CFS working paper series
https://gfk-cfs.de/working-papers/
Refine
Year of publication
Document Type
- Working Paper (696)
Language
- English (696) (remove)
Has Fulltext
- yes (696)
Is part of the Bibliography
- no (696)
Keywords
- Deutschland (46)
- Geldpolitik (43)
- USA (43)
- Europäische Union (26)
- Schätzung (23)
- monetary policy (22)
- Bank (20)
- Monetary Policy (18)
- Haushalt (17)
- Venture Capital (17)
- Währungsunion (17)
- Risikokapital (16)
- Inflation (15)
- Kreditmarkt (14)
- Aktienmarkt (12)
- Going Public (12)
- Kreditrisiko (12)
- Volatilität (12)
- Corporate Governance (10)
- oil price (10)
- Financial Crisis (9)
- GARCH-Prozess (9)
- Household Finance (9)
- Inflation Targeting (9)
- Liquidity (9)
- Prognose (9)
- Sparen (9)
- Consumption (8)
- EMU (8)
- Kapitalertrag (8)
- Börsenkurs (7)
- Financial Literacy (7)
- Fiscal Policy (7)
- GARCH (7)
- Großbritannien (7)
- Market Microstructure (7)
- Stockholding (7)
- Value at Risk (7)
- Wechselkurs (7)
- Wettbewerb (7)
- insurance (7)
- Börsenzulassung (6)
- Europäische Zentralbank (6)
- Germany (6)
- Kapitalgewinn (6)
- Klein- und Mittelbetrieb (6)
- Kredit (6)
- Kreditwesen (6)
- Portfolio Selection (6)
- Portfoliomanagement (6)
- Precautionary Saving (6)
- Preisbildung (6)
- Schwellenländer (6)
- Wertpapieremission (6)
- Wirtschafts- und Währungsunion (6)
- asset pricing (6)
- fiscal policy (6)
- household finance (6)
- inflation (6)
- liquidity (6)
- Bankkredit (5)
- Buffer Stock Saving (5)
- Contagion (5)
- Deflation (5)
- Derivat, Wertpapier (5)
- ESG (5)
- Einkommen (5)
- Emerging Market (5)
- Euro Area (5)
- European Central Bank (5)
- Insurance (5)
- Japan (5)
- Liquidität (5)
- Mergers and Acquisitions (5)
- Model Uncertainty (5)
- Neuer Markt (5)
- Portfolio Choice (5)
- Private Equity (5)
- Regulation (5)
- Risikomanagement (5)
- Ruhestand (5)
- Transparency (5)
- Uncertainty (5)
- Underpricing (5)
- Unemployment (5)
- Zinsfuß (5)
- banking (5)
- corporate governance (5)
- credit risk management (5)
- expectations (5)
- finance (5)
- monetary policy rules (5)
- portfolio choice (5)
- real-time data (5)
- term structure (5)
- Öffentliche Ausgaben (5)
- Arbeitslosigkeit (4)
- Banking (4)
- Banks (4)
- Central Banking (4)
- Competition (4)
- Credit Ratings (4)
- Darlehen (4)
- ECB (4)
- Erwartung (4)
- Finanzkrise (4)
- Finanzplanung (4)
- IPO (4)
- Italien (4)
- Kanada (4)
- Kapitalanlage (4)
- Kapitalmarkt (4)
- Kapitalmarkteffizienz (4)
- Konjunktur (4)
- Kreditsicherung (4)
- Kreditwürdigkeit (4)
- Learning (4)
- Market Efficiency (4)
- Mitgliedsstaaten (4)
- Prediction (4)
- Privater Verbrauch (4)
- Progressive Taxation (4)
- Rating (4)
- Risikoverteilung (4)
- Risk (4)
- Unternehmenskooperation (4)
- Unternehmenssanierung (4)
- Value-at-Risk (4)
- Verbraucherpreis (4)
- Wirtschaftswachstum (4)
- Xetra-Handelssystem (4)
- Zinsstruktur (4)
- Zinsstrukturtheorie (4)
- bank lending (4)
- credit risk (4)
- exchange rates (4)
- financial crisis (4)
- financial intermediation (4)
- financial literacy (4)
- goods market integration (4)
- inflation targeting (4)
- law of one price (4)
- learning (4)
- liquidity trap (4)
- money creation (4)
- nominal rigidities (4)
- price discovery (4)
- purchasing power parity (4)
- rational expectations (4)
- realized volatility (4)
- relationship lending (4)
- relative price volatility (4)
- risk premium (4)
- systemic risk (4)
- transparency (4)
- Abnehmer (3)
- Aging (3)
- Aktienanlage (3)
- Aktienbörse (3)
- Algorithmic Trading (3)
- Arbeitsmarkt (3)
- Asset Pricing (3)
- Asset-Backed Security (3)
- Auslandskredit (3)
- Bankenaufsicht (3)
- Banking Regulation (3)
- Basler Eigenkapitalvereinbarung , 2001 (3)
- Bayesian inference (3)
- Beschaffungsmarketing (3)
- Beziehungsmanagement (3)
- Blockchain (3)
- Business Cycles (3)
- COVID-19 (3)
- Capital-Asset-Pricing-Modell (3)
- Cointegration (3)
- Consumer Credit (3)
- Credit Cards (3)
- Debt-equity swap (3)
- Debt-nature swap (3)
- Deutsche Börse (3)
- Disclosure (3)
- Event Study (3)
- Fair-Value-Bewertung (3)
- Financial Knowledge (3)
- Financial Regulation (3)
- Financial crisis (3)
- Finanzierungstheorie (3)
- Finanzwirtschaft (3)
- Fiscal Multiplier (3)
- Fiscal Stimulus (3)
- Fiskalpolitik (3)
- G-7-Staaten (3)
- Geduld (3)
- Generally Accepted Accounting Principles (3)
- Gewinn (3)
- Gleichgewicht (3)
- Gläubiger (3)
- Government Spending (3)
- Green bonds (3)
- Greenium (3)
- High-Frequency Data (3)
- Household Portfolios (3)
- Household finance (3)
- Initial Public Offerings (3)
- Investmentfonds (3)
- Kalman filter (3)
- Kenntnis (3)
- Kleingewerbe (3)
- Konjunkturzyklus (3)
- Konsumentenkredit (3)
- Kreditkarte (3)
- Kreditsicherheit (3)
- Krisenmanagement (3)
- Labor Market (3)
- Lieferung (3)
- Limited Commitment (3)
- Länderrating (3)
- Länderrisiko (3)
- Monetary Policy Rules (3)
- Neokeynesianismus (3)
- Neuer Markt <Börse> (3)
- New Economy (3)
- New Keynesian Model (3)
- OECD (3)
- Optimal Monetary Policy (3)
- Pensions (3)
- Performance (3)
- Preispolitik (3)
- Preisstarrheit (3)
- Quantitative Easing (3)
- Rentenmarkt (3)
- Retirement (3)
- Risk Management (3)
- Risk Sharing (3)
- Robustness (3)
- Saving (3)
- Schock <Wirtschaft> (3)
- Schulden (3)
- Schuldverschreibung (3)
- Sovereign Risk (3)
- Sovereign debt (3)
- Standardisierung (3)
- Sticky Prices (3)
- Systemic Risk (3)
- Transmissionsmechanismus (3)
- Trust (3)
- Umschuldung (3)
- Universalbank (3)
- Unternehmen (3)
- Unternehmenszusammenschluss (3)
- VAR (3)
- Verbrauch (3)
- Verbraucherpreisindex (3)
- Versicherungsmarkt (3)
- Vertrag (3)
- Wohlfahrtseffekt (3)
- Wohlstand (3)
- Währungskrise (3)
- Zertifizierung (3)
- Zinsertragskurve (3)
- annuity (3)
- asymmetric information (3)
- banking regulation (3)
- border effects (3)
- capital requirements (3)
- collateral (3)
- competition (3)
- contagion (3)
- corporate rating (3)
- crude oil (3)
- currency crisis (3)
- downside risk (3)
- euro (3)
- euro area (3)
- forward guidance (3)
- gasoline price (3)
- globalization (3)
- insider trading (3)
- interest rates (3)
- limited attention (3)
- limits to arbitrage (3)
- machine learning (3)
- model uncertainty (3)
- pension (3)
- portfolio allocation (3)
- regime-switching (3)
- risk aversion (3)
- spatial data (3)
- sticky prices (3)
- venture capital (3)
- volatility (3)
- wealth inequality (3)
- ARCH-Prozess (2)
- Abnormal Returns (2)
- Accounting for Banks (2)
- Active investors (2)
- Adaptive Erwartung (2)
- Adverse Selection (2)
- Adverse Selection Risk (2)
- Aktienkurs (2)
- Aktionär (2)
- Alternative investments (2)
- Altersversorgung (2)
- Anreiz (2)
- Asset Allocation (2)
- Asset Securitisation (2)
- Asymmetrische Information (2)
- Bank Simulation (2)
- Bank regulation (2)
- Bankbilanz (2)
- Banking crisis (2)
- Bankruptcy (2)
- Basle 2 (2)
- Basle Committee (2)
- Basler Eigenkapitalvereinbarung <1988> (2)
- Basler Eigenkapitalvereinbarung, 2001 (2)
- Basler Eigenkapitalvereinbarung, 2010 (2)
- Bayes-Entscheidungstheorie (2)
- Bayesian Estimation (2)
- Brent (2)
- Bundesanleihe (2)
- Business Sentiment (2)
- Börse (2)
- Börsenhändler (2)
- CLO (2)
- Central Bank Communication (2)
- Conditional Volatility (2)
- Consumption Dynamics (2)
- Contract Design (2)
- Core Inflation (2)
- Covid pandemic (2)
- Credit (2)
- Credit Rating Agencies (2)
- Crowding-out (2)
- Current Account (2)
- DSGE Model (2)
- Deductible Insurance (2)
- Delegated portfolio management (2)
- Density Forecasting (2)
- Desinvestition (2)
- Disaggregated Prices (2)
- Disinflation (2)
- Disposition Effect (2)
- Distress (2)
- Downside Risk (2)
- Dynamic Duration Models (2)
- Dynamisches Gleichgewicht (2)
- ECB Monetary Policy (2)
- Effektenbank (2)
- Eigenkapitalgrundsätze (2)
- Einkommensteuer (2)
- Electronic Commerce (2)
- Emissionsgeschäft (2)
- Emissionskurs (2)
- Entscheidung bei Unsicherheit (2)
- Entwicklungsländer (2)
- Environmental (2)
- Equity Crowdfunding (2)
- Equity Premium (2)
- Euro area (2)
- Euromarkt (2)
- Excess Zeros (2)
- Exchange Rates (2)
- FOMC (2)
- Fair Value Accounting (2)
- Fair value accounting (2)
- Finance (2)
- Financial Education (2)
- Financial Education Programs (2)
- Financial Institutions (2)
- Financial Instruments (2)
- Financial Markets (2)
- Finanzierung (2)
- Finanzintermediäre (2)
- Firmenkundengeschäft (2)
- Firmenwert (2)
- Fremdfinanzierung (2)
- G-SIFIs (2)
- Geldmarkt (2)
- General-to-specific Methodology (2)
- Geschichte 1997-2000 (2)
- Geschichte 2002 (2)
- Geschichte 2007-2010 (2)
- Glaubwürdigkeit (2)
- Governance (2)
- Government Debt (2)
- Green Bonds (2)
- Hausbank (2)
- Health (2)
- Hedge Accounting (2)
- Hedging (2)
- Herd Behavior (2)
- Hidden Liquidity (2)
- High-frequency Data (2)
- Hold-up (2)
- Homeownership (2)
- Household-Size Economies (2)
- Housing (2)
- Housing Wealth (2)
- Human Capital (2)
- IAS (2)
- Iceberg Orders (2)
- Incomplete Markets (2)
- Inequality (2)
- Inflation Convergence (2)
- Inflationsrate (2)
- Informationsökonomie (2)
- Insider Trading (2)
- Integration (2)
- Intermediary (2)
- International Accounting Standard 39 (2)
- Internationale Kapitalbewegung (2)
- Internationaler Konjunkturzusammenhang (2)
- Internationaler Kreditmarkt (2)
- Investor Sentiment (2)
- Investor protection (2)
- Ireland (2)
- Kapitalmobilität (2)
- Kassamarkt (2)
- Keynessche Theorie (2)
- Kointegration (2)
- Kongress (2)
- Konsol (2)
- Kosten (2)
- Kreditgeschäft (2)
