Anzeige der Dokumente 320-334 von 334

    • Understanding the Shift from Micro to Macro-Prudential Thinking: A Discursive Network Analysis 

      Thiemann, Matthias; Aldegwy, Mohamed; Ibrocevic, Edin (2016-05-09)
      While some economists argued for macro-prudential regulation pre-crisis, the macro-prudential approach and its emphasis on endogenously created systemic risk have only gained prominence post-crisis. Employing discourse and ...
    • United in Diversity? The Relationship between Monetary Policy and Banking Supervision in the Banking Union 

      Goldmann, Matthias (2017-12-01)
      This paper analyzes the relationship between monetary policy and prudential supervision in the Banking Union. There is no uniform global model regarding the relationship between monetary policy on the one hand, and prudential ...
    • Vertical Fiscal Imbalances and the Accumulation of Government Debt 

      Aldasoro, Iñaki; Seiferling, Mike (2014-07-01)
      "The implications of delegating fiscal decision making power to sub-national governments has become an area of significant interest over the past two decades, in the expectation that these reforms will lead to better and ...
    • Volatility, Valuation Ratios, and Bubbles: An Empirical Measure of Market Sentiment 

      Gao, Can; Martin, Ian (2021-03-24)
      We define a sentiment indicator that exploits two contrasting views of return predictability, and study its properties. The indicator, which is based on option prices, valuation ratios and interest rates, was unusually ...
    • Volatility-of-Volatility Risk 

      Huang, Darien; Schlag, Christian; Shaliastovich, Ivan; Thimme, Julian (2018-05-01)
      We show that time-varying volatility of volatility is a significant risk factor which affects the cross-section and the time-series of index and VIX option returns, beyond volatility risk itself. Volatility and ...
    • What Drives Banks' Geographic Expansion? The Role of Locally Non-Diversifiable Risk 

      Gropp, Reint E.; Noth, Felix; Schüwer, Ulrich (2019-03-06)
      We show that banks that are facing relatively high locally non-diversifiable risks in their home region expand more across states than banks that do not face such risks following branching deregulation in the United States ...
    • Whatever it Takes: The Real Effects of Unconventional Monetary Policy 

      Acharya, Viral; Eisert, Tim; Eufinger, Christian; Hirsch, Christian (2017-04-11)
      Launched in Summer 2012, the European Central Bank (ECB)’s Outright Monetary Transactions (OMT) program indirectly recapitalized European banks through its positive impact on periphery sovereign bonds. However, the stability ...
    • When Do Jumps Matter for Portfolio Optimization? 

      Ascheberg, Marius; Branger, Nicole; Kraft, Holger (2015-11-25)
      We consider the continuous-time portfolio optimization problem of an investor with constant relative risk aversion who maximizes expected utility of terminal wealth. The risky asset follows a jump-diffusion model with a ...
    • When Should Retirees Tap Their Home Equity? 

      Hambel, Christoph; Kraft, Holger; Meyer-Wehmann, André (2020-10-28)
      This paper studies a household’s optimal demand for a reverse mortgage. These contracts allow homeowners to tap their home equity to finance consumption needs. In stylized frameworks, we show that the decision to enter a ...
    • Which Market Integration Measure? 

      Billio, Monica; Donadelli, Michael; Paradiso, Antonio; Riedel, Max (2017-08-04)
      This paper compares the dynamics of the financial integration process as described by different empirical approaches. To this end, a wide range of measures accounting for several dimensions of integration is employed. In ...
    • Who Are the Bitcoin Investors? Evidence from Indirect Cryptocurrency Investments 

      Lammer, Dominique Marcel; Hanspal, Tobin; Hackethal, Andreas (2019-12-10)
      Cryptocurrencies have received growing attention from individuals, the media, and regulators. However, little is known about the investors whom these financial instruments attract. Using administrative data, we describe ...
    • Who Invests in Home Equity to Exempt Wealth from Bankruptcy? 

      Corradin, Stefano; Gropp, Reint E.; Huizinga, Harry; Laeven, Luc (2013-05-01)
      Homestead exemptions to personal bankruptcy allow households to retain their home equity up to a limit determined at the state level. Households that may experience bankruptcy thus have an incentive to bias their portfolios ...
    • Why MREL Won't Help Much 

      Tröger, Tobias H. (2018-01-28)
      The bail-in tool as implemented in the European bank resolution framework suffers from severe shortcomings. To some extent, the regulatory framework can remove the impediments to the desirable incentive effect of private ...
    • Will They Take the Money and Work? An Empirical Analysis of People’s Willingness to Delay Claiming Social Security Benefits for a Lump Sum 

      Maurer, Raimond; Mitchell, Olivia S.; Rogalla, Ralph; Schimetschek, Tatjana (2014-01-01)
      This paper investigates whether exchanging the Social Security delayed retirement credit, currently paid as an increase in lifetime annuity benefits, for a lump sum would induce later claiming and additional work. We show ...
    • Women form social networks more selectively and less opportunistically than men 

      Friebel, Guido; Lalanne, Marie; Richter, Bernard; Schwardmann, Peter; Seabright, Paul (2017-03-01)
      We test two hypotheses, based on sexual selection theory, about gender differences in costly social interactions. Differential selectivity states that women invest less than men in interactions with new individuals. ...