy (1)
- Demographic change (1)
- Demutualization (1)
- Depreciation (1)
- Depths (1)
- Derivat <Wertpapier> (1)
- Derivate (1)
- Design Evaluation (1)
- Design Strategy (1)
- Designated Market Makers (DMMs) Market Making (1)
- Detachment (1)
- Determinacy (1)
- Deutsche Bundesbank (1)
- Deutscher Aktienindex (1)
- Deutscher Neoliberalismus (1)
- Development (1)
- Deviant behavior in inexact sciences (1)
- Devisen (1)
- Devisenbörse (1)
- Devisenmarkt (1)
- DiD (1)
- Diary study (1)
- Diaspora (1)
- Dictionary (1)
- Dienstleistung (1)
- Dienstleistungsverkehr (1)
- Different Beliefs (1)
- Digital (1)
- Digital Transformation (1)
- Digital art (1)
- Digital currency (1)
- Digital footprints (1)
- Digital service chain (1)
- Digitalisierung (1)
- Digitalized Markets (1)
- Direct estimation (1)
- Directors' Dealings (1)
- Directors’ remuneration (1)
- Direktinvestition (1)
- Direktinvestition / Internationale Finanzierung / Kapitalstruktur / Auslandsniederlassung / Steuerbelastung / Deutschland (1)
- Direktor (1)
- Disappointment (1)
- Disasters (1)
- Disclosure Framework (1)
- Disclosure regulation (1)
- Discordance (1)
- Discount Broker (1)
- Discount Functions (1)
- Discount Rate Risk (1)
- Discount Rates (1)
- Discount functions (1)
- Discrete choice experiment (1)
- Discrete time dynamic programming (1)
- Discretionary Fiscal Policy (1)
- Discrimination (1)
- Disintegration (1)
- Disketten-Clearing-Verfahren (1)
- Diskontsatz (1)
- Display advertising (1)
- Distraction (1)
- Distributed Computing (1)
- Distributed Ledger (1)
- Distributed lag (1)
- Distribution (1)
- Distribution of Welfare (1)
- Distributive politics (1)
- Divergence of Opinion (1)
- Diversification (1)
- Dividend Payments (1)
- Dividend Policy (1)
- Dividendenpolitik (1)
- Dividends (1)
- Doctors In Management (1)
- Double Auction (1)
- Double Volume Caps (1)
- Downside risk (1)
- Downward Nominal Rigidity (1)
- Driver (1)
- Dual Moral Hazard (1)
- Dual response (1)
- Dual-class shares (1)
- Durable consumption (1)
- Duration of Civil Proceedings (1)
- Dynamic Capabilities (1)
- Dynamic Factor Model (1)
- Dynamic Inconsistency (1)
- Dynamic Models (1)
- Dynamic Networks (1)
- Dynamic Optimization (1)
- Dynamic Panel Data (1)
- Dynamic Panel Data Model (1)
- Dynamic Representative Consumer (1)
- Dynamic Stochastic General Equilibrium Model (1)
- Dynamic and Reliable Regulation (1)
- Dynamic portfolio choice (1)
- Dynamic stochastic general equilibrium model (1)
- Dynamisches Modell (1)
- E-Mobility (1)
- E-commerce (1)
- E.U. Corporate Law (1)
- ECB policy surprise (1)
- ECJ (1)
- EDIC (1)
- EFSF (1)
- ELA (1)
- EM algorithm (1)
- ESCB (1)
- ESG Investing (1)
- ESG lending (1)
- ESG loans (1)
- ESG rating agencies (1)
- ESG ratings (1)
- EU Bonds (1)
- EU banks (1)
- EU countries (1)
- EU crisis (1)
- EU industrial production (1)
- EU market regulation (1)
- EU-Directives (1)
- EURONET-DIANE (1)
- EZB (1)
- Earnings Management (1)
- Earnings call (1)
- Ecology (1)
- Econometrics (1)
- Economic Development (1)
- Economic Growth (1)
- Economic Literacy (1)
- Economic Performance (1)
- Economic Recovery (1)
- Economic crisis (1)
- Economic research (1)
- Economics of Information (1)
- Economics of information (1)
- Economies of scale (1)
- Edgeworth cycle (1)
- Edmund Husserl (1)
- Education Subsidy (1)
- Educational data mining (1)
- Educational inequalities (1)
- Educational transitions (1)
- Effect Heterogeneity (1)
- Effective Lower Bound (1)
- Effective lower bound (1)
- Effekten (1)
- Effektivverzinsung (1)
- Efficiency (1)
- Efficiency Wages (1)
- Efficient Allocation (1)
- Efficient Frontier (1)
- Efficient Importance Sampling (1)
- Efficient Return (1)
- Eigene Risiko- und Solvenzbewertung (1)
- Eigenheim (1)
- Einheitswurzel (1)
- Einkommenselastizität (1)
- Einkommensunterschied (1)
- Einlagensicherung (1)
- Einlagensicherungsfonds (1)
- Electoral Pressure (1)
- Electric vehicles (1)
- Electronic Banking (1)
- Electronic Markets (1)
- Elementarschadenversicherung (1)
- Elitism (1)
- Elitismus (1)
- Emergence of Information Systems (1)
- Emerging Market Economies (1)
- Emerging Market Emerging Market (1)
- Emerging Stock Markets (1)
- Emerging economies (1)
- Emissions (1)
- Empirical Asset Pricing (1)
- Empirical methods (1)
- Employee commitment (1)
- Employee rights (1)
- Employment Effects (1)
- Empowering Private Investors (1)
- Endocrinology (1)
- Endogeneity (1)
- Endogenes Wirtschaftswachstum (1)
- Endogenous Asset Market Participation (1)
- Endogenous Beliefs (1)
- Endogenous Gridpoints (1)
- Endogenous gridpoints Method (1)
- Energiepolitik (1)
- Energieversorgung (1)
- Energy Efficiency (1)
- Energy Embargo (1)
- Energy Performance Certificate (1)
- Energy crisis (1)
- Energy efficiency (1)
- Energy prices (1)
- Energy system analysis (1)
- Energy system design (1)
- Enforcement Delegation (1)
- Enriched Digital Footprint (1)
- Enterprise Risk Management (1)
- Entity matching (1)
- Entity resolution (1)
- Entrepreneurial Activity (1)
- Entrepreneurial Exit Intentions (1)
- Entrepreneurial finance (1)
- Entropy Measure (1)
- Entry (1)
- Entry mode (1)
- Entscheidung (1)
- Entscheidungsprozess (1)
- Entscheidungsregel (1)
- Entscheidungstheorie (1)
- Entwicklung von Normen (1)
- Environmental sciences (1)
- Environmental social sciences (1)
- Environmental stringency (1)
- Environmental, social, and governance factors (ESG) (1)
- Epstein-Weil-Zin Preferences (1)
- Epstein-Zin preferences (1)
- Epstein-Zin-Weil 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)
- Erich Gutenberg (1)
- Erich Nadel (1)
- Ersparnis (1)
- Erwachsener, 50-60 Jahre (1)
- Erwachsener, 50-65 Jahre (1)
- Estimation (1)
- Estimation Risk (1)
- Estimation efficiency (1)
- Ethereum (1)
- Ethical issues (1)
- Ethics (1)
- Ethnizität (1)
- Ethnocentrism (1)
- Euro <Währung> (1)
- Euro Area Regional and Sectoral Inflation (1)
- Euro Area and US (1)
- Euro, Währung (1)
- Euro-zone Government Bonds (1)
- Euro/Dollar Exchange Rate (1)
- European Banking Authority (1)
- European Banking Authority, Single Supervisory Mechanism (1)
- European Capital Markets Union (1)
- European Central Bankor (1)
- European Commision (1)
- European Comparison (1)
- European Fiscal Pact (1)
- European Insurance Union (1)
- European Insurance and Occupational Pensions Authority (1)
- European Integration (1)
- European Investment Bank (1)
- European Monetary Fund (1)
- European Shadow Financial (1)
- European Shadow Financial Regulatory Committee (1)
- European Supervisory Authorities (1)
- European System of Central Banks (1)
- European Systemic Risk Board (1)
- European banks (1)
- European debt crisis (1)
- European household portfolios (1)
- European market fragmentation (1)
- European regulation (1)
- European stock markets (1)
- European unemployment insurance (1)
- Europäische Aktienmärkte (1)
- Europäische Gemeinschaften (1)
- Europäische Währungsunion (1)
- Eurosystem collateral eligibility (1)
- Evaluation of active labor market policy in East Germany (1)
- Event study (1)
- Evidence-based policymaking (1)
- Evolution of Norms (1)
- Excess sensitivity (1)
- Excessive risk taking (1)
- Exchange Rate (1)
- Exchange Rate Channel (1)
- Exchange Rate Mechanism (1)
- Exchange Rate Pass-Through (1)
- Exchange rate regime (1)
- Exchange rate volatility (1)
- Exchange traded funds (1)
- Execution Cost (1)
- Execution Quality (1)
- Executive Remuneration (1)
- Exercise behavior (1)
- Exit Decisions (1)
- Exit Rights (1)
- Expectation Error (1)
- Expectation formation (1)
- Expectation–Maximisation (1)
- Expected Equity Returns (1)
- Expected Returns (1)
- Expected Utility Preferences (1)
- Expected shortfall (1)
- Expenditure Survey (1)
- Experience (1)
- Experiences (1)
- Experiment Center (1)
- Experimental Asset Markets (1)
- Experimental Economics (1)
- Experimental Finance (1)
- Experimentelle Wirtschaftsforschung (1)
- Expertocracy (1)
- Explainable machine learning (1)
- Explosive behavior (1)
- Extending Discourses (1)
- Externalities (1)
- Extracurricular Activities (1)
- Extrapolation (1)
- Extreme Price Movements (1)
- Extreme value theory (1)
- FDI-intensity (1)
- FX Derivatives (1)
- Facebook (1)
- Factor Structure (1)
- Factor-Augmented Vector Autoregression Model (FAVAR) (1)
- Fair market valuation (1)
- Fair-Value Accounting (1)
- Faktorenanalyse (1)
- Faktorsubstitution (1)
- FamaFrench model (1)
- Familie (1)
- Familien-GmbH (1)
- Familienbetrieb (1)
- Familiengesellschaft (1)
- Familienkapitalgesellschaft (1)
- Familienpersonengesellschaft (1)
- Family Background (1)
- Family dynamics (1)
- Fat-tails (1)
- Fear of job loss (1)
- Federal Republic of Germany (1)
- Federal Reserve Bank <New York, NY> (1)
- Feedback (1)
- Felix Weil (1)
- Female Labor Force Participation (1)
- Fertility (1)
- Fertilität (1)
- Fiduciary Duties (1)
- Field Experiment (1)
- Filtering (1)
- FinTech and Textual Analysis (1)
- Finance and Employment (1)
- Financial Assistance (1)
- Financial Constraints (1)
- Financial Contagion (1)
- Financial Crisis 2007/08 (1)
- Financial Decision Support (1)
- Financial Decisionmaking (1)
- Financial Engineering (1)
- Financial Forecasting (1)
- Financial Harvest Exit Strategy (1)
- Financial Industry (1)
- Financial Information (1)
- Financial Innovation (1)
- Financial Institution Building (1)
- Financial Integration (1)
- Financial Intermediation (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 Reporting Review Panel (FRRP) (1)
- Financial Resilience (1)
- Financial Sector (1)
- Financial Sophistication (1)
- Financial Supervision (1)
- Financial and Economics Knowledge (1)
- Financial center (1)
- Financial econometrics (1)
- Financial education (1)
- Financial frictions (1)
- Financial institutions (1)
- Financial integration process (1)
- Financial interests (1)
- Financial intermediation (1)
- Financial management (1)
- Financial market (1)
- Financial openness (1)
- Financial structure (1)
- Financial system (1)
- Financial transaction data (1)
- Financialisation (1)
- Financing Conditions (1)
- Financing Constraints (1)
- Financing Costs (1)
- Financing Gap (1)
- Finanzderivat / Hedging / Strategie / Volatilität / Stochastischer Prozess / Theorie (1)
- Finanzkapital (1)
- Finanzmakler (1)
- Finanzmärkte (1)
- Finanzpolitik (1)
- Finanzverfassung (1)
- Finite Normal Mixtures (1)
- Finland (1)
- Finnland (1)
- Firm Investment (1)
- Firm Prestige (1)
- Firm Value (1)
- Firm valuation (1)
- Firm value (1)
- Firm-bank relationship (1)
- Firm-specific News (1)
- Firma (1)
- Firmentarifvertrag (1)
- Firms (1)
- First Loss Position (1)
- First-price auctions (1)
- Fiscal Capacity (1)
- Fiscal Compact (1)
- Fiscal Crisis (1)
- Fiscal Policies (1)
- Fiscal Solidarity (1)
- Fiscal Stabilization (1)
- Fiscal Stimulus Program (1)
- Fiscal Transparency (1)
- Fiscal Union (1)
- Fiscal stress (1)
- Fiscal theory of the price level (1)
- Fiskalunion (1)
- Fixed Effects (1)
- Fixed Income (1)
- Fixed-Income (1)
- Flash Crash (1)
- Flash crash (1)
- Flat Taxes (1)
- Flexible Altersgrenze (1)
- Flight-to-safety (1)
- Floatation Method (1)
- Florida (1)
- Fokker-Planck equation (1)
- Fonds (1)
- Fondsmanager (1)
- Forecast Comparison/ Competition (1)
- Forecast Distribution (1)
- Forecasting and Simulation (1)
- Forecasting of Market Success (1)
- Forecasts (1)
- Foreign Assets (1)
- Foreign Exchange Reserves (1)
- Foreign direct investment (1)
- Foreign holdings (1)
- Formalism (1)
- Formative experiences (1)
- Forschung (1)
- Forward error (1)
- Forward guidance (1)
- Forward-looking data (1)
- Forward-looking models (1)
- Framing Effect (1)
- Framing effects (1)
- Framing e↵ects (1)
- Frankfurt (1)
- Frankfurt (Main) (1)
- Frankfurt <Main, 2003> (1)
- Frau (1)
- Frauenerwerbstätigkeit (1)
- Free-Riding (1)
- Freiburg (Lehrstuhl-)Tradition (1)
- Freiburg School of Economics (1)
- Freiburg School of Law and Economics (1)
- Fremdkapital / Kredit / Bank / Finanzierung / Lieferanten-Kunden-Beziehung / Theorie (1)
- Frequency Domain (1)
- Frictions (1)
- Friedman-Schwartz's evidence (1)
- Friedrich Pollock (1)
- Friktionelle Arbeitslosigkeit (1)
- Friktionen (1)
- Fukushima (1)
- Fund (1)
- Fund Selection Criterion (1)
- Fund family (1)
- Fundamental Value (1)
- Fundamentalanalyse (1)
- Funds of Funds (1)
- Future of work (1)
- Futures Market (1)
- Futures Markets (1)
- Fuzzy-Logik (1)
- G21 (1)
- G24 (1)
- GARCH model (1)
- GARCH-Prozes (1)
- GDP growth (1)
- GFSY (1)
- GMM (1)
- GMM Estimation (1)
- Gains from Trade (1)
- Gains from trade (1)
- Gambling (1)
- Game Theory (1)
- Gamification (1)
- Gamma distribution (1)
- Gatekeeper position (1)
- Gauß-Funktion (1)
- Gegenseitigkeit-Versicherung (1)
- Gehaltsstruktur (1)
- Geld (1)
- Geldangebot (1)
- Geldmenge (1)
- Geldmengenziel (1)
- Geldnachfrage / Wechselkurs / Nicht-Walrasianisches Gleichgewicht / Monetäre Wechselkurstheorie / Schätzung / Vereinigte Staaten / EU-Staaten (1)
- Geldpolitik / Arbeitsmarktflexibilisierung / Lohnrigidität / Konjunktur / Inflationsrate / Allgemeines Gleichgewicht / Dynamisches Modell / Schätzung (1)
- Geldtheorie (1)
- Gemeinsamer Markt (1)
- Gender Differences (1)
- Gender Gap (1)
- Gender Issues (1)
- Gender equality (1)
- Gender gaps (1)
- General Data Protection Regulation (1)
- General Equilibrium Asset Pricing (1)
- Generalized Dynamic Factor Model (1)
- Generations (1)
- Generative AI (1)
- Geographie (1)
- Geological Resources (1)
- Geopolitics (1)
- German Agribusiness (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 1953-1998 (1)
- Geschichte 1960-1995 (1)
- Geschichte 1962-1988 (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 1972-1991 (1)
- Geschichte 1973-1993 (1)
- Geschichte 1975-1994 (1)
- Geschichte 1975-1997 (1)
- Geschichte 1975-2002 (1)
- Geschichte 1978-1997 (1)
- Geschichte 1979-1980 (1)
- Geschichte 1979-1983 (1)
- Geschichte 1980-2007 (1)
- Geschichte 1981-1995 (1)
- Geschichte 1983-2004 (1)
- Geschichte 1983-2008 (1)
- Geschichte 1984-1995 (1)
- Geschichte 1984-1999 (1)
- Geschichte 1984-2005 (1)
- Geschichte 1985-1997 (1)
- Geschichte 1986-1998 (1)
- Geschichte 1986-2006 (1)
- Geschichte 1989-2002 (1)
- Geschichte 1990-1999 (1)
- Geschichte 1992-1996 (1)
- Geschichte 1992-1997 (1)
- Geschichte 1993-2003 (1)
- Geschichte 1994-2003 (1)
- Geschichte 1994-2006 (1)
- Geschichte 1995 (1)
- Geschichte 1995-1997 (1)
- Geschichte 1995-1998 (1)
- Geschichte 1996-2005 (1)
- Geschichte 1996-2006 (1)
- Geschichte 1998 (1)
- Geschichte 1999-2000 (1)
- Geschichte 1999-2001 (1)
- Geschichte 1999-2003 (1)
- Geschichte 2000-2002 (1)
- Geschichte 2002-2005 (1)
- Geschlecht (1)
- Geschlechterforschung (1)
- Geschäftsanteil (1)
- Geschäftsbank (1)
- Geschäftsbericht (1)
- Geschäftsplan (1)
- Geschäftswert (1)
- Geselligkeit (1)
- Gesellschafter (1)
- Gesetz der erforderlichen Varietät (1)
- Gewerbebetrieb (1)
- Gewerbeimmobilien (1)
- Gewerkschaftlicher Organisationsgrad / Gewerkschaft / Mitgliedschaft / Berufsstruktur / Sektorale Beschäftigungsstruktur / Schätzung / Deutschland (1)
- Gewinnermittlung (1)
- Gewinnglättung (1)
- Gig-economy (1)
- Gini (1)
- Gleichgewichtstheorie (1)
- Global Accounting Standards (1)
- Global City (1)
- Global Economy (1)
- Global Financial Class (1)
- Global Optimization (1)
- Global Temperature (1)
- Global Yield (1)
- Global financial crisis (1)
- Gläubigerschutz (1)
- Goal setting (1)
- Gold Standard (1)
- Government (1)
- Government Deficit (1)
- Government Spending Multipliers (1)
- Government Spending Shocks (1)
- Government debt (1)
- Government spending multiplier (1)
- Government stimulus (1)
- Graccident (1)
- Gradient-based optimization (1)
- Gravity equations (1)
- Great Inflation (1)
- Green Nudging (1)
- Green Quantitative Easing (1)
- Greening (1)
- Grenzüberschreitung (1)
- Grexit (1)
- Ground-level ozone (1)
- Group Interesterest (1)
- Group shrinkage (1)
- Growth-at-Risk (1)
- Grundsatz der Verhältnismäßigkeit (1)
- Grundschuld (1)
- Größe (1)
- Gutenberg, Erich (1)
- Habit-formation (1)
- Haftpflichtversicherung (1)
- Haftungsbeschränkung (1)
- Hagelversicherung (1)
- Hamburg <2000> (1)
- Hamilton filter (1)
- Handelskredit (1)
- Handelsvolumen (1)
- Handlungstheorie (1)
- Hate crime (1)
- Hauptkomponentenanalyse (1)
- Hauptversammlung (1)
- Haus (1)
- Hausarbeit und Kinderbetreuung (1)
- Haushal (1)
- Haushaltsdefizit (1)
- Hausratversicherung (1)
- Hazard estimation (1)
- Headline (1)
- Health Insurance (1)
- Health expenses (1)
- Health jumps (1)
- Health occupations (1)
- Health research (1)
- Heat-island (1)
- Heavy and light users (1)
- Hedge Fund (1)
- Hedge Funds (1)
- Hedge funds (1)
- Hedging / Strategie / Volatilität / Stochastischer Prozess / Theorie (1)
- Hedging the Currency Risk (1)
- Heterogeneit (1)
- Heterogeneous Beliefs (1)
- Heterogeneous Firms (1)
- Heterogeneous Preferences (1)
- Heterogeneous agents (1)
- Heterogeneous firms (1)
- Hidden Orders (1)
- Hierarchical B-splines (1)
- Hierarchies (1)
- High Frequency Trading (1)
- High-Frequency Trading (HFT) (1)
- High-Level-Forum (1)
- High-dimensional Methods (1)
- High-frequency event study (1)
- Higher Education Earnings Capacity (1)
- Higher Moments (1)
- Higher Moments of Return (1)
- Hirshleifer Effect (1)
- Historical Cost (1)
- Historical cost accounting (1)
- History & Finance (1)
- History-Dependent Policy (1)
- Hochzinspolitik (1)
- Home (1)
- Home Bias (1)
- Home Equity (1)
- Homophily (1)
- Hong Kong (1)
- Hong test (1)
- Horizontal Integration (1)
- Hospital Governance (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 population dynamics (1)
- Human smuggling (1)
- Human-enhancing technologies (1)
- Hurricane Katrina (1)
- Hurrikan (1)
- Hybrid Markets (1)
- Hyperbolic Distribution (1)
- Hyperinflation (1)
- Hypothekengeschäft (1)
- Hypothetical bias (1)
- Hysteresis (1)
- I(2) analysis (1)
- IASC New Structure (1)
- ICT use (1)
- ID management (1)
- IFRS (1)
- IMF (1)
- IMF Program Participation (1)
- IPS (1)
- IS research (1)
- IT infrastructure (1)
- IT innovations (1)
- IT service management (1)
- IT standardization (1)
- IUIPC (1)
- IV (1)
- IV approach (1)
- IV estimation (1)
- IWRM (1)
- Identification (1)
- Identitätsmanagement (1)
- Idiosyncratic Income Risk (1)
- Idiosyncratic volatility puzzle (1)
- Illegal migration (1)
- Illiquidity (1)
- Image Morphing (1)
- Imbalances (1)
- Immaterielles Wirtschaftsgut (1)
- Immediacy (1)
- Immigrant legalization (1)
- Immobilieninvestments (1)
- Immunology (1)
- Impact of Changing Stock-Market Regulation and Institution (1)
- Impairments (1)
- Impatience (1)
- Imperfect Competition (1)
- Imperfect Knowledge (1)
- Imperfect competition (1)
- Implicit Guarantees (1)
- Implied Probability Densities (1)
- Implied volatility (1)
- Import (1)
- Impulse Response Function (1)
- Impulse Responses (1)
- Impulse-response (1)
- In-work poverty (1)
- Incentive (1)
- Incentive Compensation (1)
- Incentives (1)
- Inclusive Finance (1)
- Income Inequality (1)
- Income risk (1)
- Incomplete Contracts (1)
- Incomplete Insurance Contracts (1)
- Incubator (1)
- Incurred loss model (1)
- Indeterminacy (1)
- Index Funds (1)
- Index Model (1)
- Index Trigger (1)
- Index effect (1)
- Index investing (1)
- Index rebalancing (1)
- Indexation (1)
- Indexbildung (1)
- Indien (1)
- Individual Investors (1)
- Individual and Regulatory Ethics (1)
- Individual investor (1)
- Individual investors (1)
- Inducements (1)
- Industrie (1)
- Industriegebiet (1)
- Industrieregion (1)
- Industriestaaten (1)
- Industry Classification (1)
- Industry Comparison (1)
- Industry Evolution (1)
- Inefficient Forecasts (1)
- Infection (1)
- Infectious diseases (1)
- Inflation Beliefs (1)
- Inflation Expectations (1)
- Inflation Forecasting (1)
- Inflation Inertia (1)
- Inflation Rate (1)
- Inflation convergence (1)
- Inflation targeting (1)
- Inflationsbekämpfung (1)
- Influencer marketing (1)
- Informal Loans (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)
- Informationspolitik (1)
- Informationssystem (1)
- Informationstechnik (1)
