Working paper series / Johann-Wolfgang-Goethe-Universität Frankfurt am Main, Fachbereich Wirtschaftswissenschaften : Finance & Accounting
Refine
Year of publication
Document Type
- Working Paper (203)
- Report (3)
Is part of the Bibliography
- no (206)
Keywords
- Deutschland (55)
- Schätzung (25)
- Corporate Governance (23)
- Börsenkurs (14)
- Bank (12)
- Portfoliomanagement (12)
- corporate governance (10)
- Europäische Union (9)
- Großbritannien (8)
- Kreditwesen (8)
- Aktienmarkt (7)
- Asymmetrische Information (7)
- Optionspreistheorie (7)
- Wertpapierhandel (7)
- Frankreich (6)
- Immobilienfonds (6)
- Interbankenabkommen (6)
- Japan (6)
- Kapitalmarkteffizienz (6)
- Portfolio Selection (6)
- Volatilität (6)
- Wertpapiermarkt (6)
- Anreizsystem (5)
- Börse (5)
- Börsenzulassung (5)
- Finanzierungsstruktur (5)
- Finanzintermediation (5)
- Finanzwirtschaft (5)
- Going Public (5)
- International Accounting Standards (5)
- International Financial Reporting Standards (5)
- Kapitalmarkt (5)
- Kreditmarkt (5)
- Rendite (5)
- Wertpapieremission (5)
- complementarity (5)
- credit risk (5)
- Aktienkurs (4)
- Aktienoption (4)
- Altersversorgung (4)
- Bewertungseinheit (4)
- Corporate governance (4)
- Entwicklungsfinanzierung (4)
- Entwicklungsländer (4)
- Handelsvolumen (4)
- Investitionsentscheidung (4)
- Kapitalstruktur (4)
- Klein- und Mittelbetrieb (4)
- Kreditrisiko (4)
- Liquidität (4)
- Mikrofinanzierung (4)
- Mikrostrukturtheorie <Kapitalmarkttheorie> (4)
- Neubewertung (4)
- Publizitätspflicht (4)
- Risiko (4)
- Russland (4)
- Unternehmen (4)
- Vergleich (4)
- Versicherungswirtschaft (4)
- credit rationing (4)
- financial system (4)
- financial systems (4)
- institution building (4)
- networks (4)
- risk allocation (4)
- Aktienanalyse (3)
- Aktienbewertung (3)
- Aktienoptionshandel (3)
- Aktienoptionsplan (3)
- Asymmetric Information (3)
- Bankenkrise (3)
- Capital-Asset-Pricing-Modell (3)
- Development finance (3)
- Employee stock options (3)
- Executive stock options (3)
- Exponential smoothing (3)
- Fair value accounting (3)
- Festwert (3)
- Finanzanalyse (3)
- Finanzierungstheorie (3)
- Finanzintermediäre (3)
- Hedging (3)
- Index (3)
- Indexzahl (3)
- Institutionalismus (3)
- Investitionspolitik (3)
- Investmentfonds (3)
- Jahresabschlussprüfung (3)
- Kapitalkosten (3)
- Kreditwürdigkeit (3)
- Leistungsbewertung (3)
- Leistungsmessung (3)
- Markteffizienz (3)
- Mengenindex (3)
- Mergers and Acquisitions (3)
- Regulierung (3)
- Rentenreform (3)
- Schattenwirtschaft (3)
- Securitization (3)
- Shareholder-Value-Analyse (3)
- Sparkasse (3)
- Stakeholder (3)
- Technische Aktienanalyse (3)
- Teilwert (3)
- USA (3)
- Wertpapieranalyse (3)
- Zeitreihenanalyse (3)
- asset allocation (3)
- asymmetric information (3)
- efficiency (3)
- financial centres (3)
- information production (3)
- insurance (3)
- pension system (3)
- rating agencies (3)
- regulation (3)
- savings banks (3)
- (dis-)intermediation (2)
- Aktie (2)
- Anpassung (2)
- Arbitrage (2)
- Arbitragebewertung (2)
- Asset Allocation (2)
- Asset-Backed Security (2)
- Bankpolitik (2)
- Barrier options (2)
- Bias (2)
- Business Network (2)
- Börsenhandel (2)
- Börsenhändler (2)
- Börsenmakler (2)
- Contingent claims (2)
- DEA (2)
- Derivat, Wertpapier (2)
- Development Finance (2)
- Disclosure (2)
- EU (2)
- Einkommen (2)
- Electronic Commerce (2)
- Emissionskurs (2)
- Entscheidung bei Unsicherheit (2)
- Europa (2)
- Exercise Behavior (2)
- Experimentelle Wirtschaftsforschung (2)
- Fair-Value-Bewertung (2)
- Financial Systems (2)
- Finanzierung (2)
- Finanzplatz (2)
- Frankfurt (2)
- Fuzzy logic (2)
- Fuzzy-Logik (2)
- Fuzzy-Menge (2)
- Führungskraft (2)
- Geldkurs (2)
- Generaldirektor (2)
- Generally Accepted Accounting Principles (2)
- Germany (2)
- Geschichte 1980-1998 (2)
- Geschäftsführer (2)
- Gewinnbeteiligung (2)
- Gewinnermittlung (2)
- IAS (2)
- Inflation (2)
- Informationsverhalten (2)
- Informeller Finanzsektor (2)
- Initial public offerings (2)
- Institutionenökonomie (2)
- Insurance (2)
- International Accounting (2)
- International Portfolio Diversification (2)
- Internationale Bank (2)
- Internationale Wettbewerbsfähigkeit (2)
- Internationaler Kreditmarkt (2)
- Internationaler Wettbewerb (2)
- Investitionsplanung (2)
- Investmentsparen (2)
- Kapitalanlage (2)
- Kapitalertrag (2)
- Kapitalflussrechnung (2)
- Kapitalmarktforschung (2)
- Klein- und Mittelunternehmen (2)
- Kredit (2)
- Krisenmanagement (2)
- Kritik (2)
- Liquidity (2)
- Malmquist-Productivity (2)
- Marktmikrostruktur (2)
- Open Source (2)
- Pfandbrief (2)
- Portfolio Insurance (2)
- Public Private Partnership (2)
- Public-Private Partnership (2)
- Qualität (2)
- Ratingagentur (2)
- Relationship Lending (2)
- Rentner (2)
- Risikomanagement (2)
- Risikoprämie (2)
- Risikoverteilung (2)
- Schuldverschreibung (2)
- Schweiz (2)
- Schätzfunktion (2)
- Schätztheorie (2)
- Spieltheorie (2)
- Stabilität (2)
- Stochastischer Prozess (2)