- Kreditgewährung (2)
- Kreditpolitik (2)
- Kurtosis (2)
- Law and Finance (2)
- Lebenshaltungskosten (2)
- Leistungsbilanz (2)
- Limit Order Book (2)
- Limit Order Market (2)
- Limit Order Markets (2)
- Limited Enforcement (2)
- Limited Partnership (2)
- Linear Aggregation (2)
- Liquidity Constraints (2)
- Liquidity Risk (2)
- Liquidity Trap (2)
- Liquiditätspräferenztheorie (2)
- Loan Securitisation (2)
- Lock-up (2)
- Low-income Countries (2)
- Macroeconomic Announcements (2)
- Macroeconomic Modelling (2)
- Makroökonomie (2)
- Makroökonomisches Modell (2)
- Marginal Propensity to Consume (2)
- Mark-to-Market (2)
- Mark-to-market (2)
- Market Structure (2)
- Marktanteil (2)
- Markteffizienz (2)
- Messung (2)
- Microstructure (2)
- Minimax (2)
- Monetary policy transmission (2)
- Money (2)
- Moral Hazard (2)
- Multiplicative Error Model (2)
- Multivariate GARCH (2)
- Multivariate Probit (2)
- New-Keynesian Model (2)
- Nominal GDP Growth (2)
- Nominalzins (2)
- Notenbank (2)
- OTC markets (2)
- Optimal Taxation (2)
- Ownership Structure (2)
- PCAOB (2)
- Permanent Income Hypothesis (2)
- Phillips Curve (2)
- Phillips-Kurve (2)
- Policy Rules (2)
- Policy Under Uncertainty (2)
- Portfolio Optimization (2)
- Portugal (2)
- Predictive Likelihood (2)
- Preisindex der Lebenshaltung (2)
- Price Discovery (2)
- Price Impact of Trades (2)
- Procyclicality (2)
- Product Market Deregulation (2)
- Productivity (2)
- Prognoseverfahren (2)
- Quantity Theory (2)
- Rational Expectations (2)
- Real-time Data (2)
- Realer-Konjunkturzyklus-Theorie (2)
- Reform (2)
- Regelbindung (2)
- Regional Diversity (2)
- Regulierung (2)
- Rentenreform (2)
- Retirement Planning (2)
- Rezession (2)
- Risiko (2)
- Risikoprämie (2)
- Risk Aversion (2)
- Risk Transfer (2)
- Schweiz (2)
- Selection (2)
- Self-fulfilling Prophecy (2)
- Semiparametric Specification Test (2)
- Sicherheit (2)
- Simulated Maximum Likelihood (2)
- Social Insurance (2)
- Social Security (2)
- Sovereign Debt (2)
- Spanien (2)
- Spread Decomposition Models (2)
- Staatsanleihe (2)
- Stochastic Volatility (2)
- Structured Finance (2)
- Survey Indicator (2)
- Survey Method (2)
- Sustainable Finance (2)
- Sustainable Investing (2)
- Syndicated loans (2)
- Tagesgeschäft (2)
- Taylor Rules (2)
- Termingeschäft (2)
- Theorie (2)
- Trading (2)
- Trading Intensity (2)
- US GAAP (2)
- Unbewegliche Sache (2)
- Unternehmensgründung (2)
- Variance Decomposition (2)
- Vektor-autoregressives Modell (2)
- Venture capital (2)
- Verbraucher (2)
- Vertrauen (2)
- Volatility (2)
- WTI (2)
- Wage Rigidity (2)
- Wealth (2)
- Wealth Shocks (2)
- Welthandel (2)
- Wertpapierhandelssystem (2)
- Wertpapiermarkt (2)
- Wertpapierportefeuille (2)
- Wettbewerbsfreiheit (2)
- Wettbewerbsfähigkeit (2)
- Wirtschaftskrise (2)
- Wirtschaftspolitik (2)
- Wohneigentum (2)
- Zeitreihenanalyse (2)
- Zentraler Kontrahent (2)
- Zerobond (2)
- Zins (2)
- Zwangsanleihe (2)
- advertising (2)
- announcements (2)
- art (2)
- art market (2)
- asset purchases (2)
- asset valuation (2)
- auctions (2)
- bank deposits (2)
- bank regulation (2)
- banking supervision (2)
- behavioral finance (2)
- bid-ask spread (2)
- big data (2)
- business cycle (2)
- business equity (2)
- capital regulation (2)
- commitment (2)
- computer vision (2)
- consumption (2)
- continuation vote (2)
- core (2)
- corn (2)
- corporate bond market (2)
- corporate finance (2)
- cost of capital (2)
- credibility (2)
- credit constraints (2)
- debt maturity (2)
- deflation (2)
- delayed claiming (2)
- density forecasting (2)
- discount (2)
- distress (2)
- distress prediction (2)
- diversification (2)
- exchange rate (2)
- experts (2)
- factor model (2)
- financial innovation (2)
- financial sophistication (2)
- firm heterogeneity (2)
- forecast combination (2)
- forecasting (2)
- futures (2)
- gasoline (2)
- global real activity (2)
- habit formation (2)
- hedging (2)
- historical statistics (2)
- housebanks (2)
- household portfolio (2)
- household survey (2)
- household-portfolio shares (2)
- implied volatility skew (2)
- impulse response (2)
- information aggregation (2)
- international financial integration (2)
- investment (2)
- investor protection (2)
- joint inference (2)
- law and finance (2)
- limit order book (2)
- liquidity risk (2)
- loan contract design (2)
- loanable funds (2)
- long-term lending (2)
- loss function (2)
- macroeconomic modelling (2)
- manipulation (2)
- market efficiency (2)
- money markets (2)
- mutual funds (2)
- news (2)
- oil inventories (2)
- oil market (2)
- pass-through (2)
- payout policy (2)
- policy rules (2)
- policy under uncertainty (2)
- political economy (2)
- predictability (2)
- private information (2)
- quantity theory (2)
- real exchange rate (2)
- recovery (2)
- regulation (2)
- renegotiation (2)
- repurchases (2)
- risk transfer (2)
- saving (2)
- shipping (2)
- signaling (2)
- simulated method of moments (2)
- social security (2)
- sovereign exposures (2)
- sovereign risk (2)
- speed bump (2)
- spot market power (2)
- stockholding (2)
- structural VAR (2)
- subsistence consumption (2)
- surveillance (2)
- systematic risk (2)
- tragedy of the commons (2)
- uncertainty (2)
- unconventional oil (2)
- unemployment (2)
- wealth (2)
- workouts (2)
- yield curve (2)
- zero interest rate bound (2)
- zero lower bound (2)
- Älterer Mensch (2)
- Österreich (2)
- "magnet effect" (1)
- 401(k) plan (1)
- ABS (1)
- ARCH-Modell (1)
- Abhängigkeit (1)
- Absatzweg (1)
- Abwanderung-Widerspruch-Theorie (1)
- Accounting (1)
- Accounting for Financial Instruments in the Banking Industry: Conclusions from a Simulation Model (1)
- Accounting regulation (1)
- Accounting research (1)
- Acquisitions (1)
- Adaptation (1)
- Adverse Selection Costs (1)
- Affordability crisis (1)
- Agency Theory (1)
- Agency costs (1)
- Aggregate Fluctuations (1)
- Aggregate outcomes (1)
- Agile Methods (1)
- Aktienanalyse (1)
- Aktienbewertung (1)
- Aktienportefeuille (1)
- Allgemeines Gleichgewicht (1)
- Allgemeines Gleichgewichtsmodell (1)
- Allocation (1)
- Alternative Investments (1)
- Altersstruktur (1)
- Amtsperiode (1)
- Anchoring (1)
- Angebot (1)
- Anlagepolitik (1)
- Anlageverhalten (1)
- Anleihe (1)
- Annual General Meeting (1)
- Anteilseigner (1)
- Anticipatory Feeling (1)
- Arbeitsloser (1)
- Arbeitsmarktflexibilisierung (1)
- Arbeitsmarkttheorie (1)
- Arbitrage (1)
- Arm’s Length Debt (1)
- Art (1)
- Art Index (1)
- Art Market (1)
- Art investment (1)
- Art market (1)
- Art price index (1)
- Asset Location (1)
- Asset Market (1)
- Asset Price Bubbles (1)
- Asset Price Cycles (1)
- Asset Prices (1)
- Asset Purchase Programme (1)
- Asset Return (1)
- Asset Side Market Discipline (1)
- Asset prices (1)
- Asset pricing (1)
- Asymmetric Information (1)
- Asymmetries (1)
- Asymmetry (1)
- Asynchronous Trading (1)
- Auction (1)
- Audit fees (1)
- Audit partner tenure (1)
- Audit quality (1)
- Auditing (1)
- Auditor rotation (1)
- Auftragsabwicklung (1)
- Ausbreitung (1)
- Ausgaben (1)
- Auslandsanleihe (1)
- Auslandsschulden (1)
- Automation (1)
- Autoregressiver Prozess (1)
- Außenhandel (1)
- Außenwirtschaft (1)
- Außenwirtschaftliches Gleichgewicht (1)
- Außerbilanzielles Geschäft (1)
- Bank Capital Structure (1)
- Bank Deregulation (1)
- Bank Incentives (1)
- Bank Lending (1)
- Bank Lending Conditions (1)
- Bank Pool (1)
- Bank Regulation (1)
- Bank loan terms (1)
- Bankenliquidität (1)
- Banker's pay (1)
- Banking Competition (1)
- Bankrott (1)
- Bargaining (1)
- Bargaining Power (1)
- Basel II (1)
- Basel II Accord (1)
- Basel III (1)
- Bayes-Verfahren (1)
- Bayesian learning (1)
- Bellman Equations (1)
- Beschäftigungstheorie (1)
- Beschäftigungswirkung (1)
- Beta (1)
- Betafaktor (1)
- Beteiligungsfinanzierung (1)
- Betrieb (1)
- Betriebsgröße (1)
- Bevölkerungsentwicklung (1)
- Bewertungsstetigkeit (1)
- Bias (1)
- Bias in medical research (1)
- Bid-Ask Spread (1)
- Bilanz (1)
- Bilanzierungsgrundsätze (1)
- Bilanzklarheitsgrundsatz (1)
- Bilanzkontinuität (1)
- Bilanzrecht (1)
- Bilateral Trade Flows (1)
- Biotech Firms (1)
- Blankoverkauf (1)
- Blocked Realized Kernel (1)
- Blocking (1)
- Bond Market (1)
- Bond Spreads (1)
- Boom (1)
- Bootstrap (1)
- Borrowing (1)
- Brexit (1)
- Brokerage (1)
- Buchführung (1)
- Buchführungsgrundsätze (1)
- Buffer Stock Model (1)
- Bundesbank (1)
- Business Cycle (1)
- Business cycles (1)
- Business lending (1)
- Bust (1)
- Börsenkrach (1)
- Börsenmakler (1)
- CAPM (1)
- CBDC (1)
- CBRT (1)
- CDS (1)
- CDS spreads (1)
- CEO Speeches (1)
- COVID-19 pandemic (1)
- CSPP (1)
- Call Market (1)
- Call options (1)
- Call-Option (1)
- Canada (1)
- Capacity utilization (1)
- Capital Taxation (1)
- Capital requirements (1)
- Capitulation (1)
- Cash Flow Risk (1)
- Cash flow effect of monetary policy (1)
- Cashflow (1)
- Cat Bonds (1)
- Causal inferences (1)
- Central Counterparty (1)
- Central bank liquidity (1)
- Chart-Analyse (1)
- Checkliste (1)
- Childhood (1)
- Chile (1)
- China (1)
- Cholesky decomposition (1)
- Clearing (1)
- Closed-end fund (1)
- Closed-end fund discount (1)
- Closed-end funds (1)
- Closing Price (1)
- CoCos (1)
- Coalitions (1)
- Cognition (1)
- Cognitive Abilities (1)
- Cohorts (1)
- Collateral (1)
- Collateral Constraint (1)
- Collateral constraints (1)
- Collateralized debt obligation (1)
- Collective Action Clause (1)
- College dropout risk (1)
- College premium (1)
- College wage premium (1)