- Informationswert (1)
- Initial Coin Offering (1)
- Initial Public Offering (1)
- Initial Public Offering (IPO) (1)
- Initial public oferings (IPOs) (1)
- Initial public offerings (1)
- Innate immune cells (1)
- Innate immunity (1)
- Input-Output-Analyse (1)
- Insider-Outsider-Theorie (1)
- Insiderregeln (1)
- Insolvenz (1)
- Institution Building (1)
- Institution formation (1)
- Institution-building (1)
- Institutional Investor (1)
- Institutional Investors’ Ownership (1)
- Institutional Setting on Underpricing (1)
- Institutional investors (1)
- Institutioneller Anleger (1)
- Institutionenökonomie (1)
- Institutions (1)
- Insurance Supervision (1)
- Insurance companies (1)
- Insurer Default Risk (1)
- Integrated Assessment Model (1)
- Integrated Risk Management (1)
- Intelligence augmentation (1)
- Intensity Models (1)
- Inter-ethnic Conflict (1)
- Interbank Markets (1)
- Interbankgeschäft (1)
- Interdealer Brokerage (1)
- Interest Rate (1)
- Interest Rate Forecasting (1)
- Interest rate rule estimation (1)
- Interest rates (1)
- Intergenerational Risk Sharing (1)
- Intergenerational effects (1)
- Interim Report (1)
- Intermediated work (1)
- Intermediation (1)
- Internal borrower rating (1)
- Internalization (1)
- Internalization of externalities (1)
- International Capital Flows (1)
- International Cross-Listings (1)
- International Development (1)
- International Economics (1)
- International Financial Futures Exchange (1)
- International Financial Futures and Options Exchange (1)
- International Monetary Fund (1)
- International Portfolio Choice (1)
- International Stock Exchange of the United Kingdom and the Republic of Ireland (1)
- International Transmission Mechanism (1)
- International finance (1)
- International migration (1)
- International relationships (1)
- International stock markets (1)
- Internationale Wettbewerbsfähigkeit (1)
- Internationale Währungspolitik (1)
- Internationaler Terrorismus (1)
- Internationaler Währungsfonds (1)
- Internationales Währungssystem (1)
- Internationalisierung (1)
- Internationalization (1)
- Interne Kontrollen (1)
- Internes Kontrollsystem (1)
- Internet Users’ Information Privacy Concerns (1)
- Internet of Things (1)
- Intertemporal Choice (1)
- Interval prediction (1)
- Intra-Day Volatility (1)
- Intraday Trading Process (1)
- Intratemporal Elasticity of Substitution (1)
- Invasion (1)
- Inventory Risk (1)
- Investitionspolitik (1)
- Investment Banking (1)
- Investment Decisions (1)
- Investment Funds (1)
- Investment Incentives (1)
- Investment Styles (1)
- Investment attitudes (1)
- Investment funds (1)
- Investment-Specific Shocks (1)
- Investor (1)
- Investor education (1)
- Investor sentiment (1)
- Investors Heterogeneity (1)
- JPMorgan Chase (1)
- JPMorgan Chase Bank (1)
- Job Match Quality (1)
- Joint Ownership (1)
- Justiz (1)
- Justizverwaltung (1)
- Kalman Filter (1)
- Kalman lter (1)
- Kapitalgesellschaft (1)
- Kapitalkonzentration (1)
- Karriere (1)
- Katrina (1)
- Kaufentscheidung (1)
- Kaufkraftparität (1)
- Kaufkraftvergleich (1)
- Kausalanalyse (1)
- Kenya (1)
- Keynesian models (1)
- Kinderbetreuung (1)
- Kleinkredit (1)
- Knowledge (1)
- Kommanditgesellschaft auf Aktien (1)
- Konditionenpolitik (1)
- Kongreß (1)
- Konjunkturmodell (1)
- Konjunkturpakete (1)
- Konjunkturprognose (1)
- Konjunkturschwankung (1)
- Konkurrent (1)
- Konkurs (1)
- Konsumgütermarkt (1)
- Kontrahentenrisiko (1)
- Kontrakttheorie (1)
- Konzentration <Wirtschaft> (1)
- Korrelation (1)
- Kostenplanung (1)
- Kovarianzanalyse (1)
- Kraftfahrzeugindustrie (1)
- Kraftstoffpreis (1)
- Kreditderivat (1)
- Kreditgeber (1)
- Kreditgenossenschaftlicher Verbund (1)
- Kreditgeschäft / Unternehmenskooperation / Vertrag / Bank / Kreditrisiko / Rentabilität / Theorie (1)
- Kreditmanagement (1)
- Kreditrestriktion (1)
- Kultur (1)
- Kulturelle Entwicklung (1)
- Kundenmanagement (1)
- Kunstmarkt (1)
- Kupfer (1)
- Kursanomalie (1)
- Kursbeeinflussung (1)
- Kursrisiko (1)
- Kybernetik (1)
- LASSO (1)
- LBO spillovers (1)
- LBOs (1)
- LEN-Modell (1)
- LSTM neural networks (1)
- Labor (1)
- Labor Hoarding (1)
- Labor Income Risk (1)
- Labor Market Deregulation (1)
- Labor Market Frictions (1)
- Labor Markets (1)
- Labor Supply (1)
- Labor cost adjustments (1)
- Labor market (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)
- Langfristige Prognose (1)
- Langfristiger Kredit (1)
- Language (1)
- Langzeitarbeitslosigkeit (1)
- Langzeitvertrag (1)
- Laplace Distribution (1)
- Laplace-Verteilung (1)
- Lapse Risk (1)
- Large-scale integration of renewable power generation (1)
- Latency (1)
- Latent Variables (1)
- Law Enforcement (1)
- Lead-lag relationship (1)
- Leadership (1)
- Leading indicator (1)
- Leaky pipeline (1)
- Learning Effects (1)
- Learning analytics (1)
- Lebensversicherung Rückkauf (1)
- Lebensversicherungen verlangen (1)
- Lebensversicherungszinsrisiko (1)
- Legal Institutions (1)
- Legitimacy (1)
- Leibrente (1)
- Leitender Angestellter (1)
- Lender of Last Resort / Finanzmarkt / Wirtschaftspolitische Wirkungsanalyse (1)
- Lender of last resort (1)
- Lernen (1)
- Levelized cost of electricity (1)
- Leverage (1)
- Leverage Effect (1)
- Leverage effect (1)
- Leveraged buyouts (1)
- Libertarian / Soft Paternalism (1)
- Libra (1)
- Lieferant (1)
- Life Events (1)
- Life course transitions (1)
- Life-cycle hypothesis (1)
- Life-cycle model (1)
- LifeCycle Model (1)
- Liikanen Report (1)
- Liikanen-Kommission (1)
- Limit Order (1)
- Limit Order Book Market (1)
- Limit Order Book Slopes (1)
- Limit Order Books (1)
- Limited partnerships (1)
- Limits to Arbitrage (1)
- Linkages (1)
- Linked employer-employee data (1)
- Lintner dividend model (1)
- Liquidation Preferences (1)
- Liquidity Coinsurance (1)
- Liquidity Crisis (1)
- Liquidity Facilities (1)
- Liquidity Premium (1)
- Liquidity Shock (1)
- Liquidity Shocks (1)
- Liquidity premium (1)
- Liquidity provider incentives (1)
- Liquidity risk (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 market competition (1)
- Loan to income ratio (1)
- Loan to value ratio (1)
- Lobbying (1)
- Local Interests (1)
- Local projection (1)
- Location-based games (1)
- Location-based services (1)
- Locus of control (1)
- Lohnbildung (1)
- Lohndispersion (1)
- Lohnpolitik (1)
- Lohnrigidität (1)
- Lohnstückkosten (1)
- London (1)
- Long Term Investment (1)
- Long-Run Risk (1)
- Long-Run Underperformance (1)
- Long-run risk (1)
- Long-term Contracts (1)
- Longevity Risk (1)
- Longevity risk (1)
- Longitudinal autoregressive model (1)
- Longitudinal data (1)
- Loss-aversion (1)
- Low-emission vehicles (1)
- Loyalty (1)
- Lucas paradox (1)
- L´evy framework (1)
- MBS (1)
- MIFID (1)
- MMFs (1)
- MTS Bond Market (1)
- Maastricht criteria (1)
- Macroeconomic Forecasting (1)
- Macroeconomic Fundamentals (1)
- Macroeconomic Modeling (1)
- Macroeconomic Models (1)
- Macroeconomic News (1)
- Macroeconomic News Announcements (1)
- Macroeconomic risks (1)
- Macroeconomics (1)
- Macroprudential policy (1)
- Make or buy (1)
- Makroökonomischer Einfluß (1)
- Male and Female Differences (1)
- Mali (1)
- Managerial Accounting (1)
- Managerial rent (1)
- Managing Innovations (1)
- Mandatory Law (1)
- Manipulation (1)
- Mark-to-Market Accounting (1)
- Mark-to-market accounting (1)
- Market (in)completeness (1)
- Market Concentration (1)
- Market Data Sales (1)
- Market Discipline (1)
- Market Fragility (1)
- Market Integrity (1)
- Market Linkage (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 engineering (1)
- Market fragility (1)
- Market fragmentation (1)
- Market manipulation (1)
- Market microstructure (1)
- Market research (1)
- Market risk premium (1)
- Market sentiment (1)
- Market volatility (1)
- MarketMicrostructure Noise (1)
- Marketing Analytics (1)
- Marketing-finance interface (1)
- Markov Perfect Equilibrium (1)
- Markov Processes (1)
- Markov perfect equilibrium (1)
- Markov-Modell (1)
- Markov-Prozess (1)
- Markov-switching DSGE (1)
- Markov–Switching (1)
- Marktrisiko (1)
- Marktwirtschaft (1)
- Markups (1)
- Marxian economics (1)
- Mathematics and computing (1)
- Max Horkheimer (1)
- Max Weber (1)
- Maximum Likelihood (1)
- Maximum length of association (1)
- Maximum likelihood estimation (1)
- Medical management (1)
- Medicare (1)
- Mehrgenerationenmodell (1)
- Mehrheitsaktionär (1)
- Mehrproduktbetrieb (1)
- Meme stocks (1)
- Mensch-Maschine-Kommunikation (1)
- Mental models (1)
- Merchandise trade (1)
- Merger (1)
- Merger Arbitrage (1)
- Meritocracy (1)
- Metallurgie (1)
- Mexiko (1)
- MiCA (1)
- Microprudential Insurance Regulation (1)
- Microstructure Noise (1)
- Migration (1)
- Mikroprudenzielle Versicherungsregulierung (1)
- Mikrostrukturtheorie <Kapitalmarkttheorie> (1)
- Mikroökonometrie (1)
- Mikroökonomie (1)
- Millennium Development Goals (1)
- Millennium Ecosystem Assessment (1)
- Minderheitsaktionär (1)
- Mini-flash crash (1)
- Minimum Reserves (1)
- Minimum Return Guarantees (1)
- Mining Investments (1)
- Minority Shareholder Protection (1)
- Mis-selling (1)
- Mitbestimmung (1)
- Mitbewohner (1)
- Mitgliedschaft (1)
- Mitigation (1)
- Mittelsperson (1)
- Mixed-frequency data (1)
- Mixing Frequencies (1)
- Mixture Distributions (1)
- Mobile Telekommunikation / Electronic Commerce (1)
- Mobile games (1)
- Mobility (1)
- Model Adequacy (1)
- Model Risk (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 Model (1)
- Monetary Models (1)
- Monetary Policy Implementation (1)
- Monetary Policy Instruments (1)
- Monetary Policy Instruments of the ECB (1)
- Monetary Policy Surprises (1)
- Monetary Policy Transmission (1)
- Monetary Shocks (1)
- Monetary Targeting (1)
- Monetary growth models (1)
- Monetary macroeconomics (1)
- Monetary policy strategy (1)
- Monetary-fiscal interaction (1)
- Monetäre Wachstumstheorie (1)
- Money Creation (1)
- Money Demand Functions (1)
- Money Market (1)
- Money Market Funds (1)
- Money demand (1)
- Money non neutrality (1)
- Monopol (1)
- Monte Carlo Likelihood (1)
- Monte Carlo Methods (1)
- Monte Carlo integration (1)
- Monte Carlo simulation (1)
- Monte Carlo simulations (1)
- Monte-Carlo-Simulation (1)
- Moral Hazar (1)
- Morality (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)
- Multifaktorenmodelle (1)
- Multikriteria-Entscheidung (1)
- Multilayer networks (1)
- Multiline Insurance (1)
- Multinationales Unternehmen (1)
- Multiple Blockholders (1)
- Multiple Equilibria (1)
- Multiple equilibria (1)
- Multiple factor models (1)
- Multiple hypothesis testing (1)
- Multipler Wechselkurs (1)
- Multiplicative Error Models (1)
- Multitasking (1)
- Multivariate Stable Distribution (1)
- Multivariate time series (1)
- Mundellian trilemma (1)
- Music (1)
- Mutual Fund Persistence (1)
- Mutual Funds (1)
- Mutual funds (1)
- Mutuality principle (1)
- Mutually Exciting Processes (1)
- Mutually exciting processes (1)
- Mängelhaftung (1)
- Münzgewinn (1)
- NAV-price-spread (1)
- NCAs (1)
- NFT (1)
- NLP (1)
- Nachholende Entwicklung (1)
- Namibia (1)
- Narrative Approach (1)
- Narrative Identification (1)
- Narrative disclosures (1)
- Narrow Banking (1)
- Nascent ventures (1)
- Nasdaq (1)
- Nash Bargaining (1)
- Nash equilibrium (1)
- National Accounting (1)
- Natural Language Processing (1)
- Natural experiments (1)
- Natürliche Ressourcen (1)
- Negative home equity (1)
- Negativzinsen (1)
- Nelson-Siegel curve (1)
- Nelson-Siegel model (1)
- Neoklassische Theorie (1)
- Neolithikum (1)
- Net Foreign Assets (1)
- Net Worth (1)
- Net-zero transition (1)
- Network Combination (1)
- Network Communities (1)
- Network theory (1)
- Netzwerktheorie (1)
- Neuer Markt, Börse (1)
- Neues Produkt (1)
- Neural Network (1)
- Neuronales Netz (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)
- New Neoclassical synthesis (1)
- New product development processes (1)
- New vehicles (1)
- New-Keynesian Models (1)
- Newly public frms (1)
- News (1)
- News Releases (1)
- News Sentiment (1)
- News media sentiment (1)
- Next Generation EU (1)
- Nicht-stationäre Paneldaten (1)
- Nichtlineare Analysis (1)
- Nichtlineare Zeitreihenanalyse (1)
- Nichtlineares mathematisches Modell (1)
- Nichtparametrische Statistik (1)
- Nichtparametrisches Verfahren (1)
- Nominal Rigidities (1)
- Nominal Wage Rigidity (1)
- Non-Compete Agreements (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 Cointegration (1)
- Nonlinear Optimal Policy (1)
- Nonlinear Policy (1)
- Nonlinear solution methods (1)
- Nonlinearity (1)
- Norway (1)
- Norwegian banking crisis (1)
- Number of Lenders (1)
- Number of lenders (1)
- Numerical Solution (1)
- Nutzen (1)
- Nutzenfunktion (1)
- Nutzenmaximierung (1)
- OPEC (1)
- ORSA (1)
- OTC (1)
- OTC Markets (1)
- OTC derivatives (1)
- OTC-Märkte (1)
- Obfuscation (1)
- Occasionally Binding Constraint (1)
- Occasionally Binding Constraints (1)
- Offline advertising (1)
- Oil (1)
- Oil Industry (1)
- Oil market (1)
- Older Population (1)
- On-the-Job Search (1)
- Online Advertising (1)
- Online Poker (1)
- Online Surveys (1)
- Open Banking Platform Germany (1)
- Open Economy (1)
- Open banking (1)
- Open data data (1)
- Open economy DSGE models (1)
- Open-end real estate funds (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)
- Optimal matching techniques (1)
- Optimal mix of wind and solar PV (1)
- Optimal monetary policy (1)
- Optimal redistribution (1)
- Optimierung (1)
- Option (1)
- Option Pricing (1)
- Option-implied Risk (1)
- Option-pricing Model (1)
- Optionspreistheorie / Hedging / Stochastischer Prozess / Theorie (1)
- Order Entry (1)
- Order Flow (1)
- Order Placement Strategy (1)
- Orderbuch (1)
- Organisationsgestaltung (1)
- Organisationshandeln (1)
- Organisatorisches Lernen (1)
- Organizational Economics (1)
- Organizational communication (1)
- Original sin (1)
- Ortsbasierte Dienste (1)
- Osteuropa (1)
- Osteuropäische Einwanderin (1)
- Output Gap Uncertainty (1)
- Output Growth (1)
- Output and Inflation Persistence (1)
- Outright Monetary Transactions (1)
- Over-Confidence (1)
- Overbidding (1)
- Overfunding (1)
- Overvaluation Hypothesis (1)
- Own Self Risk Assessment (1)
- Ownership (1)
- Ownership structures (1)
- PIPL (1)
- PPP (1)
- Paid search advertising (1)
- Pandemic (1)
- Panel Analysis (1)
- Panel Analysis of Bidding Behavior (1)
- Panel Cointegration (1)
- Panel Sample Selection Models (1)
- Panel Threshold Models (1)
- Panel VAR (1)
- Panelanalyse (1)
- Panelverfahren (1)
- Parameter Uncertainty (1)
- Parental unemployment (1)
- Pareto Inferior (1)
- Pareto-Optimum (1)
- Partial Information (1)
- Passive investment (1)
- Patents/patent laws (1)
- Path dependency (1)
- Patience (1)
- Paul Volcker (1)
- Paycheck Sensitivity (1)
- Pecuniary Externalities (1)
- Pecuniary Externality (1)
- Peer Effects (1)
- Peer effects (1)
- Peers (1)
- Pension Finance (1)
- Pension system (1)
- Pensionsgeschäft (1)
- Pensionskasse (1)
- Perceptions (1)
- Perfect Sequential Equilibrium (1)
- Performance Gap (1)
- Performance Measurement (1)
- Permanent and Transitory Decomposition (1)
- Permanent-Income Hypothesis (1)
- Persistent and Transitory Income Shocks (1)
- Personal Finance (1)
- Personalaufwendung (1)
- Personality traits (1)
- Personalleiter (1)
- Personenbezogene Daten (1)
- Personnel Economics (1)
- Persönlichkeitsbeurteilung (1)
- Persönlichkeitsdiagnostik (1)
- Persönlichkeitstest (1)
- Petroleum-based Economies (1)
- Phillips curve (1)
- Physics (1)
- Pierre Bourdieu (1)
- Pigouvian tax (1)
- Pivotality (1)
- Plaintiff Lawyers (1)
- Planned economy (1)
- Planning (1)
- Planungsrechnung (1)
- Plastics (1)
- Platform design (1)
- Point-Mass Mixture (1)
- Point-mass Mixture (1)
- Pokémon Go (1)
- Policy Analysis (1)
- Policy Effects (1)
- Policy measures in the EU (1)
- Political Economy (1)
- Political Union (1)
- Political conflict (1)
- Politikberatung (1)
- Politikgestaltung volkswirtschaftlicher Institutionen (1)
- Politische Union (1)
- Pollution (1)
- Pollution haven hypothesis (1)
- Population Aging (1)
- Portfolio (1)
- Portfolio Allocation (1)
- Portfolio Inertia (1)
- Portfolio Management (1)
- Portfolio Rebalancing (1)
- Portfolio selection (1)
- Portfolio-Investition (1)
- Portfolio-Management (1)
- Portfoliooptimierung (1)
- Portfolios (1)
- Positive semidefiniteness (1)
- Potential Output (1)
- Potenzial (1)
- Power plant (1)
- Power system model (1)
- Prag <2008> (1)
- Pre-Opening (1)
- Pre-averaging (1)
- Preference Interaction (1)
- Preference Stability (1)
- Preference Uncertainty (1)
- Preference for early resolution of uncertainty (1)
- Preference survey module (1)
- Preisdifferenzierung (1)
- Preisdiskriminierung (1)
- Preiselastizität (1)
- Preisstabilität (1)
- Preiswettbewerb (1)
- Preisänderung (1)
- Pressemitteilungen (1)
- Prestige (1)
- Price Competition (1)
- Price Expectations (1)
- Price Impact (1)
- Price Pressures (1)
- Price Stability (1)
- Price Uncertainty (1)
- Price competition (1)
- Price discovery (1)
- Price discrimination (1)
- Price elasticity of gasoline demand (1)
- Price-matching (1)
- Pricing (1)
- Pricing Determinants (1)
- Pricing bubbles (1)
- Pride (1)
- Prior (1)
- Privacy Concerns (1)
- Privacy Policies (1)
- Privacy concerns (1)
- Private Altersversorgung (1)
- Private Business (1)
- Private benefits (1)
- Private debt (1)
- Private investment in public equity (PIPE) (1)
- Private values (1)
- Privater (1)
- Privatsphärenschutztechnik (1)
- Prize Stabilization (1)
- Pro-Rata (1)
- Probabilistic Insurance (1)
- Probability Weighting Function (1)
- Processing Fluency (1)
- Product Market Deregulation (1)
- Product design (1)
- Product life cycle (1)
- Product returns (1)
- Product usage (1)
- Production (1)
- Production Economy (1)
- Production of disclosures (1)
- Production, Saving, Consumption and Investment Forecasting (1)
- Production-based asset pricing (1)
- Productivity and Growth (1)
- Productivity growth (1)
- Produktionspotenzial (1)
- Produktivitätsunterschiede (1)
- Professionalism (1)
- Profit (1)
- Profits and distribution (1)
- Prognoseauswertung (1)
- Program Evaluation (1)
- Prokurist (1)
- Prokuristin (1)
- Propagation mechanism (1)
- Propensity score matching (1)
- Property rights (1)
- Proprietary Trading (1)
- Prosociality (1)
- Prostituierte (1)
- Prudence (1)
- Prudential filter (1)
- Psychologische Diagnostik (1)
- Public Finance (1)
- Public Goods (1)
- Public Housing (1)
- Public Policy (1)
- Public financial news (1)
- Public pension funds (1)
- Public procurement (1)
- Public-Private Partnerships (1)
- Publizität (1)
- Puffer (1)
- Pump-and-dump schemes (1)
- Pythagorean theorem (1)
- QE (1)
- Quadratic Variation (1)
- Qualitätsmanagement (1)
- Quantile Causality (1)
- Quantile Regression (1)
- Quantile regression (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)
- R&D policy (1)
- R. Layard (1)
- R. Thaler (1)
- RBC (1)
- RCT (1)
- REITs (1)
- Raiffeisenbank (1)
- Ramsey planner (1)
- Range-based estimation (1)
- Rating Process (1)
- Rational Inattention (1)
- Rationale Erwartung (1)
- Reaction Function (1)
- Reaktionsfunktion (1)
- Real Estate (1)
- Real Estate Investments (1)
- Real Estate Securities (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)
- Real-time data (1)
- Realer Wechselkurs (1)
- Realization Utility (1)
- Realized Kernel (1)
- Realized Volatility (1)
- Realoption (1)
- Realzins (1)
- Rechtsprechung (1)
- Rechtsvereinheitlichung (1)
- Record resolution (1)
- Recursive Least Squares (1)
- Recursive Saddlepoint Method (1)
- Recursive Utility (1)
- Redemptions (1)
- Reduktion (1)
- Reference Point (1)
- Referrals (1)
- Refugees (1)
- Regime switching (1)
- Regional Entrepreneurship (1)
- Regional Inflation Dynamics (1)
- Regional conditions (1)
- Regionalanalyse (1)
- Regionale Arbeitsteilung (1)
- Registration cost (1)
- Regression / Schätztheorie / Theorie (1)
- Regression Discontinuity (1)
- Regret (1)
- Regularization (1)
- Regularized regression (1)
- Regulation Capital Requirements (1)
- Regulation of Financial Institutions (1)
- Regulations (1)
- Regulatory Arbitrage (1)
