Anzeige der Dokumente 238-257 von 334

    • 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 ...
    • Smart (Phone) Investing? A Within Investor-Time Analysis of New Technologies and Trading Behavior 

      Kalda, Ankit; Loos, Benjamin; Previtero, Alessandro; Hackethal, Andreas (2021-02-02)
      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 ...
    • Smoking Hot Portfolios? Self-Control and Investor Decisions 

      Uhr, Charline; Meyer, Steffen; Hackethal, Andreas (2019-09-01)
      Self-control failure is among the major pathologies (Baumeister et al. (1994)) affecting individual investment decisions which has hardly been measurable in empirical research. We use cigarette addiction identified from ...
    • Smoking Hot Portfolios? Self-Control and Investor Decisions 

      Uhr, Charline; Meyer, Steffen; Hackethal, Andreas (2019-03-01)
      Self-control failure is among the major pathologies (Baumeister et al. (1994)) affecting individual investment decisions which has hardly been measurable in empirical research. We use cigarette addiction identified from ...
    • Social Centralization, Bank Integration and the Transmission of Lending Shocks 

      Radev, Deyan; Gropp, Reint (2017-08-01)
      We introduce an innovative approach to measure bank integration, based on the corporate culture of multinational banking conglomerates. The new measure, the Power Index, assesses the prevalence of a language of power and ...
    • Social Security in an Analytically Tractable Overlapping Generations Model with Aggregate and Idiosyncratic Risk 

      Harenberg, Daniel; Ludwig, Alexander (2015-04-13)
      When markets are incomplete, social security can partially insure against idiosyncratic and aggregate risks. We incorporate both risks into an analytically tractable model with two overlapping generations. We derive the ...
    • Sovereign Credit Risk, Liquidity, and ECB Intervention: Deus Ex Machina? 

      Pelizzon, Loriana; Subrahmanyam, Marti G.; Tomio, Davide; Uno, Jun (2016-11-18)
      We examine the dynamic relation between credit risk and liquidity in the Italian sovereign bond market during the Euro-zone crisis and the subsequent European Central Bank (ECB) interventions. Credit risk drives the liquidity ...
    • Spillover Effects among Financial Institutions: A State-Dependent Sensitivity Value-at-Risk Approach 

      Adams, Zeno; Füss, Roland; Gropp, Reint E. (2012-09-01)
      In this paper, we develop a state-dependent sensitivity value-at-risk (SDSVaR) approach that enables us to quantify the direction, size, and duration of risk spillovers among financial institutions as a function of the ...
    • Spillovers of Funding Dry-ups 

      Aldasoro, Inaki; Balke, Florian; Barth, Andreas; Eren, Egemen (2020-08-29)
      We uncover a new channel for spillovers of funding dry-ups. The 2016 US money market fund (MMF) reform exogenously reduced unsecured MMF funding for some banks. We use novel data to trace those banks to a platform for ...
    • Spoilt for Choice: Order Routing Decisions in Fragmented Equity Markets 

      Gomber, Peter; Sagade, Satchit; Theissen, Erik; Weber, Moritz Christian; Westheide, Christian (2016-08-01)
      The equity trading landscape all over the world has changed dramatically in recent years. We have witnessed the advent of new trading venues and significant changes in the market shares of existing ones. We use an extensive ...
    • Statistical Inferences for Price Staleness 

      Kolokolov, Aleksey; Livieri, Giulia; Pirino, Davide (2018-11-06)
      Asset transaction prices sampled at high frequency are much staler than one might expect in the sense that they frequently lack new updates showing zero returns. In this paper, we propose a theoretical framework for ...
    • Stochastic Differential Utility as the Continuous-Time Limit of Recursive Utility 

      Kraft, Holger; Seifried, Frank Thomas (2013-05-10)
      We establish a convergence theorem that shows that discrete-time recursive utility, as developed by Kreps and Porteus (1978), converges to stochastic differential utility, as introduced by Duffie and Epstein (1992), in the ...
    • Stock Ownership and Political Behavior: Evidence from Demutualizations 

      Kaustia, Markku; Knüpfer, Samuli; Torstila, Sami (2013-12-12)
      A setting in which customer-owned mutual companies converted to publicly listed firms created a plausibly exogenous shock to salience of stock ownership. We use this shock to identify the effect of stock ownership on ...
    • Stock Price Crashes: Role of Slow-Moving Capital 

      Jagannathan, Ravi; Pelizzon, Loriana; Schaumburg, Ernst; Getmansky Sherman, Mila; Yuferova, Darya (2018-07-16)
      We study the role of various trader types in providing liquidity in spot and futures markets based on complete order-book and transactions data as well as cross-market trader identifiers from the National Stock Exchange ...
    • Supranational Rules, National Discretion: Increasing Versus Inflating Regulatory Bank Capital? 

      Gropp, Reint; Mosk, Thomas; Ongena, Steven; Simac, Ines; Wix, Carlo (2021-02-16)
      We study how higher capital requirements introduced at the supranational and implemented at the national level affect the regulatory capital of banks across countries. Using the 2011 EBA capital exercise as a quasi-natural ...
    • Systemic Co-Jumps 

      Caporin, Massimiliano; Kolokolov, Alexey; Renò, Roberto (2016-10-10)
      The simultaneous occurrence of jumps in several stocks can be associated with major financial news, triggers short-term predictability in stock returns, is correlated with sudden spikes of the variance risk premium, and ...