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Since 2015, 90 taxa of lichens and 18 lichenicolous fungi have been recorded from Turkey for the first time. Further 707 taxa are new to one or more provinces. In this paper 2 species are new to Turkey. A list of 82 published papers is also provided as a supplement to the bibliography of the 2017 Checklist (John & Türk (2017) of Turkish Lichens.
We show that financial advisors recommend more costly products to female clients, based on minutes from about 27,000 real-world advisory meetings and client portfolio data. Funds recommended to women have higher expense ratios controlling for risk, and women less often receive rebates on upfront fees for any given fund. We develop a model relating these findings to client stereotyping, and empirically verify an additional prediction: Women (but not men) with higher financial aptitude reject recommendations more frequently. Women state a preference for delegating financial decisions, but appear unaware of associated higher costs. Evidence of stereotyping is stronger for male advisors.
Eight new lichen species are described from South America, Malaysia and Thailand, viz. Chapsa canaimae from Venezuela, which differs from C. alborosella in having distictly smaller ascospores with less septa, Dirinaria hypoleuca from Thailand, which differs from the isidiate D. papillulifera in having a whitish lower surface, Myriotrema robertianum from Brazil, which differs from M. viride in having an inspersed hymenium, Myriotrema subzollingeri from Brazil, which differs from M. glauculum in having brown ascospores, Ocellularia jutaratiae from Brazil, which differs from O. crocea in having ascomata with a fissured margin, Ocellularia subnatashae from Brazil, which differs from O. natashae in lacking hirtifructic and conhirtifructic acids and in having smaller and less sepatate ascospores, Redingeria uniseptata from Brazil, which differs from R. vulcani in having smaller and 1-septate ascospores, Thalloloma intermedium from Brazil, which differs from T. anguiniforme in having smaller ascospores. Chapsa pulchella from Malaysia is a new record for Borneo and the first finding after its description, and Redonographa parvispora from Brasil is a new addition to the lichen biota of this country. All species mentioned are described and illustrated with close-up photographs.
Eleven species of lichens are described as new from the Serra do Bodoquena in Mato Grosso do Sul (Brazil): Alyxoria cyanea, Astrothelium ochraceum, Chiodecton xanthonosorediatum, Gyalecta perithecioidea, Gyalecta uniseptata, Pyrenula rubroacutispora, Ramonia xylophila, Synarthonia xanthosarcographoides, Trypethelium aureornatum, Trypethelium endoflavum, and Trypethelium xanthostiolornatum. Around 400 further species are reported, of which 27 are first records for Brazil and 265 are first records for the state.
Nine species of Graphidaceae are described as new to science from South and Central Brazil, in 7 different genera: Acanthothecis normuralis, A. psoromica, Acanthotrema minus, Aggregatorygma submuriforme, Allographa medioinspersa, Diorygma isidiolichexanthonicum, Fissurina excavatisorediosa, Graphis norsorediata, and Graphis tricolor.
New or otherwise interesting lichens. VII, including a world key to the lichen genus Heiomasia
(2020)
Eight species new to science are described, Allographa grandis from Cameroon which is distinguished by its very large ascomata, richly muriform, large ascospores and an inspersed hymenium (type B); Bapalmuia microspora from Malaysia which differs from B. consanguinea in having shorter and broader ascospores and a granular thallus; Diorygma cameroonense from Cameroon which differs from D. sticticum in having larger ascospores with more septa; Glyphis frischiana which is similar to G. atrofusca but differs in producing secondary lichen compounds, the first species in Glyphis in doing so. Two new species are added to the genus Heiomasia, viz. H. annamariae from Malaysia, which differs from H. sipmanii in producing the stictic acid aggr. and H. siamensis from Thailand, distinguished from H. sipmanii in containing hypoprotocetraric acid as a major metabolite. The published chemistry of several species of Heiomasia is revised and a new substance, heiomaseic acid, with relative Rf-values 5/19/8, is demonstrated for H. seaveyorum, H. siamensis and H. sipmanii. A world-wide key to the known species of Heiomasia is presented. Myriotrema squamiferum, a fertile species from Malaysia, is distinguished from M. frondosolucens by lacking lichexanthone. As there are conflicting literature data concerning Ocellularia crocea, the type specimen was investigated and the results are reported. Ocellularia macrocrocea, a related species from Malaysia, differs from O. rubropolydiscus in lacking the red pigment covering the disc of the ascomata and in having a broad stump-shaped columella. A revised chemistry for Ocellularia tanii, a new record for Sarawak, is also given. A table of Rfvalues and scans of relevant TLC runs facilitate the interpretation of the spots occurring on TLC plates of Graphidaceae.