- Regulatory Capture (1)
- Regulatory Committee (1)
- Related Party Transactions (1)
- Relational contracts (1)
- Relationship banking (1)
- Relative Preisvariabilität (1)
- Religion (1)
- Renegotiation (1)
- Renewable power generation (1)
- Rent-Seeking (1)
- Renten (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)
- Research and development (1)
- Research and market linkages (1)
- Research design (1)
- Research impact assessment (1)
- Reserve Orders (1)
- Reserve Requirements (1)
- Reserve requirements (1)
- Residual Income (1)
- Resiliency (1)
- Resolution Planning (1)
- Resource Acquisition (1)
- Responsible investment (1)
- Restructuring (1)
- Retail Banking (1)
- Retail Challenge (1)
- Retail gasoline (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 Education (1)
- Returns to experience (1)
- Reversible Jump Markov Chain Monte Carlo (1)
- Revisions (1)
- Revolving Debt (1)
- Rights Offerings (1)
- Risikoaggregation (1)
- Risikoanalyse (1)
- Risikoaversion (1)
- Risikobegrenzung (1)
- Risikobereitschaft (1)
- Risikokapitalallokation (1)
- Risikokommunikation (1)
- Risikomessung (1)
- Risk Beliefs (1)
- Risk Management of Insurance Companies (1)
- Risk Measurement (1)
- Risk Pooling (1)
- Risk Taking (1)
- Risk capital allocation (1)
- Risk channel (1)
- Risk communication (1)
- Risk factors (1)
- Risk limiting (1)
- Risk measurement (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)
- Robo-Advising (1)
- Robust Simple Rules (1)
- Rousseau (1)
- Routine Medical Care (1)
- Rubin Causal Model (1)
- Rudolf Eucken (1)
- Ruhegeld (1)
- Rule-of-Thumb Consumers (1)
- Russian Economy (1)
- Russian Sanction (1)
- Russland (1)
- S corporations (1)
- S&P 500 (1)
- SEC (1)
- SHARE, Projekt (1)
- SIFI (1)
- SME (1)
- SME Trading (1)
- SPR (1)
- SRB (1)
- SRF (1)
- STAR GARCH (1)
- STS (simple, transparent, and standardized securitizations) (1)
- Sachversicherung (1)
- Sales (1)
- Sample-based longitudinal study (1)
- Sampling Schemes (1)
- Saving Behavior (1)
- Saving Decisions (1)
- Saving puzzles (1)
- Savings (1)
- Say on Pay (1)
- Scenario (1)
- Scenario analysis (1)
- Schadenversicherung (1)
- Schneeballsystem (1)
- Schuldenbremse (1)
- Schuldenkrise (1)
- Schuldnerland (1)
- Science policy (1)
- Search Frictions (1)
- Search Model (1)
- Seasoned Equity Offerings (1)
- Secondary Loan Markets (1)
- Secondary market (1)
- Sectoral Asset Diversification (1)
- Sectoral Heterogeneity (1)
- Securities Market Regulation (1)
- Securities Regulation (1)
- Securities regulation (1)
- Security concerns (1)
- Segmentation (1)
- Selbst-Organisation (1)
- Self Control (1)
- Self-Control (1)
- Self-exciting point process (1)
- Selling Behavior (1)
- Selling Decisions (1)
- Seltenerdmetall (1)
- Semiparametric Model (1)
- Senegal (1)
- Sentiment Analysis (1)
- Sentiment analysis (1)
- Sequence analyses (1)
- Sequential Policy (1)
- Serbia (1)
- Serial Correlation (1)
- Services Trade (1)
- Settlement (1)
- Settlement Latency (1)
- Shadow Banking (1)
- Shannon capacity (1)
- Shapley-Lösung (1)
- Shareholder Letters (1)
- Shareholder Rights Directive (1)
- Shareholder value (1)
- Shareholder wealth (1)
- Short Selling Constraints (1)
- Short-run Risk (1)
- Short-run and long-run inflation expectations (1)
- Short-time work (1)
- Shortfall (1)
- Sicherheitenmarge (1)
- Signaling Game (1)
- Silbermarkt (1)
- Similarity (1)
- Similarity encoding (1)
- Sin Stocks (1)
- Single Banking Market (1)
- Single Resolution Mechanism (SRM) (1)
- Single Supervisy Mechanism (1)
- Single question approach (1)
- Skalenertrag (1)
- Skill acquisition (1)
- Skonto (1)
- Slow-Moving Capital (1)
- Slow-moving capital (1)
- Small Business (1)
- Small Open Economy Models (1)
- Small businesses (1)
- Smart Decision Making (1)
- Sociability (1)
- Social (1)
- Social Capital (1)
- Social Impact (1)
- Social Interactions (1)
- Social Learning (1)
- Social Market Economy (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 interactions (1)
- Social networking site (1)
- Social networks (1)
- Social trading (1)
- Socially responsible investing (1)
- Socially responsible investments (1)
- Society (1)
- Sociology of Finance (1)
- Soft Information (1)
- Soft infomation (1)
- Softwarehaus (1)
- Solvabilitätsrichtlinien (1)
- Solvency regulation (1)
- Sophie Kwaak (1)
- South-Eastern Europe (1)
- Sovereign (1)
- Sovereign Bond Markets (1)
- Sovereign Bonds (1)
- Sovereign CDS (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 Situation (1)
- Soziales Netzwerk (1)
- Sozialhilfe (1)
- Sozialstaat (1)
- Sozialstaatsprinzip (1)
- Sozialversicherung (1)
- Spanish reproductive bioeconomy (1)
- Sparse estimation (1)
- Sparsity (1)
- Spatial autoregressive model (1)
- Spatial competition (1)
- Spatial econometrics (1)
- Spatially adaptive sparse grids (1)
- Specialist Trading (1)
- Spectral Decomposition (1)
- Speculative attacks (1)
- Speculative bubbles (1)
- Spende (1)
- Spieltheorie (1)
- Spike–and–Slab prior (1)
- Spill-over-Effekt (1)
- Spillover Effects (1)
- Spillover-Effekte (1)
- Spillovers (1)
- Spotify (1)
- Sprachgemeinschaft (1)
- Squeeze-Out (1)
- Sraffian economics (1)
- Staat (1)
- Staatsanleihe Staatsanleihe (1)
- Staatsaufsicht (1)
- Staatsschuldenkrise (1)
- Stabilisierung (1)
- Stability (1)
- Stablecoins (1)
- Stadtentwicklung (1)
- Stadtökonomie (1)
- Stages (1)
- Stagnation (1)
- Standard Setting (1)
- Standards (1)
- Standortfaktor (1)
- Standorttheorie (1)
- Standortwahl (1)
- State and local government (1)
- State-Dependent Pricing (1)
- States (1)
- Stationarity (1)
- Stationary Equilibrium (1)
- Status organizations (1)
- Stay-Home (1)
- Sterling (1)
- Steuerpolitik (1)
- Steuerprogression (1)
- Steuerrückstellung (1)
- Steuersatz (1)
- Stewardship Exit Strategy (1)
- Sticky Information (1)
- Stochastic Discount Factor (1)
- Stochastic General Equilibrium Model (1)
- Stochastic Growth Model (1)
- Stochastic Search Variable Selection (1)
- Stochastic jumps (1)
- Stochastische dynamische Optimierung (1)
- Stock Exchanges (1)
- Stock Market Dynamic Interactions (1)
- Stock Market Returns (1)
- Stock Markets (1)
- Stock Returns (1)
- Stock Trading (1)
- Stock market wealth (1)
- Stock markets (1)
- Stornorisiko (1)
- Strategic Complementarity (1)
- Strategic investors (1)
- Strategischer Rohstoff (1)
- Structural Bank Reform (1)
- Structural Change (1)
- Structural VAR (1)
- Structural VAR Approach (1)
- Structural change (1)
- Structural estimation (1)
- Structural policies (1)
- Structured retail products (1)
- Struktur (1)
- Sturmversicherung (1)
- Stückkosten (1)
- Subjectivation (1)
- Subjective Survival Beliefs (1)
- Subjective expectations (1)
- Subsidization (1)
- Success Rates (1)
- Such-Matching- Sortierung (1)
- Superlative (1)
- Supervised hierarchical clustering (1)
- Supervision (1)
- Supervisory Achitecture (1)
- Supervisory Relief Measures (1)
- Supplemental work (1)
- Surrender (1)
- Surrender Options (1)
- Surveillance (1)
- Survey (1)
- Survey Methods (1)
- Sustainability-Linked Bonds (1)
- Sustainability-Linked Loans (1)
- Sustainabilty (1)
- Sustainable Development Goals (1)
- Sustainable finance literacy (1)
- Swap (1)
- Sweden (1)
- Swiss Army Knife (1)
- Sydney Stock Exchange (1)
- Symbolic Power (1)
- Syndicated Loans (1)
- Syndication (1)
- Systematic Internalizer (1)
- Systematic review (1)
- Systematisches Risiko (1)
- Systemic events (1)
- Systemisches Risiko (1)
- Szenarioanalyse (1)
- TARGET balances (1)
- TARP (1)
- TIPS–Treasury puzzle (1)
- TLTRO (1)
- TRACE (1)
- Tageswert (1)
- Tail correlation (1)
- Takeover speculation (1)
- Takeovers (1)
- Target 2 (1)
- Target Costing (1)
- Tax Cuts (1)
- Tax Cuts and Jobs Act (1)
- Tax Distortions (1)
- Tax Havens (1)
- Tax Multiplier (1)
- Tax Rebates (1)
- Tax policy (1)
- Taxation (1)
- Taxonomie (1)
- Taylor Regel (1)
- Taylor-Regel (1)
- Technische Innovation (1)
- Technologieunternehmen (1)
- Technology (1)
- Technology Adoption (1)
- Technology Park (1)
- Technology Shocks (1)
- Technology spillover (1)
- Temperature variability (1)
- Temporal aggregation (1)
- Term Structure Modelling (1)
- Terminmarkt (1)
- Terminplanung (1)
- Terms of Trade (1)
- Terrorism (1)
- Testen (1)
- Text analysis (1)
- Textual Sentiment (1)
- Textual analysis (1)
- Textual sentiment (1)
- Textual similarity (1)
- The Community Reinvestment Act (1)
- The economics of rumours (1)
- Theft (1)
- Theoretical Classification (1)
- Theory of Planned Behavior (1)
- Third-Party Data (1)
- Thomas Pogge (1)
- Three-Pillar-System (1)
- Threshold Error Correction (1)
- Tick Size (1)
- Time preference (1)
- Time variation (1)
- Time-Consistency (1)
- Time-varying networks (1)
- Timing (1)
- Timing risk (1)
- Tobin tax (1)
- Tobit panel data regressions (1)
- Tone (1)
- Too big to fail (1)
- Too-Big-To-Fail (1)
- Too-big-to-fail (1)
- Top 1% (1)
- Toxic Emissions (1)
- Trade Integration (1)
- Trade-sale Rights (1)
- Trading restrictions (1)
- Trading strategy (1)
- Trading volume (1)
- Trados (1)
- Transaction Data (1)
- Transaction costs (1)
- Transformation problem (1)
- Transition (1)
- Transition Financing (1)
- Transitional Dynamics (1)
- Transmission Mechanism (1)
- Transnational Capitalist Class (1)
- Transparency Aversion (1)
- Transparenz Aversion (1)
- Treasury Futures (1)
- Tree-based models (1)
- Trennbanken (1)
- Triple Difference Estimator (1)
- Trust Beliefs (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)
- UBS - Schweizerische Bankgesellschaft (1)
- UK (1)
- UK-Environment (1)
- US culture (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)
- USA / Securities and Exchange Commission (1)
- UV radiation (1)
- Umbrella Policies (1)
- Umweltpolitik (1)
- Unconventional Monetary policy (1)
- Under Risk (1)
- Underwriter (1)
- Undiversifiable Earnings Risk (1)
- Unemployment volatility (1)
- Unendliches Spiel (1)
- Unfinished tasks (1)
- Ungarn (1)
- Unit root (1)
- Universal Banking (1)
- Universal banks (1)
- University governance (1)
- University-industry linkages (1)
- Unknown probabilities (1)
- Unobserved Component Models (1)
- Unsichtbarer Handel (1)
- Unterbewertung (1)
- Unternehmensberater (1)
- Unternehmensberaterin (1)
- Unternehmensberatung (1)
- Unternehmensbewertung (1)
- Unternehmensentwicklung (1)
- Unternehmenserfolg (1)
- Unternehmensgröße (1)
- Unternehmenskauf (1)
- Unternehmenskonzentration (1)
- Unternehmensmodell (1)
- Unternehmenstheorie (1)
- Unternehmenswachstum (1)
- Up-front fees (1)
- Upside Risk (1)
- Urban (1)
- Urban economics (1)
- Usage intensity (1)
- Utility Functions (1)
- Utility Maximization (1)
- Utility Theory (1)
- Utilization (1)
- VAR Modeling (1)
- VAR estimation (1)
- VARs (1)
- VLCC (1)
- Validation (1)
- Value creation (1)
- Value premium (1)
- Variable annuity (1)
- Variance Risk Premium (1)
- Varietät (1)
- Vector Autoregression (1)
- Vehicle registration tax (1)
- Vektoranalysis (1)
- Venue Choice (1)
- Verbraucherverhalten (1)
- Vereinigte Staaten (1)
- Vergleichende Politische Ökonomie (1)
- Verhaltensökonomie (1)
- Verhandlungsspiel (1)
- Verhandlungstheorie (1)
- Verlust (1)
- Verlustbeteiligung (1)
- Vermögen (1)
- Vermögensaufteilung (1)
- Vermögenskonzentrationsrisiko (1)
- Vermögensumverteilung (1)
- Versicherung (1)
- Versicherungsaktiengesellschaft (1)
- Versicherungsaufsicht (1)
- Versicherungsbetrieb (1)
- Versicherungsnehmer (1)
- Versicherungsschutz (1)
- Versicherungsverein auf Gegenseitigkeit (1)
- Versicherungsvertrag (1)
- Versicherungswissenschaft (1)
- Verteilungsgerechtigkeit (1)
- Vertical Integration (1)
- Vertical R&D (1)
- Vertikale Integration (1)
- Vertikale Konzentration (1)
- Vertragsschluss (1)
- Verweildauer (1)
- Videospiel (1)
- Viktor Vanberg (1)
- Virtual reality (1)
- Visual Complexity (1)
- Visual Prototypicality (1)
- Volatilität / Risikoprämie / Statistischer Test / Optionspreistheorie / Stochastischer Prozess / Theorie (1)
- Volcker Rule (1)
- Volksbank (1)
- Vor- und Frühgeschichte (1)
- Vorgesetzter (1)
- Vorstand (1)
- Vorteil (1)
- Voucher (1)
- WHO alerts (1)
- WOM (Word-of-Mouth) (1)
- Wachstum (1)
- Wachstumstheorie (1)
- Wage Setting (1)
- Wage inertia (1)
- Wage rigidity (1)
- Wages (1)
- Wagner's Law (1)
- Wahrscheinlichkeitsverteilung (1)
- Warsaw (1)
- Washington <DC, 2008> (1)
- Watchlist (1)
- Weak Instruments (1)
- Weak moment inequalities (1)
- Wealth Accumulation (1)
- Wealth Decumulation (1)
- Wealth Distribution (1)
- Wealth Effect (1)
- Wealth Holdings (1)
- Wealth Losses (1)
- Wealth effects (1)
- Wealth shocks (1)
- Wechselkurspolitik (1)
- Welfare Costs (1)
- Welt (1)
- Weltstadt (1)
- Wertberichtigung Wertberichtigung (1)
- Wertpapier (1)
- Wertpapieranlage (1)
- Westeuropa (1)
- Wettervorhersage (1)
- Wiederkauf (1)
- Wild bootstrap (1)
- Wilhelm Röpke (1)
- Willingness to pay (1)
- Windfalls (1)
- Winner’s Curse (1)
- Wirtschaft (1)
- Wirtschaftliche Abhängigkeit (1)
- Wirtschaftliche Stabilität (1)
- Wirtschaftlicher Dualismus (1)
- Wirtschaftsaufsicht (1)
- Wirtschaftsgut (1)
- Wirtschaftsmacht (1)
- Wirtschaftsmodell (1)
- Wirtschaftsregulierung (1)
- Wirtschaftssektor (1)
- Wissen (1)
- Wissenschaft (1)
- Wohlfahrt (1)
- Wohlfahrtsstaat (1)
- Wohnraum (1)
- Women in medicine (1)
- Women in science (1)
- Womenomics (1)
- Word Embedding (1)
- Work-related technology use (1)
- World Yield (1)
- WpHG (1)
- Währungspolitik (1)
- Währungssystem (1)
- XAI (1)
- Xetra (1)
- Year (1)
- Yen (1)
- Yield Curve (1)
- Yield Curve Risk (1)
- Yield curve (1)
- Yield spread (1)
- Young firms (1)
- Zahlungsbedingungen (1)
- Zeit (1)
- Zentralbankgeld (1)
- Zentrales Clearing (1)
- Zentralnbank (1)
- Zero Bound (1)
- Zinsparität (1)
- Zinspolitik / Wirtschaftspolitische Wirkungsanalyse / Zinsstruktur / Europäische Wirtschafts- und Währungsunion / EU-Staaten (1)
- Zinsrisiko (1)
- Zinsrisiko der Lebensversicherung (1)
- Zinsspanne (1)
- Zinsspannenrechnung (1)
- Zinstender (1)
- Zinsänderungsrisiko (1)
- Zivilisation (1)
- Zombie Lending (1)
- Zukunft (1)
- Zustandsabhängigkeit (1)
- Zypern (1)
- abduction (1)
- abnormal returns (1)
- absence of arbitrage (1)
- absolute loss (1)
- accounting (1)
- accounting data (1)
- acquisition cost (1)
- active management (1)
- ad hoc disclosure rules (1)
- adaptation (1)
- adverse selection (1)
- adviser (1)
- affect heuristic (1)
- affine equilibrium model (1)
- age (1)
- age limits (1)
- agent-based modeling (1)
- agglomeration (1)
- aggregate uncertainty (1)
- aging (1)
- agriculture (1)
- airport impacts (1)
- aleartory society (1)
- algorithmic trading (1)
- allocation bias (1)
- allocative efficiency (1)
- altruism (1)
- ambiguity aversion (1)
- ambiguity premium (1)
- analysis (1)
- analytic functions (1)
- anchor (1)
- angel finance (1)
- annual general meeting (1)
- annuities (1)
- annuity puzzle (1)
- anticipation (1)
- application programming interface (1)
- argumentation (1)
- art investing (1)
- art investments (1)
- artificial intelligence (1)
- artificially completed markets (1)
- asset management (1)
- asset managers (1)
- asset markets (1)
- asset-backed (1)
- assetbacked securities (1)
- assisted reproductive technologies-ARTs (1)
- asymmetric and private information (1)
- asymmetric shocks (1)
- asymmetry (1)
- atomic power (1)
- attack scenarios (1)
- attitude (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)
- automotive sector (1)
- autopoiesis (1)
- autoregressive conditional duration (1)
- autoregressive conditional duration models (1)
- autoregressive conditional duration(ACD) models (1)
- average treatment effect (1)
- background risk (1)
- backtesting, (1)
- backward stochastic differential equation (1)
- bail-in bonds (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 funding (1)
- bank integration (1)
- bank lending channel (1)
- bank loan terms (1)
- bank loans (1)
- bank performance (1)
- bank relationship (1)
- bank resolution regimes (1)
- bank sanctions (1)
- bank seserves (1)
- bank stability (1)
- bank strategies (1)
- bank-based financial system (1)
- bank-based financial systems (1)
- banking and treasury functions (1)
- banking networks (1)
- banking resolution (1)
- banking supervision, (1)
- banking system (1)
- banking system liquidity (1)
- banking systems (1)
- bankruptcy (1)
- banks’ funding costs (1)
- bargaining (1)
- barrier options (1)
- base stations (1)
- batteries (1)
- beauty premium (1)
- behavior (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)
- berufliche räumliche Mobilität (1)
- beta kernel (1)
- betrayal aversion (1)
- betting (1)
- bi-power variation (1)
- biased assimilation (1)
- biased beliefs (1)
- biases (1)
- bicycle planning (1)
- bicycle policy (1)
- bidder surplus (1)
- bilateral investment treaties (1)
- biofuel (1)
- biofuels (1)
- biometric risks (1)
- bitcoin (1)
- board of directors (1)
- board oversight (1)
- bond auctions (1)
- bond market liquidity (1)
- bond ownership (1)
- bond returns (1)
- bonds (1)
- boom-bust (1)
- booms (1)
- bootstrap (1)
- borrowing (1)
- boundary bias (1)
- box-cox transformation (1)
- bracket creep (1)
- buffer-stock models of saving (1)
- bunker fuel (1)
- bureaucrats' incentives (1)
- business owners wealth (1)
- business segment reports (1)
- calculation (1)
- calendar effects (1)
- call auctions (1)
- capacity constraints (1)
- capacity development (1)
- capacity utilization (1)
- capital adequacy (1)
- capital flows (1)
- capital gains tax (1)
- capital injection to banks (1)
- capital liquidations (1)
- capital maintenance (1)
- capital market-based financial systems (1)
- capital ratios (1)
- capital re-cycling (1)
- capital taxation (1)
- capital taxes (1)
- capital-labor ratio (1)
- capitalism (1)
- caps (1)
- capture (1)
- career development (1)
- careers (1)
- cartel damages (1)
- cash (1)
- cash equity markets (1)
- cash flow sensitivity (1)
- cash holdings (1)
- cash-in-advance (1)
- catastrophe bond (1)
- catastrophe risk transfer (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 counter parties (1)
- central counterparties (1)
- central counterparty (1)
- central wage bargaining (1)
- centralcounterparty (1)
- centralisation (1)
- centrality metrics (1)
- centralization of wage bargaining (1)
- certainty equivalents (1)
- certification (1)
- channel management (1)
- charisma (1)
- cheating (1)
- chernobyl (1)
- child care (1)
- choice overload (1)
- civil servants (1)
- client involvement (1)
- cliff effect (1)
- climate behavior (1)
- climate policies (1)
- climate risk (1)
- climate-economy models (1)
- climate-related disclosures (1)
- closed-end funds (1)
- cloud service provider (1)
- cluster analysis (1)
- co-determination (1)
- co-residence (1)
- coal (1)
- cognitive abilities (1)
- cognitive conflict (1)
- cognitive load (1)
- cognitive sophistication (1)
- cointegrated systems (1)
- cointegration (1)
- coinvestment (1)
- collateral reuse (1)
- collective action (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)
- common ownership (1)
- commutative and distributive justice (1)
- comparability (1)
- comparative research (1)
- comparison (1)
- competition between exchanges (1)
- competition in banking (1)
- competitive equilibrium (1)
- competitive insurance market (1)
- competitiveness (1)
- compliance behavior (1)
- comprehensive assessment (1)
- computer visionbiases (1)
- conditional CAPM (1)
- conditional difference-in-differences (1)
- conditional forecasts (1)
- conditional volatility (1)
- conditionality (1)
- confirmatory biases (1)
- conflict of laws (1)
- conflict rule for securitization (1)
- congestion externality (1)
- conjoint analysis (1)
- connected industries (1)
- conspicuous consumption (1)
- constrained efficiency (1)
- construction procurement (1)
- consumer (1)
- consumer and corporate responsibility (1)
- consumer education (1)
- consumer loans (1)
- consumer prices (1)
- consumption commitments (1)
- consumption dynamics (1)
- consumption expenditure (1)
- consumption heterogeneity (1)
- consumption smoothing (1)
- consumption-based models (1)
- consumption-portfolio decisions (1)
