Anzeige der Dokumente 223-242 von 334

    • Quantifying Inertia in Retail Deposit Markets 

      Deuflhard, Florian (2018-03-01)
      This paper investigates inertia within and across banks in retail deposit markets using detailed panel data on consumer choices and account characteristics. In a structural choice model, I find that costs of inertia are ...
    • Quasi-Dark Trading: The Effects of Banning Dark Pools in a World of Many Alternatives 

      Johann, Thomas; Putnins, Talis; Sagade, Satchit; Westheide, Christian (2019-04-30)
      We show that “quasi-dark” trading venues, i.e., markets with somewhat non-transparent trading mechanisms, are important parts of modern equity market structure alongside lit markets and dark pools. Using the European MiFID ...
    • Recapitalization, Bailout, and Long-run Welfare in a Dynamic Model of Banking 

      Modena, Andrea (2021-03-01)
      This paper studies the dynamic trade-off between the short-run costs and the long-run benefits of bank bailouts. In the model, banks leverage thanks to their cost advantage at monitoring firms, but hold precautionary capital ...
    • Regulation of Crowdfunding in Germany 

      Tröger, Tobias (2018-04-23)
      This paper is the national report for Germany prepared for the to the 20th General Congress of the International Academy of Comparative Law 2018 and gives an overview of the regulation of crowdfunding in Germany and the ...
    • Regulatory Influence on Market Conditions in the Banking Union 

      Tröger, Tobias H. (2015-06-02)
      This paper looks into the specific influence that the European banking union will have on (future) bank client relationships. It shows that the intended regulatory influence on market conditions in principle serves as a ...
    • Remarks on the German Regulation of Crowdfunding 

      Tröger, Tobias H. (2017-12-05)
      Crowdfunding is a buzzword that signifies a sub-set in the new forms of finance facilitated by advances in information technology usually categorized as fintech. Concerns for financial stability, investor and consumer ...
    • Rent-Seeking in Elite Networks 

      Haselmann, Rainer; Schoenherr, David; Vig, Vikrant (2017-01-31)
      We employ a unique dataset on members of an elite service club in Germany to investigate how social connections in elite networks affect the allocation of resources. Specifically, we investigate credit allocation decisions ...
    • Reputation, Honesty, and Cheating in Informal Milk Markets in India 

      Kröll, Markus; Rustagi, Devesh (2016-01-01)
      Sellers display astounding differences in their cheating behavior, even in developing countries with weak enforcement of rules. Using the context of informal milk markets in India, we examine the role of reputation and ...
    • Resiliency: Cross-Venue Dynamics with Hawkes Processes 

      Pelizzon, Loriana; Sagade, Satchit; Vozian, Katia (2020-10-16)
      Market fragmentation and technological advances increasing the speed of trading altered the functioning and stability of global equity limit order markets. Taking market resiliency as an indicator of market quality, we ...
    • Resolution Planning and Structural Bank Reform within the Banking Union 

      Binder, Jens-Hinrich (2014-12-18)
      In the aftermath of the global financial crisis, both resolution planning, i.e. contingency planning by both regulated institutions and public authorities in order to prepare their actions in financial crisis, and concepts ...
    • Revisiting the Narrative Approach of Estimating Tax Multipliers 

      Hebous, Shafik; Zimmermann, Tom (2015-03-01)
      "A number of recent studies regress a ""narratively"" identified measure of a macroeconomic shock directly on an outcome variable. In this note, we argue that this approach can be viewed as the reduced-form regression of ...
    • Reviving the Shadow Banking Chain in Europe: Regulatory Agency, Technical Complexity and the Dynamics of Co-Habitation 

      Endrejat, Vanessa; Thiemann, Matthias (2018-06-01)
      In recent years European financial regulation has experienced a tremendous reorientation with respect to the shadow banking system, which manifested first and foremost in its reframing as market-based finance. Initially ...
    • Rigid Wages and Contracts: Time- versus State-Dependent Wages in the Netherlands 

      Grajales-Olarte, Anderson; Uras, Burak R.; Vellekoop, Nathanael (2019-09-01)
      We study nominal wage rigidity in the Netherlands using administrative data, which has three key features: (1) high-frequency (monthly), (2) high-quality (administrative records), and (3) high coverage (the universe of ...
    • Risk Pooling, Leverage, and the Business Cycle 

      Dindo, Pietro; Modena, Andrea; Pelizzon, Loriana (2020-02-25)
      This paper studies the impact of financial sector size and leverage on business cycles and risk-free rates dynamics. We model a general equilibrium productive economy where financial intermediaries provide costly risk ...
    • Risk Taking, Preferences, and Beliefs: Evidence from Wuhan 

      Bu, Di; Hanspal, Tobin; Liao, Yin; Liu, Yong (2020-03-24)
      We study risk taking in a panel of subjects in Wuhan, China - before, during the COVID-19 crisis, and after the country reopened. Subjects in our sample traveled for semester break in January, generating variation in ...
    • Saving Europe?: The Unpleasant Arithmetic of Fiscal Austerity in Integrated Economies 

      Mendoza, Enrique G.; Tesar, Linda L.; Zhang, Jing (2014-12-12)
      Europe’s debt crisis casts doubt on the effectiveness of fiscal austerity in highly-integrated economies. Closed-economy models overestimate its effectiveness, because they underestimate tax-base elasticities and ignore ...
    • Secular Stagnation? Growth, Asset Returns and Welfare in the Next Decades: First Results 

      Geppert, Christian; Ludwig, Alexander; Abiry, Raphael (2016-09-08)
      Ongoing demographic change will lead to a relative scarcity of raw labor to the effect that output growth will be decreasing in the next decades, a secular stagnation. As physical capital will be relatively abundant, this ...
    • Separating the Effects of Beliefs and Attitudes on Pricing under Ambiguity 

      Li, Wenhui; Wilde, Christian (2021-03-10)
      The pricing of an ambiguous asset, whose cash flow stream is uncertain, may be affected by three factors: the belief regarding the realization likelihood of cash flows, the subjective attitude towards risk, and the attitude ...
    • Shareholder Wealth vs. Stakeholder interests? Evidence from Code Compliance under the German Corporate Governance Code 

      Haar, Brigitte (2016-11-24)
      In order to better differentiate the drivers of corporations’ actions, in particular shareholder wealth and stakeholder interests, the paper explores the significance of the comply or explain-principle and its underlying ...
    • Signaling Cooperation 

      Heinz, Matthias; Schumacher, Heiner (2015-11-08)
      We examine what an applicant’s vita signals to potential employers about her willingness to cooperate in teams. Intensive social engagement may credibly reveal that an applicant cares about the well-being of others and ...