- Tantieme (2)
- Topmanager (2)
- US GAAP (2)
- Unternehmenskontrolle (2)
- Unternehmenstheorie (2)
- Unternehmensverfassung (2)
- Unternehmensziel (2)
- Verbraucherverhalten (2)
- Versicherung (2)
- Vertrauensschadenversicherung (2)
- Vorstandsvorsitzender (2)
- Wertpapier (2)
- Wettbewerbsstrategie (2)
- Währungsrisiko (2)
- accrual accounting (2)
- auditor liability (2)
- bootstrapping (2)
- capital market-based financial system (2)
- career concerns (2)
- cash flow statements (2)
- clearing (2)
- consistent systems (2)
- convergence (2)
- corporate disclosure (2)
- credit risk transfer (2)
- default risk (2)
- demutualization (2)
- economics of organization (2)
- exchanges (2)
- financial transaction data (2)
- human capital formation (2)
- incomplete markets (2)
- index construction (2)
- labor income (2)
- market efficiency (2)
- mergers & acquisitions (2)
- open source software (2)
- ownership structure (2)
- performance measurement (2)
- portfolio choice (2)
- recursive utility (2)
- residual income (2)
- risk transfer (2)
- settlement (2)
- signalling (2)
- straight-through processing (2)
- systematic risk (2)
- trading (2)
- underpricing (2)
- voluntary disclosure (2)
- when-issued trading (2)
- winner’s curse (2)
- "superior" information (1)
- ABS (1)
- ACD (1)
- ARCH-Prozess (1)
- Abfindungsspekulation (1)
- Abschlussprüfung (1)
- Accounting (1)
- Ad-hoc-Publizität (1)
- Adaptive Erwartung (1)
- Agency Theory (1)
- Agency-Theorie (1)
- Agglomerationseffekt (1)
- Akquisitionen (1)
- Aktiendepot (1)
- Aktienemissionen (1)
- Aktienindex (1)
- Aktienrecht (1)
- Aktienrückkauf (1)
- Aktionärsstruktur (1)
- Alter (1)
- Alterssicherung (1)
- Analysis (1)
- Ankündigungseffekt (1)
- Anlageverhalten (1)
- Anlegerschutz (1)
- Anreiz (1)
- Anreizvertrag (1)
- Anteilseigner (1)
- Arbitrage-Pricing-Theorie (1)
- Arbitragefreiheit (1)
- Asset Liability Management (1)
- Asymmetric information (1)
- Auftrag (1)
- Auktionstheorie (1)
- Ausfallrisiko (1)
- Auskunftei (1)
- Ausland (1)
- Ausländisches Unternehmen (1)
- Ausschluss (1)
- Bank mergers (1)
- Bankenmacht (1)
- Bankensystem / Finanzsektor / Branchenentwicklung / Rentabilität / Strukturwandel / Sparkasse / Kreditgenossenschaft / Deutschland / 1970-2003 (1)
- Banking Regulation (1)
- Banking in Europe (1)
- Banking system (1)
- Bankkredit (1)
- Bankrecht (1)
- Bankruptcy Law (1)
- Banks (1)
- Banksteuerung (1)
- Basel II (1)
- Basler Eigenkapitalvereinbarung <1988> (1)
- Basler Eigenkapitalvereinbarung, 2001 (1)
- Basler Eigenkapitalvereinbarung, 2010 (1)
- Bayes-Regel (1)
- Bayes-Verfahren (1)
- Bayesian inference (1)
- Beta and return (1)
- Betafaktor (1)
- Betriebliche Kennzahl (1)
- Betriebswirtschaftslehre (1)
- Bewertung von Finanzinstrumenten (1)
- Bilanzierungsgrundsätze (1)
- Bilanzpolitik (1)
- Bilanzrecht (1)
- Bilanzstrukturmanagement (1)
- Binnenmarkt (1)
- Board Independence (1)
- Bodenpreis (1)
- Bonitätsprüfung (1)
- Bootstrap (1)
- Box-Cox transformation (1)
- Box-Cox-Transformation (1)
- Branchenkrise (1)
- Bulgarien (1)
- Business Ethics (1)
- Börseninformationssystem (1)
- Börsenkrach (1)
- Börsenorganisation (1)
- CBO (1)
- CDO (1)
- CEO Turnover (1)
- CLO (1)
- CVaR (1)
- Call Markets (1)
- Capital Asset Pricing Model (1)
- Capital Butgeting (1)
- Capital Market (1)
- Capital Markets (1)
- Cashflow (1)
- Checkliste (1)
- Commercialisation (1)
- Comparative Accounting (1)
- Compensation Contracting (1)
- Complementarities (1)
- Complementarity (1)
- Completeness of financial markets (1)
- Contagion (1)
- Convergence of financial systems (1)
- Convergences of Financial Systems (1)
- Coordination (1)
- Corporate Governance / Eigentümerstruktur / Universalbank / Finanzmarkt / Mitbestimmung / Deutschland (1)
- Corporate Governance / Informationsökonomik / Informationsverbreitung / Finanzintermediär / Theorie (1)
- Corporate Governance / Selbstverpflichtung / Rechtsdurchsetzung / Börsenkurs / Finanzmarkt / Deutschland (1)
- Corporate and securities laws (1)
- Cost of Capital (1)
- Credit (1)
- Credit Risk Models (1)
- Credit market competition (1)
- Credit rating agencies (1)
- Cross-listing (1)
- Currency Hedging (1)
- Decision Making und Risk (1)
- Demografische Entwicklung (1)
- Derivate Finanzinstrumente (1)
- Desinvestitionen (1)
- Discretization Error (1)
- Disketten-Clearing-Verfahren (1)
- Diskontierungsfaktor (1)
- Diversifikation (1)
- Dogma (1)
- EM algorithm (1)
- EU-Directives (1)
- Economic Development (1)
- Economic Growth (1)
- Economics of information (1)
- Economies of scale (1)
- Effekten (1)
- Efficiency (1)
- Eigenkapital (1)
- Eigenkapitalgrundsätze (1)
- Einkommenselastizität (1)
- Electronic Banking (1)
- Elementarschadenversicherung (1)
- Emerging Markets (1)
- Emerging Stock Markets (1)
- Endogenes Wirtschaftswachstum (1)
- Enforcement (1)
- Entscheidungsregel (1)
- Entwicklung (1)
- Erich Gutenberg (1)
- Ersparnis (1)
- Erwartungsbildung (1)
- Estimation Risk (1)