- container (1)
- content analysis (1)
- contest (1)
- contingent capital (1)
- continuous limit order book (1)
- continuous vocational education and training (1)
- continuous vocational education training (1)
- contract addition (1)
- contract econometrics (1)
- contract law (1)
- contract theory (1)
- contractual liability (1)
- contrarian trading (1)
- control (1)
- control by Court of Auditors (1)
- controlled diffusion (1)
- conventional monetary policy (1)
- conÖrmation bias (1)
- cookie (1)
- coordination problems (1)
- copper (1)
- copula (1)
- core Europe (1)
- corona bonds (1)
- corona crisis (1)
- corporate bonds (1)
- corporate control (1)
- corporate credit risk (1)
- corporate debt (1)
- corporate deposits (1)
- corporate governance codes (1)
- corporate income tax (1)
- corporate savings (1)
- corporate taxation (1)
- corporate taxes (1)
- corporategovernance (1)
- correlated random effects probit model (1)
- correlation (1)
- cost and profit efficiency (1)
- cost efficiency (1)
- cost of carry model (1)
- cost-benefit analysis (1)
- counterfactual decompositions (1)
- counterfactual thinking (1)
- country groups (1)
- covariance (1)
- crack spread (1)
- credence goods (1)
- credit card debt (1)
- credit chains (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 rating agencies (1)
- credit volume (1)
- credit-file data set (1)
- creditors runs (1)
- critical thinking (1)
- crop prices (1)
- cross-border assignements (1)
- cross-border insolvency (1)
- cross-border institutions (1)
- cross-border political access (1)
- cross-cultural leadership (1)
- cross-cultural study (1)
- cross-equation restrictions of rational expectations (1)
- cross-regional mobility (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)
- crossnational comparison Germany and Poland (1)
- cross‐country analysis (1)
- crowdlending (1)
- crowdsponsoring (1)
- cryptocurrency (1)
- cultural factors (1)
- cumulative causation (1)
- currencies (1)
- currency board (1)
- currency competition (1)
- current account (1)
- customer migration (1)
- dark trading (1)
- dash-for-cash (1)
- data snooping (1)
- de-identification (1)
- debt cost (1)
- debt issuance (1)
- debt relief to households (1)
- decentralization theorem (1)
- decision theory (1)
- decision-making (1)
- deep learning (1)
- default effect (1)
- default investment (1)
- default premium (1)
- default term structure (1)
- definition of unemployment (1)
- delay of gratification (1)
- delegated expertise (1)
- delegated monitoring (1)
- deleveraging (1)
- demand curve (1)
- demand elasticities (1)
- demand side constraints of labour supply (1)
- demand-responsive approach (1)
- democracy (1)
- demographic trends (1)
- deposit guarantee scheme (1)
- deposits (1)
- deregulation (1)
- derivates market (1)
- designated market makers (1)
- developing countries (1)
- device-to-device communication (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)
- digital transformation (1)
- digitalization (1)
- directors (1)
- disadvantaged groups (1)
- disaggregated prices (1)
- disaggregation (1)
- disagreement (1)
- discourse analysis (1)
- discrete trading (1)
- discretionary lending (1)
- disequilibrium (1)
- disinflation (1)
- distance (1)
- distance to default (1)
- distress and workout (1)
- distributed ledger technology (1)
- distribution channel (1)
- distribution of welfare (1)
- distributional consequences of monetary policy (1)
- divergence of opinion (1)
- divestments (1)
- dividend policy (1)
- dividend protection (1)
- division of household labor (1)
- division of labor (1)
- dollar (1)
- dollar funding (1)
- drought (1)
- dual labour market (1)
- dual systems (1)
- dual-class shares (1)
- duble moral hazard (1)
- duration of civil proceedings (1)
- duration of pay (1)
- dynamic asset allocation (1)
- dynamic correlation (1)
- dynamic factor models (1)
- dynamic inconsistency (1)
- dynamic investment (1)
- dynamic panel GMM estimation (1)
- dynamic panel data model (1)
- dynamic panel sata models (1)
- dynamic programming (1)
- dynamic spillovers (1)
- dynamic stochastic general equilibrium models (1)
- dynamic treatments (1)
- dynamic-panel model (1)
- e-commerce (1)
- e-leadership (1)
- ePR (1)
- ePrivacy Regulation (1)
- early warning signs (1)
- economic crisis (1)
- economic dependence (1)
- economic development (1)
- economic fluctuations (1)
- economic governance (1)
- economic policy (1)
- economic policy uncertainty (1)
- economic preferences (1)
- economic rationality (1)
- economic reforms (1)
- economic regulation (1)
- economic surprises (1)
- economic systems (1)
- economy (1)
- educational intervention (1)
- effciency (1)
- effect heterogeneity (1)
- effective lower bound (1)
- eggs-öocytes (1)
- egulation of financial markets (1)
- electoral cycle (1)
- electronic commerce (1)
- electronic markets (1)
- electronic trading (1)
- electronic trading systems (1)
- email (1)
- emergency liquidity assistance (ELA) (1)
- emergency loans (1)
- emerging market economies (1)
- emerging markets (1)
- emissions trading system (ETS) (1)
- emotions (1)
- empirical contract theory (1)
- employer-employee level dataset (1)
- employers (1)
- employment dynamics (1)
- empractical learning (1)
- end-of-day price dislocation (1)
- endogeneity (1)
- endogenous information acquisition (1)
- endogenous risk (1)
- endorsement effect (1)
- endowment effect (1)
- energy (1)
- energy crisis (1)
- entrepreneurial spawning (1)
- entrusted loan (1)
- epistemic network analysis (1)
- equilibrium (1)
- equilibrium interest rate (1)
- equity (1)
- equity betas (1)
- equity cost (1)
- equity market integration (1)
- equity markets (1)
- equity prices (1)
- equity trading (1)
- equity-risk premium (1)
- erm structure of interest rates (1)
- escape dynamics (1)
- ethanol (1)
- euro area regional and sectoral inflation (1)
- euro crisis (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)
- executive stock options (1)
- exhaustion (1)
- exit (1)
- expectation (1)
- expectation gap (1)
- expectile (1)
- experiences (1)
- experiment (1)
- experiments (1)
- expert forecasts (1)
- expert opinions (1)
- exploratory data analysis (1)
- export ban (1)
- exports (1)
- external instruments (1)
- externalities (1)
- externality (1)
- eye-tracking (1)
- face-to-face (1)
- factor shares (1)
- factor timing (1)
- factorization of matrix polynomials (1)
- fairness (1)
- familiarity (1)
- family (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 contracts (1)
- financial crises (1)
- financial cycles (1)
- financial decision support (1)
- financial decision-making (1)
- financial deepening (1)
- financial derivatives (1)
- financial development (1)
- financial disasters (1)
- financial education (1)
- financial fragility (1)
- financial fragmentation (1)
- financial industry (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 reporting quality (1)
- financial repression (1)
- financial resilience (1)
- financial retrenchment (1)
- financial risk und project risk (1)
- financial risk-taking (1)
- financial sector (1)
- financial solidarity (1)
- financial spillover (1)
- financial spillovers (1)
- financial stablity (1)
- financial stocks (1)
- financial supervision (1)
- financial technology (1)
- financial transaction tax (1)
- financial transactions data (1)
- financial well-being (1)
- financing (1)
- financing constraint (1)
- fire sales (1)
- firm characteristics (1)
- firm growth (1)
- firm objective (1)
- firm performance (1)
- firm valuation (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 dominance (1)
- fiscal federalism (1)
- fiscal financial vulnerabilities (1)
- fiscal multipliers (1)
- fiscal policy transmission (1)
- fiscal responsibility (1)
- fiscal rules (1)
- fiscal solidarity (1)
- fiscal stimulus (1)
- fiscal stress (1)
- fiscal transfers (1)
- fiscal union (1)
- fiscal variables (1)
- fixed effects regression (1)
- fixed point approach (1)
- fixed-term contract (1)
- flash crashes (1)
- flat rate (1)
- flat-rate bias (1)
- flexible-hour contracts (1)
- floating net asset value (FNAV) (1)
- floor versus screen trading (1)
- floors (1)
- follow-up study (1)
- food crisis (1)
- food price volatility (1)
- forbearance (1)
- forecast (1)
- forecast accuracy (1)
- forecast evaluation (1)
- foreign banks (1)
- foreign currency lending (1)
- foreign portfolio investment (1)
- formal education (1)
- fragmentation (1)
- franchise value (1)
- free banking (1)
- free dividend fallacy (1)
- free movement (1)
- free-riding problem (1)
- frequent batch auctions (1)
- frictions (1)
- functional finance approach (1)
- fund growth (1)
- fundamental theorem of asset pricing (1)
- funding dry-ups (1)
- funding risk (1)
- furlough (1)
- futures markets (1)
- game perceptions (1)
- gasoline supply (1)
- gasoline tax (1)
- gender equality (1)
- gender mainstreaming (1)
- gender wage gap (1)
- generalised tobit (1)
- genesis of norms (1)
- genetics (1)
- geo-economics (1)
- geographic expansion (1)
- geopolitical risk (1)
- german banking system (1)
- german banks (1)
- german insurance industry (1)
- gifted adults (1)
- giftedness (1)
- global banking (1)
- global care chains (1)
- global co-movement (1)
- global game (1)
- global health (1)
- global hydrological model (1)
- global hydropower database (1)
- global inequality (1)
- global institutional reform (1)
- global preference survey (1)
- globalisation (1)
- goal orientation (1)
- governance (1)
- government (1)
- government debt (1)
- government finance (1)
- government-owned banks (1)
- governmentality (1)
- gradualism (1)
- graph understanding (1)
- greek crisis (1)
- green central bank policy (1)
- green financing (1)
- gross and net union density (1)
- group identity (1)
- group law (1)
- group size (1)
- growth and development (1)
- growth options (1)
- habit (1)
- hawkes processes (1)
- health (1)
- hedging error (1)
- hedging errors (1)
- hedonic (1)
- hedonic model (1)
- hedonic translog cost function (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)
- heuristics (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 education (1)
- higher order beliefs (1)
- higher-order beliefs (1)
- hold-up (1)
- holdout litigation (1)
- home bias (1)
- homeownership (1)
- homotopy method (1)
- honesty (1)
- honorable merchant (1)
- honourable merchant (1)
- hours per capita measurement (1)
- house price (1)
- household income (1)
- household liquidity (1)
- household savings (1)
- household wealth (1)
- household finance (1)
- households (1)
- housework (1)
- housing debt crisis (1)
- housing expenditure share (1)
- human capital formation (1)
- human capital formationbank-based financial system (1)
- human rights (1)
- hydropower (1)
- hydropower production (1)
- ideational shift (1)
- identifying moment conditions (1)
- identity leadership (1)
- identity management (1)
- idiosynkratisches Risiko (1)
- idle time (1)
- illusion of control (1)
- impatience (1)
- imperfect common knowledge (1)
- imperfect competition (1)
- imperfect labor market competition (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 contracts (1)
- incomplete information (1)
- independent private values (1)
- indeterminacy (1)
- index funds (1)
- indicators (1)
- individual responsibility (1)
- individual retirement account (1)
- individual-bank lending (1)
- industrial organization (1)
- industry sector (1)
- inertia in demand (1)
- inference (1)
- inferential processes (1)
- inflation expectations (1)
- inflation forecast targeting (1)
- inflation forecasting (1)
- inflation inertia (1)
- inflation surge (1)
- inflation swaps (1)
- influences of participation in CVET (1)
- influencing factors (1)
- informacijska asimetrija (1)
- informal CVET (1)
- informal loans (1)
- informal markets (1)
- information demand (1)
- information flow (1)
- information frictions (1)
- information networks (1)
- information processing (1)
- information processing theory (1)
- information ratios (1)
- information set (1)
- information sharing (1)
- information technology (1)
- informational externalities (1)
- informativeness principle (1)
- informed principal (1)
- infrastructural power (1)
- infrastructure (1)
- initial coin offering (1)
- initial public offering (1)
- innovative behavior (1)
- input-output models (1)
- insider-outsider theory (1)
- instability under learning (1)
- institutional design (1)
- institutional economics (1)
- institutional reform goals (1)
- instrumental variables (1)
- instruments (1)
- insurance demand (1)
- insurance groups (1)
- insurance guarantee schemes (1)
- insurance industry (1)
- insurance market (1)
- insurance pricing (1)
- insurance supervision (1)
- insurer default risk (1)
- integrated series with drift (1)
- inter-corporate loan (1)
- inter-firm liquidity provision (1)
- interactions and institutions (1)
- interbank market (1)
- interconnections (1)
- interdependence (1)
- interdependent preferences (1)
- interest rate elasticity (1)
- interest-rate channel (1)
- interest-rate rules (1)
- intermediate targets (1)
- intermediation (1)
- internal borrower rating (1)
- internal capital markets (1)
- internal financing (1)
- internal money market (1)
- internal rating models (1)
- internal ratings based approach (1)
- international accounting (1)
- international capital markets (1)
- international comparative finance (1)
- international comparison (1)
- international currencies (1)
- international diversification benefits (1)
- international lendin (1)
- international monetary system (1)
- international patents (1)
- international price dispersion (1)
- international price setting (1)
- international taxation (1)
- internationaler Konjunkturzusammenhang (1)
- interregional trade impact analysis (1)
- interregionale Mobilitätsinkongruenz (1)
- intertemporal trade (1)
- interview study (1)
- intraday (1)
- intraday (co-)variation risk (1)
- intraday non-linearities (1)
- intraday stock price adjustments (1)
- intuitive thinking (1)
- inverse probability weighting (1)
- investment behavior (1)
- investment biases (1)
- investment forum (1)
- investment guarantee (1)
- investment management company (1)
- investment mistakes (1)
- investor behavior (1)
- investor coalitions (1)
- investor preferences (1)
- investor segmentation (1)
- investor sentiment (1)
- investor sophistication (1)
- isk premiums (1)
- iterative estimator (1)
- jet fuel (1)
- job creation schemes (1)
- job satisfaction (1)
- job-related spatial mobility (1)
- jobseekers (1)
- jump risk (1)
- jumps in aggregate consumption (1)
- jumps in the longrun growth rate (1)
- justice in market exchanges (1)
- knowledge (1)
- knowledge of economics and finance (1)
- knowledge of finance and economics (1)
- labelling (1)
- labels (1)
- labor hoarding (1)
- labor income taxes (1)
- labor market (1)
- labor market entry (1)
- labor market transitions (1)
- labor mobility (1)
- labour demand (1)
- labour economics (1)
- labour market policies (1)
- labour markets in USA and FRG (1)
- land degradation (1)
- large N asymptotics (1)
- large language models (1)
- latency arbitrage (1)
- law (1)
- law enforcement (1)
- law of requisite variety (1)
- layoff risk (1)
- leader self-awareness (1)
- leader self-efficacy (1)
- leader- follower analysis (1)
- leadership (1)
- leadership emergence (1)
- learning strategy (1)
- legal transplants (1)
- leisure (1)
- lender of last resort (1)
- lending (1)
- lending relationships (1)
- level and slope of implied volatility smile (1)
- level playing field (1)
- leverage constraint (1)
- leverage effect (1)
- liability insurance (1)
- life cycle model (1)
- life expectancy (1)
- life insurance demand (1)
- life-cycle (1)
- life-cycle behavior (1)
- life-cycle decisions (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)
- limited liability (1)
- liquid assets (1)
- liquidity elasticity (1)
- liquidity externalities (1)
- liquidity requirements (1)
- liquidity runs (1)
- literature review (1)
- loan guarantees (1)
- loan loss allowances (1)
- loan officers (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)
- location theory (1)
- location-based services (1)
- lockdown costs (1)
- long memory (1)
- long real interest rates (1)
- long time series (1)
- long-run growth (1)
- long-term investments (1)
- long-term real interest rates (1)
- long-term unemployed (1)
- longer run (1)
- longrun risk (1)
- loss sharing (1)
- losses (1)
- lottery-type assets (1)
- low frequency trends (1)
- low interest rate environment (1)
- low risk anomaly (1)
- low-wage (1)
- lumpy investment (1)
- machine reasoning (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)
- 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 economy (1)
- market enforcement (1)
- market entry study (1)
- market expectation (1)
- market fragmentation (1)
- market infrastructure (1)
- market institutions (1)
- market integration (1)
- market makers (1)
- market making (1)
- market microstructure noise (1)
- market microstructure theory (1)
- market participants (1)
- market price (1)
- market prices of risk (1)
- market quality (1)
- market rate of interest (1)
- market reactions (1)
- market risk (1)
- market shares (1)
- market size (1)
- market trends (1)
- market-based (1)
- market-based financial intermediation (1)
- market-making (1)
- marketplace lending (1)
- markets (1)
- matching frictions (1)
- matching function (1)
- matching methods (1)
- matching techniques (1)
- maternal labor supply (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)
- menu costs (1)
- metallurgy (1)
- micro data transparency (1)
- microdata (1)
- microeconometric evaluation (1)
- microeconometrics (1)
- microfoundations (1)
- microprudential supervision (1)
- midpoint extended life order (1)
- mini-flash crash (1)
- mismatch (1)
- misperception (1)
- missing data (1)
- missing disinflation (1)
- mitigation (1)
- mixed frequency (1)
- mnimum distribution requirements (1)
- mobile augmented reality applications (1)
- mobile communication (1)
- modal model (1)
- model mis-specification (1)
- moderator (1)
- momentum (1)
- momentum trading (1)
- monetary and fiscal policy (1)
- monetary financing (1)
- monetary institutions (1)
- monetary law (1)
- monetary non-neutrality (1)
- monetary operations (1)
- monetary penalties (1)
- monetary policy instruments of the European Central Bank (1)
- monetary policy real-time output gap (1)
- monetary policy surprise (1)
- monetary policy surprise shocks (1)
- monetary reform (1)
- monetary shocks (1)
- monetary system (1)
- monetary targeting (1)
- money illusion (1)
- monopoly (1)
- mood (1)
- moral hazar (1)
- moral values (1)
- motivated beliefs (1)
- motivated reasoning (1)
- motivation (1)
- motivation for honesty (1)
- multi agent models (1)
- multi-level governance (1)
- multi-resources mix (1)
- multi-unit auctions (1)
- multilevel modeling (1)
- multinational firms (1)
- multinomial logit model (1)
- multiple equilibria (1)
- multiple lending (1)
- multiple point of entry (1)
- multiple-bank lending (1)
- multipledocument comprehension (1)
- multiplex networks (1)
- multiplicative error model (1)
- multivariate GARCH (1)
- multivariate analyses (1)
- multivariate analysis (1)
- mutual fund complex (1)
- mutual fund performance (1)
- mutual understanding (1)
- nachrangiges Fremdkapital (1)
- nance premium (1)
- narrative sign restrictions (1)
- national interest (1)
- national systems of local banks (1)
- nationaler Vergleich Deutschland und Polen (1)
- natural disasters (1)
- natural gas price (1)
- natural rate (1)
- natural resources (1)
- natural unemployment rate (1)
- negative interest rates (1)
- neo-classical growth (1)
- neoinstitutionalism (1)
- neolithic (1)
- net asset value (1)
- net foreign assets (1)
- net wealth (1)
- net-zero arbitrage (1)
- net-zero plans and targets (1)
- net-zero transition (1)
- network (1)
- network centrality (1)
- network dynamics (1)
- network economy (1)
- network formation (1)
- network model (1)
- network topology (1)
- network topology estimation (1)