- Commercial banking (1)
- Commitment (1)
- Common Factor (1)
- Common Factor Model (1)
- Common Factor Models (1)
- Common Factor Weights (1)
- Compensation (1)
- Competition Policy (1)
- Competition in Order Flow (1)
- Complementarity (1)
- Complexity (1)
- Conditional intensity (1)
- Conditional response (1)
- Consumer Finance (1)
- Consumer confidence (1)
- Consumption Function (1)
- Consumption Inequality (1)
- Consumption Insurance (1)
- Consumption-Saving (1)
- Consumption-investment Problems (1)
- Consumption/Saving Forecast (1)
- Contestability (1)
- Contingent Commissions (1)
- Contingent Convertible Bonds (1)
- Continuous-time methodsc (1)
- Control transfers (1)
- Convertible Securities (1)
- Cooperation (1)
- Coordination (1)
- Coordination Risk (1)
- Copula (1)
- Corporate Announcements (1)
- Corporate Financing (1)
- Corporate Philanthropy (1)
- Corporate Quantitative Easing (1)
- Corporate bonds (1)
- Corporate deposits (1)
- Corporate quantitative easing (1)
- Correlated Events (1)
- Costly Capital (1)
- Counterfactual Decompositions (1)
- Counterparty Credit Limits (1)
- Counterparty Risk (1)
- Country Comparison (1)
- Country-Specific and Global Shocks (1)
- Covariance Estimation (1)
- Covariance Prediction (1)
- Covid-19 Pandemic (1)
- Credibility of Inflation Targets (1)
- Credit Crunch (1)
- Credit Cycles (1)
- Credit Default Swaps (1)
- Credit Risk (1)
- Credit Risk Transfer (1)
- Credit Spread (1)
- Credit derivatives (1)
- Credit rating (1)
- Credit risk (1)
- Credit spreads (1)
- Credit union (1)
- Creditor Rights Protection (1)
- Crime (1)
- Crisis contracts (1)
- Crowding Out (1)
- Culture (1)
- Cumulative prospect theory (1)
- Customer Flow (1)
- Customer Protection Rules (1)
- Cycle Portfolio Choice (1)
- DCC-GARCH (1)
- DGE Models (1)
- DSGE (1)
- DSGE Models (1)
- DSGE modelling (1)
- Debit Cards (1)
- Debt (1)
- Debt Management (1)
- Debt Securities (1)
- Debt and equity financing (1)
- Decision (1)
- Default (1)
- Default probability (1)
- Delaware Incorporation (1)
- Demand Analysis (1)
- Demutualization (1)
- Depths (1)
- Derivat <Wertpapier> (1)
- Deutsche Bundesbank (1)
- Deutscher Aktienindex (1)
- Devisen (1)
- Devisenbörse (1)
- Devisenmarkt (1)
- Dienstleistungsverkehr (1)
- Difference in Difference (1)
- Digital art (1)
- Directors' Dealings (1)
- Direktinvestition (1)
- Disappointment (1)
- Disasters (1)
- Disclosure regulation (1)
- Discount Broker (1)
- Discount Rate Risk (1)
- Discretion (1)
- Discretionary Fiscal Policy (1)
- Diskontsatz (1)
- Distraction (1)
- Distributed Ledger (1)
- Distributed lag (1)
- Distribution (1)
- Distribution of Welfare (1)
- Divergence of Opinion (1)
- Diversification (1)
- Dividendenpolitik (1)
- Double Auction (1)
- Downside risk (1)
- Downward Nominal Rigidity (1)
- Dual Moral Hazard (1)
- Dual-class shares (1)
- Dynamic Capabilities (1)
- Dynamic Factor Model (1)
- Dynamic Optimization (1)
- Dynamic Representative Consumer (1)
- Dynamic Stochastic General Equilibrium Model (1)
- Dynamisches Modell (1)
- ECB policy surprise (1)
- ESCB (1)
- ESG lending (1)
- ESG loans (1)
- ETFs (1)
- EU Bonds (1)
- EU crisis (1)
- EURONET-DIANE (1)
- Economic Literacy (1)
- Economic Performance (1)
- Economic Recovery (1)
- Economic Reforms (1)
- Education (1)
- Effective lower bound (1)
- Effektivverzinsung (1)
- Efficient Frontier (1)
- Efficient Importance Sampling (1)
- Efficient Return (1)
- Eigenheim (1)
- Eigenkapital (1)
- Einkommensunterschied (1)
- Elasticity (1)
- Electoral Pressure (1)
- Electronic Markets (1)
- Emerging Market Economies (1)
- Emerging Market Emerging Market (1)
- Emerging Markets (1)
- Empirical Contract Theory (1)
- Empirical methods (1)
- Employee commitment (1)
- Employee rights (1)
- Endogeneity (1)
- Endogenous Beliefs (1)
- Endogenous Gridpoints (1)
- Enforcement (1)
- Enforcement Delegation (1)
- Entrepreneurial Activity (1)
- Entrepreneurial Finance (1)
- Entrepreneurial finance (1)
- Entropy Measure (1)
- Entry (1)
- Entry and exit (1)
- Entscheidung (1)
- Entscheidungsregel (1)
- Entscheidungstheorie (1)
- Epstein-Zin-Weil recursive preferences (1)
- Equation of Exchange (1)
- Equilibrium Exchange Rates (1)
- Equity Culture (1)
- Equity Markets (1)
- Equity Options (1)
- Equity Trading (1)
- Equivalence Scales (1)
- Equivalent Incomes (1)
- Erich Gutenberg (1)
- Erwachsener, 50-60 Jahre (1)
- Erwachsener, 50-65 Jahre (1)
- Erwartungsbildung (1)
- Estimation efficiency (1)
- Ethereum (1)
- Euro (1)
- Euro <Währung> (1)
- Euro Area Regional and Sectoral Inflation (1)
- Euro Area and US (1)
- Euro, Währung (1)
- European Monetary Union (1)
- European System of Central Banks (1)
- European Union (1)
- European household portfolios (1)
- European integration (1)
- Evidence-based policymaking (1)
- Excessive risk taking (1)
- Exchange Rate Channel (1)
- Exchange Rate Mechanism (1)
- Exchange Rate Pass-Through (1)
- Exchange rate volatility (1)
- Exchange traded funds (1)
- Execution Quality (1)
- Exit Decisions (1)
- Exit Rights (1)
- Exotic options (1)
- Expectation Formation (1)
- Expectations (1)
- Expected Equity Returns (1)
- Expected shortfall (1)
- Expenditure Survey (1)
- Experiment (1)
- Explosive behavior (1)
- Exponential smoothing (1)
- Extreme Price Movements (1)
- Extreme value theory (1)
- FDI-intensity (1)
- Factor Model (1)
- Factor Models (1)
- Factor Structure (1)
- Factor-Augmented Vector Autoregression Model (FAVAR) (1)
- Fair-Value Accounting (1)
- Faktorenanalyse (1)
- FamaFrench model (1)
- Family Background (1)
- Fat-tails (1)
- Fear of job loss (1)
- Federal Reserve (1)
- Federal Reserve Bank <New York, NY> (1)
- FinTechs (1)
- Financial Advice (1)
- Financial Contagion (1)
- Financial Crises (1)
- Financial Crisis 2007/08 (1)
- Financial Decisionmaking (1)
- Financial Development (1)
- Financial Industry (1)
- Financial Information (1)
- Financial Innovation (1)
- Financial Market Integration (1)
- Financial Market Linkages (1)
- Financial Market Structure (1)
- Financial Media (1)
- Financial Reporting (1)
- Financial Risk (1)
- Financial Sophistication (1)
- Financial Stability (1)
- Financial and Economics Knowledge (1)
- Financial econometrics (1)
- Financial institutions (1)
- Financial interests (1)
- Financial intermediation (1)
- Financial market (1)
- Financial openness (1)
- Financial stability (1)
- Finanzanalyse (1)
- Finanzdienstleistung (1)
- Finanzlage (1)
- Finanzpolitik (1)
- Finite Normal Mixtures (1)
- Finland (1)
- Finnland (1)
- Fintech (1)
- Firm Prestige (1)
- Firm Value (1)
- Firm-specific News (1)
- Firma (1)
- First Loss Position (1)
- Fiscal Consolidation (1)
- Fiscal Transparency (1)
- Flat Taxes (1)
- Flotation Costs (1)
- Fonds (1)
- Forecast Distribution (1)
- Forecasting (1)
- Forecasts (1)
- Foreign Assets (1)
- Foreign Exchange Reserves (1)
- Foreign holdings (1)
- Forschung und Entwicklung (1)
- Forward Guidance (1)
- Fragmentation (1)
- Framing Effect (1)
- Framing effects (1)
- Frankreich (1)
- Frau (1)
- Fraud (1)
- Free-Riding (1)
- Fremdkapital (1)
- Friedman-Schwartz's evidence (1)
- Friktionelle Arbeitslosigkeit (1)
- Fund (1)
- Fund family (1)
- Fundamental Value (1)
- Fundamentalanalyse (1)
- Funds (1)
- Funds of Funds (1)
- Futures Market (1)
- Futures Markets (1)
- GARCH-Prozes (1)
- Gains from Trade (1)
- Gains from trade (1)
- Gamma distribution (1)
- Gauß-Funktion (1)
- Geld (1)
- Geldangebot (1)
- Geldmenge (1)
- Geldmengensteuerung (1)
- Geldmengenziel (1)
- Geldtheorie (1)
- Gemeinsamer Markt (1)
- Gender (1)
- Gender Issues (1)
- Generalized Dynamic Factor Model (1)
- German Banking (1)
- German Corporate Governance System (1)
- German Markets Model Case Act (KapMuG) (1)
- Geschichte 1866-1879 (1)
- Geschichte 1920-1922 (1)
- Geschichte 1948-2008 (1)
- Geschichte 1965-1979 (1)
- Geschichte 1966-1998 (1)
- Geschichte 1968-1979 (1)
- Geschichte 1970-1989 (1)
- Geschichte 1970-2004 (1)
- Geschichte 1971-2003 (1)
- Geschichte 1978-1997 (1)
- Geschichte 1979-1980 (1)
- Geschichte 1979-1983 (1)
- Geschichte 1983-2004 (1)
- Geschichte 1984-1995 (1)
- Geschichte 1984-1999 (1)
- Geschichte 1984-2005 (1)
- Geschichte 1986-1998 (1)
- Geschichte 1989-2002 (1)
- Geschichte 1990-1999 (1)
- Geschichte 1992-1996 (1)
- Geschichte 1992-1997 (1)
- Geschichte 1993-2003 (1)
- Geschichte 1995 (1)
- Geschichte 1995-1997 (1)
- Geschichte 1995-1998 (1)
- Geschichte 1998 (1)
- Geschichte 1999-2001 (1)
- Geschichte 2000-2002 (1)
- Geselligkeit (1)
- Gewerbebetrieb (1)
- Gleichgewichtstheorie (1)
- Global Accounting Standards (1)
- Global Economy (1)
- Global Yield (1)
- Globalization (1)
- Gläubigerschutz (1)
- Going-private Decisions (1)
- Gold Standard (1)
- Government Deficit (1)
- Government Spending Multipliers (1)
- Government Spending Shocks (1)
- Graccident (1)
- Gravity equations (1)
- Great Inflation (1)
- Great Recession (1)
- Green Finance (1)
- Greenwashing (1)
- Grexit (1)
- Growth (1)
- Grundschuld (1)
- Größe (1)
- Gutenberg, Erich (1)
- Haftungsbeschränkung (1)
- Handel (1)
- Haus (1)
- Haushal (1)
- Haushaltsdefizit (1)
- Headline (1)
- Health Insurance (1)
- Hedge Funds (1)
- Hedge funds (1)
- Heterogeneous Beliefs (1)
- Hidden Orders (1)
- High Frequency Data (1)
- High Frequency Trading (1)
- High-Frequency Trading (1)
- Hirshleifer Effect (1)
- Historical Cost (1)
- History-Dependent Policy (1)
- Hochzinspolitik (1)
- Home Bias (1)
- Home Equity (1)