- European Monetary Union (1)
- European Shadow Financial (1)
- European Shadow Financial Regulatory Committee (1)
- European stock markets (1)
- Europäische Aktienmärkte (1)
- Europäische Gemeinschaften (1)
- Event Study (1)
- Eventstudie (1)
- Evolutorische Wirtschaft (1)
- Executive Compensation (1)
- Exercise behavior (1)
- Experimentelle (1)
- FX Derivatives (1)
- Factor Model (1)
- Faktorenanalyse (1)
- Fernmeldewesen (1)
- Financial Development (1)
- Financial Institution Building (1)
- Financial Intermediation (1)
- Financial Markets (1)
- Financial Reporting Review Panel (FRRP) (1)
- Financial distress (1)
- Financial integration process (1)
- Financial system (1)
- Finanzderivat / Hedging / Strategie / Volatilität / Stochastischer Prozess / Theorie (1)
- Finanzdienstleistung (1)
- Finanzkrise (1)
- Finanzlage (1)
- Finanzmakler (1)
- Finanzplatz / Standortfaktor / Standortwettbewerb / Regionale Konzentration / Deutschland / Grossbritannien / Gruppe Deutsche Börse Frankfurt (1)
- Finanzsystem (1)
- Firmenkundengeschäft (1)
- Floatation Method (1)
- Florida (1)
- Fondsmanagement (1)
- Frankfurt (Main) (1)
- Frankfurt am Main (1)
- Fremdkapital / Kredit / Bank / Finanzierung / Lieferanten-Kunden-Beziehung / Theorie (1)
- Frühwarnsystem (1)
- Fusion (1)
- GARCH model (1)
- GARCH-Prozess (1)
- Gegenseitigkeit-Versicherung (1)
- Gehaltsstruktur (1)
- Generationenvertrag (1)
- Geschichte (1)
- Geschichte 1870-2005 (1)
- Geschichte 1946-1997 (1)
- Geschichte 1960-1995 (1)
- Geschichte 1975-1998 (1)
- Geschichte 1975-2002 (1)
- Geschichte 1978-2000 (1)
- Geschichte 1990-1999 (1)
- Geschichte 1994-2003 (1)
- Geschichte 1996-2005 (1)
- Geschichte 1996-2006 (1)
- Geschichte 1997-1999 (1)
- Geschichte 1999-2000 (1)
- Geschichte 1999-2003 (1)
- Geschichte 2002-2005 (1)
- Geschäftsanteil (1)
- Geschäftsbericht (1)
- Geschäftswert (1)
- Gewerbeimmobilien (1)
- Gewinnglättung (1)
- Globalisierung (1)
- Granger causality (1)
- Gutenberg, Erich (1)
- Haftpflichtversicherung (1)
- Haftung (1)
- Hagelversicherung (1)
- Handel (1)
- Handelskredit (1)
- Haushalt (1)
- Hausratversicherung (1)
- Hedging / Strategie / Volatilität / Stochastischer Prozess / Theorie (1)
- Hedging the Currency Risk (1)
- Hedonischer Preis (1)
- High Frequency Data in Finance (1)
- Higher Moments (1)
- History of the Theory of the Firm (1)
- Hypothekenbank (1)
- Hysterese (1)
- IPO (1)
- IT standardization (1)
- Immaterieller Anlagewert (1)
- Immaterielles Wirtschaftsgut (1)
- Immobilien-Investment (1)
- Immobilieninvestments (1)
- Immobilienmarkt (1)
- Incentive Compensation (1)
- Incentive Systems (1)
- Incomplete markets (1)
- Index-Futures (1)
- Indexbildung (1)
- Influence Activities (1)
- Information Acquisition (1)
- Informationsgehalt (1)
- Informationspolitik (1)
- Informationstechnik (1)
- Informationswert (1)
- Informationsökonomie (1)
- Initial Public Offerings (1)
- Innenfinanzierung (1)
- Insidergeschäft (1)
- Insolvenz (1)
- Institution Building (1)
- Institutioneller Anleger (1)
- Insurance Stocks (1)
- Interessenpolitik (1)
- International Accounting Standard 39 (1)
- International Portfolio Choice (1)
- International stock markets (1)
- Intra Day (1)
- Investition (1)
- Investitionsrechnung (1)
- Investment Incentives (1)
- Investment incentives (1)
- Investor Relations (1)
- Jahresabschlußprüfung (1)
- Japanese financial system (1)
- Jumps (1)
- Kapitalallokation (1)
- Kapitalanlagegesellschaften (1)
- Kapitalbedarfsrechnung (1)
- Kapitalbeteiligung (1)
- Kapitalbeteiligungsgesellschaft (1)
- Kapitalmarktrecht (1)
- Kapitalmarkttheorie (1)
- Kleinkredit (1)
- Konkurs (1)
- Kontrakttheorie (1)
- Kreditgenossenschaft (1)
- Kreditgeschäft (1)
- Kreditgeschäft / Unternehmenskooperation / Vertrag / Bank / Kreditrisiko / Rentabilität / Theorie (1)
- Kreditirisiken (1)
- Kreditrestriktion (1)
- Kreditwürdigkeitsprüfung (1)
- Kursbeeinflussung (1)
- LEN-Modell (1)
- Langfristiger Kredit (1)
- Learning Effects (1)
- Leasing (1)
- Leibrente (1)
- Lieferanten-Kunden-Beziehung (1)
- Liquidity Crisis (1)
- Lobbying (1)
- Lobbyismus (1)
- Lohnstruktur (1)
- Lohnstückkosten (1)
- L´evy framework (1)
- MBS (1)
- Main (1)
- Make or buy (1)
- Management (1)
- Managerial Accounting (1)
- Manipulation (1)
- Market risk premium (1)
- Market-Maker (1)
- Markov switching models (1)
- Markov-Prozess (1)
- Marktpreisrisiken (1)
- Mehrheitsaktionär (1)
- Microfinance (1)
- Mikrostrukturtheorie <Kapitalmarkttheorie> (1)
- Minderheitsaktionär (1)
- Mitgliedsstaaten (1)
- Mittelsperson (1)
- Mittelstand (1)
- Model Error (1)
- Model Risk (1)
- Moral Hazard (1)
- Multifaktorenmodelle (1)
- Multinationales Unternehmen (1)
- Multiple factor models (1)
- Mängelhaftung (1)
- Nachfrage (1)
- Neuer Markt (1)
- Neuer Markt <Börse> (1)
- Neuer Markt, Börse (1)
- New Economy (1)
- Nichtlineare Analysis (1)
- Nichtparametrische Statistik (1)
- Nichtparametrisches Verfahren (1)
- Nutzen (1)
- Nutzenmaximierung (1)
- Oil Industry (1)