- network visualization (1)
- new fiscal compact (1)
- nineteenth century patent controversy (1)
- no unbounded profit with bounded risk (1)
- nominal exchange rate regime neutrality (1)
- nominal rigidity (1)
- nominee account (1)
- non-Bayesian updates (1)
- non-formal CVET (1)
- non-linear VAR (1)
- non-parametric methods (1)
- non-performing assets (1)
- non-profit banking (1)
- non-stationary panel data (1)
- nonlinear pricing (1)
- nonlinear time series (1)
- nonlinearities (1)
- nonlinearity (1)
- nonparametric matching (1)
- nonparametric methods (1)
- nonstandard asymptotics (1)
- normal inverse gaussian distribution (1)
- normalization (1)
- normalized CES function (1)
- nostalgia (1)
- nternationale Wettbewerbsfähigkeit (1)
- nuclear power plant (1)
- numerical optimization (1)
- numerical solution method (1)
- odločanje (1)
- office market (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 advertising (1)
- online auctions (1)
- online borrowing (1)
- online experiments (1)
- online marketplaces (1)
- online nakupovanje (1)
- online purchasing (1)
- online reasoning (1)
- open economy (1)
- open economy macro-finance modeling (1)
- open-end real-estate fund (1)
- operating procedures (1)
- operational risk (1)
- opinion (1)
- opportunity (1)
- optimal asset allocation (1)
- optimal capital structure choice (1)
- optimal consumption and investment (1)
- optimal inflation rate (1)
- optimal learning (1)
- optimal policy (1)
- optimal rate of inflation (1)
- optimal stopping (1)
- optimality of point forecasts (1)
- optimum currency area (1)
- option pricing (1)
- options (1)
- order flow (1)
- order submission (1)
- organizational commitment (1)
- orthogonalization (1)
- ortsbasierte Dienste (1)
- otc derivatives markets (1)
- outgroup derogation (1)
- output fluctuations (1)
- output gap (1)
- output gap estimates (1)
- output hysteresis (1)
- overconfidence (1)
- overlapping wage contracts (1)
- overreaction (1)
- ownership concentration (1)
- ownership disclosure (1)
- p-hacking (1)
- p-values (1)
- pairwise connectedness (1)
- pandemic (1)
- pandemic economics (1)
- panel unit root test (1)
- pari passu clauses (1)
- part-time employment (1)
- partial compliance (1)
- partially linear models (1)
- participation (1)
- participation rate (1)
- partnerships (1)
- passive investors (1)
- passthrough (1)
- patents (1)
- pay-per-use bias (1)
- paycheck frequency (1)
- payment system (1)
- payment systems (1)
- peak oil (1)
- peer to peer payment systems (1)
- peer-to-peer (1)
- pension funds (1)
- perceived wealth (1)
- performance (1)
- performance evaluation (1)
- performance indicators (1)
- performance pricing (1)
- performance-sensitive debt (1)
- performativity (1)
- persistent or transitory inflation shock (1)
- personal finance (1)
- personal infortmation (1)
- personality traits (1)
- peso problem (1)
- pessimism (1)
- pharmaceutical industry (1)
- phased withdrawal accounts (1)
- phenomenology (1)
- placebo technique (1)
- platform design (1)
- polarization (1)
- policy credibility (1)
- policy design of macroeconomic institutions (1)
- policy intervention (1)
- policy measures in the EU (1)
- policy normalization (1)
- policy reform (1)
- policy rule (1)
- policy uncertainty (1)
- political behavior (1)
- political influence (1)
- political polarization (1)
- politicization (1)
- politics (1)
- politische Steuerung (1)
- pooling equilibrium (1)
- portfolio modelling (1)
- portfolio performance (1)
- positive leadership (1)
- positivity bias (1)
- post-merger performance (1)
- post-socialist country (1)
- post-trading (1)
- posterior (1)
- posterior risk (1)
- precautionary insurance (1)
- precautionary recapitalization (1)
- prediction (1)
- predictive likelihood (1)
- present bias (1)
- price competition (1)
- price discovery process (1)
- price discrimination (1)
- price impact (1)
- price reversal (1)
- price rigidities (1)
- price shocks (1)
- price-dividend ratio (1)
- price-setting (1)
- pricing estimates (1)
- primary dealers (1)
- principal agent (1)
- principal components (1)
- principal-agent theory (1)
- privacy (1)
- privacy enhancing technology (1)
- private benefits of control (1)
- private business (1)
- private financial services (1)
- private household (1)
- private markets (1)
- private money (1)
- private sector involvement (1)
- private–public partnerships (1)
- process theory (1)
- product development (1)
- product market competition (1)
- productivity differentials (1)
- productivity growth (1)
- professional situation (1)
- profit weights (1)
- profits (1)
- programme evaluation (1)
- propagation of inequality (1)
- propensity score (1)
- proportional transaction costs (1)
- proportionality (1)
- proprietary costs (1)
- proprietary trading ban (1)
- protected values (1)
- provisioning rules (1)
- proximities (1)
- proximity (1)
- prudence (1)
- prudential regulation (1)
- psychology (1)
- public banks (1)
- public bonds (1)
- public finance (1)
- public markets (1)
- public policy analysis (1)
- public private partnership (1)
- public sector wages (1)
- public-private relations (1)
- quadratic variation (1)
- quadratic variation and covariation (1)
- quantile (1)
- quarter of birth (1)
- quiet life hypothesis (1)
- racial inequality (1)
- rain- and floodwater harvesting (1)
- random covariance (1)
- randomized control trial (1)
- randomized control trials (1)
- randomized controlled trial (1)
- rank feedback (1)
- rare disaster risk (1)
- rare disasters (1)
- rating (1)
- rational bias (1)
- rationalizable expectations (1)
- reactive equilibrium (1)
- real and nominal border effect (1)
- real estate investments (1)
- real exchange rate dispersion (1)
- real exchange rate volatility (1)
- real exchange rates (1)
- real option (1)
- real-time bidding (1)
- realised volatility (1)
- realized beta (1)
- realized quarticity (1)
- reasons and barriers (1)
- receivers (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)
- regime switching model (1)
- regime-dependent correlations (1)
- regional banks (1)
- regional heterogeneity (1)
- regional propagation (1)
- registration cost (1)
- regression adjustment (1)
- regression discontinuity design (1)
- regret (1)
- regularization (1)
- rehypothecation (1)
- reinforcement learning (1)
- related party transactions (1)
- relationship banking (1)
- relationship lending, (1)
- relationship management (1)
- relative performance evaluation (1)
- relative performance feedback (1)
- remittances (1)
- rent seeking (1)
- renting vs. owning home (1)
- repeat sale (1)
- replication (1)
- repo auctions (1)
- repo market (1)
- reporting (1)
- requirements analysis (1)
- research incentives (1)
- research transparency (1)
- resilience (1)
- resiliency (1)
- resource boom (1)
- restatements (1)
- retail investors (1)
- retained earnings (1)
- retention (1)
- retirement expectations (1)
- retirement plan (1)
- retirement planning (1)
- retirement preparation (1)
- return expectations (1)
- reversals (1)
- reverse mortgage (1)
- risk assessment (1)
- risk budgeting (1)
- risk perception (1)
- risk preference (1)
- risk sharing (1)
- risk shifting (1)
- risk spillovers (1)
- risk-based capital (1)
- risk-sharing (1)
- risk-shifting (1)
- risk-taking channel of monetary policy (1)
- robo-advice (1)
- robust decision theory (1)
- robust hedging (1)
- robust inference (1)
- robust monetary policy (1)
- robust policy (1)
- robust simple rules (1)
- robustness (1)
- rules (1)
- rules vs discretion (1)
- salience (1)
- sanitation (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)
- search and matching (1)
- search friction (1)
- search models (1)
- search-matching (1)
- seasonal affective disorder (SAD) (1)
- second-hand market (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)
- security assessment (1)
- security concerns (1)
- security self-assessment (1)
- sektorale Vermögensdiversifizierung (1)
- selection (1)
- self-control (1)
- self-leadership (1)
- semi-parametric estimation (1)
- semimartingales (1)
- sensitivity analysis (1)
- separating equilibrium (1)
- severance pay caps (1)
- severity (1)
- sex industry (1)
- shadow banking system (1)
- shale oil (1)
- share repurchases (1)
- shared understanding (1)
- shareholder engagement (1)
- shareholder wealth (1)
- shareholderism (1)
- shifting endpoint (1)
- shocks (1)
- short-sale constraints (1)
- short-sales (1)
- short-selling (1)
- shortfall risk (1)
- simple rules (1)
- simultaneity (1)
- single point of entry (1)
- single-equations (1)
- skill (1)
- skill-biased technological change (1)
- skill-level (1)
- slumps (1)
- smoothing (1)
- sniping (1)
- social (1)
- social capital (1)
- social centralization (1)
- social cognitive theory (1)
- social dilemma (1)
- social distance (1)
- social identification (1)
- social identity (1)
- social impact (1)
- social impact bonds (1)
- social market economy (1)
- social networks (1)
- social norm (1)
- social relations (1)
- social security claiming (1)
- social systems (1)
- social-ecological conditions (1)
- socialist education (1)
- socially responsible consumers (1)
- sociology (1)
- soft information (1)
- soft law (1)
- software (1)
- solution methods (1)
- solvency shocks (1)
- sophistication (1)
- sorting (1)
- source dependence (1)
- sovereign bond markets (1)
- sovereign bond risk premiums (1)
- sovereign bonds (1)
- sovereign credit rating (1)
- sovereign debt litigation (1)
- sovereign debt restructuring (1)
- sovereign debt standstill (1)
- sovereign rating (1)
- sovereignbank linkages (1)
- spectral regression (1)
- speculative trading (1)
- spending cuts (1)
- spillovers (1)
- spot covariance (1)
- spread premium (1)
- sset pricing (1)
- stability (1)
- stability of equilibria (1)
- stable convergence (1)
- stakeholder (1)
- stakeholder governance (1)
- staleness (1)
- standard setting (1)
- state (1)
- state dependence (1)
- state dependency (1)
- state policies (1)
- state-contingent contracts (1)
- state-dependent sensitivity value-at-risk (SDSVaR) (1)
- state-space model (1)
- statement indicators (1)
- stationarity (1)
- stationary equilibrium (1)
- statistical risk measurement (1)
- statistical testing (1)
- statistics (1)
- stealth trading (1)
- stepping stones (1)
- stereotypes (1)
- stewardship codes (1)
- sticky expectations (1)
- sticky information (1)
- sticky wages (1)
- stochastic game (1)
- stochastic integration (1)
- stochastic interest rates (1)
- stochastic jumps (1)
- stochastic volability (1)
- stock buybacks (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 prices (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)
- strategies (1)
- strategy review (1)
- stress test (1)
- structural change (1)
- structural equation modeling (1)
- structural estimation (1)
- structural positions (1)
- structural power (1)
- structural scenario analysis (1)
- subjective expectations (1)
- subordinated debt (1)
- substitution (1)
- sunspot equilibria (1)
- sunspots (1)
- super-elasticity (1)
- superhedging (1)
- supervision (1)
- supervisory intervention (1)
- supply chain (1)
- supply-side system (1)
- survey analysis (1)
- survey expectations (1)
- survey experiment (1)
- survey experiments (1)
- survey forecasts (1)
- sustainability KPIs (1)
- sustainability disclosures (1)
- sustainable consumption (1)
- sustainable mobility culture (1)
- synchronization (1)
- systematic stability (1)
- systematisches Risiko (1)
- systemic importance (1)
- systemic risk analysis (1)
- systemic risk contribution (1)
- systemic risk fund (1)
- systemic risk network (1)
- tactical asset allocation (1)
- tail dependence (1)
- talent, learning (1)
- tanker (1)
- targets (1)
- tariff choice (1)
- tariff-specific preferences (1)
- tariffs (1)
- taste heterogeneity (1)
- tax (1)
- tax arbitrage (1)
- tax clientele effects (1)
- tax competition (1)
- tax cut (1)
- tax exempt (1)
- tax exempt accounts (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)
- teachers (1)
- team identification (1)
- team production problem (1)
- technical and fundamental trading (1)
- technological change (1)
- technological growth (1)
- technologische Schocks (1)
- technology diffusion (1)
- technology shocks (1)
- telecommunication (1)
- temperature (1)
- temperature shocks (1)
- temporality (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)
- theorizing in IS (1)
- theory (1)
- theory of action (1)
- theory of the firm (1)
- three-part tariffs (1)
- threshold vector auto-regressive models (1)
- tight oil (1)
- time charter (1)
- time consistency (1)
- time dependency (1)
- time inconsistency (1)
- time series momentum (1)
- time-varying natural rate (1)
- time-varying parameter (1)
- time-varying systemic risk contribution (1)
- timing (1)
- token offering (1)
- token offerings (1)
- too big to fail (1)
- too low for too long (1)
- too-big-to-fail (1)
- topic modelling (1)
- total connectedness (1)
- total directional connect- edness (1)
- total loss absorbing capacity (TLAC) (1)
- tractable hedging (1)
- trade (1)
- trade credit (1)
- trade integration (1)
- trade signaling (1)
- trading activity (1)
- trading intensity (1)
- trading pause (1)
- trading process (1)
- trading rules (1)
- trading strategies (1)
- trafficking in women (1)
- training (1)
- transaction costs (1)
- transactions (1)
- transdisciplinarity (1)
- transference of reproductive capacity-TRCs (1)
- transition countries (1)
- transition risk (1)
- transitional dynamics (1)
- transmission mechanism (1)
- transnational networks (1)
- treasury auctions (1)
- treatment effect (1)
- trend chasing (1)
- trend growth (1)
- trend inflation (1)
- trend-cycle decomposition (1)
- trend-extrapolation (1)
- troika (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)
- underinvestment (1)
- underpricing (1)
- union membership (1)
- union preferencies (1)
- unit root (1)
- unit root test (1)
- updating (1)
- used products (1)
- user preferences (1)
- user study (1)
- utility dividends (1)
- utility functions (1)
- valuation (1)
- valuation adjustment (1)
- valuation discount (1)
- valuation ratios (1)
- value at risk (1)
- value chain (1)
- value of information (1)
- value-at-risk (1)
- values (1)
- variable annuity (1)
- variance decomposition (1)
- variety (1)
- vector autoregression (1)
- vector error correction model (1)
- vector-autoregression (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 clustering (1)
- volatility estimation (1)
- volatility forecasting (1)
- volatility of volatility (1)
- voting premium (1)
- voyage (1)
- vulture creditors (1)
- wage dispersion (1)
- wage exibility (1)
- wage gap (1)
- wage hump (1)
- wage rigidity (1)
- wage subsidies (1)
- war (1)
- watchlist (1)
- waterbed effect (1)
- weak identification (1)
- wealth effects (1)
- weather (1)
- welfare costs (1)
- welfare effects (1)
- welfare state (1)
- when-issued trading (1)
- wholesale shocks (1)
- willingness to forward (1)
- winner's curse (1)
- winner-loser (1)
- winner’s curse (1)
- wireless communication (1)
- wireless networks (1)
- woman (1)
- work-family balance (1)
- worker-firm panels (1)
- workforce (1)
- working hours (1)
- workout (1)
- world interest rates (1)
- world poverty (1)
- yen (1)
- yield spreads (1)
- yields (1)
- z-Transform (1)
- zero returns (1)
- zero-interest-rate bound (1)
- fiscal multipliers (1)
- Öffentlichkeitsarbeit (1)
- Übernahmeangebot (1)
- Überschneidung von Generationen (1)
- ΔCoVaR (1)
- ‘u’-shape (1)
- “Macro-regions” (1)
- financial literacy (1)
Institute
- Wirtschaftswissenschaften (1862)
- Center for Financial Studies (CFS) (1476)
- Sustainable Architecture for Finance in Europe (SAFE) (1057)
- House of Finance (HoF) (698)
- E-Finance Lab e.V. (356)
- Institute for Monetary and Financial Stability (IMFS) (191)
- Rechtswissenschaft (89)
- Foundation of Law and Finance (50)
- Gesellschaftswissenschaften (31)
- Institute for Law and Finance (ILF) (31)
A common element of market structure analysis is the spatial representation of firms’ competitive positions on maps. Such maps typically capture static snapshots in time. Yet, competitive positions tend to change. Embedded in such changes are firms’ trajectories, that is, the series of changes in firms’ positions over time relative to all other firms in a market. Identifying these trajectories contributes to market structure analysis by providing a forward-looking perspective on competition, revealing firms’ (re)positioning strategies and indicating strategy effectiveness. To unlock these insights, we propose EvoMap, a novel dynamic mapping framework that identifies firms’ trajectories from high-frequency and potentially noisy data. We validate EvoMap via extensive simulations and apply it empirically to study the trajectories of more than 1,000 publicly listed firms over 20 years. We find substantial changes in several firms’ positioning strategies, including Apple, Walmart, and Capital One. Because EvoMap accommodates a wide range of mapping methods, analysts can easily apply it in other empirical settings and to data from various sources.
Regulators worldwide have been implementing different privacy laws. They vary in their impact on the value for advertisers, publishers and users, but not much is known about these differences. This article focuses on three important privacy laws (i.e., General Data Protection Regulation [GDPR], California Consumer Privacy Act [CCPA] and Personal Information Protection Law [PIPL]) and compares their impact on the value for the three primary actors of the online advertising market, namely, advertisers, publishers and users. This article first compares these three privacy laws by developing a legal strictness score. It then uses the existing literature to derive the effects of the legal strictness of each privacy law on each actor’s value. Finally, it quantifies the three privacy laws’ impact on each actor’s value. The results show that GDPR and PIPL are similar and stricter than CCPA. Stricter privacy laws bring larger negative changes to the value for actors. As a result, both GDPR and PIPL decrease the actors’ value more substantially than CCPA. These value declines are the largest for publishers and are rather similar for users and advertisers. Scholars and practitioners can use our findings to explore ways to create value for multiple actors under various privacy laws.
For many services, consumers can choose among a range of optional tariffs that differ in their access and usage prices. Recent studies indicate that tariff-specific preferences may lead consumers to choose a tariff that does not minimize their expected billing rate. This study analyzes how tariff-specific preferences influence the responsiveness of consumers’ usage and tariff choice to changes in price. We show that consumer heterogeneity in tariff-specific preferences leads to heterogeneity in their sensitivity to price changes. Specifically, consumers with tariff-specific preferences are less sensitive to price increases of their preferred tariff than other consumers. Our results provide an additional reason why firms should offer multiple tariffs rather than a uniform nonlinear pricing plan to extract maximum consumer surplus.
Generative AI is a game changer – also in the financial sector. Institutions and their IT service providers need to consider carefully: Which AI approach will enable them to implement optimal solutions for themselves and their customers in this highly regulated environment? How did Finanz Informatik, as the savings banks’ digitalization partner, proceed here?
The significance of data and Artificial Intelligence (AI) has a profound impact on all industries, presenting both challenges and opportunities. Given its power and relevance, AI has not gone unnoticed in the public affairs sector. The upcoming German federal election in 2025 brings discussions about AI to the forefront, raising questions about the extent to which data will drive the public affairs field and how it will be handled.