- Home ownership (1)
- Horizontal Integration (1)
- House Prices (1)
- House prices (1)
- Household Consumption Data (1)
- Household Debt (1)
- Household Inflation Expectations (1)
- Household debt (1)
- Housing Market Cycles (1)
- Housing tenure (1)
- Human capital (1)
- Hurricane Katrina (1)
- Hurrikan (1)
- Hyperbolic Distribution (1)
- Hyperinflation (1)
- Hypothekengeschäft (1)
- Hysteresis (1)
- I(2) analysis (1)
- IASC New Structure (1)
- IFRS (1)
- IV (1)
- IV estimation (1)
- Idiosyncratic Risk (1)
- Illiquidity (1)
- Immaterieller Anlagewert (1)
- Immigration (1)
- Impact of Changing Stock-Market Regulation and Institution (1)
- Imperfect Competition (1)
- Imperfect Knowledge (1)
- Implicit Insurance Contracts (1)
- Implied Probability Densities (1)
- Import (1)
- Impulse Response Function (1)
- Impulse Responses (1)
- Incentive (1)
- Income Inequality (1)
- Incomplete Insurance Contracts (1)
- Incomplete markets (1)
- Indeterminacy (1)
- Index Model (1)
- Index Trigger (1)
- Index-Futures (1)
- Indexation (1)
- Industrie (1)
- Industriestaaten (1)
- Industry Comparison (1)
- Inefficient Forecasts (1)
- Inflation Expectations (1)
- Inflation Inertia (1)
- Inflation Rate (1)
- Inflation convergence (1)
- Inflation targeting (1)
- Informal Loans (1)
- Information Share (1)
- Information Shares (1)
- Information Theory (1)
- Information value (1)
- Informational Volatility (1)
- Informationsaustausch (1)
- Informationsgehalt (1)
- Informationswert (1)
- Infrastructure (1)
- Initial Public Offering (1)
- Initial Public Offering (IPO) (1)
- Innovation (1)
- Insidergeschäft (1)
- Insiderregeln (1)
- Institutional Investors (1)
- Institutional Setting on Underpricing (1)
- Institutional investors (1)
- Institutioneller Anleger (1)
- Insurance Brokers (1)
- Insurance Companies (1)
- Integrated Risk Management (1)
- Intensity Models (1)
- Interest Rate (1)
- Intergenerational Risk Sharing (1)
- Internal borrower rating (1)
- Internalization (1)
- International Accounting Standards (1)
- International Capital Flows (1)
- International Cross-Listings (1)
- International Financial Futures Exchange (1)
- International Financial Futures and Options Exchange (1)
- International Financial Reporting Standards (1)
- International Stock Exchange of the United Kingdom and the Republic of Ireland (1)
- International Transmission Mechanism (1)
- Internationale Bank (1)
- Internationale Währungspolitik (1)
- Internationaler Terrorismus (1)
- Internationaler Vergleich (1)
- Internationales Währungssystem (1)
- Internationalisierung (1)
- Internationalization (1)
- Internes Kontrollsystem (1)
- Intertemporal Choice (1)
- Intra-Day Volatility (1)
- Intraday Trading Process (1)
- Intratemporal Elasticity of Substitution (1)
- Inventory Risk (1)
- Investition (1)
- Investitionsentscheidung (1)
- Investment Banking (1)
- Investment Decisions (1)
- Investment Funds (1)
- Investments (1)
- Investmentsparen (1)
- Investor (1)
- Investor behavior (1)
- Jumps (1)
- Justiz (1)
- Justizverwaltung (1)
- Kapitalismus (1)
- Kapitalkonzentration (1)
- Katrina (1)
- Kaufentscheidung (1)
- Kaufkraftparität (1)
- Kaufkraftvergleich (1)
- Konditionenpolitik (1)
- Konjunkturschwankung (1)
- Konsumgütermarkt (1)
- Kontrolle (1)
- Konzentration <Wirtschaft> (1)
- Korrelation (1)
- Kovarianzanalyse (1)
- Kreditderivat (1)
- Kreditgenossenschaft (1)
- Kreditgenossenschaftlicher Verbund (1)
- Kreditmanagement (1)
- Kritik (1)
- Kunstmarkt (1)
- Kursanomalie (1)
- Kursrisiko (1)
- LASSO (1)
- Labor Market Deregulation (1)
- Labor Market Frictions (1)
- Labor Supply (1)
- Labour supply (1)
- Lack of Planning (1)
- Laffer Curve (1)
- Lag (1)
- Lagrange-d'Alembert equation (1)
- Langzeitvertrag (1)
- Laplace Distribution (1)
- Laplace-Verteilung (1)
- Latency (1)
- Latent Variables (1)
- Lead-lag relationship (1)
- Legal Institutions (1)
- Lender of Last Resort (1)
- Lender of last resort (1)
- Lending (1)
- Lernen (1)
- Leverage Effect (1)
- Lieferant (1)
- Life-Cycle Model (1)
- Limit Order (1)
- Limit Order Book Market (1)
- Limit Order Book Slopes (1)
- Limit Order Books (1)
- Limited partnerships (1)
- Lintner dividend model (1)
- Liquidity Premium (1)
- Liquidity Shocks (1)
- Listed Private Equity (1)
- Listing Requirements (1)
- Literacy (1)
- Livingston Survey (1)
- Loan Losses (1)
- Loan Pricing (1)
- Loan loss accounting (1)
- Loan to income ratio (1)
- Loan to value ratio (1)
- Loans (1)
- Lohnrigidität (1)
- Lohnstarrheit (1)
- Long Term Investment (1)
- Long-Run Performance (1)
- Long-Run Underperformance (1)
- Long-term Contracts (1)
- Lottery stocks (1)
- Lucas paradox (1)
- MIFID (1)
- MMFs (1)
- Machine Learning (1)
- Macroeconomic Fundamentals (1)
- Macroeconomic Modeling (1)
- Macroeconomic News (1)
- Macroeconomic News Announcements (1)
- Male and Female Differences (1)
- Managerial rent (1)
- Managing Innovations (1)
- Mark-to-Market Accounting (1)
- Market Concentration (1)
- Market Data Sales (1)
- Market Design (1)
- Market Linkage (1)
- Market Making (1)
- Market Manipulation (1)
- Market Microstructure Noise (1)
- Market Microstructure Theory (1)
- Market Reactions (1)
- Market Value (1)
- Market discipline (1)
- Market manipulation (1)
- Market microstructure (1)
- Market sentiment (1)
- Market volatility (1)
- MarketMicrostructure Noise (1)
- Marketplace lending (1)
- Markov Perfect Equilibrium (1)
- Markov Processes (1)
- Markov-Modell (1)
- Markov–Switching (1)
- Marktrisiko (1)
- Marktstruktur (1)
- Matching (1)
- Maximum likelihood estimation (1)
- Medicare (1)
- Mehrgenerationenmodell (1)
- Mehrproduktbetrieb (1)
- Merchandise trade (1)
- Merger Arbitrage (1)
- Methode (1)
- Mexiko (1)
- Microstructure Noise (1)
- Mikrostrukturtheorie <Kapitalmarkttheorie> (1)
- Mini-flash crash (1)
- Mitgliedschaft (1)
- Mixing Frequencies (1)
- Mixture Distributions (1)
- Mobility (1)
- Model Adequacy (1)
- Model Comparison (1)
- Modell (1)
- Monetarism (1)
- Monetary (1)
- Monetary Models (1)
- Monetary Policy Transmission (1)
- Monetary Targeting (1)
- Monetary Union (1)
- Monetary policy rules (1)
- Money demand (1)
- Money non neutrality (1)
- Monte Carlo Likelihood (1)
- Monte Carlo integration (1)
- Mortgage Markets (1)
- Mortgage affordability (1)
- Mortgage premia (1)
- Mortgages (1)
- Multi-Products Firms (1)
- Multi-Step estimation (1)
- Multiline Insurance (1)
- Multiple Blockholders (1)
- Multiple Equilibria (1)
- Multiple equilibria (1)
- Multiplicative Error Models (1)
- Multivariate Stable Distribution (1)
- Multivariate time series (1)
- Music (1)
- Mängelhaftung (1)
- Münzgewinn (1)
- NFT (1)
- Nachfrage (1)
- Narrow Banking (1)
- Nasdaq (1)
- Nash Bargaining (1)
- Nash equilibrium (1)
- National Accounting (1)
- Natural experiments (1)
- Negative home equity (1)
- Nelson-Siegel curve (1)
- Nelson-Siegel model (1)
- Net Foreign Assets (1)
- Net Worth (1)
- Networks (1)
- Neuseeland (1)
- Neutralität des Geldes (1)
- New Keynesian (1)
- New-Keynesian Models (1)
- News (1)
- News Releases (1)
- News Sentiment (1)
- News and Business Cycles (1)
- News media sentiment (1)
- Next Generation EU (1)
- Nichtlineare Zeitreihenanalyse (1)
- Nichtlineares mathematisches Modell (1)
- Nominal Wage Rigidity (1)
- Non-Display Order (1)
- Non-Fungible Tokens (1)
- Non-fungible tokens (NFTs) (1)
- Non-linear pricing design (1)
- Nonlinear Optimal Policy (1)
- Nonlinear Policy (1)
- Nonlinearity (1)
- Norwegian banking crisis (1)
- Number of Lenders (1)
- Number of lenders (1)
- Nutzenfunktion (1)
- OPEC (1)
- OTC (1)
- Occasionally Binding Constraint (1)
- Offene Volkswirtschaft (1)
- Older Population (1)
- Online Surveys (1)
- Open Economy (1)
- Open Economy DSGE Models (1)
- Opening Price (1)
- Operational Risk (1)
- Optimal Asset Allocation (1)
- Optimal Industrial Policies (1)
- Optimal Policy (1)
- Optimal Policy Mix (1)
- Optimierung (1)
- Optimism (1)
- Option (1)
- Option Pricing (1)
- Option-pricing Model (1)
- Options (1)
- Optionsgeschäft (1)
- Optionshandel (1)
- Optionsmarkt (1)
- Optionspreistheorie (1)
- Order Entry (1)
- Order Flow (1)
- Order Placement Strategy (1)
- Orderbuch (1)
- Original sin (1)
- Osteuropa (1)
- Output Gap (1)
- Output Gap Uncertainty (1)
- Output and Inflation Persistence (1)
- Over-Allotment Option (1)
- Overvaluation Hypothesis (1)
- Ownership structures (1)
- PPP (1)
- Panel Cointegration (1)
- Panel Data (1)
- Panelanalyse (1)
- Pareto Inferior (1)
- Pareto-Optimum (1)
- Patents (1)
- Patience (1)
- Paul Volcker (1)
- Peer Effects (1)
- Pension (1)
- Pension Finance (1)
- Perfect Sequential Equilibrium (1)
- Performance Gap (1)
- Permanent and Transitory Decomposition (1)
- Permanent-Income Hypothesis (1)
- Point-Mass Mixture (1)
- Point-mass Mixture (1)
- Population Aging (1)
- Portfolio (1)
- Portfolio Allocation (1)
- Portfolio Inertia (1)
- Portfolio Insurance (1)
- Portfolio allocation (1)
- Portfolio optimization (1)
- Portfolio-Management (1)
- Portfolios (1)
- Positive semidefiniteness (1)
- Prag <2008> (1)
- Pre-averaging (1)
- Preference Interaction (1)
- Preference Uncertainty (1)
- Preis (1)
- Preisdifferenzierung (1)
- Preisdiskriminierung (1)
- Preisstabilität (1)
- Preisänderung (1)
- Price Expectations (1)
- Price Formation (1)
- Price Impact (1)
- Price Stability (1)
- Price discrimination (1)
- Price elasticity of gasoline demand (1)
- Pricing Determinants (1)
- Pricing bubbles (1)
- Pride (1)
