LIF-SAFE Working Papers: Recent submissions
Anzeige der Dokumente 121-140 von 334
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Effects of Government Spending on Employment: Evidence from Winners and Runners-up in Procurement Auctions
(2018-05-01)To estimate demand for labor, we use a combination of detailed employment data and the outcomes of procurement auctions, and compare the employment of the winner of an auction with the employment of the second ranked firm ... -
Incentive Effects from Write-down CoCo Bonds: An Empirical Analysis
(2018-05-01)Departing from the principle of absolute priority, CoCo bonds are particularly exposed to bank losses despite not having ownership rights. This paper shows the link between adverse CoCo design and their yields, confirming ... -
Bargaining with a Bank
(2018-01-01)This paper examines bargaining as a mechanism to resolve information problems. To guide the analysis, I develop a parsimonious model of a credit negotiation between a bank and firms with varying levels of impatience. In ... -
Volatility-of-Volatility Risk
(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 ... -
Pro-rich Inflation in Europe: Implications for the Measurement of Inequality
(2018-05-17)This paper studies the distributional consequences of a systematic variation in expenditure shares and prices. Using European Union Household Budget Surveys and Harmonized Index of Consumer Prices data, we construct ... -
Financial Bridges and Network Communities
(2018-09-29)We analyze the global financial crisis and the European sovereign debt crisis showing that the European network exhibits a strong community structure with two main blocks acting as shock spreader and receiver, respectively. ... -
The Geography of Alternative Work
(2018-04-27)The increase in alternative working arrangements has sparked a debate over the positive impact of increased flexibility against the negative impact of decreased financial security. We study the prevalence and determinants ... -
P2P Lending versus Banks: Cream Skimming or Bottom Fishing?
(2018-04-18)We derive three testable predictions from a bank-P2P lender model of competition: (i) P2P lending grows when some banks are faced with exogenously higher regulatory costs, (ii) P2P loans are riskier than bank loans; and ... -
Financial Education for the Disadvantaged? A Review
(2018-04-20)In contrast to the popularity of financial education interventions worldwide, studies on the economic effects of those interventions report mixed results. With a focus on the effect on disadvantaged groups, we review both ... -
The Impact of Monetary Policy Interventions on the Insurance Industry
(2018-03-01)This paper investigates the effect of the conventional and unconventional (e.g. Quantitative Easing - QE) monetary policy intervention on the insurance industry. We first analyze the impact on the stock performances of 166 ... -
Pushing Through or Slacking Off? Heterogeneity in the Reaction to Rank Feedback
(2018-03-30)This paper studies heterogeneity in the reaction to rank feedback. In a laboratory experiment, individuals take part in a series of dynamic real-effort contests with intermediate feedback. To solve the identification problem ... -
Germany's Reluctance to Regulate Related Party Transactions
(2018-02-15)Germany Inc. was an idiosyncratic form of industrial organization that put financial institutions at the center. This paper argues that the consumption of private benefits in related party transactions by these key agents ... -
Optimal Taxes on Capital in the OLG Model with Uninsurable Idiosyncratic Income Risk
(2018-02-09)We characterize the optimal linear tax on capital in an Overlapping Generations model with two period lived households facing uninsurable idiosyncratic labor income risk. The Ramsey government internalizes the general ... -
Cognition, Optimism and the Formation of Age-Dependent Survival Beliefs
(2018-06-02)This paper investigates the roles psychological biases play in deviations between subjective survival beliefs (SSBs) and objective survival probabilities (OSPs). We model deviations between SSBs and OSPs through age-dependent ... -
Regulation of Crowdfunding in Germany
(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 ... -
The Macroeconomic Effects of Asset Purchases Revisited
(2018-02-13)This paper revisits the macroeconomic effects of the large-scale asset purchase programmes launched by the Federal Reserve and the Bank of England from 2008. Using a Bayesian VAR, we investigate the macroeconomic impact ... -
Circuit Breakers – A Survey among International Trading Venues
(2018-02-08)Circuit Breakers are widely implemented in 2016. Currently, the majority (86%) of the responding trading venues use circuit breakers to ensure investor protection and to increase market integrity and stability. Compared ... -
Coordination of Circuit Breakers? Volume Migration and Volatility Spillover in Fragmented Markets
(2017-01-27)We study circuit breakers in a fragmented, multi-market environment and investigate whether a coordination of circuit breakers is necessary to ensure their effectiveness. In doing so, we analyze 2,337 volatility interruptions ... -
Managing Excess Volatility: Design and Effectiveness of Circuit Breakers
(2017-02-02)We investigate different designs of circuit breakers implemented on European trading venues and examine their effectiveness to manage excess volatility and to preserve liquidity. Specifically, we empirically analyze ... -
Mental Accounting in a Business Cycle Model
(2018-12-17)Motivated by the consumer behavior literature, this paper presents a new business cycle model in which consumers incur a pain of paying and neglect the opportunity costs of consumption. Although consumers maximize their ...