Customer loyalty is a critical measure for success, showing if a firm's product is received well by its customers. To understand its development over time, two fundamental questions must be answered: (I) How will current customers' loyalty develop, and (II) will new customers' loyalty differ from current customers' loyalty? The authors empirically answer these questions based on a data set including ~500 B2B web technologies with jointly ~325 million customers spanning over 24 years. They show that loyalty hardly develops and, if so, it rather decreases than increases. The loyalty of current customers rarely changes and, if so, rather increases than decreases. New customers are most likely less loyal than current customers. These results show that by failing to account for these underlying developments, stakeholders, in most cases, draw the wrong conclusions about product value measured via customer lifetime value.
Existing table retrieval approaches estimate each table’s relevance for a particular information need and return a ranking of the most relevant tables. This approach is not ideal since the returned tables often include irrelevant data and the required information may be scattered across multiple tables. To address these issues, we propose the idea of fine-grained structured table retrieval and present our vision of R2D2, a system which slices tables into small tiles that are later composed into a structured result that is tailored to the user-provided information need. An initial evaluation of our approach demonstrates how our idea can improve table retrieval and relevant downstream tasks such as table question answering.
SAFE Update June 2024
(2024)
We use a structural VAR model to study the German natural gas market and investigate the impact of the 2022 Russian supply stop on the German economy. Combining conventional and narrative sign restrictions, we find that gas supply and demand shocks have large and persistent price effects, while output effects tend to be moderate. The 2022 natural gas price spike was driven by adverse supply
shocks and positive storage demand shocks, as Germany filled its inventories before the winter. Counterfactual simulations of an embargo on natural gas imports from Russia indicate similar positive price and negative output effects compared to what we observe in the data.
Highlights
• The 1986 Immigration Reform and Control Act legalized millions of Hispanic migrants.
• The IRCA receive significantly increases state-to-county fiscal transfers.
• Electoral incentives of the state governor drive the fiscal response of the IRCA.
• Legalization increases Hispanic turnout and political engagement.
Abstract
We study the impact of immigrant legalization on fiscal transfers from state to local governments in the United States, exploiting variation in legal status from the 1986 Immigration Reform and Control Act (IRCA). State governments allocate more resources to IRCA counties, an allocation that is responsive to the electoral incentives of the governor. Importantly, the effect emerges prior to the enfranchisement of the IRCA migrants and we argue it is driven by the IRCA’s capacity to politically empower already legal Hispanic migrants in mixed legal status communities. The IRCA increases turnout in large Hispanic communities as well as Hispanic political engagement, without detectably triggering anti-migrant sentiment.
The crowdfunding of altruism
(2022)
This paper introduces a machine learning approach to quantify altruism from the linguistic style of textual documents. We apply our method to a central question in (social) entrepreneurship: How does altruism impact entrepreneurial success? Specifically, we examine the effects of altruism on crowdfunding outcomes in Initial Coin Offerings (ICOs). The main result suggests that altruism and ICO firm valuation are negatively related. We, then, explore several channels to shed some light on whether the negative altruism-valuation relation is causal. Our findings suggest that it is not altruism that causes lower firm valuation; rather, low-quality entrepreneurs select into altruistic projects, while the marginal effect of altruism on high-quality entrepreneurs is actually positive. Altruism increases the funding amount in ICOs in the presence of high-quality projects, low asymmetric information, and strong corporate governance.
Experiments are an important tool in economic research. However, it is unclear to which extent the control of experiments extends to the perceptions subjects form of such experimental decision situations. This paper is the first to explicitly elicit perceptions of the dictator and trust game and shows that there is substantial heterogeneity in how subjects perceive the same game. Moreover, game perceptions depend not only on the game itself but also on the order of games (i.e., the broader experimental context in which the game is embedded) and the subject herself. This highlights that the control of experiments does not necessarily extend to game perceptions. The paper also demonstrates that perceptions are correlated with game behavior and moderate the relationship between game behavior and field behavior, thereby underscoring the importance and relevance of game perceptions for economic research.
Coercion or privatization? Crisis and planned economies in the debates of the early Frankfurt School
(2023)
The 1930s–1940s underwent profound structural economic and political turmoil following the collapse of the nineteenth century liberal market economies. The intellectual debates of the time were dominated by the question of whether Marx’s theory of the tendency of rate of profit to fall was true, or what consequence could be imagined in the survival of capitalist societies. Placed in the middle of such debates was also the reorganization of national productions into war economies. By means of reconstructive analysis, the paper provides a critical overview of the debates that took place within the circle of the Frankfurt School during those years. It also advances an interpretive thesis suggesting that remedies to capitalist crises of the time turned state powers into privatized, illiberal coercive entities. Coercion and privatization reinforced each other. This general tendency is well illustrated by the famous Pollock-Neumann debate. These intellectuals expressed views not only intended to shed light on the historical period of time, but also to formulate long-term considerations on the authoritarian trends embedded in our contemporary democracies. Through historical reconstruction, the paper’s aim is to identify a long-term structural thread of transformation starting from the transformation of the German economy in 1930s and touching upon post Second World War problems of states’ restructuring along privatization/coercion divides.
Detailed feedback on exercises helps learners become proficient but is time-consuming for educators and, thus, hardly scalable. This manuscript evaluates how well Generative Artificial Intelligence (AI) provides automated feedback on complex multimodal exercises requiring coding, statistics, and economic reasoning. Besides providing this technology through an easily accessible web application, this article evaluates the technology’s performance by comparing the quantitative feedback (i.e., points achieved) from Generative AI models with human expert feedback for 4,349 solutions to marketing analytics exercises. The results show that automated feedback produced by Generative AI (GPT-4) provides almost unbiased evaluations while correlating highly with (r = 0.94) and deviating only 6 % from human evaluations. GPT-4 performs best among seven Generative AI models, albeit at the highest cost. Comparing the models’ performance with costs shows that GPT-4, Mistral Large, Claude 3 Opus, and Gemini 1.0 Pro dominate three other Generative AI models (Claude 3 Sonnet, GPT-3.5, and Gemini 1.5 Pro). Expert assessment of the qualitative feedback (i.e., the AI’s textual response) indicates that it is mostly correct, sufficient, and appropriate for learners. A survey of marketing analytics learners shows that they highly recommend the app and its Generative AI feedback. An advantage of the app is its subject-agnosticism—it does not require any subject- or exercise-specific training. Thus, it is immediately usable for new exercises in marketing analytics and other subjects.
This paper shows that support for climate action is high across survey participants from all EU countries in three dimensions: (1) Participants are willing to contribute personally to combating climate change, (2) they approve of pro-climate social norms, and (3) they demand government action. In addition, there is a significant perception gap where individuals underestimate others' willingness to contribute to climate action by over 10 percentage points, influencing their own willingness to act. Policymakers should recognize the broad support for climate action among European citizens and communicate this effectively to counteract the vocal minority opposed to it.
In recent decades, biodiversity has declined significantly, threatening ecosystem services that are vital to society and the economy. Despite the growing recognition of biodiversity risks, the private sector response remains limited, leaving a significant financing gap. The paper therefore describes market-based solutions to bridge the financing gap, which can follow a risk assessment approach and an impact-oriented perspective. Key obstacles to mobilising private capital for biodiversity conservation are related to pricing biodiversity due to its local dimension, the lack of standardized metrics for valuation and still insufficient data reporting by companies hindering informed investment decisions. Financing biodiversity projects poses another challenge, mainly due to a mismatch between investor needs and available projects, for example in terms of project timeframes and their additionality.
The development of China’s exports – is there a decoupling from the EU and the United States?
(2024)
Some observers warn that a high level of economic dependence on China could negatively affect the economic resilience of Western economies and therefore recommend reducing such dependence by gradually decoupling from China. On the other hand, industry leaders emphasise the economic importance of China and warn against any kind of trade conflicts.
Against this background, we briefly analyse the development of China’s export strategy. We find that the export intensity of the Chinese economy is diminishing and that exports are becoming more diversified overall. In addition, the relative importance of the United States and the European Union as export markets has been reduced, indicating a gradual decoupling of China from Western economies. Conversely, we find that exports to China have become more important, both for the EU and the United States. Although the figures remain at a non-critical level, Europe’s export activities could be more diversified as well.
How does the design of debt repayment schedules affect household borrowing? To answer this question, we exploit a Swedish policy reform that eliminated interest-only mortgages for loan-to-value ratios above 50%. We document substantial bunching at the threshold, leading to 5% lower borrowing. Wealthy borrowers drive the results, challenging credit constraints as the primary explanation. We develop a model to evaluate the mechanisms driving household behavior and find that much of the effect comes from households experiencing ongoing flow disutility to amortization payments. Our results indicate that mortgage contracts with low initial payments substantially increase household borrowing and lifetime interest costs.
We educate investors with significant dividend holdings about the benefits of dividend reinvestment and the costs of misperceiving dividends as additional, free income. The intervention increases planned dividend reinvestment in survey responses. Using trading records, we observe a corresponding causal increase in dividend reinvestment in the field of roughly 50 cents for every euro received. This holds relative to their prior behavior and a placebo sample. Investors who learned the most from the intervention update their trading by the largest extent. The results suggest the free dividends fallacy is a significant source of dividend demand. Our study demonstrates that simple, targeted, and focused educational interventions can affect investment behavior.
Inflation and trading
(2024)
We study how investors respond to inflation combining a customized survey experiment with trading data at a time of historically high inflation. Investors' beliefs about the stock return-inflation relation are very heterogeneous in the cross section and on average too optimistic. Moreover, many investors appear unaware of inflation-hedging strategies despite being otherwise well-informed about inflation and asset returns. Consequently, whereas exogenous shifts in inflation expectations do not impact return expectations, information on past returns during periods of high inflation leads to negative updating about the perceived stock-return impact of inflation, which feeds into return expectations and subsequent actual trading behavior.
This paper contributes a multivariate forecasting comparison between structural models and Machine-Learning-based tools. Specifically, a fully connected feed forward non-linear autoregressive neural network (ANN) is contrasted to a well established dynamic stochastic general equilibrium (DSGE) model, a Bayesian vector autoregression (BVAR) using optimized priors as well as Greenbook and SPF forecasts. Model estimation and forecasting is based on an expanding window scheme using quarterly U.S. real-time data (1964Q2:2020Q3) for 8 macroeconomic time series (GDP, inflation, federal funds rate, spread, consumption, investment, wage, hours worked), allowing for up to 8 quarter ahead forecasts. The results show that the BVAR improves forecasts compared to the DSGE model, however there is evidence for an overall improvement of predictions when relying on ANN, or including them in a weighted average. Especially, ANN-based inflation forecasts improve other predictions by up to 50%. These results indicate that nonlinear data-driven ANNs are a useful method when it comes to macroeconomic forecasting.
Central bank intervention in the form of quantitative easing (QE) during times of low interest rates is a controversial topic. The author introduces a novel approach to study the effectiveness of such unconventional measures. Using U.S. data on six key financial and macroeconomic variables between 1990 and 2015, the economy is estimated by artificial neural networks. Historical counterfactual analyses show that real effects are less pronounced than yield effects.
Disentangling the effects of the individual asset purchase programs, impulse response functions provide evidence for QE being less effective the more the crisis is overcome. The peak effects of all QE interventions during the Financial Crisis only amounts to 1.3 pp for GDP growth and 0.6 pp for inflation respectively. Hence, the time as well as the volume of the interventions should be deliberated.
The paper presents the findings of two recent books on the financial history of the Frankfurt School: Jeanette Erazo-Heufelder, Der argentinische Krösus: Kleine Wirtschaftsgeschichte der Frankfurter Schule, 2017, and Bertus Mulder, Sophie Louisa Kwaak und das Kapital der Unternehmerfamilie Weil. Ein Beitrag zur Wirtschaftsgeschichte der Frankfurter Schule, 2021 (Dutch original 2015). In contrast to the “court histories” of the school, the two authors tell the story of the money that brought the school to life and secured its existence throughout a turbulent period of history. At the center of the books are individuals who have been sidelined until now or even completely ignored by the literature on the Frankfurt School: on the one hand, Felix Weil, who founded and financed the Institute of Social Research and, on the other hand, Erich A. Nadel and Sophie L. Kwaak, two employees of the holding company who managed the accounts of the Weil family and the Institute’s foundations and were responsible for protecting the assets from being seized by Nazis. The books’ thick descriptions induced the author of the present paper to consider an alternative perspective on the Frankfurt School by contemplating Max Horkheimer and Friedrich Pollock as playing confidential games with Weil and others.
We create an alternative version of the present utility value formula to explicitly show that every store-of-value in the economy bears utility-interest (non-pecuniary income) for ist holder regardless of possible interest earnings from financial markets. In addition, we generalize the well-known welfare measures of consumer and producer surplus as present value concepts and apply them not only for the production and usage of consumer goods and durables but also for money and other financial assets. This helps us, inter alia, to formalize the circumstances under which even a producer of legal tender might become insolvent. We also develop a new measure of seigniorage and demonstrate why the well-established concept of monetary seigniorage is flawed. Our framework also allows us to formulate the conditions for liability-issued money such as inside money and financial instruments such as debt certificates to become – somewhat paradoxically – net wealth of the society.
This paper studies discrete time finite horizon life-cycle models with arbitrary discount functions and iso-elastic per period power utility with concavity parameter θ. We distinguish between the savings behavior of a sophisticated versus a naive agent. Although both agent types have identical preferences, they solve different utility maximization problems whenever the model is dynamically inconsistent. Pollak (1968) shows that the savings behavior of both agent types is nevertheless identical for logarithmic utility (θ = 1). We generalize this result by showing that the sophisticated agent saves in every period a greater fraction of her wealth than the naive agent if and only if θ ≥ 1. While this result goes through for model extensions that preserve linearity of the consumption policy function, it breaks down for non-linear model extensions.
SAFE Update April 2024
(2024)
Almost ten years after the European Commission action plan on building a capital markets union (CMU) and despite incremental progress, e.g. in the form of the EU Listing Act, the picture looks dire. Stock exchanges, securities markets, and supervisory authorities remain largely national, and, in many cases, European companies have decided to exclusively list overseas. Notwithstanding the economic and financial benefits of market integration, CMU has become a geopolitical necessity. A unified capital market can bolster resilience, strategic autonomy, and economic sovereignty, reduce dependence on external funding, and may foster economic cooperation between member states.
The reason for the persistent stand-still in Europe’s CMU development is not so much the conflict between market- and state-based integration, but rather the hesitancy of national regulatory and supervisory bodies to relinquish powers. If EU member states wanted to get real about CMU (as they say, and as they should), they need to openly accept the loss of sovereignty that follows from a true unified capital market. Building on economic as well as historical evidence, the paper offers viable proposals on how to design competent institutions within the current European framework.
This note outlines the case for speedy capital market integration and for the adoption of a common regulatory framework and single supervisory authority from a political economy perspective. We also show the alternative case for harmonization and centralization via regulatory competition, elaborating how competition between EU jurisdictions by way of full mutual recognition may lead to a (cost-)efficient and standardized legal framework for capital markets. Lastly, the note addresses the political economy conflict that underpins the implementation of both models for integrating capital markets. We point out that, in both cases, national authorities experience a loss of legislative and jurisdictional competence at the national level. We predict that any plan to foster a stronger capital market union, following an institution based or a market-based strategy, will face opposition from powerful national stakeholders.
This study analyses potential consequences of exiting the Targeted Long-Term Refinancing Operations (TLTRO) of the European Central Bank (ECB). Thanks to its asset purchase programs, the Eurosystem still holds plenty of reserves even with a full exit from the TLTROs. This explains why voluntary and mandatory repayments of TLTRO III borrowing went smoothly. Nevertheless, the more liquidity is drained from the banking system, the more important becomes interbank market borrowing and lending, ideally between euro area member states. Right now, the usual fault lines of the euro area show up. The German banking system has plenty of reserves while there are first signs of aggregate scarcity in the Italian banking system. This does not need to be a source of concern if the interbank market can be sufficiently reactivated. Moreover, the ECB has several tools to address possible future liquidity shortages.
This document was provided/prepared by the Economic Governance and EMU scrutiny Unit at the request of the ECON Committee.
Homeownership rates differ widely across European countries. We document that part of this variation is driven by differences in the fraction of adults co-residing with their parents. Comparing Germany and Italy, we show that in contrast to homeownership rates per household, homeownership rates per individual are very similar during the first part of the life cycle. To understand these patterns, we build an overlapping-generations model where individuals face uninsurable income risk and make consumption-saving and housing tenure decisions. We embed an explicit intergenerational link between children and parents to capture the three-way trade-off between owning, renting, and co-residing. Calibrating the model to Germany we explore the role of income profiles, housing policies, and the taste for independence and show that a combination of these factors goes a long way in explaining the differential life-cycle patterns of living arrangements between the two countries.
We extend the canonical income process with persistent and transitory risk to cyclical shock distributions with left-skewness and excess kurtosis. We estimate our income process by GMM for US household data. We find countercyclical variance and procyclical skewness of persistent shocks. All shock distributions are highly leptokurtic. The tax and transfer system reduces dispersion and left-skewness. We then show that in a standard incomplete-markets life-cycle model, first, higherorder risk has sizable welfare implications, which depend on risk attitudes; second, it matters quantitatively for the welfare costs of cyclical idiosyncratic risk; third, it has non-trivial implications for self-insurance against shocks.
A stochastic forward-looking model to assess the profitability and solvency of European insurers
(2016)
In this paper, we develop an analytical framework for conducting forward-looking assessments of profitability and solvency of the main euro area insurance sectors. We model the balance sheet of an insurance company encompassing both life and non-life business and we calibrate it using country level data to make it representative of the major euro area insurance markets. Then, we project this representative balance sheet forward under stochastic capital markets, stochastic mortality developments and stochastic claims. The model highlights the potential threats to insurers solvency and profitability stemming from a sustained period of low interest rates particularly in those markets which are largely exposed to reinvestment risks due to the relatively high guarantees and generous profit participation schemes. The model also proves how the resilience of insurers to adverse financial developments heavily depends on the diversification of their business mix. Finally, the model identifies potential negative spillovers between life and non-life business thorugh the redistribution of capital within groups.
The economic rise of China has changed the global economy. The authors explore China’s transformation from a low-cost manufacturing hub to an increasingly innovation- and service-driven economy. Major growth drivers for the period 2010-2025 are analysed, including the paradigms of “Made in China” and the “Dual Circulation Strategy”. The export intensity of China’s economy is declining overall, with a tendency towards greater regional diversification and a gradual decoupling from North America and the European Union. At the same time, trade and investment activities are increasingly geared to the Belt and Road Initiative. Furthermore, labour and energy cost advantages for manufacturing operations in China are likely to diminish in the coming years, calling into question China’s attractiveness as a global manufacturing hub. In this regard, the further development of regional and industrial clusters is pivotal for China to enhance its global competitiveness and remain an attractive destination for foreign direct investment (FDI) in the medium term. On the other hand, high productivity in science and technology and rich deposits of critical minerals put China in a favourable position in advanced industries. Important challenges include the still wide development gap between rural and urban areas, the structural mismatch in the labour market, with persistently high youth unemployment, and the race to achieve carbon neutrality by 2060.
This paper studies whether Eurosystem collateral eligibility played a role in the portfolio choices of euro area asset managers during the “dash-for-cash” episode of 2020. We find that asset managers reduced their allocation to ECB-eligible corporate bonds, selling them in order to finance redemptions, while simultaneously increasing their cash holdings. These findings add nuance to previous studies of liquidity strains and price dislocations in the corporate bond market during the onset of the Covid-19 pandemic, indicating a greater willingness of dealers to increase their inventories of corporate bonds pledgeable with the ECB. Analysing the price impact of these portfolio choices, we also find evidence pointing to price pressure for both ECB-eligible and ineligible corporate bonds. Bonds that were held to a larger extent by investment funds in our sample experienced higher price pressure, although the impact was lower for ECB-eligible bonds. We also discuss broader implications for the related policy debate about how central banks could mitigate similar types of liquidity shocks.
We consider an additively time-separable life-cycle model for the family of power period utility functions u such that u0(c) = c−θ for resistance to inter-temporal substitution of θ > 0. The utility maximization problem over life-time consumption is dynamically inconsistent for almost all specifications of effective discount factors. Pollak (1968) shows that the savings behavior of a sophisticated agent and her naive counterpart is always identical for a logarithmic utility function (i.e., for θ = 1). As an extension of Pollak’s result we show that the sophisticated agent saves a greater (smaller) fraction of her wealth in every period than her naive counterpart whenever θ > 1 (θ < 1) irrespective of the specification of discount factors. We further show that this finding extends to an environment with risky returns and dynamically inconsistent Epstein-Zin-Weil preferences.
Using a structural life-cycle model and data on school visits from Safegraph and school closures from Burbio, we quantify the heterogeneous impact of school closures during the Corona crisis on children affected at different ages and coming from households with different parental characteristics. Our data suggests that secondary schools were closed for in-person learning for longer periods than elementary schools (implying that younger children experienced less school closures than older children), and that private schools experienced shorter closures than public schools, and schools in poorer U.S. counties experienced shorter school closures. We then extend the structural life cycle model of private and public schooling investments studied in Fuchs-Schündeln, Krueger, Ludwig, and Popova (2021) to include the choice of parents whether to send their children to private schools, empirically discipline it with data on parental investments from the PSID, and then feed into the model the school closure measures from our empirical analysis to quantify the long-run consequences of the Covid-19 school closures on the cohorts of children currently in school. Future earnings- and welfare losses are largest for children that started public secondary schools at the onset of the Covid-19 crisis. Comparing children from the topto children from the bottom quartile of the income distribution, welfare losses are ca. 0.8 percentage points larger for the poorer children if school closures were unrelated to income. Accounting for the longer school closures in richer counties reduces this gap by about 1/3. A policy intervention that extends schools by 3 months (6 weeks in the next two summers) generates significant welfare gains for the children and raises future tax revenues approximately sufficient to pay for the cost of this schooling expansion.