- Principal Agent (1)
- Principal Component Analysis (1)
- Prior (1)
- Private Altersversorgung (1)
- Private Business (1)
- Private benefits (1)
- Private debt (1)
- Privater (1)
- Privatization (1)
- Prize Stabilization (1)
- Pro-Rata (1)
- Produktivität (1)
- Propagation mechanism (1)
- Prospect Theory (1)
- Prudence (1)
- Prudential oversight (1)
- Public Housing (1)
- Public Policy (1)
- Public Private Partnership (1)
- Public pension funds (1)
- Publizität (1)
- Publizitätspflicht (1)
- Puffer (1)
- Pump-and-dump schemes (1)
- Put-Option (1)
- Quadratic Variation (1)
- Quantile Regression (1)
- Quantitative easing (1)
- Quantitative trade models (1)
- Quantity Equation (1)
- Quantitätstheorie (1)
- Question Framing (1)
- R&D (1)
- R&D Collaboration (1)
- RBC (1)
- Raiffeisenbank (1)
- Ramsey planner (1)
- Range-based estimation (1)
- Rating Process (1)
- Ratingagentur (1)
- Rationale Erwartung (1)
- Real Estate (1)
- Real Exchange Rate (1)
- Real GDP (1)
- Real Interest Rates (1)
- Real Wage Rigidities (1)
- Real effects (1)
- Real estate (1)
- Realer Wechselkurs (1)
- Realized Kernel (1)
- Realized Volatility (1)
- Realzins (1)
- Recht (1)
- Recursive Least Squares (1)
- Recursive Saddlepoint Method (1)
- Reference Point (1)
- Regional Entrepreneurship (1)
- Regional Inflation Dynamics (1)
- Regression Discontinuity (1)
- Regret (1)
- Regularization (1)
- Regulation of Financial Institutions (1)
- Relationship Lending (1)
- Relationship banking (1)
- Rent-Seeking (1)
- Rents (1)
- Reorganization (1)
- Representative Consumer (1)
- Reputation (1)
- Research and development (1)
- Research design (1)
- Reserve Orders (1)
- Reserve requirements (1)
- Resiliency (1)
- Resource Acquisition (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 Predictability (1)
- Return Risk (1)
- Returns to experience (1)
- Revolving Debt (1)
- Risikoanalyse (1)
- Risikoaversion (1)
- Risk Premium (1)
- Risk Taking (1)
- Risk-Return Characteristics (1)
- Risk-neutral densities (1)
- Risk-premium (1)
- Risk-taking (1)
- Riskfree Rate (1)
- Risky Decision (1)
- Robust Simple Rules (1)
- Routine Medical Care (1)
- Ruhegeld (1)
- Rule-of-Thumb Consumers (1)
- SEC (1)
- SFDR (1)
- SHARE, Projekt (1)
- SPR (1)
- STAR GARCH (1)
- SVAR (1)
- Sampling Schemes (1)
- Saving Behavior (1)
- Saving Decisions (1)
- Savings (1)
- Scenario (1)
- Schuldnerland (1)
- Schweden (1)
- Schätzfunktion (1)
- Schätztheorie (1)
- Scrum (1)
- Search Model (1)
- Securities Regulation (1)
- Securities regulation (1)
- Securitization (1)
- Self Control (1)
- Self-exciting point process (1)
- Selling Decisions (1)
- Semiparametric Model (1)
- Sequential Policy (1)
- Services Trade (1)
- Settlement (1)
- Settlement Latency (1)
- Severance Pay (1)
- Shannon capacity (1)
- Shareholder wealth (1)
- Short Selling Constraints (1)
- Short-time work (1)
- Shortfall Risk (1)
- Sign Restrictions (1)
- Signaling Game (1)
- Simulation (1)
- Skewness (1)
- Skonto (1)
- Small Open Economy Models (1)
- Smoothing (1)
- Sociability (1)
- Social (1)
- Social Impact (1)
- Social Interactions (1)
- Social Policy (1)
- Social Security Reform (1)
- Social Security and Public Pensions (1)
- Social Security reform (1)
- Social and Governance (ESG) (1)
- Socioeconomic Status (1)
- Solvency II (1)
- Sovereign Bond Markets (1)
- Sovereign Credit Risk (1)
- Sovereign Debt Restructuring Mechanism (1)
- Sovereign Wealth Funds (1)
- Sovereign debt crisis (1)
- Sovereign guarantees (1)
- Sovereign wealth funds (1)
- Sowjetunion (1)
- Sozialausgaben (1)
- Sozialversicherung (1)
- Sparse estimation (1)
- Spectral Decomposition (1)
- Speculation (1)
- Speculative bubbles (1)
- Spende (1)
- Spill-over-Effekt (1)
- Spillovers (1)
- Spitzentechnologie (1)
- Staat (1)
- Staatsanleihe Staatsanleihe (1)
- Staatsaufsicht (1)
- Stabilisierung (1)
- Stability (1)
- Stablecoins (1)
- Stagnation (1)
- Stakeholder (1)
- Standard Setting (1)
- Standards (1)
- Standortfaktor (1)
- State-Dependent Pricing (1)
- Stationarity (1)
- Stationary Equilibrium (1)
- Sterling (1)
- Steuerprogression (1)
- Steuersatz (1)
- Stochastic Discount Factor (1)
- Stochastic General Equilibrium Model (1)
- Stochastic Growth Model (1)
- Stochastische dynamische Optimierung (1)
- Stochastischer Prozess (1)
- Stock Exchanges (1)
- Stock Market (1)
- Stock Market Dynamic Interactions (1)
- Stock Market Participation (1)
- Stock Market Returns (1)
- Stock Returns (1)
- Stock Trading (1)
- Stone-Geary preferences (1)
- Strategic Complementarity (1)
- Strategic investors (1)
- Structural Change (1)
- Structural VAR (1)
- Structural VAR Approach (1)
- Structural estimation (1)
- Struktur (1)
- Stückkosten (1)
- Subsidization (1)
- Substitutionselastizität (1)
- Success Rates (1)
- Surveillance (1)
- Survey (1)
- Survey Data (1)
- Survey Methods (1)
- Sustainability (1)
- Sustainability-Linked Bonds (1)
- Sustainability-Linked Loans (1)
- Sustainable finance literacy (1)
- Swap (1)
- Sweden (1)
- Sydney Stock Exchange (1)
- Syndicated Loans (1)
- Syndication (1)
- Systematic Risk (1)
- Systemic risk (1)
- TIPS (1)
- TRACE (1)
- Tageswert (1)
- Takeover speculation (1)
- Tarifverhandlung (1)
- Tax Cuts (1)
- Tax Distortions (1)
- Tax Rebates (1)
- Taylor Rule (1)
- Taylor-Regel (1)
- Technische Aktienanalyse (1)
- Technischer Fortschritt (1)
- Technology Shocks (1)
- Term Structure (1)
- Term Structure Modelling (1)
- Terminmarkt (1)
- Terminplanung (1)
- Terms of Trade (1)
- Terrorism (1)
- Testen (1)
- Textual Analysis (1)
- Textual Sentiment (1)
- Threshold Error Correction (1)
- Tick Size (1)
- Time variation (1)
- Time-Consistency (1)
- Timing (1)
- Tone (1)
- Too big to fail (1)
- Too-big-to-fail (1)
- Top 1% (1)
- Trade Integration (1)
- Trade-sale Rights (1)
- Transition (1)
- Transition Financing (1)
- Transparenz (1)
- Treasury Futures (1)
- Trend Growth (1)
- Triple Difference Estimator (1)
- Trittbrettfahrerverhalten (1)
- Trustworthiness (1)
- Turkey (1)
- Tying (1)
- U.S. Banking Industry (1)
- U.S. oil independence (1)
- US monetary aggregates (1)
- US-Dollar (1)
- USA / Board of Governors of the Federal Reserve System (1)
- USA / President (1)
- Umbrella Policies (1)
- Umfrage (1)
- Unconventional Monetary Policy (1)
- Under Risk (1)
- Underwriter (1)
- Underwriter Fee (1)
- Undiversifiable Earnings Risk (1)
- Unendliches Spiel (1)
- Unit root (1)
- United States (1)
- Universal Banking (1)
- Universal banks (1)
- Unobserved Component Models (1)
- Unsichtbarer Handel (1)
- Unterbewertung (1)
- Unternehmensbewertung (1)
- Unternehmensentwicklung (1)
- Unternehmensgröße (1)
- Unternehmenskonzentration (1)
- Up-front fees (1)
- Upper Limit (1)
- Upside Risk (1)
- Utility Maximization (1)
- VAR Modeling (1)
- VC-backed IPOs (1)
- VLCC (1)
- VaR (1)
- Value creation (1)
- Value premium (1)
- Value-at-risk (1)
- Vector Autoregression (1)
- Vektoranalysis (1)
- Vergleich (1)
- Verhaltensökonomie (1)
- Verhandlungsspiel (1)
- Verhandlungstheorie (1)
- Verlust (1)
- Vermögen (1)
- Vermögensumverteilung (1)
- Vermögensverteilung (1)
- Versicherung (1)
- Versicherungsbetrieb (1)
- Versicherungsnehmer (1)
- Versicherungsschutz (1)
- Versicherungsverein auf Gegenseitigkeit (1)
- Versicherungsvertrag (1)
- Versicherungswirtschaft (1)
- Verteilungsgerechtigkeit (1)
- Vertical Integration (1)
- Vertical R&D (1)
- Vertragsschluss (1)
- Volcker Rule (1)
- Volksbank (1)
- Wachstum (1)
- Wage Setting (1)
- Wagner's Law (1)
- Washington <DC, 2008> (1)
- Watchlist (1)
- Wealth Accumulation (1)
- Wealth Decumulation (1)
- Wealth Distribution (1)
- Wealth Effect (1)
- Wealth Holdings (1)
- Wealth Losses (1)
- Wealth effects (1)
- Wechselkurspolitik (1)
- Welfare (1)
- Weltwirtschaft (1)
- Wertpapieranalyse (1)
- Wertpapierbörse (1)
- Wettervorhersage (1)
- Windfalls (1)
- Wirtschaftliche Stabilität (1)
- Wirtschaftsentwicklung (1)
- Wirtschaftsmodell (1)
- Wirtschaftssektor (1)
- Wissen (1)
- Wohlfahrtsstaat (1)
- World Yield (1)
- Währungspolitik (1)
- Währungsrisiko (1)
- Währungssystem (1)
- Xetra (1)
- Yen (1)
- Yield Curve (1)
- Yield Curve Risk (1)
- Yield curve (1)
- Yield spread (1)
- Zahlungsbedingungen (1)
- Zahlungsbilanzausgleich (1)
- Zahlungsbilanzungleichgewicht (1)
- Zeit (1)
- Zeitinkonsistenz (1)
- Zeitreihe (1)
- Zentralbankgeld (1)
- Zero Bound (1)
- Zinsparität (1)
- Zinspolitik (1)
- Zinsspanne (1)
- Zinsspannenrechnung (1)
- Zinsänderungsrisiko (1)
- abnormal returns (1)
- absence of arbitrage (1)
- absolute loss (1)
- accounting (1)
- accounting data (1)
- acquisition cost (1)
- adaptive learning (1)
- affect heuristic (1)
- affine equilibrium model (1)
- agriculture (1)
- algorithmic trading (1)
- allocative efficiency (1)
- ambiguity aversion (1)
- analytic functions (1)
- anchor (1)
- annual general meeting (1)
- annuity puzzle (1)
- anomalies (1)
- anticipation (1)
- art investing (1)
- art investments (1)
- asset management (1)
- asset managers (1)
- asymmetry (1)
- attention (1)
- auction (1)
- audit industry (1)
- audit partners (1)
- audit quality (1)
- auditor rotation (1)
- automatic enrollment (1)
- background risk (1)
- backtesting (1)
- ban (1)
- bank accounting (1)
- bank balance-sheet channel (1)
- bank capital (1)
- bank capital requirements (1)
- bank competition (1)
- bank default (1)
- bank distress (1)
- bank lending channel (1)
- bank loan terms (1)
- bank loans (1)
- bank relationship (1)
- bank resolution (1)