Fascicle XVI of the exsiccate "K. KALB & A. APTROOT: LICHENES NEOTROPICI" (new name for "K. KALB: LICHENES NEOTROPIC" from fascicle XVI onwards) with 23 lichen specimens (No. 628–650) from Brazil, Chile, Dominican Republic, Ecuador, Kenya, Peru and Venezuela is distributed. Three species are described as new, namely Lopadium subcoralloideum Aptroot & Kalb, Lecanactis caceresiana Kalb & Aptroot and Rhizocarpon sipmanianum Kalb & Aptroot. The holotypes of the new species are deposited at Universidade Federal de Mato Grosso do Sul (UFMS). Range extensions are reported for Hypocenomyce tinderreyensis (new to the Neo-tropics; so far only known from Australia, but apparently austral), Ocellularia baorucensis (new to Brazil), Physcidia striata (recently described from Rondônia and the Venezuelean Amazon, and subsequently reported from Amapá and Brazilian Amazonas. The collection from Brazil/Mato Grosso do Sul represents a major range extension to the South), Tephromela campestricola (new to the Neotropics; not different in any way from European material) and Xanthoparmelia arvidssonii (new to Venezuela).
The recently observed disconnect between inflation and economic activity can be explained by the interplay between the zero lower bound (ZLB) and the costs of external financing. In normal times, credit spreads and the nominal interest rate balance out; factor costs dominate firms' marginal costs. When nominal rates are constrained, larger spreads can more than offset the effect of lower factor costs and induce only moderate inflation responses. The Phillips curve is hence flat at the ZLB, but features a positive slope in normal times and thus a hockey stick shape. Via this mechanism, forward guidance may induce deflationary effects.
We conducted a large-scale household survey in November 2020 to study how altering the time frame of a message (temporal framing) regarding an imminent positive income shock affects consumption plans. The income shock derives from the abolishment of the German solidarity surcharge on personal income taxes, effective in January 2021. We randomize across survey participants whether their extra disposable income is presented in Euros per month, Euros per year, or Euros per ten year-period. Our main findings are as follows: In General, we find our respondents’ intended Marginal Propensity to Consume (MPC) is 28.2%. Across all three treatments, the MPC is a positive function of age and being female while it is a negative function of the income increase’s size, self- control, and being unemployed. Temporal framing effects are statistically and economically highly significant as we find the monthly treatment groups’ average MPC 5.6 and 8.7 percentage points higher compared to the yearly and 10-yearly treatment groups. We will be able to analyze the real consumption behavior of households throughout 2021 based on re-surveying the participants as well as by using transaction-based bank data.
The authors examine the effectiveness of labor cost reductions as a means to stimulate economic activity and assesses the differences which may occur with the prevailing exchange rate regime. They develop a medium-scale three-region DSGE model and show that the impact of a cut in the employers’ social security contributions rate does not vary significantly under different exchange rate regimes. They find that both the interest rate and the exchange rate channel matters. Furthermore, the measure appears to be effective even if it comes along with a consumption tax increase to preserve long-term fiscal sustainability.
Finally, they assess whether obtained theoretical results hold up empirically by applying the local projection method. Regression results suggest that changes in employers’ social security contributions rates have statistically significant real effects – a one percentage point reduction leads to an average cumulative rise in output of around 1.3 percent in the medium term. Moreover, the outcome does not differ significantly across the different exchange rate regimes.
How people form beliefs is crucial for understanding decision-making un- der uncertainty. This is particularly true in a situation such as a pandemic, where beliefs will affect behaviors that impact public health as well as the aggregate economy. We conduct two survey experiments to shed light on potential biases in belief formation, focusing in particular on the tone of information people choose to consume and how they incorporate this information into their beliefs. In the first experiment, people express their preferences over pandemic-related articles with optimistic and pessimistic headlines, and are then randomly shown one of the articles. We find that respondents with more pessimistic prior beliefs about the pandemic are substantially more likely to prefer pessimistic articles, which we interpret as evidence of confirmation bias. In line with this, respondents assigned to the less preferred article rate it as less reliable and informative (relative to those who prefer it); they also discount information from the article when it is less preferred. We further find that these motivated beliefs end up impacting incentivized behavior. In a second experiment, we study how partisan views interact with information selection and processing. We find strong evidence of source dependence: revealing the news source further distorts information acquisition and processing, eliminating the role of prior beliefs in article choice.
We assess the effect and the timing of the corporate arm of the ECB quantitative easing (CSPP) on corporate bond issuance. Because of several contemporaneous measures, to isolate the programme effects we rely on one key eligibility feature: the euro denomination of newly issued bonds. We find that the significant increase in bonds issuance by eligible firms is due to the CSPP and that this effect took at least six months to unfold. This result holds even when comparing firms with similar ratings, thus providing evidence that unconventional monetary policy can foster a financing diversification regardless of firms’ risk profile. We also highlight the impact of the programme on the real economic activity. The evidence suggests that while all firms increased investment in capital expenditures and intangible assets, the CSPP induced eligible firms to invest in marketable and equity securities, to repurchase their own stocks, to hold cash and to carry out short-term investment.