- Options (1)
- Optionspreistheorie / Hedging / Stochastischer Prozess / Theorie (1)
- Organizational Theory (1)
- Ownership (1)
- Paris (1)
- Pensionskasse (1)
- Performance Measurement (1)
- Personalaufwendung (1)
- Pflichtrotation (1)
- Politikberatung (1)
- Portfolio Choice (1)
- Portfolio Optimization (1)
- Portfolio-Investition (1)
- Preis (1)
- Preisbildung (1)
- Preiselastizität (1)
- Preisindex (1)
- Pressemitteilungen (1)
- Price Formation (1)
- Price discovery (1)
- Principal-Agent (1)
- Private Equity (1)
- Produktivität (1)
- Prognose (1)
- Pythagorean theorem (1)
- REITs (1)
- Rating (1)
- Real Estate Investments (1)
- Real Estate Securities (1)
- Real estate investments (1)
- Realoption (1)
- Recht (1)
- Rechtsvereinheitlichung (1)
- Reduktion (1)
- Reform (1)
- Regelberichterstattung (1)
- Regulatory Committee (1)
- Relationship lending (1)
- Rentenversicherung (1)
- Residual Income (1)
- Rights Offerings (1)
- Risikoprämien (1)
- Risk (1)
- Risk Premiums (1)
- Risk neutral valuation (1)
- Sachbearbeiter (1)
- Sachversicherung (1)
- Schadenversicherung (1)
- Scheingewinn (1)
- Schneeballsystem (1)
- Schwellenländer (1)
- Seasonality of the Trading Process (1)
- Seasoned Equity Offerings (1)
- Securitisation (1)
- Sektoraler Strukturwandel (1)
- Self-fulfilling Prophecy (1)
- Self-regulation (1)
- Severance Pay (1)
- Shareholder (1)
- Shareholder Value (1)
- Shortfall (1)
- Shortfall Risk (1)
- Signaling (1)
- Skalenertrag (1)
- Small-Caps (1)
- Specialist Trading (1)
- Squeeze-Out (1)
- Standardisierung (1)
- Standort (1)
- Standortfaktor (1)
- Standortpolitik (1)
- Standortwahl (1)
- Standortwettbewerb (1)
- Statistischer Test (1)
- Steuer (1)
- Steuerrückstellung (1)
- Stiglitz, Joseph E. (1)
- Stochastic Volatility (1)
- Stochastic jumps (1)
- Stochastic volatility (1)
- Sturmversicherung (1)
- Takeovers (1)
- Target Costing (1)
- Telekommunikation (1)
- Telekommunikationswirtschaft (1)
- Theorie (1)
- Theoriegeschichte (1)
- Theory of the Firm (1)
- Time continuous valuation (1)
- Timing risk (1)
- Tobit panel data regressions (1)
- Transaction durations (1)
- Transformation (1)
- Transmission Mechanism (1)
- UK-Environment (1)
- Unbewegliche Sache (1)
- Uncertainty (1)
- Ungarn (1)
- Unternehmenserfolg (1)
- Unternehmensfinanzierung (1)
- Unternehmenskauf (1)
- Unternehmensmodell (1)
- Unternehmensorganisation und Strategie (1)
- Validation (1)
- Value at Risk (1)
- Verbrauch (1)
- Vereinigte Staaten (1)
- Vergütung (1)
- Vermögensanlagen (1)
- Versicherungsaktien (1)
- Versicherungsaktiengesellschaft (1)
- Versicherungsaufsicht (1)
- Versicherungsunternehmen (1)
- Versicherungswissenschaft (1)
- Verweildauer (1)
- Volatility Risk Premium (1)
- Volatilität / Risikoprämie / Statistischer Test / Optionspreistheorie / Stochastischer Prozess / Theorie (1)
- Vollständigkeit des Marktes (1)
- Wachstumstheorie (1)
- Wahrscheinlichkeitsverteilung (1)
- Wechselkurs (1)
- Welt (1)
- Wertanalyse / Shareholder Value / Erfolgsrechnung / Ökonomischer Anreiz / Betriebliche Kennzahl / Theorie / performance measurement (1)
- Wertberichtigung Wertberichtigung (1)
- Wertmanagement (1)
- Wertpapieranlage (1)
- Wertpapierbörse (1)
- Wertpapierhandelsgesetz (WpHG) (1)
- Wertschöpfungskette (1)
- Wettbewerb (1)
- Wettbewerbsfreiheit (1)
- Wettbewerbsfähigkeit (1)
- Wiederkauf (1)
- Wirtschaftlicher Dualismus (1)
- Wirtschaftsgut (1)
- Wirtschaftspolitik (1)
- Wirtschaftspolitisches Ziel (1)
- Wirtschaftsprüfung (1)
- Wohnungsmarkt (1)
- Währungsunion (1)
- Xetra-Handelssystem (1)
- Zeitpräferenz (1)
- Zeitstetige Optionsbewertung (1)
- Zins (1)
- Zinsfuß (1)
- Zukunft (1)
- accounting principles (1)
- active management (1)
- ad hoc disclosure rules (1)
- annuities (1)
- artificially completed markets (1)
- asset location (1)
- asset-pricing models (1)
- autoregressive conditional duration models (1)
- bank funding (1)
- bank mergers (1)
- bank regulation (1)
- bank strategies (1)
- bank-based financial system (1)
- bank-based financial systems (1)
- banking (1)
- banking system (1)
- banks (1)
- behavioral finance (1)
- beta kernel (1)
- board of directors (1)
- board oversight (1)
- boundary bias (1)
- business segment reports (1)
- capital (1)
- capital market-based financial systems (1)
- capital regulation (1)
- capital structure (1)
- central counterparty (1)
- centralcounterparty (1)
- certainty equivalents (1)
- cluster analysis (1)
- co-determination (1)
- collateralized loan obligations (1)
- competition (1)
- competition in banking (1)
- conservatism (1)
- contagion (1)
- coordination problems (1)
- core Europe (1)
- corporategovernance (1)
- cost and profit efficiency (1)
- cost efficiency (1)
- country groups (1)
- credit chains (1)
- credit constraints (1)
- credit rating (1)
- credit rating agencies (1)
- credit ratings (1)
- credit risk correlation (1)
- default (1)
- delegated expertise (1)
- delegated monitoring (1)
- derivate Finanzinstrumente (1)