- bank runs (1)
- bank seserves (1)
- banking system liquidity (1)
- bankruptcy (1)
- banks’ funding costs (1)
- behavioral macroeconomics (1)
- beliefs (1)
- bi-power variation (1)
- biased assimilation (1)
- biases (1)
- biofuel (1)
- biofuels (1)
- blockchain (1)
- bond auctions (1)
- bond markets (1)
- bond ownership (1)
- bond returns (1)
- bonds (1)
- bootstrap (1)
- bracket creep (1)
- buffer-stock models of saving (1)
- bunker fuel (1)
- business cycles (1)
- business owners wealth (1)
- calendar effects (1)
- capacity constraints (1)
- capital (1)
- capital adequacy (1)
- capital flows (1)
- capital gains tax (1)
- capital markets (1)
- capital structure (1)
- capital-labor ratio (1)
- career development (1)
- careers (1)
- cash flow sensitivity (1)
- cash holdings (1)
- causal inferences (1)
- central bank (1)
- central bank information effect (1)
- central banking (1)
- certification (1)
- childcare (1)
- choice overload (1)
- closed-end funds (1)
- coal (1)
- cognitive abilities (1)
- cointegrated systems (1)
- cointegration (1)
- collective litigation (1)
- combined forecasting (1)
- commodities (1)
- commodity (1)
- common bond (1)
- comparability (1)
- competition between exchanges (1)
- competitive insurance market (1)
- complementarity (1)
- computer visionbiases (1)
- conditional CAPM (1)
- conditional volatility (1)
- confidence (1)
- conspicuous consumption (1)
- constrained efficiency (1)
- consumer loans (1)
- consumer prices (1)
- consumption dynamics (1)
- consumption heterogeneity (1)
- container (1)
- contract addition (1)
- contract econometrics (1)
- contract theory (1)
- contrarian trading (1)
- controlled diffusions and jump processes (1)
- conÖrmation bias (1)
- cooperation (1)
- coordination (1)
- coordination risk (1)
- copula (1)
- corporate control (1)
- corporate credit risk (1)
- corporate social responsibility (1)
- correlation (1)
- cost of carry model (1)
- cost-benefit analysis (1)
- covariance (1)
- crack spread (1)
- credit access (1)
- credit card debt (1)
- credit derivatives (1)
- credit management (1)
- credit market competition (1)
- credit misallocation (1)
- credit ratings (1)
- credit volume (1)
- credit-file data set (1)
- crisis (1)
- crop prices (1)
- cross-equation restrictions of rational expectations (1)
- cross-section (1)
- cross-subsidy (1)
- cross‐country analysis (1)
- crowding out (1)
- currencies (1)
- currency competition (1)
- dark trading (1)
- debt consolidation (1)
- debt issuance (1)
- debt structure (1)
- decision theory (1)
- default (1)
- default effect (1)
- default investment (1)
- demand curve (1)
- demand elasticities (1)
- derivates market (1)
- diesel (1)
- differential games (1)
- digital money (1)
- disaggregation (1)
- disaster risk (1)
- disclosure (1)
- disinflation (1)
- disintermediation (1)
- distance (1)
- distribution channel (1)
- divergence of opinion (1)
- dividend policy (1)
- dollar (1)
- dual systems (1)
- dynamic panel GMM estimation (1)
- dynamic panel sata models (1)
- dynamic spillovers (1)
- early retirement (1)
- economic fluctuations (1)
- economic growth (1)
- economic policy uncertainty (1)
- economic surprises (1)
- effective lower bound (1)
- egulation of financial markets (1)
- elasticity of intertemporal substitution (1)
- electricity (1)
- electronic markets (1)
- electronic trading systems (1)
- emerging markets (1)
- emotions (1)
- empirical contract theory (1)
- end-of-day price dislocation (1)
- endogeneity (1)
- endogenous growth (1)
- endorsement effect (1)
- entrepreneurship (1)
- entrusted loan (1)
- equity betas (1)
- equity markets (1)
- equity options (1)
- equity premium (1)
- equity-risk premium (1)
- escape dynamics (1)
- ethanol (1)
- event study (1)
- event-study (1)
- exchange rate determination (1)
- exchange rate response to monetary policy (1)
- exchange trading rules (1)
- exit strategies (1)
- expectation (1)
- experiment (1)
- experimental economics (1)
- experiments (1)
- expert forecasts (1)
- expert opinions (1)
- exploratory data analysis (1)
- export ban (1)
- exports (1)
- externality (1)
- factorization of matrix polynomials (1)
- family firms (1)
- fertility (1)
- finance and technology (1)
- financial crises (1)
- financial derivatives (1)
- financial development (1)
- financial education (1)
- financial fragmentation (1)
- financial frictions (1)
- financial market stability (1)
- financial markets (1)
- financial regulation (1)
- financial repression (1)
- financial risk und project risk (1)
- financial spillovers (1)
- financial stocks (1)
- financial structure (1)
- financial system (1)
- financial systems (1)
- firm objective (1)
- first-order approach (1)
- floor versus screen trading (1)
- food crisis (1)
- food price volatility (1)
- forbearance (1)
- forecast (1)
- forecast accuracy (1)
- forecasts (1)
- foreign currency lending (1)
- formal education (1)
- free banking (1)
- free-riding problem (1)
- fund growth (1)
- funding risk (1)
- futures markets (1)
- gasoline supply (1)
- gasoline tax (1)
- gender (1)
- global banking (1)
- gradualism (1)
- growth options (1)
- hedge funds (1)
- hedonic model (1)
- heterogeneous firms (1)
- heterogeneous price expectations (1)
- hidden action (1)
- high frequency data (1)
- high frequency trading (1)
- high-frequency data (1)
- high-tech (1)
- high-tech investment (1)
- higher order beliefs (1)
- higher-order beliefs (1)
- house price (1)
- household debt (1)
- household portfolios (1)
- household wealth (1)
- housing (1)
- identification (1)
- idiosyncratic risk (1)
- imperfect common knowledge (1)
- imperfect competition (1)
- imperfect labor market competition (1)
- implied volatility (1)
- import prices (1)
- import-export relations (1)
- incentive compatibility (1)
- incentive compensation (1)
- income risk (1)
- income tax (1)
- indeterminacy (1)
- indicators (1)
- indirect inference estimation (1)
- individual-bank lending (1)
- inertia in demand (1)
- inflation forecast targeting (1)
- inflation inertia (1)
- inflation target (1)
- information asymmetry (1)
- information frictions (1)
- information sharing (1)
- infrastructure (1)
- instability under learning (1)
- instruments (1)
- inter-corporate loan (1)
- interdependence (1)
- interest rate elasticity (1)
- interest-rate rules (1)
- intermediate targets (1)
- intermediation (1)
- internal borrower rating (1)
- internal financing (1)
- internal money market (1)
- internal ratings based approach (1)
- international capital markets (1)
- international comparative finance (1)
- international currencies (1)
- international lendin (1)
- international monetary system (1)
- international price dispersion (1)
- international price setting (1)
- internationaler Konjunkturzusammenhang (1)
- internet (1)
- intertemporal trade (1)
- intraday (1)
- intraday (co-)variation risk (1)
- intraday non-linearities (1)
- intuitive thinking (1)
- investment decisions (1)
- investor sophistication (1)
- jet fuel (1)
- jumps (1)
- knowledge of economics and finance (1)
- knowledge of finance and economics (1)
- labor market entry (1)
- labor supply (1)
- layoff risk (1)
- learning about jumps (1)
- leverage constraint (1)
- leverage effect (1)
- life cycle saving (1)
- lifecycle investment (1)
- lifecycle saving (1)
- liquidity elasticity (1)
- liquidity externalities (1)
- liquidity requirements (1)
- loan guarantees (1)
- loan loss allowances (1)
- loan price determination (1)
- local investors (1)
- local method of moments (1)
- local public debt (1)
- long memory (1)
- long real interest rates (1)
- long time series (1)
- long-run risk (1)
- long-term real interest rates (1)
- longevity (1)
- longevity risk (1)
- longrun risk (1)
- low risk anomaly (1)
- macro-prudential tools (1)
- macroeconomic fundamentals (1)
- macroeconomic models (1)
- macroeconomic risks (1)
- macroprudential supervision (1)
- make-up strategies (1)
- manufacturing (1)
- marginal propensity to consume (1)
- market and credit risk factors (1)
- market discipline (1)
- market expectation (1)
- market integration (1)
- market makers (1)
- market microstructure noise (1)
- market rate of interest (1)
- market risk (1)
- market shares (1)
- market size (1)
- market structure (1)
- market supervision (1)
- marketplace lending (1)
- mean response function (1)
- measurement error (1)
- median (1)
- median response function (1)
- medium-sized debtors (1)
- midpoint extended life order (1)
- mini-flash crash (1)
- missing data (1)
- missing disinflation (1)
- mitigation (1)
- mixed frequency (1)
- modal model (1)
- model comparison (1)
- model misspecification (1)
- momentum trading (1)
- monetary non-neutrality (1)
- monetary operations (1)
- monetary policy rule (1)
- monetary policy transmission (1)
- monetary reform (1)
- monetary shocks (1)
- monetary system (1)
- monetary targeting (1)
- monetary transmission (1)
- money (1)
- money illusion (1)
- money market funds (1)
- monitoring (1)
- moral hazar (1)
- moral hazard (1)
- multi agent models (1)
- multiple lending (1)
- multiple-bank lending (1)
- multiplicative error model (1)
- multivariate GARCH (1)
- mutual fund performance (1)
- nance premium (1)
- natural gas (1)
- natural unemployment rate (1)
- net asset value (1)
- net foreign assets (1)
- network centrality (1)
- network dynamics (1)
- network topology (1)
- network topology estimation (1)
- network visualization (1)