Using a structural life-cycle model, we quantify the heterogeneous impact of school closures during the Corona crisis on children affected at different ages and coming from households with different parental characteristics. In the model, public investment through schooling is combined with parental time and resource investments in the production of child human capital at different stages in the children’s development process. We quantitatively characterize the long-term consequences from a Covid-19 induced loss of schooling, and find average losses in the present discounted value of lifetime earnings of the affected children of close to 1%, as well as welfare losses equivalent to about 0.6% of permanent consumption. Due to self-productivity in the human capital production function, skill attainment at a younger stage of the life cycle raises skill attainment at later stages, and thus younger children are hurt more by the school closures than older children. We find that parental reactions reduce the negative impact of the school closures, but do not fully offset it. The negative impact of the crisis on children’s welfare is especially severe for those with parents with low educational attainment and low assets. The school closures themselves are primarily responsible for the negative impact of the Covid-19 shock on the long-run welfare of the children, with the pandemic-induced income shock to parents playing a secondary role.
We characterize the optimal linear tax on capital in an Overlapping Generations model with two period lived households facing uninsurable idiosyncratic labor income risk. The Ramsey government internalizes the general equilibrium effects of private precautionary saving on factor prices and taxes capital unless the weight on future generations in the social welfare function is sufficiently high. For logarithmic utility a complete analytical solution of the Ramsey problem exhibits an optimal aggregate saving rate that is independent of income risk, whereas the optimal time-invariant tax on capital implementing this saving rate is increasing in income risk. The optimal saving rate is constant along the transition and its sign depends on the magnitude of risk and on the Pareto weight of future generations. If the Ramsey tax rate that maximizes steady state utility is positive, then implementing this tax rate permanently induces a Pareto-improving transition even if the initial equilibrium capital stock is below the golden rule.
Households buy life insurance as part of their liquidity management. The option to surrender such a policy can serve as a buffer when a household faces a liquidity need. In this study, we investigate empirically which individual and household specific sociodemographic factors influence the surrender behavior of life insurance policyholders. Based on the Socio-Economic Panel (SOEP), an ongoing wide-ranging representative longitudinal study of around 11,000 private households in Germany, we construct a proxy to identify life insurance surrender in the data. We use this proxy to conduct fixed effect regressions and support the results with survival analyses. We find that life events that possibly impose a liquidity shock to the household, such as birth of a child and divorce increase the likelihood to surrender an existing life insurance policy for an average household in the panel. The acquisition of a dwelling and unemployment are further aspects that can foster life insurance surrender. Our results are robust with respect to different models and hold conditioning on region specific trends; they vary however for different age groups. Our analyses contribute to the existing literature supporting the emergency fund hypothesis. The findings obtained in this study can help life insurers and regulators to detect and understand industry specific challenges of the demographic change.
Telemonitoring devices can be used to screen consumer characteristics and mitigate information asymmetries that lead to adverse selection in insurance markets. Nevertheless, some consumers value their privacy and dislike sharing private information with insurers. In a secondbest efficient Miyazaki-Wilson-Spence (MWS) framework, we allow consumers to reveal their risk type for an individual subjective cost and show analytically how this affects insurance market equilibria as well as social welfare. We find that information disclosure can substitute deductibles for consumers whose transparency aversion is sufficiently low. This can lead to a Pareto improvement of social welfare. Yet, if all consumers are offered cross-subsidizing contracts, the introduction of a screening contract decreases or even eliminates cross-subsidies. Given the prior existence of a cross-subsidizing MWS equilibrium, utility is shifted from individuals who do not reveal their private information to those who choose to reveal. Our analysis informs the discussion on consumer protection in the context of digitalization. It shows that new technologies challenge cross-subsidization in insurance markets, and it stresses the negative externalities that digitalization has on consumers who are unwilling to take part in this
development
We delve into the EU's regulatory changes aimed at boosting transparency in sustainable investments. By examining disparities among ESG rating agencies, we assess how these differences challenge standardization and consensus. Our analysis underscores the critical need for clearer ESG assessments to guide the sustainable investment landscape.
What are the aggregate and distributional consequences of the relationship be-tween an individual’s social network and financial decisions? Motivated by several well-documented facts about the influence of social connections on financial decisions, we build and calibrate a model of stock market participation with a social network that emphasizes the interplay between connectivity and network structure. Since connections to informed agents help spread information, there is a pivotal role for factors that determine sorting among agents. An increase in the average number of connections raises the average participation rate, mostly due to richer agents. A higher degree of sorting benefits richer agents by creating clusters where information spreads more efficiently. We show empirical evidence consistent with the importance of connectivity and sorting. We discuss several new avenues for future research into the aggregate impact of peer effects in finance.
Looking beyond ESG preferences: The role of sustainable finance literacy in sustainable investing
(2024)
We assess how sustainable finance literacy affects people’s sustainable investment behavior, using a pre-registered experiment. We find that an increase in sustainable finance literacy leads to a 4 to 5% increase in the probability of investing sustainably. This effect is moderated by sustainability preferences. In the absence of moderate sustainability preferences, any additional increase in sustainable finance literacy is at minimum irrelevant, and we find some evidence that it might even reduce sustainable investments. Our findings underscore the role of knowledge in shaping sustainable investment decisions, highlighting the importance of factors beyond sustainability preferences.
Telemonitoring devices can be used to screen consumer characteristics and mitigate information asymmetries that lead to adverse selection in insurance markets. Nevertheless, some consumers value their privacy and dislike sharing private information with insurers. In a secondbest efficient Miyazaki-Wilson-Spence (MWS) framework, we allow consumers to reveal their risk type for an individual subjective cost and show analytically how this affects insurance market equilibria as well as social welfare. We find that information disclosure can substitute deductibles for consumers whose transparency aversion is sufficiently low. This can lead to a Pareto improvement of social welfare. Yet, if all consumers are offered cross-subsidizing contracts, the introduction of a screening contract decreases or even eliminates cross-subsidies. Given the prior existence of a cross-subsidizing MWS equilibrium, utility is shifted from individuals who do not reveal their private information to those who choose to reveal. Our analysis informs the discussion on consumer protection in the context of digitalization. It shows that new technologies challenge cross-subsidization in insurance markets, and it stresses the negative externalities that digitalization has on consumers who are unwilling to take part in this development.
This paper uses laboratory experiments to provide a systematic analysis of how di↵erent presentation formats a↵ect individuals’ investment decisions. The results indicate that the type of presentation as well as personal characteristics influence both, the consistency of decisions and the riskiness of investment choices. However, while personal characteristics have a larger impact on consistency, the chosen risk level is determined more by framing e↵ects. On the level of personal characteristics, participants’ decisions show that better financial literacy and a better understanding of the presentation format enhance consistency and thus decision quality. Moreover, female participants on average make less consistent decisions and tend to prefer less risky alternatives. On the level of framing dimensions, subjects choose riskier investments when possible outcomes are shown in absolute values rather than rates of return and when the loss potential is less obvious. In particular, reducing the emphasis on downside risk and upside potential simultaneously leads to a substantial increase in risk taking.
This paper is the first to conduct an incentive-compatible experiment using real monetary payoffs to test the hypothesis of probabilistic insurance which states that willingness to pay for insurance decreases sharply in the presence of even small default probabilities as compared to a risk-free insurance contract. In our experiment, 181 participants state their willingness to pay for insurance contracts with different levels of default risk. We find that the willingness to pay sharply decreases with increasing default risk. Our results hence strongly support the hypothesis of probabilistic insurance. Furthermore, we study the impact of customer reaction to default risk on an insurer’s optimal solvency level using our experimentally obtained data on insurance demand. We show that an insurer should choose to be default-free rather than having even a very small default probability. This risk strategy is also optimal when assuming substantial transaction costs for risk management activities undertaken to achieve the maximum solvency level.
In this paper I assess the effect of interest rate risk and longevity risk on the solvency position of a life insurer selling policies with minimum guaranteed rate of return, profit participation and annuitization option at maturity. The life insurer is assumed to be based in Germany and therefore subject to German regulation as well as to Solvency II regulation. The model features an existing back book of policies and an existing asset allocation calibrated on observed data, which are then projected forward under stochastic financial markets and stochastic mortality developments. Different scenarios are proposed, with particular focus on a prolonged period of low interest rates and strong reduction in mortality rates. Results suggest that interest rate risk is by far the greatest threat for life insurers, whereas longevity risk can be more easily mitigated and thereby is less detrimental. Introducing a dynamic demand for new policies, i.e. assuming that lower offered guarantees are less attractive to savers, show that a decreasing demand may even be beneficial for the insurer in a protracted period of low interest rates. Introducing stochastic annuitization rates, i.e. allowing for deviations from the expected annuitization rate, the solvency position of the life insurer worsen substantially. Also profitability strongly declines over time, casting doubts on the sustainability of traditional life business going forward with the low interest rate environment. In general, in the proposed framework it is possible to study the evolution over time of an existing book of policies when underlying financial market conditions and mortality developments drastically change. This feature could be of particular interest for regulatory and supervisory authorities within their financial stability mandate, who could better evaluate micro- and macro-prudential policy interventions in light of the persistent low interest rate environment.
Socially responsible investing (SRI) continues to gain momentum in the financial market space for various reasons, starting with the looming effect of climate change and the drive toward a net-zero economy. Existing SRI approaches have included environmental, social, and governance (ESG) criteria as a further dimension to portfolio selection, but these approaches focus on classical investors and do not account for specific aspects of insurance companies. In this paper, we consider the stock selection problem of life insurance companies. In addition to stock risk, our model set-up includes other important market risk categories of insurers, namely interest rate risk and credit risk. In line with common standards in insurance solvency regulation, such as Solvency II, we measure risk using the solvency ratio, i.e. the ratio of the insurer’s market-based equity capital to the Value-at-Risk of all modeled risk categories. As a consequence, we employ a modification of Markowitz’s Portfolio Selection Theory by choosing the “solvency ratio” as a downside risk measure to obtain a feasible set of optimal portfolios in a three-dimensional (risk, return, and ESG) capital allocation plane. We find that for a given solvency ratio, stock portfolios with a moderate ESG level can lead to a higher expected return than those with a low ESG level. A highly ambitious ESG level, however, reduces the expected return. Because of the specific nature of a life insurer’s business model, the impact of the ESG level on the expected return of life insurers can substantially differ from the corresponding impact for classical investors.
Low interest rates are becoming a threat to the stability of the life insurance industry, especially in countries such as Germany, where products with relatively high guaranteed returns sold in the past still represent a prominent share of the total portfolio. This contribution aims to assess and quantify the effects of the current low interest rate phase on the balance sheet of a representative German life insurer, given the current asset allocation and the outstanding liabilities. To do so, we generate a stochastic term structure of interest rates as well as stock market returns to simulate investment returns of a stylized life insurance business portfolio in a multi-period setting. Based on empirically calibrated parameters, we can observe the evolution of the life insurers’ balance sheet over time with a special focus on their solvency situation. To account for different scenarios and in order to check the robustness of our findings, we calibrate different capital market settings and different initial situations of capital endowment. Our results suggest that a prolonged period of low interest rates would markedly affect the solvency situation of life insurers, leading to a relatively high cumulative probability of default, especially for less capitalized companies. In addition, the new reform of the German life insurance regulation has a beneficial effect on the cumulative probability of default, as a direct consequence of the reduction of the payouts to policyholders.
We prove the existence of an equilibrium in competitive markets with adverse selection in the sense of Miyazaki (1977), Wilson (1977), and Spence (1978) when the distribution of unobservable risk types is continuous. Our proof leverages the finite-type proof in Spence (1978) and a limiting argument akin to Hellwig (2007)’s study of optimal taxation.
Different insurance activities exhibit different levels of persistence of shocks and volatility. For example, life insurance is typically more persistent but less volatile than non-life insurance. We examine how diversification among life, non-life insurance, and active reinsurance business affects an insurer's contribution and exposure to the risk of other companies. Our model shows that a counterparty's credit risk exposure to an insurance group substantially depends on the relative proportion of the insurance group's life and non-life business. The empirical analysis confirms this finding with respect to several measures for spillover risk. The optimal proportion of life business that minimizes spillover risk decreases with leverage of the insurance group, and increases with active reinsurance business.
This paper studies insurance demand for individuals with limited financial literacy. We propose uncertainty about insurance payouts, resulting from contract complexity, as a novel channel that affects decision-making of financially illiterate individuals. Then, a trade-off between second-order (risk aversion) and third-order (prudence) risk preferences drives insurance demand. Sufficiently prudent individuals raise insurance demand upon an increase in contract complexity, while the effect is reversed for less prudent individuals. We characterize competitive market equilibria that feature complex contracts since firms face costs to reduce complexity. Based on the equilibrium analysis, we propose a monetary measure for the welfare cost of financial illiteracy and show that it is mainly driven by individuals’ risk aversion. Finally, we discuss implications for regulation and consumer protection.
When estimating misspecified linear factor models for the cross-section of expected returns using GMM, the explanatory power of these models can be spuriously high when the estimated factor means are allowed to deviate substantially from the sample averages. In fact, by shifting the weights on the moment conditions, any level of cross-sectional fit can be attained. The mathematically correct global minimum of the GMM objective function can be obtained at a parameter vector that is far from the true parameters of the data-generating process. This property is not restricted to small samples, but rather holds in population. It is a feature of the GMM estimation design and applies to both strong and weak factors, as well as to all types of test assets.
Telemonitoring devices can be used to screen consumers' characteristics and mitigate information asymmetries that lead to adverse selection in insurance markets. However, some consumers value their privacy and dislike sharing private information with insurers. In the second-best efficient Wilson-Miyazaki-Spence framework, we allow for consumers to reveal their risk type for an individual subjective cost and show analytically how this affects insurance market equilibria as well as utilitarian social welfare. Our analysis shows that the choice of information disclosure with respect to revelation of their risk type can substitute deductibles for consumers whose transparency aversion is sufficiently low. This can lead to a Pareto improvement of social welfare and a Pareto efficient market allocation. However, if all consumers are offered cross-subsidizing contracts, the introduction of a transparency contract decreases or even eliminates cross-subsidies. Given the prior existence of a WMS equilibrium, utility is shifted from individuals who do not reveal their private information to those who choose to reveal. Our analysis provides a theoretical foundation for the discussion on consumer protection in the context of digitalization. It shows that new technologies bring new ways to challenge crosssubsidization in insurance markets and stresses the negative externalities that digitalization has on consumers who are not willing to take part in this development.
The modern tontine: an innovative instrument for longevity risk management in an aging society
(2016)
The changing social, financial and regulatory frameworks, such as an increasingly aging society, the current low interest rate environment, as well as the implementation of Solvency II, lead to the search for new product forms for private pension provision. In order to address the various issues, these product forms should reduce or avoid investment guarantees and risks stemming from longevity, still provide reliable insurance benefits and simultaneously take account of the increasing financial resources required for very high ages. In this context, we examine whether a historical concept of insurance, the tontine, entails enough innovative potential to extend and improve the prevailing privately funded pension solutions in a modern way. The tontine basically generates an age-increasing cash flow, which can help to match the increasing financing needs at old ages. However, the tontine generates volatile cash flows, so that - especially in the context of an aging society - the insurance character of the tontine cannot be guaranteed in every situation. We show that partial tontinization of retirement wealth can serve as a reliable supplement to existing pension products.
The Solvency II standard formula employs an approximate Value-at-Risk approach to define risk-based capital requirements. This paper investigates how the standard formula’s stock risk calibration influences the equity position and investment strategy of a shareholder-value-maximizing insurer with limited liability. The capital requirement for stock risks is determined by multiplying a regulation-defined stock risk parameter by the value of the insurer’s stock portfolio. Intuitively, a higher stock risk parameter should reduce risky investments as well as insolvency risk. However, we find that the default probability does not necessarily decrease when reducing the investment risk (by increasing the stock investment risk parameter). We also find that depending on the precise interaction between assets and liabilities, some insurers will invest conservatively, whereas others will prefer a very risky investment strategy, and a slight change of the stock risk parameter may lead from a conservative to a high risk asset allocation.
European insurers are allowed to make discretionary decisions in the calculation of Solvency II capital requirements. These choices include the design of risk models (ranging from a standard formula to a full internal model) and the use of long-term guarantees measures. This article examines the impact and the drivers of discretionary decisions with respect to capital requirements for market risks. In a first step of our analysis, we assess the risk profiles of 49 stock insurers using daily market data. In a second step, we exploit hand-collected Solvency II data for the years 2016 to 2020. We find that long-term guarantees measures substantially influence the reported solvency ratios. The measures are chosen particularly by less solvent insurers and firms with high interest rate and credit spread sensitivities. Internal models are used more frequently by large insurers and especially for risks for which the firms have already found adequate immunization strategies.
This paper compares the shareholder-value-maximizing capital structure and pricing policy of insurance groups against that of stand-alone insurers. Groups can utilise intra-group risk diversification by means of capital and risk transfer instruments. We show that using these instruments enables the group to offer insurance with less default risk and at lower premiums than is optimal for standalone insurers. We also take into account that shareholders of groups could find it more difficult to prevent inefficient overinvestment or cross-subsidisation, which we model by higher dead-weight costs of carrying capital. The tradeoff between risk diversification on the one hand and higher dead-weight costs on the other can result in group building being beneficial for shareholders but detrimental for policyholders.
A greater firm-level transparency through enhanced disclosure provides more information regarding the risk situation of an insurer to its outside stakeholders such as stock investors and policyholders. The disclosure of the insurer's risktaking can result in negative influences on, for example, its stock performance and insurance demand when stock investors and policyholders are risk-averse. Insurers, which are concerned about the potential ex post adverse effects of risk-taking under greater transparency, are thus inclined to limit their risks ex ante. In other words, improved firm-level transparency can induce less risktaking incentive of insurers. This article investigates empirically the relationship between firm-level transparency and insurers' strategies on capitalization and risky investments. By exploring the disclosure levels and the risk behavior of 52 European stock insurance companies from 2005 to 2012, the results show that insurers tend to hold more equity capital under the anticipation of greater transparency, and this strategy on capital-holding is consistent for different types of insurance businesses. When considering the influence of improved transparency on the investment policy of insurers, the results are mixed for different types of insurers.
This article explores life insurance consumption in 31 European countries from 2003 to 2012 and aims to investigate the extent to which market transparency can affect life insurance demand. The cross-country evidence for the entire sample period shows that greater market transparency, which resolves asymmetric information, can generate a higher demand for life insurance. However, when considering the financial crisis period (2008-2012) separately, the results suggest a negative impact of enhanced market transparency on life insurance consumption. The mixed findings imply a trade-off between the reduction in adverse selection under greater market transparency and the possible negative effects on life insurance consumption during the crisis period due to more effective market discipline. Furthermore, this article studies the extent to which transparency can influence the reaction of life insurance demand to bad market outcomes: i.e., low solvency ratios or low profitability. The results indicate that the markets with bad outcomes generate higher life insurance demand under greater transparency compared to the markets that also experience bad outcomes but are less transparent.
This paper sheds light on the life insurance sector’s liquidity risk exposure. Life insurers are important long-term investors on financial markets. Due to their long-term investment horizon they cannot quickly adapt to changes in macroeconomic conditions. Rising interest rates in particular can expose life insurers to run-like situations, since a slow interest rate passthrough incentivizes policyholders to terminate insurance policies and invest the proceeds at relatively high market interest rates. We develop and empirically calibrate a granular model of policyholder behavior and life insurance cash flows to quantify insurers’ liquidity risk exposure stemming from policy terminations. Our model predicts that a sharp interest rate rise by 4.5pp within two years would force life insurers to liquidate 12% of their initial assets. While the associated fire sale costs are small under reasonable assumptions, policy terminations plausibly erase 30% of life insurers’ capital due to mark-to-market accounting. Our analysis reveals a mechanism by which monetary policy tightening increases liquidity risk exposure of non-bank financial intermediaries with long-term assets.
This paper investigates the effects of a rise in interest rate and lapse risk of endowment life insurance policies on the liquidity and solvency of life insurers. We model the book and market value balance sheet of an average German life insurer, subject to both GAAP and Solvency II regulation, featuring an existing back book of policies and an existing asset allocation calibrated by historical data. The balance sheet is then projected forward under stochastic financial markets. Lapse rates are modeled stochastically and depend on the granted guaranteed rate of return and prevailing level of interest rates. Our results suggest that in the case of a sharp increase in interest rates, policyholders sharply increase lapses and the solvency position of the insurer deteriorates in the short-run. This result is particularly driven by the interaction between a reduction in the market value of assets, large guarantees for existing policies, and a very slow adjustment of asset returns to interest rates. A sharp or gradual rise in interest rates is associated with substantial and persistent liquidity needs, that are particularly driven by lapse rates.
Under Solvency II, corporate governance requirements are a complementary, but nonetheless essential, element to build a sound regulatory framework for insurance undertakings, also to address risks not specifically mitigated by the sole solvency capital requirements. After recalling the provisions of the Second Pillar concerning the system of governance, the paper highlights the emerging regulatory trends in the corporate governance of insurance firms. Among others things, it signals the exceptional extension of the duties and responsibilities assigned to the board of directors, far beyond the traditional role of both monitoring the chief executive officer, and assessing the overall direction and strategy of the business. However, a better risk governance is not necessarily built on narrow rule-based approaches to corporate governance.
Depending on the point of time and location, insurance companies are subject to different forms of solvency regulation. In modern regulation regimes, such as the future standard Solvency II in the EU, insurance pricing is liberalized and risk-based capital requirements will be introduced. In many economies in Asia and Latin America, on the other hand, supervisors require the prior approval of policy conditions and insurance premiums, but do not conduct risk-based capital regulation. This paper compares the outcome of insurance rate regulation and risk-based capital requirements by deriving stock insurers’ best responses. It turns out that binding price floors affect insurers’ optimal capital structures and induce them to choose higher safety levels. Risk-based capital requirements are a more efficient instrument of solvency regulation and allow for lower insurance premiums, but may come at the cost of investment efforts into adequate risk monitoring systems. The paper derives threshold values for regulator’s investments into risk-based capital regulation and provides starting points for designing a welfare-enhancing insurance regulation scheme.
Insurance guarantee schemes aim to protect policyholders from the costs of insurer insolvencies. However, guarantee schemes can also reduce insurers’ incentives to conduct appropriate risk management. We investigate stock insurers’ risk-shifting behavior for insurance guarantee schemes under the two different financing alternatives: a flat-rate premium assessment versus a risk-based premium assessment. We identify which guarantee scheme maximizes policyholders’ welfare, measured by their expected utility. We find that the risk-based insurance guarantee scheme can only mitigate the insurer’s risk-shifting behavior if a substantial premium loading is present. Furthermore, the risk-based guarantee scheme is superior for improving policyholders’ welfare compared to the flat-rate scheme when the mitigating effect occurs.