By focusing on the cost conditions at issuance, I find that not only the Covid-19 pandemic effects were different across bonds and firms at different stages, but also that the market composition was significantly affected, collapsing on investment- grade bonds, a segment in which the share of bonds eligible to the ECB corporate programmes strikingly increased from 15% to 40%. At the same time the high-yield segment shrunk to almost disappear at 4%. In addition to a market segmentation along the bond grade and the eligibility to the ECB programmes, another source of risk detected in the pricing mechanism is the weak resilience to pandemic: the premium requested is around 30 basis points and started to be priced only after the early containment actions taken by the national authorities. On the contrary, I do not find evidence supporting an increased risk for corporations headquartered in countries with a reduced fiscal space, nor the existence of a premium in favour of green bonds, which should be the backbone of a possible “green recovery”.
Relying on a perspective borrowed from monetary policy announcements and introducing an econometric twist in the traditional event study analysis, we document the existence of an .event risk transfer., namely a significant credit risk transmission from the sovereign to the corporate sector after a sovereign rating downgrade. We find that after the delivery of the downgrade, corporate CDS spreads rise by 36% per annum and there is a widespread contagion across countries, in particular among those which were most exposed to the sovereign debt crisis. This effect exists on top of the standard relation between sovereign and corporate credit risk.
This paper studies the behavior of competing firms in a duopoly with rational inattentive consumers. Firms play a sequential game in which they decide to obfuscate their individual prices before competing on price. Probabilistic demand functions are endogenously determined by the consumers’ optimal information strategy, which depends on the firms’ obfuscation choice and the consumers’ unrestricted prior beliefs. We show that the game may result in an obfuscation equilibrium with high prices where both firms obfuscate and a transparency equilibrium with low prices and no obfuscation, providing an argument for market regulation. Lower information costs and asymmetric prior beliefs about prices reduce the probability of an obfuscation equilibrium. Using data on Sweden, we document a decrease in price complexity and corresponding prices in the market for mobile phone subscriptions in the last two decades. Our model rationalizes these changes and explains why complexity and high prices persist in some but not all digitalized markets.
The disposition effect is implicitly assumed to be constant over time. However, drivers of the disposition effect (preferences and beliefs) are rather countercyclical. We use individual investor trading data covering several boom and bust periods (2001-2015). We show that the disposition effect is countercyclical, i.e. is higher in bust than in boom periods. Our findings are driven by individuals being 25% more likely to realize gains in bust than in boom periods. These changes in investors’ selling behavior can be linked to changes in investors’ risk aversion and in their beliefs across financial market cycles.
The centrality of the United States in the global financial system is taken for granted, but its response to recent political and epidemiological events has suggested that China now holds a comparable position. Using minute-by-minute data from 2012 to 2020 on the financial performance of twelve country-specific exchange-traded funds, we construct daily snapshots of the global financial network and analyze them for the centrality and connectedness of each country in our sample. We find evidence that the U.S. was central to the global financial system into 2018, but that the U.S.-China trade war of 2018–2019 diminished its centrality, and the Covid-19 outbreak of 2019–2020 increased the centrality of China. These indicators may be the first signals that the global financial system is moving from a unipolar to a bipolar world.
Smart(phone) investing? A within investor-time analysis of new technologies and trading behavior
(2021)
Using transaction-level data from two German banks, we study the effects of smartphones on investor behavior. Comparing trades by the same investor in the same month across different platforms, we find that smartphones increase purchasing of riskier and lottery-type assets and chasing past returns. After the adoption of smartphones, investors do not substitute trades across platforms and buy also riskier, lottery-type, and hot investments on other platforms. Using smartphones to trade specific assets or during specific hours contributes to explain our results. Digital nudges and the device screen size do not mechanically drive our results. Smartphone effects are not transitory.
The FOMC risk shift
(2021)
We identify a component of monetary policy news that is extracted from high-frequency changes in risky asset prices. These surprises, which we call “risk shifts”, are uncorrelated, and therefore complementary, to risk-free rate surprises. We show that (i) risk shifts capture the lion’s share of stock price movements around FOMC announcements; (ii) that they are accompanied by significant investor fund flows, suggesting that investors react heterogeneously to monetary policy news; and (iii) that price pressure amplifies the stock market response to monetary policy news. Our results imply that central bank information effects are overshadowed by short-term dynamics stemming from investor rebalancing activities and are likely to be more difficult to identify than previously thought.