- derivatives (1)
- development finance (1)
- discrete trading (1)
- disintermediation (1)
- distance to default (1)
- diversification (1)
- dividend protection (1)
- dividends (1)
- dual-class shares (1)
- duble moral hazard (1)
- duration analysis (1)
- dynamic asset allocation (1)
- dynamic programming (1)
- earnings management (1)
- economic analysis of law (1)
- economic geography (1)
- economic institutions (1)
- economic systems (1)
- economies of scale (1)
- effciency (1)
- electoral cycle (1)
- endowment effect (1)
- estimation risk (1)
- event study (1)
- executive compensation (1)
- executive stock options (1)
- experience-based learning (1)
- experimental asset markets (1)
- externe Performance-Messung (1)
- financial constraints (1)
- financial deepening (1)
- financial distress (1)
- financial services (1)
- finite mixture distributions (1)
- fixed effects regression (1)
- foreign banks (1)
- franchise value (1)
- german insurance industry (1)
- global banks (1)
- global game (1)
- goal congruence (1)
- government-owned banks (1)
- hedging error (1)
- hedonic (1)
- hedonic translog cost function (1)
- hedonische Indizes (1)
- home bias (1)
- housing (1)
- human capital formationbank-based financial system (1)
- incentive effects (1)
- incentive fees (1)
- incentives (1)
- incomplete contracts (1)
- information ratios (1)
- information technology (1)
- informed principal (1)
- inter-firm liquidity provision (1)
- international accounting (1)
- international banking (1)
- international diversification (1)
- internationale Unternehmensstrategien (1)
- intraday stock price adjustments (1)
- investment management company (1)
- kapitalmarktorientierte Rechnungslegung (1)
- law and economics (1)
- leader- follower analysis (1)
- leasing (1)
- legal rules (1)
- lender coordination (1)
- liability insurance (1)
- life-cycle decisions (1)
- limited liability (1)
- liquidity (1)
- loan officers (1)
- loan origination (1)
- location theory (1)
- long-term investments (1)
- managerial incentives (1)
- mandatory audit (1)
- market institutions (1)
- market microstructure theory (1)
- market participants (1)
- market prices of risk (1)
- market reactions (1)
- market structure (1)
- market trends (1)
- market valuation (1)
- model mis-specification (1)
- model misspecification (1)
- multinomial logit model (1)
- multiple bank financing (1)
- mutual fund complex (1)
- non-parametric methods (1)
- non-profit banking (1)
- nonlinear time series models (1)
- normalization (1)
- nternationale Wettbewerbsfähigkeit (1)
- numerical optimization (1)
- open-end real-estate fund (1)
- optimal consumption and investment (1)
- option pricing (1)
- owner-manager conflict (1)
- panel data (1)
- paradigm of complementarities (1)
- partnerships (1)
- pensions (1)
- performance fees (1)
- political economy (1)
- political influence (1)
- portfolio managers (1)
- portfolio selection (1)
- post-trading (1)
- probit and logit models (1)
- proprietary costs (1)
- proximity (1)
- public information (1)
- quiet life hypothesis (1)
- rating migration (1)
- realised volatility (1)
- regional banks (1)
- regional competition (1)
- relationship lending (1)
- retirement (1)
- retirement policies (1)
- risikoadjustierte Rendite (1)
- risikoneutrale Bewertung (1)
- risk budgeting (1)
- risk shifting (1)
- robust hedging (1)
- securitisation (1)
- securitization (1)
- share repurchases (1)
- shortfall risk (1)
- simulation-based research (1)
- small business lending (1)
- software (1)
- stakeholders (1)
- state-owned enterprises (1)
- stochastic differential utility (1)
- stochastic interest rates (1)
- stochastic jumps (1)
- stochastic volability (1)
- stochastic volatility (1)
- stock market (1)
- structural positions (1)
- structured finance (1)
- superhedging (1)
- systematic stability (1)
- tactical asset allocation (1)
- tax exempt accounts (1)
- tax-deferred accounts (1)
- team production problem (1)
- theory of the firm (1)
- tractable hedging (1)
- trade credit (1)
- trading intensity (1)
- transparency (1)
- universal banking (1)
- validation (1)
- value based management (1)
- value chain (1)
- voting premium (1)
- watchlist (1)
- welfare loss (1)
- Älterer Mensch (1)
- Öffentlichkeitsarbeit (1)
- Ökonometrisches Modell (1)
- ‘u’-shape (1)
Institute
174
We compute the optimal dynamic asset allocation policy for a retiree with Epstein-Zin utility. The retiree can decide how much he consumes and how much he invests in stocks, bonds, and annuities. Pricing the annuities we account for asymmetric mortality beliefs and administration expenses. We show that the retiree does not purchase annuities only once but rather several times during retirement (gradual annuitization). We analyze the case in which the retiree is restricted to buy annuities only once and has to perform a (complete or partial) switching strategy. This restriction reduces both the utility and the demand for annuities.