Through the lens of market participants' objective to minimize counterparty risk, we provide an explanation for the reluctance to clear derivative trades in the absence of a central clearing obligation. We develop a comprehensive understanding of the benefits and potential pitfalls with respect to a single market participant's counterparty risk exposure when moving from a bilateral to a clearing architecture for derivative markets. Previous studies suggest that central clearing is beneficial for single market participants in the presence of a sufficiently large number of clearing members. We show that three elements can render central clearing harmful for a market participant's counterparty risk exposure regardless of the number of its counterparties: 1) correlation across and within derivative classes (i.e., systematic risk), 2) collateralization of derivative claims, and 3) loss sharing among clearing members. Our results have substantial implications for the design of derivatives markets, and highlight that recent central clearing reforms might not incentivize market participants to clear derivatives.
Central clearing counterparties (CCPs) were established to mitigate default losses resulting from counterparty risk in derivatives markets. In a parsimonious model, we show that clearing benefits are distributed unevenly across market participants. Loss sharing rules determine who wins or loses from clearing. Current rules disproportionately benefit market participants with flat portfolios. Instead, those with directional portfolios are relatively worse off, consistent with their reluctance to voluntarily use central clearing. Alternative loss sharing rules can address cross-sectional disparities in clearing benefits. However, we show that CCPs may favor current rules to maximize fee income, with externalities on clearing participation.
Market risks account for an integral part of life insurers' risk profiles. This paper explores the market risk sensitivities of insurers in two large life insurance markets, namely the U.S. and Europe. Based on panel regression models and daily market data from 2012 to 2018, we analyze the reaction of insurers' stock returns to changes in interest rates and CDS spreads of sovereign counterparties. We find that the influence of interest rate movements on stock returns is more than 50% larger for U.S. than for European life insurers. Falling interest rates reduce stock returns in particular for less solvent firms, insurers with a high share of life insurance reserves and unit-linked insurers. Moreover, life insurers' sensitivity to interest rate changes is seven times larger than their sensitivity towards CDS spreads. Only European insurers significantly suffer from rising CDS spreads, whereas U.S. insurers are immunized against increasing sovereign default probabilities.
Life insurance convexity
(2023)
Life insurers sell savings contracts with surrender options, which allow policyholders to prematurely receive guaranteed surrender values. These surrender options move toward the money when interest rates rise. Hence, higher interest rates raise surrender rates, as we document empirically by exploiting plausibly exogenous variation in monetary policy. Using a calibrated model, we then estimate that surrender options would force insurers to sell up to 2% of their investments during an enduring interest rate rise of 25 bps per year. We show that these fire sales are fueled by surrender value guarantees and insurers’ long-term investments.
Life insurance convexity
(2021)
Life insurers massively sell savings contracts with surrender options which allow policyholders to withdraw a guaranteed amount before maturity. These options move toward the money when interest rates rise. Using data on German life insurers, we estimate that a 1 percentage point increase in interest rates raises surrender rates by 17 basis points. We quantify the resulting liquidity risk in a calibrated model of surrender decisions and insurance cash flows. Simulations predict that surrender options can force insurers to sell up to 3% of their assets, depressing asset prices by 90 basis points. The effect is amplified by the duration of insurers' investments, and its impact on the term structure of interest rates depends on life insurers' investment strategy.
This paper documents that the bond investments of insurance companies transmit shocks from insurance markets to the real economy. Liquidity windfalls from household insurance purchases increase insurers' demand for corporate bonds. Exploiting the fact that insurers persistently invest in a small subset of firms for identification, I show that these increases in bond demand raise bond prices and lower firms' funding costs. In response, firms issue more bonds, especially when their bond underwriters are well connected with investors. Firms use the proceeds to raise investment rather than equity payouts. The results emphasize the significant impact of investor demand on firms' financing and investment activities.
Common systemic risk measures focus on the instantaneous occurrence of triggering and systemic events. However, systemic events may also occur with a time-lag to the triggering event. To study this contagion period and the resulting persistence of institutions' systemic risk we develop and employ the Conditional Shortfall Probability (CoSP), which is the likelihood that a systemic market event occurs with a specific time-lag to the triggering event. Based on CoSP we propose two aggregate systemic risk measures, namely the Aggregate Excess CoSP and the CoSP-weighted time-lag, that reflect the systemic risk aggregated over time and average time-lag of an institution's triggering event, respectively. Our empirical results show that 15% of the financial companies in our sample are significantly systemically important with respect to the financial sector, while 27% of the financial companies are significantly systemically important with respect to the American non-financial sector. Still, the aggregate systemic risk of systemically important institutions is larger with respect to the financial market than with respect to non-financial markets. Moreover, the aggregate systemic risk of insurance companies is similar to the systemic risk of banks, while insurers are also exposed to the largest aggregate systemic risk among the financial sector.
A tontine provides a mortality driven, age-increasing payout structure through the pooling of mortality. Because a tontine does not entail any guarantees, the payout structure of a tontine is determined by the pooling of individual characteristics of tontinists. Therefore, the surrender decision of single tontinists directly affects the remaining members' payouts. Nevertheless, the opportunity to surrender is crucial to the success of a tontine from a regulatory as well as a policyholder perspective. Therefore, this paper derives the fair surrender value of a tontine, first on the basis of expected values, and then incorporates the increasing payout volatility to determine an equitable surrender value. Results show that the surrender decision requires a discount on the fair surrender value as security for the remaining members. The discount intensifies in decreasing tontine size and increasing risk aversion. However, tontinists are less willing to surrender for decreasing tontine size and increasing risk aversion, creating a natural protection against tontine runs stemming from short-term liquidity shocks. Furthermore we argue that a surrender decision based on private information requires a discount on the fair surrender value as well.
Under Solvency II, corporate governance requirements are a complementary, but nonetheless essential, element to build a sound regulatory framework for insurance undertakings, also to address risks not specifically mitigated by the sole solvency capital requirements. After recalling the provisions of the second pillar concerning the system of governance, the paper is devoted to highlight the emerging regulatory trends in the corporate governance of insurance firms. Among others, it signals the exceptional extension of the duties and responsibilities assigned to the Board of directors, far beyond the traditional role of both monitoring the chief executive officer, and assessing the overall direction and strategy of the business. However, a better risk governance is not necessarily built on narrow rule-based approaches to corporate governance.
Depending on the point of time and location, insurance companies are subject to different forms of solvency regulation. In modern regulation regimes, such as the future standard Solvency II in the EU, insurance pricing is liberalized and risk-based capital requirements will be introduced. In many economies in Asia and Latin America, on the other hand, supervisors require the prior approval of policy conditions and insurance premiums, but do not conduct risk-based capital regulation. This paper compares the outcome of insurance rate regulation and riskbased capital requirements by deriving stock insurers’ best responses. It turns out that binding price floors affect insurers’ optimal capital structures and induce them to choose higher safety levels. Risk-based capital requirements are a more efficient instrument of solvency regulation and allow for lower insurance premiums, but may come at the cost of investment efforts into adequate risk monitoring systems. The paper derives threshold values for regulator’s investments into risk-based capital regulation and provides starting points for designing a welfare-enhancing insurance regulation scheme.
We study the impact of estimation errors of firms on social welfare. For this purpose, we present a model of the insurance market in which insurers face parameter uncertainty about expected loss sizes. As consumers react to under- and overestimation by increasing and decreasing demand, respectively, insurers require a safety loading for parameter uncertainty. If the safety loading is too small, less risk averse consumers benefit from less informed insurers by speculating on them underestimating expected losses. Otherwise, social welfare increases with insurers’ information. We empirically estimate safety loadings in the US property and casualty insurance market, and show that these are likely to be sufficiently large for consumers to benefit from more informed insurers.
Tail-correlation matrices are an important tool for aggregating risk measurements across risk categories, asset classes and/or business segments. This paper demonstrates that traditional tail-correlation matrices—which are conventionally assumed to have ones on the diagonal—can lead to substantial biases of the aggregate risk measurement’s sensitivities with respect to risk exposures. Due to these biases, decision-makers receive an odd view of the effects of portfolio changes and may be unable to identify the optimal portfolio from a risk-return perspective. To overcome these issues, we introduce the “sensitivity-implied tail-correlation matrix”. The proposed tail-correlation matrix allows for a simple deterministic risk aggregation approach which reasonably approximates the true aggregate risk measurement according to the complete multivariate risk distribution. Numerical examples demonstrate that our approach is a better basis for portfolio optimization than the Value-at-Risk implied tail-correlation matrix, especially if the calibration portfolio (or current portfolio) deviates from the optimal portfolio.
Historical evidence like the global financial crisis from 2007-09 highlights that sector concentration risk can play an important role for the solvency of insurers. However, current microprudential frameworks like the US RBC framework and Solvency II consider only name concentration risk explicitly in their solvency capital requirements for asset concentration risk and neglect sector concentration risk. We show by means of US insurers’ asset holdings from 2009 to 2018 that substantial sectoral asset concentrations exist in the financial, public and real estate sector, and find indicative evidence for a sectoral search for yield behavior. Based on a theoretical solvency capital allocation scheme, we demonstrate that the current regulatory approaches can lead to inappropriate and biased levels of solvency capital for asset concentration risk, and should be revised. Our findings have also important implications on the ongoing discussion of asset concentration risk in the context of macroprudential insurance regulation.
This paper documents that the bond investments of insurance companies transmit shocks from insurance markets to the real economy. Liquidity windfalls from household insurance purchases increase insurers’ demand for corporate bonds. Exploiting the fact that insurers persistently invest in a small subset of firms for identification, I show that these increases in bond demand raise bond prices and lower firms’ funding costs. In response, firms issue more bonds, especially when their bond underwriters are well connected with investors. Firms use the proceeds to raise investment rather than equity payouts. The results emphasize the significant impact of investor demand on firms’ financing and investment activities.
Testing frequency and severity risk under various information regimes and implications in insurance
(2023)
We build on Peter et al. (2017) who examined the benefit of testing frequency risk under various information regimes. We first consider testing only severity risk, and whether the principle of indemnity, i.e. the usual contract term that excludes claims payments above the resulting insured loss, affects the insurance contracts offered and purchased. Under information regimes which are less restrictive (in terms of obtaining and using customer information), it is possible for the insurer to offer different contracts for tested and untested individuals. In the absence of the principle of indemnity, individuals will test their severity risk and a separating equilibrium ensues. With the principle of indemnity, given an actuarially fair pooled contract, individuals will not test for severity under less restrictive information regimes; a pooling equilibrium thus ensues. Under more restrictive information regimes, the insurer offers separating contracts. Individuals will test for severity and purchase appropriate contracts. We also consider testing for both frequency and severity risk. The results here are more varied. The highest gain in efficiency from testing results from one of the more restrictive information regimes. Generally under all information regimes, there is a greater gain in efficiency without the principle of indemnity than with the principle of indemnity.
Gradient capital allocation, also known as Euler allocation, is a technique used to redistribute diversified capital requirements among different segments of a portfolio. The method is commonly employed to identify dominant risks, assessing the risk-adjusted profitability of segments, and installing limit systems. However, capital allocation can be misleading in all these applications because it only accounts for the current portfolio composition and ignores how diversification effects may change with a portfolio restructuring. This paper proposes enhancing the gradient capital allocation by adding “orthogonal convexity scenarios” (OCS). OCS identify risk concentrations that potentially drive portfolio risk and become relevant after restructuring. OCS have strong ties with principal component analysis (PCA), but they are a more general concept and compatible with common empirical patterns of risk drivers being fat-tailed and increasingly dependent in market downturns. We illustrate possible applications of OCS in terms of risk communication and risk limits.
Most insurers in the European Union determine their regulatory capital requirements based on the standard formula of Solvency II. However, there is evidence that the standard formula inaccurately reflects insurers’ risk situation and may provide misleading steering incentives. In the second pillar, Solvency II requires insurers to perform a so-called “Own Risk and Solvency Assessment” (ORSA). In their ORSA, insurers must establish their own risk measurement approaches, including those based on scenarios, in order to derive suitable risk assessments and address shortcomings of the standard formula. The idea of this paper is to identify scenarios in such a way that the standard formula in connection with the ORSA provides a reliable basis for risk management decisions. Using an innovative method for scenario identification, our approach allows for a simple but relatively precise assessment of marginal and even non-marginal portfolio changes. We numerically evaluate the proposed approach in the context of market risk employing an internal model from the academic literature and the Solvency Capital Requirement (SCR) calculation under Solvency II.
I measure the effects of workers’ mobility across regions of different productivity through the lens of a search and matching model with heterogeneous workers and firms estimated with administrative data. In an application to Italy, I find that reallocation of workers to the most productive region boosts productivity at the country level but amplifies differentials across regions. Employment rates decline as migrants foster job competition, and inequality between workers doubles in less productive areas since displacement is particularly severe for low-skill workers. Migration does affect mismatch: mobility favors co-location of agents with similar productivity but within-region rank correlation declines in the most productive region. I show that worker-firm complementarities in production account for 33% of the productivity gains. Place-based programs directed to firms, like incentives for hiring unemployed or creating high productivity jobs, raise employment rates and reduce the gaps in productivity across regions. In contrast, subsidies to attract high-skill workers in the South have limited effects.
Between 2016 and 2022, life insurers in several European countries experienced negative longterm interest rates, which put pressure on their business models. The aim of this paper is to empirically investigate the impact of negative interest rates on the stock performance of life insurers. To measure the sensitivities, I estimate the level, slope, and curvature of the yield curve using the Nelson-Siegel model and empirical proxies. Panel regressions show that the effect of changes in the level is up to three times greater in a negative interest rate environment than in a positive one. Thus, a 1ppt decline in long-term interest rates reduces the stock returns of European life insurers by up to 10ppt when interest rates are below 0%. I also show that the relationship between the level and the sensitivity to interest rates is convex, and that life insurers benefit from rising interest rates across all maturity types.
Homeownership rates differ widely across European countries. We document that part of this variation is driven by differences in the fraction of adults co-residing with their parents. Comparing Germany and Italy, we show that in contrast to homeownership rates per household, homeownership rates per individual are very similar during the first part of the life cycle. To understand these patterns, we build an overlapping-generations model where individuals face uninsurable income risk and make consumption-saving and housing tenure decisions. We embed an explicit intergenerational link between children and parents to capture the three-way trade-off between owning, renting, and co-residing. Calibrating the model to Germany we explore the role of income profiles, housing policies, and the taste for independence and show that a combination of these factors goes a long way in explaining the differential life-cycle patterns of living arrangements between the two countries.
In crisis times, insurance companies might feel the pressure to present an investment portfolio performance that is superior to the market, since investment portfolios back the claims of policyholders and serve as a signal for the claims’ safety. I investigate how a stock market crisis as experienced over the course of the Covid-19 pandemic influences insurance firms’ decisions on the allocation of their corporate bond portfolio. I find that insurers shift their portfolio holdings towards lower credit risk assets as financial market conditions tighten. This tendency seems to be restricted by the liquidity risk of high-yield assets, and the credit risk of lower-rated investment grade assets. Both effects lead to an increase in the fraction of less liquid assets during the crash and the recovery.
The capital requirements of Solvency II allow insurers to make discretionary choices. Besides extensive possibilities regarding the choice of a risk model (ranging between a regulatory prescribed standard formula to a full self-developed internal model), insurers can make use of transitional measures and adjustments, which can have a substantial impact on their reported solvency level. The aim of this article is to study the effect of these long-term guarantee measures and to identify drivers of the discretionary decisions. For this purpose, we first assess the risk profile of 49 European insurers by estimating the sensitivities of their stock returns to movements in market risk drivers, such as interest rates and credit spreads. In a second step, we analyze to what extent insurers’ risk profiles influence their discretionary decisions in the capital requirement calculation. We gather information on discretionary decisions based on hand-collected Solvency II data for the years 2016 to 2020. We find that insurers optimize their reported solvency situation by making discretionary decisions in such a way that capital requirements for material risk drivers are clearly reduced. For instance, we find that the usage of the volatility adjustment is positively related to the interest rate risk as perceived by financial markets, even when controlling for the portion of life insurance in technical provisions. Similarly, the matching adjustment is linked to significantly higher credit risk sensitivities. Our results point out that due to discretionary decisions Solvency II figures can substantially deviate from a market-oriented, risk-based view on insurance companies’ risk situation.
Market risks account for an integral part of insurers' risk profiles. We explore market risk sensitivities of insurers in the United States and Europe. Based on panel regression models and daily market data from 2012 to 2018, we find that sensitivities are particularly driven by insurers' product portfolio. The influence of interest rate movements on stock returns is 60% larger for US than for European life insurers. For the former, interest rate risk is a dominant market risk with an effect that is five times larger than through corporate credit risk. For European life insurers, the sensitivity to interest rate changes is only 44% larger than toward credit default swap of government bonds, underlining the relevance of sovereign credit risk.
In times of crisis, insurance companies may invest into riskier assets to benefit from expected price recoveries. Using daily stock market data for 34 European insurers, I investigate how a stock market contraction, as experienced during the Covid-19 pandemic, affects insurers’ decision on the allocation of their corporate bond portfolio. I find that insurers shift their portfolio holdings pro-cyclically towards lower credit risk assets in the first month of the market contraction. As the crisis progresses, I find evidence for counter-cyclical investment behavior by insurers, which can neither be explained by credit rating downgrades of held bonds nor by hedging with CDS derivatives. The observed counter-cyclical investment behavior of insurers could be beneficial for the financial system in attenuating price declines, but excessive risk-taking by insurance companies over longer periods can also reinforce stress in the system.
Macro-finance theory predicts that financial fragility builds up when volatility is low. This “volatility paradox’” challenges traditional systemic risk measures. I explore a new dimension of systemic risk, spillover persistence, which is the average time horizon at which a firm’s losses increase future risk in the financial system. Using firm-level data covering more than 30 years and 50 countries, I document that persistence declines when fragility builds up: before crises, during stock market booms, and when banks take more risks. In contrast, persistence increases with loss amplification: during crises and fire sales. These findings support key predictions of recent macrofinance models.
This paper investigates systemic risk in the insurance industry. We first analyze the systemic contribution of the insurance industry vis-à-vis other industries by applying 3 measures, namely the linear Granger causality test, conditional value at risk and marginal expected shortfall, on 3 groups, namely banks, insurers and non-financial companies listed in Europe over the last 14 years. We then analyze the determinants of the systemic risk contribution within the insurance industry by using balance sheet level data in a broader sample. Our evidence suggests that i) the insurance industry shows a persistent systemic relevance over time and plays a subordinate role in causing systemic risk compared to banks, and that ii) within the industry, those insurers which engage more in non-insurance-related activities tend to pose more systemic risk. In addition, we are among the first to provide empirical evidence on the role of diversification as potential determinant of systemic risk in the insurance industry. Finally, we confirm that size is also a significant driver of systemic risk, whereas price-to-book ratio and leverage display counterintuitive results.
Does political conflict with another country influence domestic consumers' daily consumption choices? We exploit the volatile US-China relations in 2018 and 2019 to analyze whether US consumers reduce their visits to Chinese restaurants when bilateral relations deteriorate. We measure the degree of political conflict through negativity in media reports and rely on smartphone location data to measure daily visits to over 190,000 US restaurants. A deterioration in US-China relations induces a significant decline in visits not only to Chinese but also to other foreign ethnic restaurants, while visits to typical American restaurants increase. We identify consumers' age, race, and cultural openness to moderate the strength of this ethnocentric effect.
We explore how personality traits are related to household borrowing behavior. Using survey data representative for the Netherlands, we consider the Big Five personality traits (openness, conscientiousness, agreeableness, extraversion and neuroticism), as well as the belief that one is master of one’s fate (locus of control). We hypothesize that personality traits can complement as well as substitute financial knowledge of a household. We present three sets of results. First, we find that personality traits are positively correlated with borrowing expectations. Locus of control, extraversion and agreeableness are correlated with informal borrowing expectations, which is the expectation that one can borrow from family and friends. With respect to expectations on the approval of a formal loan application, it is locus of control and conscientiousness that are positively associated. Effect sizes are large and economically meaningful. Second, we find that personality traits are important for borrowing constraints. A more internal locus of control and higher neuroticism are correlated with being denied for credit, as well as discouraged borrowing. Our third set of results reports findings on personality traits and loan regret, and how traits are correlated with dealing with loan troubles. Many households in our sample express regret (21%), but more open, more agreeable and more neurotic individuals are more likely to express regret. Our results are not driven by financial knowledge, time preferences or risk attitudes. Overall these findings imply that non-cognitive traits are important for borrowing behavior of households.
The Federal Reserve has been publishing federal funds rate prescriptions from Taylor rules in its Monetary Policy Report since 2017. The signals from the rules aligned with Fed action on many occasions, but in some cases the Fed opted for a different route. This paper reviews the implications of the rules during the coronavirus pandemic and the subsequent inflation surge and derives projections for the future.
In 2020, the Fed took the negative prescribed rates, which were far below the effective lower bound on the nominal interest rate, as support for extensive and long-lasting quantitative easing. Yet, the calculations overstate the extent of the constraint, because they neglect the supply side effects of the pandemic.
The paper proposes a simple model-based adjustment to the resource gap used by the rules for 2020. In 2021, the rules clearly signaled the need for tightening because of the rise of inflation, yet the Fed waited until spring 2022 to raise the federal funds rate. With the decline of inflation over the course of 2023, the rules’ prescriptions have also come down. They fall below the actual federal funds rate target range in 2024. Several caveats concerning the projections of the interest rate prescriptions are discussed.
This paper addresses the need for transparent sustainability disclosure in the European Auto Asset-Backed Securities (ABS) market, a crucial element in achieving the EU's climate goals. It proposes the use of existing vehicle identifiers, the Type Approval Number (TAN) and the Type-Variant-Version Code (TVV), to integrate loan-level data with sustainability-related vehicle information from ancillary sources. While acknowledging certain challenges, the combined use of TAN and TVV is the optimal solution to allow all stakeholders to comprehensively assess the environmental characteristics of securitised exposure pools in terms of data protection, matching accuracy, and cost-effectiveness.