- nominal exchange rate regime neutrality (1)
- nominee account (1)
- nonlinear optimal policy (1)
- nonlinearities (1)
- nonparametric methods (1)
- nonstandard asymptotics (1)
- normal inverse gaussian distribution (1)
- official market interventions (1)
- oil (1)
- oil demand elasticity (1)
- oil price shock (1)
- oil sands (1)
- oil supply elasticity (1)
- oil trade (1)
- old cohorts wealth (1)
- one-child policy (1)
- open economy macro-finance modeling (1)
- operating procedures (1)
- optimal asset allocation (1)
- optimal capital structure choice (1)
- optimal inflation rate (1)
- optimal learning (1)
- optimal monetary policy (1)
- optimal policy (1)
- optimal rate of inflation (1)
- option prices (1)
- options (1)
- order flow (1)
- order submission (1)
- orthogonalization (1)
- overconfidence (1)
- overlapping wage contracts (1)
- overreaction (1)
- owner-manager conflict (1)
- ownership structure (1)
- pairwise connectedness (1)
- pandemic (1)
- pandemics (1)
- panel VAR (1)
- panel unit root test (1)
- parameter uncertainty (1)
- partially linear models (1)
- participation rate (1)
- passthrough (1)
- peak oil (1)
- peer-to-peer (1)
- pension funds (1)
- pension reform (1)
- performance (1)
- performance pricing (1)
- performance-sensitive debt (1)
- persistence (1)
- personal finance (1)
- peso problem (1)
- phased withdrawal accounts (1)
- policy credibility (1)
- policy intervention (1)
- policy uncertainty (1)
- politics (1)
- portfolio management (1)
- portfolio modelling (1)
- portfolio performance (1)
- portfolio selection (1)
- posterior (1)
- posterior risk (1)
- predictive likelihood (1)
- price discovery process (1)
- price discrimination (1)
- price elasticity (1)
- price impact (1)
- price reversal (1)
- price rigidities (1)
- price shocks (1)
- price stability (1)
- price-dividend ratio (1)
- price-setting (1)
- pricing estimates (1)
- primary dealers (1)
- principal agent (1)
- private financial services (1)
- private money (1)
- product development (1)
- productivity (1)
- profits (1)
- property rights (1)
- proprietary trading (1)
- public bonds (1)
- public debt (1)
- public information (1)
- public policy (1)
- public policy analysis (1)
- quadratic variation (1)
- quadratic variation and covariation (1)
- rare disaster risk (1)
- rare disasters (1)
- rating (1)
- rational bias (1)
- rational learning (1)
- reactive equilibrium (1)
- real and nominal border effect (1)
- real exchange rate dispersion (1)
- real exchange rate volatility (1)
- real exchange rates (1)
- real option (1)
- realized beta (1)
- realized quarticity (1)
- recession (1)
- reconciliation of Lucas's advocacy of rational-expectations modelling and policy predictions and Sims's advocacy of VAR modelling (1)
- redistribution (1)
- refined products (1)
- refining (1)
- regime switching model (1)
- regime-dependent correlations (1)
- regional heterogeneity (1)
- regional propagation (1)
- regret (1)
- regularization (1)
- relationship banking (1)
- relationship lending, (1)
- rent seeking (1)
- repeat sale (1)
- resilience (1)
- resource boom (1)
- retail investors (1)
- retirement (1)
- retirement plan (1)
- retirement policies (1)
- retirement preparation (1)
- reversals (1)
- risk (1)
- risk management (1)
- risk perception (1)
- risk premia (1)
- risk taking (1)
- risk-based capital (1)
- risk-sharing (1)
- risk-taking (1)
- robust decision theory (1)
- robust inference (1)
- robustness (1)
- safe assets (1)
- savings and wealth accumulation (1)
- scanner price data (1)
- scarring effects (1)
- screening (1)
- seasonality (1)
- second-order dependence (1)
- securities (1)
- securities law and regulation (1)
- securities trading (1)
- securitization (1)
- seigniorage (1)
- selection (1)
- selection bias (1)
- semi-parametric estimation (1)
- sentiment (1)
- shadow banking (1)
- shale oil (1)
- shareholder engagement (1)
- shifting endpoint (1)
- short-selling (1)
- simultaneity (1)
- skewness (1)
- skill (1)
- smoothing (1)
- social dilemmas (1)
- social distance (1)
- social impact (1)
- social norm (1)
- sovereign bond risk premiums (1)
- sovereign debt (1)
- sovereign debt crisis (1)
- sovereign rating (1)
- sovereignbank linkages (1)
- spot covariance (1)
- stability (1)
- stability of equilibria (1)
- stakeholder governance (1)
- stakeholders (1)
- standard setting (1)
- state-contingent contracts (1)
- state-space model (1)
- statement indicators (1)
- stationarity (1)
- stealth trading (1)
- sticky expectations (1)
- stock buybacks (1)
- stock market (1)
- stock market nonparticipation (1)
- stock ownership (1)
- stock pricing (1)
- stock repurchases (1)
- stocks (1)
- storage (1)
- storage demand (1)
- strategic complementarity (1)
- strategic trading (1)
- structural change (1)
- structural estimation (1)
- structured products (1)
- substitution (1)
- sunspots (1)
- super-elasticity (1)
- supervisory intervention (1)
- supply chain (1)
- survey expectations (1)
- sustainability (1)
- sustainability KPIs (1)
- sustainable finance (1)
- sustainable investments (1)
- systemic risk charge (1)
- systemic risk contribution (1)
- systemic risk fund (1)
- systemic risk network (1)
- tail dependence (1)
- talent, learning (1)
- tanker (1)
- targets (1)
- taste heterogeneity (1)
- tax arbitrage (1)
- tax clientele effects (1)
- technical and fundamental trading (1)
- temperature (1)
- temporary equilibrium (1)
- term structure of interest (1)
- term structure of price expectations (1)
- test cases (1)
- text analysis (1)
- textual analysis (1)
- tight oil (1)
- time charter (1)
- time-varying natural rate (1)
- time-varying systemic risk contribution (1)
- timing (1)
- too-big-to-fail (1)
- total connectedness (1)
- total directional connect- edness (1)
- trade (1)
- trade signaling (1)
- trading pause (1)
- trading process (1)
- trading rules (1)
- transaction costs (1)
- transition countries (1)
- transmission mechanism (1)
- two-asset portfolio (1)
- uncertainty aversion (1)
- underinvestment (1)
- unemployment insurance (1)
- universal banking (1)
- utility dividends (1)
- valuation (1)
- valuation adjustment (1)
- value at risk (1)
- variance decomposition (1)
- vector autoregression (1)
- vector error correction model (1)
- venture capital and bank financing (1)
- venture capitalism (1)
- venture funding (1)
- vertical differentiation (1)
- vignette survey method (1)
- volatility estimation (1)
- volatility forecasting (1)
- voyage (1)
- wages (1)
- weak identification (1)
- welfare (1)
- welfare effects (1)
- welfare state (1)
- winner's curse (1)
- workout (1)
- world interest rates (1)
- yen (1)
- zero-interest-rate bound (1)
- fiscal policy (1)
- Öffentliche Ordnung (1)
- Ökonometrisches Modell (1)
- Übernahmeangebot (1)
475
This paper examines the effect of imperfect labor market competition on the efficiency of compensation schemes in a setting with moral hazard, private information and risk-averse agents. Two vertically differentiated firrms compete for agents by offering contracts with fixed and variable payments. Vertical differentiation between firms leads to endogenous, type-dependent exit options for agents. In contrast to screening models with perfect competition, we find that existence of equilibria does not depend on whether the least-cost separating allocation is interim efficient. Rather, vertical differentiation allows the inferior firm to offer (cross-)subsidizing fixed payments even above the interim efficient level. We further show that the efficiency of variable pay depends on the degree of competition for agents: For small degrees of competition, low-ability agents are under-incentivized and exert too little effort. For large degrees of competition, high-ability agents are over-incentivized and bear too much risk. For intermediate degrees of competition, however, contracts are second-best despite private information.
474
We analyze the differential impact of domestic and foreign monetary policy on the local supply of bank credit in domestic and foreign currencies. We analyze a novel, supervisory dataset from Hungary that records all bank lending to firms including its currency denomination. Accounting for time-varying firm-specific heterogeneity in loan demand, we find that a lower domestic interest rate expands the supply of credit in the domestic but not in the foreign currency. A lower foreign interest rate on the other hand expands lending by lowly versus highly capitalized banks relatively more in the foreign than in the domestic currency.
473
In this paper we argue that very high marginal labor income tax rates are an effective tool for social insurance even when households have preferences with high labor supply elasticity, make dynamic savings decisions, and policies have general equilibrium effects. To make this point we construct a large scale Overlapping Generations Model with uninsurable labor productivity risk, show that it has a wealth distribution that matches the data well, and then use it to characterize fiscal policies that achieve a desired degree of redistribution in society. We find that marginal tax rates on the top 1% of the earnings distribution of close to 90% are optimal. We document that this result is robust to plausible variation in the labor supply elasticity and holds regardless of whether social welfare is measured at the steady state only or includes transitional generations.