173
We propose a new approach to measuring the effect of unobservable private information or beliefs on volatility. Using high-frequency intraday data, we estimate the volatility effect of a well identified shock on the volatility of the stock returns of large European banks as a function of the quality of available public information about the banks. We hypothesise that, as the publicly available information becomes stale, volatility effects and its persistence should increase, as the private information (beliefs) of investors becomes more important. We find strong support for this idea in the data. We argue that the results have implications for debate surrounding the opacity of banks and the transparency requirements that may be imposed on banks under Pillar III of the New Basel Accord.
172
Wir untersuchen, in welchem Ausmaß die Aktien deutscher Unternehmen im Zeitverlauf an ausländischen Börsen gehandelt werden. Es zeigt sich – nach anfänglich bedeutsamer Handelsaktivität im Ausland – ein ausgeprägter Rückfluss-Effekt nach Deutschland. Zweitnotierungen an ausländischen Börsen dienen der Verbreiterung der Aktionärsbasis und somit der Senkung der Kapitalkosten und letztendlich der Steigerung des Unternehmenswertes. Dazu ist ein ausreichendes Handelsvolumen an der ausländischen Börse unabdinglich. Daran gemessen sind die Auslandsnotierungen deutscher Unternehmen nicht erfolgreich. Dies ist jedoch nicht im gleichen Ausmaß für alle Unternehmen der Fall. Kleinere, wachsende Unternehmen und Unternehmen mit höherem Anteil des Auslandsumsatzes am Gesamtumsatz werden relativ stärker im Ausland gehandelt.
171
This paper provides new insights into the nature of loan securitization. We analyze the use of collateralized loan obligation (CLO) transactions by European banks from 1997 to 2004 andtry to identify the influence that various firm-specific and macroeconomic factors may have on an institution's securitization decision. We find that not only regulatory capital arbitrage under Basel I has been driving the market. Rather, our results suggest that loan securitization is an appropriate funding tool for banks with high risk and low liquidity. It may also have been used by commercial banks to indirectly access investment-bank activities and the associated gains.
170
The tax codes in many countries allow for special tax advantages for investments in special retirement plans. Probably the most important advantage to these plans is that profits usually remain untaxed. This paper deals with the question, which assets are preferable in a taxdeferred account (TDA). Contrary to the conventional wisdom that one should prefer bonds in the TDA, it is shown that especially in early years, stocks can be the preferred asset to hold in the TDA for an investor maximizing final wealth, given a certain asset allocation. The higher the performance of stocks compared to bonds, the higher the tax burden put on stocks compared to bonds. Simultaneously, the longer the remaining investment horizon, the larger the relative outperformance of the optimal asset location strategy compared to the myopic strategy of locating bonds in the TDA. An algorithm is provided to determine the investment strategy that maximizes (expected) funds at the end of a given investment horizon when there is an analytical solution.
169
This paper analyzes the relation between demographic structure and real asset returns on treasury bills, bonds and stocks for the G7-countries (United States, Canada, Japan, Italy, France, the United Kingdom and Germany). A macroeconomic multifactor model is used to examine a variety of different demographic factors from 1951 to 2002. There was no robust relationship found between shocks in demographic variables and asset returns in the framework of these models, which suggests that Asset Meltdown is rather fiction than fact.
168
Both banks and open end real estate funds effectuate liquidity transformation in large amounts and high scales. Because of this similarity the latter should be analyzed using the same methodologies as usually applied for banks. We show that the work in the tradition of Diamond and Dybvig (1983), especially Allen and Gale (1998) and Diamond and Rajan (2001), provides an applicable theoretical framework. We used this as the basis for our model for open end real estate funds. We then examined the usefulness of the modeling structure in analyzing open end real estate funds. First, we could show that withdrawing of capital resulting in a run is not always inefficient. Instead, withdrawing can as well be referred to the situation where the low return of an open end fund unit in comparison to other opportunities makes, (partial) withdrawal viewed from the risk-sharing perspective optimal. Even with costly liquidation, this result will hold, though we will have deadweight losses in such a situation. Second, introducing a secondary market in our model does, not in general, resolve the problem of deadweight losses associated with foreclosure. If assets are sold during a run, we do not only have a transfer of value but it can also create an economic cost. Because funds are forced to liquidate the illiquid asset in order to fulfill their obligations, the price of the real estate asset is forced down making the crisis worse. Rather than providing insurance, such that investors receive a transfer in negative outcomes, the secondary market does the opposite. It provides a negative insurance instead. Third, our model proves that the open end structure provides a monitoring function which serves as an efficient instrument to discipline the funds management. Therefore, we argue that an open end structure can represent a more adequate solution to securitize real estate or other illiquid assets. Instead of transforming open end in closed end structures, fund runs should be accepted as a normal phenomenon to clear the market from funds with mismanagement.
167
Rentenreform in Russland : heutiger Stand und Entwicklungsperspektiven im internationalen Vergleich
(2006)
Das Rentensystem ist ein wichtiges Element jeder modernen Volkswirtschaft. Heutzutage werden Rentenreformen sowohl in den Industriestaaten als auch in den Transformationsländern diskutiert und praktisch umgesetzt. Jedoch sind die Ursachen bzw. Ziele der Rentenreformen in einzelnen Regionen zu unterscheiden. Während der demographische Wandel in den Industriestaaten zur Notwendigkeit der Erhöhung der Einnahmen bzw. Kürzung der Ausgaben der Rentensysteme geführt hat, kämpfen die Transformationsländer mit den Folgen des sozialistischen Systems der Alterssicherung und den Problemen des Transformationsprozesses. Vor diesem Hintergrund diskutiert diese Arbeit die Notwendigkeit sowie die ersten Schritte der Umsetzung der Rentenreform in Russland, setzt diese in Relation zu den Reformschritten in Lateinamerika und Osteuropa und analysiert die Perspektiven zukünftiger Reformen in Russland.
166
One of the most acute problems in the world today is provision of a respectable living for the elderly. Today the process of aging population (as a result of a declined birth rate and increased life expectancy) has touched all countries of the world - developed countries as well as countries like Russia. Consequently, reforming traditional pension systems to deal with the changing situation has become an important issue around the world. These reforms typically center on the implementation of some form of funding of future pension benefits. This also holds for Russia, where in 1995 pension reform legislation introduced the so-called “accumulation pension”. In this context, this article will deal with the issues concerning the establishment of mutual funds, legal aspects of their operating and their investing opportunities. There will be carried out a comparative analysis of mutual funds with the other forms of public investments, namely: Common Funds of Bank Management, Voucher Investment Funds and Joint-stock Investment Funds.
165
Open-end real estate funds are of particular importance in the German bankdominated financial system. However, recently the German open-end fund industry came under severe distress which triggered a broad discussion of required regulatory interventions. This paper gives a detailed description of the institutional structure of these funds and of the events that led to the crisis. Furthermore, it applies recent banking theory to open-end real estate funds in order to understand why the open-end fund structure was so prevalent in Germany. Based on these theoretical insights we evaluate the various policy recommendation that have been raised.
163
This paper investigates whether the stock market reacts to unsolicited ratings for a sample of S&P rated firms from January 1996 to December 2005. We first analyze the stock market reaction associated with the assignment of an initial unsolicited rating. We find evidence that this reaction is negative and particularly accentuated for Japanese firms. A comparison between S&P’s initial unsolicited ratings with previously published ratings of two Japanese rating agencies for a Japanese subsample shows that ratings assigned by S&P are systematically worse. Further, we find that the stock market does not react to the transition from an unsolicited to a solicited rating. Comparison of the upgrades in the sample with a matched-sample of upgrades of solicited ratings reveals that the price reactions are no different. In addition, abnormal returns are worse for firms whose rating remained unchanged after the solicitation compared to those for upgraded firms. Finally, we find that Japanese firms are less likely to receive an upgrade. Our findings suggest that unsolicited ratings are biased downwards, that the capital market therefore expects upgrades of formerly unsolicited ratings and punishes firms whose ratings remain unchanged. All these effects seem to be more pronounced for Japanese firms.
162
Stakeholderorientierung, Systemhaftigkeit und Stabilität der Corporate Governance in Deutschland
(2006)
Since the time of Germany’s belated industrialisation, corporate governance in Germany has been stakeholder oriented in the dual sense of attaching importance to the interests of stakeholders who are not at the same time shareholders, and of providing certain opportunities for these stakeholders to influence corporate decisions. Corporate governance is also systemic. It is a system of elements that are complementary to each other, and also consistent. In other word, it is composed of elements for which it is important that they fit together well, and in the German case these elements did fit together well until quite recently. Corporate governance as a system is itself an element of the German bank-based financial system at large and possibly even of the entire German business and economic system. Stakeholder orientation of governance is consistent with the general structure this system, and even represents one of its central elements. In retrospect, German corporate governance has also proved to be surprisingly stable. Its fundamental traits date back to the turn from the 19th to the 20th century. There are strong reasons to assume that the systemic features, that is, its complementarity and consistency, have greatly contributed to its past stability. Since about ten years now, there are growing tendencies to question the viability and stability of the German corporate governance system and even the financial system as a whole. One of the central topics in the new debate concerns the stakeholder orientation of the system, which some observers and critics consider as the main weakness of the “German model” under the increasing pressures of globalisation and European integration. As far as their development over time is concerned, systems of complementarity elements exhibit certain peculiarities: (1) They do not adjust easily to changing circumstances. (2) Changes concerning important individual elements, such as the stakeholder orientation of governance, tend to jeopardize the viability and the stability of the entire system. (3) While they appear to be stable, systems shaped by complementary may simply be rigid and tend to break under strong external pressure. “Breaking” means that a system undergoes a fundamental transformation. It seems plausible to assume that the German financial system is already in the middle of such a transformation. It is yet another consequence of its systemic character that this transformation is not likely to be a smooth and gradual process and that it will not lead to a “mixed model” but rather to the adoption of a capital market-based financial system as it prevails in the Anglo-Saxon countries. In such a system, corporate governance cannot be geared to catering to the interests of stakeholders, and an active role for them would not even make any economic sense.
161
Using data of US domestic mergers and acquisitions transactions, this paper shows that acquirers have a preference for geographically proximate target companies. We measure the ‘home bias’ against benchmark portfolios of hypothetical deals where the potential targets consist of firms of similar size in the same four-digit SIC code that have been targets in other transactions at about the same time or firms that have been listed at a stock exchange at that time. There is a strong and consistent home bias for M&A transactions in the US, which is significantly declining during the observation period, i.e. between 1990 and 2004. At the same time, the average distances between target and acquirer increase articulately. The home bias is stronger for small and relatively opaque target companies suggesting that local information is the decisive factor in explaining the results. Acquirers that diversify into new business lines also display a stronger preference for more proximate targets. With an event study we show that investors react relatively better to proximate acquisitions than to distant ones. That reaction is more important and becomes significant in times when the average distance between target and acquirer becomes larger, but never becomes economically significant. We interpret this as evidence for the familiarity hypothesis brought forward by Huberman (2001): Acquirers know about the existence of proximate targets and are more likely to merge with them without necessarily being better informed. However, when comparing the best and the worst deals, we are able to show a dramatic difference in distances and home bias: The most successful deals display on average a much stronger home bias and distinctively smaller distance between acquirer and target than the least successful deals. Proximity in M&A transactions therefore is a necessary but not sufficient condition for success. The paper contributes to the growing literature on the role of distance in financial decisions.