472
What would be the economic effects of the UK leaving the European Union on living standards of British people? We focus on the effects of trade on welfare net of lower fiscal transfers to the EU. We use a standard quantitative static general equilibrium trade model with multiple sectors, countries and intermediates, as in Costinot and Rodriguez-Clare (2013). Static losses range between 1.13% and 3.09% of GDP, depending on the assumptions used in our counterfactual scenarios. Including dynamic effects could more than double such losses.
471
We use data from the 2009 Internet Survey of the Health and Retirement Study to examine the consumption impact of wealth shocks and unemployment during the Great Recession in the US. We find that many households experienced large capital losses in housing and in their financial portfolios, and that a non-trivial fraction of respondents have lost their job. As a consequence of these shocks, many households reduced substantially their expenditures. We estimate that the marginal propensities to consume with respect to housing and financial wealth are 1 and 3.3 percentage points, respectively. In addition, those who became unemployed reduced spending by 10 percent. We also distinguish the effect of perceived transitory and permanent wealth shocks, splitting the sample between households who think that the stock market is likely to recover in a year’s time, and those who do not. In line with the predictions of standard models of intertemporal choice, we find that the latter group adjusted much more than the former its spending in response to financial wealth shocks.
470
This chapter discusses whether and how 'new quantitative trade models' (NQTMs) can be fruitfully applied to quantify the welfare effects of trade liberalization, thus shedding light on the trade-related effects of further European integration. On the one hand, it argues that NQTMs have indeed the potential of being used to supplement traditional 'computable general equilibrium' (CGE) analysis thanks to their tight connection between theory and data, appealing micro-theoretical foundations, and enhanced attention to the estimation of structural parameters. On the other hand, further work is still needed in order to fully exploit such potential.
469
Especially in developing countries credit constraints are often perceived as one of the most important market frictions constraining firm innovation and growth. Huge amounts of public money are being devoted to the removal of such constraints but their effectiveness is still subject to an intense policy debate. This paper contributes to this debate by analysing the effects of the Brazilian Development Bank (BNDES) loans. It finds that, before receiving BNDES support, granted firms are indeed more credit constrained than comparable non-granted firms. It also finds that BNDES support allows granted firms to achieve the same level of performance as similar non-granted firms that are not credit constrained. However, it does not allow granted firms to outperform similar non-granted ones.
468
We develop a model of an order-driven exchange competing for order flow with off-exchange trading mechanisms. Liquidity suppliers face a trade-off between benefits and costs of order exposure. If they display trading intentions, they attract additional trade demand. We show, in equilibrium, hiding trade intentions can induce mis-coordination between liquidity supply and demand, generate excess price fluctuations and harm price efficiency. Econometric high-frequency analysis based on unique data on hidden orders from NASDAQ reveals strong empirical support for these predictions: We find abnormal reactions in prices and order flow after periods of high excess-supply of hidden liquidity.
467
We propose a framework for estimating network-driven time-varying systemic risk contributions that is applicable to a high-dimensional financial system. Tail risk dependencies and contributions are estimated based on a penalized two-stage fixed-effects quantile approach, which explicitly links bank interconnectedness to systemic risk contributions. The framework is applied to a system of 51 large European banks and 17 sovereigns through the period 2006 to 2013, utilizing both equity and CDS prices. We provide new evidence on how banking sector fragmentation and sovereign-bank linkages evolved over the European sovereign debt crisis and how it is reflected in network statistics and systemic risk measures. Illustrating the usefulness of the framework as a monitoring tool, we provide indication for the fragmentation of the European financial system having peaked and that recovery has started.
466
Futures markets are a potentially valuable source of information about market expectations. Exploiting this information has proved difficult in practice, because the presence of a time-varying risk premium often renders the futures price a poor measure of the market expectation of the price of the underlying asset. Even though the expectation in principle may be recovered by adjusting the futures price by the estimated risk premium, a common problem in applied work is that there are as many measures of market expectations as there are estimates of the risk premium. We propose a general solution to this problem that allows us to uniquely pin down the best possible estimate of the market expectation for any set of risk premium estimates. We illustrate this approach by solving the long-standing problem of how to recover the market expectation of the price of crude oil. We provide a new measure of oil price expectations that is considerably more accurate than the alternatives and more economically plausible. We discuss implications of our analysis for the estimation of economic models of energy-intensive durables, for the debate on speculation in oil markets, and for oil price forecasting.
465
This paper explains why the collection of panel (reinterview) data on a comprehensive measure of household expenditures is of great value both for measuring budget shares (the core mission of a Consumer Expenditure survey) and for the most important research and public policy uses to which CE data can be applied, including construction of spending-based measures of poverty and inequality and estimating the effects of fiscal policy.
464
The Great Recession confirmed a bedrock principle of modern consumption theory: It is impossible to explain aggregate spending behavior without knowledge of the underlying microeconomic distribution of circumstances and choices across households. National accounting frameworks therefore need to be augmented by “bottom up” measures that both (a) capture the microeconomic heterogeneity (in expenditures, income, assets, debt, and beliefs) in the population and (b) sum up to statistics that have a recognizable relationship to the aggregate totals that are already reasonably well measured.
463
We develop a methodology to identify and rank “systemically important financial institutions” (SIFIs). Our approach is consistent with that followed by the Financial Stability Board (FSB) but, unlike the latter, it is free of judgment and it is based entirely on publicly available data, thus filling the gap between the official views of the regulator and those that market participants can form with their own information set. We apply the methodology to annual data on three samples of banks (global, EU and euro area) for the years 2007-2012. We examine the evolution of the SIFIs over time and document the shifs in the relative weights of the major geographic areas. We also discuss the implication of the 2013 update of the identification methodology proposed by the FSB.
462
We examine the effects of credit default swaps (CDS), a major type of over-the-counter derivative, on the corporate liquidity management of the reference firms. CDS help firms to access the credit market since the lenders can hedge their credit risk more easily using these contracts. However, CDS-protected creditors can be tougher in debt renegotiations and less willing to support distressed borrowers, causing some firms to become more cautious. Consequently, we find that firms hold significantly more cash after the inception of CDS trading on their debt. The increase in cash holdings by CDS firms is more pronounced for financially constrained firms and firms facing higher refinancing risk. Moreover, bank relationships and outstanding credit facilities intensify the CDS effect on cash holding. Finally, firms with greater financial expertise hold more cash when their debt is referenced by CDS. These findings suggest that CDS, which are primarily a risk management tool for lenders, induce firms to adopt more conservative liquidity policies.
461
We use a unique data set from the Trade Reporting and Compliance Engine (TRACE) to study liquidity effects in the US structured product market. Our main contribution is the analysis of the relation between the accuracy in measuring liquidity and the potential degree of disclosure. Having access to all relevant trading information, we provide evidence that transaction cost measures that use dealer specific information such as trader identity and trade direction can be efficiently proxied by measures that use less detailed information. This finding is important for all market participants in the context of OTC markets, as it fosters our understanding of the information contained in transaction data. Thus, our results provide guidance for improving transparency while maintaining trader confidentiality. In addition, we analyze liquidity in the structured product market in general and show that securities that are mainly institutionally traded, guaranteed by a federal authority, or have low credit risk, tend to be more liquid.
460
Although oil price shocks have long been viewed as one of the leading candidates for explaining U.S. recessions, surprisingly little is known about the extent to which oil price shocks explain recessions. We provide the first formal analysis of this question with special attention to the possible role of net oil price increases in amplifying the transmission of oil price shocks. We quantify the conditional recessionary effect of oil price shocks in the net oil price increase model for all episodes of net oil price increases since the mid-1970s. Compared to the linear model, the cumulative effect of oil price shocks over course of the next two years is much larger in the net oil price increase model. For example, oil price shocks explain a 3% cumulative reduction in U.S. real GDP in the late 1970s and early 1980s and a 5% cumulative reduction during the financial crisis. An obvious concern is that some of these estimates are an artifact of net oil price increases being correlated with other variables that explain recessions. We show that the explanatory power of oil price shocks largely persists even after augmenting the nonlinear model with a measure of credit supply conditions, of the monetary policy stance and of consumer confidence. There is evidence, however, that the conditional fit of the net oil price increase model is worse on average than the fit of the corresponding linear model, suggesting much smaller cumulative effects of oil price shocks for these episodes of at most 1%.
459
Efforts to control bank risk address the wrong problem in the wrong way. They presume that the financial crisis was caused by CEOs who failed to supervise risk-taking employees. The responses focus on executive pay, believing that executives will bring non-executives into line—using incentives to manage risk-taking—once their own pay is regulated. What they overlook is the effect on non-executive pay of the competition for talent. Even if executive pay is regulated, and executives act in the bank’s best interests, they will still be trapped into providing incentives that encourage risk-taking by non-executives due to the negative externality that arises from that competition. Greater risk-taking can increase short-term profits and, in turn, the amount a non-executive receives, potentially at the expense of long-term bank value. Non-executives, therefore, have an incentive to incur significant risk upfront so long as they can depart for a new employer before any losses materialize. The result is an upward spiral in compensation—reducing an executive’s ability to set non-executive pay and the ability of any one bank to adjust compensation to reflect risk-taking and long-term outcomes. New regulation must address the tension between compensation and competition. Regulators should take account of the effect of competition on market-wide levels of pay, including by non-banks who compete for talent. The ability of non-executives to jump from a bank employer to another financial firm should also be limited. In addition, banks should be required to include a long-term equity component in non-executive pay, with subsequent employers being restricted from compensating a new employee for any losses she incurs related to her prior work.
458
We examine trust and trustworthiness of individuals with varying professional preferences and experiences. Our subjects study business and economics in Frankfurt, the financial center of Germany and continental Europe. In the trust game, subjects with a high interest in working in the financial industry return 25 percent less than subjects with a low interest. We find no evidence that the extent of professional experience in the financial industry has a negative impact on trustworthiness. We also do not find any evidence that the financial industry screens out less trustworthy individuals in the hiring process. In a prediction game that is strategically equivalent to the trust game, the amount sent by first-movers was significantly smaller when the second-mover indicated a high interest in working in finance. These results suggest that the financial industry attracts less trustworthy individuals, which may contribute to the current lack of trust in its employees.
457
This paper investigates the role of monetary policy in the collapse in the long-term real interest rates in the decade before the onset of the financial crisis using a sample of five advanced economies (United States, United Kingdom, the euro area, Sweden and Canada). The results from an estimated panel VAR with monthly data show that, while monetary policy shocks had negligible effects on long-term real interest rates, shocks to the long-term real interest rates had a one-to-one effect on the short nominal rate.
456
This paper empirically tests the role of bank lending tightening on non-financial corporate (NFC) bond issuance in the eurozone. By utilizing a unique data set provided by the ECB Bank Lending Survey, we capture the "pure" credit supply effect on corporate external financing. We find that tightened credit standards positively affect the NFC bond issuance: A 1pp increase in banks reporting considerable tightening on loans leads to around a 7% increase in firms' bond issuance in the eurozone. Focusing on a spectrum of aspects contributing to bank credit tightening, we document that banks' balance sheet constraints, as well as the perception of risk lead to significantly higher NFC bond issuance. In addition, we show that stricter lending conditions, such as wider margins, higher collateral requirements and covenants significantly increase NFC bond issuance volumes too. Furthermore, the impact of bank credit tightening on firms' bond issuance is particularly observable in core eurozone countries and not in peripheral countries. This is partially due to the underdeveloped of debt capital markets in the peripheral countries.