160
In this paper, we propose a model of credit rating agencies using the global games framework to incorporate information and coordination problems. We introduce a refined utility function of a credit rating agency that, additional to reputation maximization, also embeds aspects of competition and feedback effects of the rating on the rated firms. Apart from hinting at explanations for several hypotheses with regard to agencies' optimal rating assessments, our model suggests that the existence of rating agencies may decrease the incidence of multiple equilibria. If investors have discretionary power over the precision of their private information, we can prove that public rating announcements and private information collection are complements rather than substitutes in order to secure uniqueness of equilibrium. In this respect, rating agencies may spark off a virtuous circle that increases the efficiency of the market outcome.
159
Kapitalmarktorientierte Risikosteuerung in Banken : Marktwertsteuerung statt Marktzinsmethode
(2005)
In diesem Beitrag wird das Konzept der Marktzinsmethode als Grundlage der dualen Risikosteuerung von Kredit- und Marktpreisrisiken in Frage gestellt. Die Kreditrisiken einer Bank implizieren bonitätsinduzierte Marktpreisrisiken und bankspezifische Refinanzierungskosten. Während die bonitätsinduzierten Marktpreisrisiken in der dualen Risikosteuerung keine Berücksichtigung finden, werden die bankspezifischen Refinanzierungskosten zwar erkannt, aber bankintern nicht verursachungsgerecht zugeordnet. Das Grundmodell der Marktzinsmethode bietet keine Lösungsansätze zur Behebung dieser Probleme. Demgegenüber lassen sich die Fehlsteuerungsimpulse von vornherein durch eine konsequente Marktbewertung (Mark to Market) aller Finanzinstrumente vermeiden. Als Ausblick werden erste Überlegungen zur Implementierung einer umfassenden Marktwertsteuerung in Banken entwickelt und exemplarisch ein hierfür geeignetes Bewertungsmodell vorgestellt.
158
In recent years stock exchanges have been increasingly diversifying their operations into related business areas such as derivatives trading, post-trading services and software sales. This trend can be observed most notably among profit-oriented trading venues. While the pursuit for diversification is likely to be driven by the attractiveness of these investment opportunities, it is yet an open question whether certain integration activities are also efficient, both from a social welfare and from the exchanges' perspective. Academic contributions so far analyzed different business models primarily from the social welfare perspective, whereas there is only little literature considering their impact on the exchange itself. By employing a panel data set of 28 stock exchanges for the years 1999-2003 we seek to shed light on this topic by comparing the factor productivity of exchanges with different business models. Our findings suggest three conclusions: (1) Integration activity comes at the cost of increased operational complexity which in some cases outweigh the potential synergies between related activities and therefore leads to technical inefficiencies and lower productivity growth. (2) We find no evidence that vertical integration is more efficient and productive than other business models. This finding could contribute to the ongoing discussion about the merits of vertical integration from a social welfare perspective. (3) The existence of a strong in-house IT-competence seems to be beneficial to overcome.
157
Academic contributions on the demutualization of stock exchanges so far have been predominantly devoted to social welfare issues, whereas there is scarce empirical literature referring to the impact of a governance change on the exchange itself. While there is consensus that the case for demutualization is predominantly driven by the need to improve the exchange's competitiveness in a changing business environment, it remains unclear how different governance regimes actually affect stock exchange performance. Some authors propose that a public listing is the best suited governance arrangement to improve an exchange's competitiveness. By employing a panel data set of 28 stock exchanges for the years 1999-2003 we seek to shed light on this topic by comparing the efficiency and productivity of exchanges with differing governance arrangements. For this purpose we calculate in a first step individual efficiency and productivity values via DEA. In a second step we regress the derived values against variables that - amongst others - map the institutional arrangement of the exchanges in order to determine efficiency and productivity differences between (1) mutuals (2) demutualized but customer-owned exchanges and (3) publicly listed and thus at least partly outsider-owned exchanges. We find evidence that demutualized exchanges exhibit higher technical efficiency than mutuals. However, they perform relatively poor as far as productivity growth is concerned. Furthermore, we find no evidence that publicly listed exchanges possess higher efficiency and productivity values than demutualized exchanges with a customer-dominated structure. We conclude that the merits of outside ownership lie possibly in other areas such as solving conflicts of interest between too heterogeneous members.
156
This article presents an overview of the contemporary German insurance market, its structure, players, and development trends. First, brief information about the history of the insurance industry in Germany is provided. Second, the contemporary market is analyzed in terms of its legal and economic structure, with statistics on the number of companies, insurance density and penetration, the role of insurers in the capital markets, premiums split, and main market players and their market shares. Furthermore, the three biggest insurance lines—life, health, and property and casualty—are considered in more detail, such as product range, country specifics, and insurance and investment results. A section on regulation outlines its implementation in the insurance sector, offering information on the underlying legislative basis, supervisory body, technical procedures, expected developments, and sources of more detailed information.
155
We provide insights into determinants of the rating level of 371 issuers which defaulted in the years 1999 to 2003, and into the leader-follower relationship between Moody’s and S&P. The evidence for the rating level suggests that Moody’s assigns lower ratings than S&P for all observed periods before the default event. Furthermore, we observe two-way Granger causal-ity, which signifies information flow between the two rating agencies. Since lagged rating changes influence the magnitude of the agencies’ own rating changes it would appear that the two rating agencies apply a policy of taking a severe downgrade through several mild down-grades. Further, our analysis of rating changes shows that issuers with headquarters in the US are less sharply downgraded than non-US issuers. For rating changes by Moody’s we also find that larger issuers seem to be downgraded less severely than smaller issuers.