Anzeige der Dokumente 201-220 von 334

    • 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 ...
    • The Political Economy of Bank Bailouts 

      Behn, Markus; Haselmann, Rainer; Kick, Thomas; Vig, Vikrant (2016-04-14)
      In this paper, we examine how the institutional design affects the outcome of bank bailout decisions. In the German savings bank sector, distress events can be resolved by local politicians or a state-level association. ...
    • 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 ...
    • Commodities, Financialization, and Heterogeneous Agents 

      Branger, Nicole; Grüning, Patrick; Schlag, Christian (2016-04-28)
      The term 'financialization' describes the phenomenon that commodity contracts are traded for purely financial reasons and not for motives rooted in the real economy. Recently, financialization has been made responsible for ...
    • Optimal Consumption and Portfolio Choice with Loss Aversion 

      Curatola, Giuliano (2016-05-16)
      This paper analyses the consumption-investment problem of a loss averse investor equipped with s-shaped utility over consumption relative to a time-varying reference level. Optimal consumption exceeds the reference level ...
    • Investment-Specific Shocks, Business Cycles, and Asset Prices 

      Curatola, Giuliano; Donadelli, Michael; Grüning, Patrick; Meinerding, Christoph (2016-03-14)
      We introduce long-run investment productivity risk in a two-sector production economy to explain the joint behavior of macroeconomic quantities and asset prices. Long-run productivity risk in both sectors, for which we ...
    • Preference Evolution and the Dynamics of Capital Markets 

      Curatola, Giuliano (2016-05-13)
      This paper introduces endogenous preference evolution into a Lucas-type economy and explores its consequences for investors' trading strategy and the dynamics of asset prices. In equilibrium, investors herd and hold the ...
    • Competition in Treasury Auctions 

      Elsinger, Helmut; Schmidt-Dengler, Philipp; Zulehner, Christine (2016-02-01)
      We investigate the role of competition on the outcome of Austrian Treasury auctions. Austria's EU accession led to an increase in the number of banks participating in treasury auctions. We use structural estimates of ...
    • Coinvestment and risk taking in private equity funds 

      Bienz, Carsten; Thorburn, Karin; Walz, Uwe (2016-01-01)
      Private equity fund managers are typically required to invest their own money alongside the fund. We examine how this coinvestment affects the acquisition strategy of leveraged buyout funds. In a simple model, where the ...
    • Does Say on Pay Matter? Evidence from Germany 

      Tröger, Tobias H.; Walz, Uwe (2017-09-13)
      We analyze a hand-collected dataset of 1682 executive compensation packages at 34 firms included in the main German stock market index (DAX) for the years 2009-2017 in order to investigate the impact of the 2009 say on pay ...
    • The Intended and Unintended Consequences of Financial-Market Regulations: A General Equilibrium Analysis 

      Buss, Adrian; Dumas, Bernard; Uppal, Raman; Vilkov, Grigory (2016-01-25)
      In a production economy with trade in financial markets motivated by the desire to share labor-income risk and to speculate, we show that speculation increases volatility of asset returns and investment growth, increases ...
    • The Old Boy Network: The Impact of Professional Networks on Remuneration in Top Executive Jobs 

      Lalanne, Marie; Seabright, Paul (2016-01-18)
      We investigate the impact of social networks on earnings using a dataset of over 20,000 senior executives of European and US firms. The size of an individual's network of influential former colleagues has a large positive ...
    • Entrepreneurial Spawning: Experience, Education, and Exit 

      Cumming, Douglas; Walz, Uwe; Werth, Jochen Christian (2016-02-29)
      We investigate the career dynamics of high-tech entrepreneurs by analyzing the exit choice of entrepreneurs: to act as a business angel, to found another firm, or to become dependently employed. Our detailed data from ...
    • Insurance Activities and Systemic Risk 

      Berdin, Elia; Sottocornola, Matteo (2015-12-01)
      This paper investigates systemic risk in the insurance industry. We first analyze the systemic contribution of the insurance industry vis-à-vis other industries by applying 3 measures, namely the linear Granger causality ...
    • 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 ...
    • Leaning Against the Wind: Debt Financing in the Face of Adversity 

      Brennan, Michael J.; Kraft, Holger (2016-12-29)
      We offer evidence of a new stylized feature of corporate financing decisions: the tendency of managers to rely more on debt financing when earnings prospects are poor. We term this 'leaning against the wind' and consider ...
    • A Quasi Real-Time Leading Indicator for the EU Industrial Production 

      Donadelli, Michael; Paradiso, Antonio; Riedel, Max (2016-01-04)
      We build a quasi real-time leading indicator (LI) for the EU industrial production (IP). Differently from previous studies, the technique developed in this paper gives rise to an ex-ante LI that is immune to “overlapping ...
    • Interbank Funding as Insurance Mechanism for (Persistent) Liquidity Shocks 

      Bluhm, Marcel (2015-11-01)
      The interbank market is important for the efficient functioning of the financial system, transmission of monetary policy and therefore ultimately the real economy. In particular, it facilitates banks' liquidity management. ...
    • On the Distributive Effects of Inflation 

      Gottlieb, Charles (2015-06-01)
      This paper undertakes a quantitative investigation of the effects of anticipated inflation on the distribution of household wealth and welfare. Consumer Finance Data on household financial wealth suggests that about a third ...
    • Asset Market Participation and Portfolio Choice Over the Life-Cycle 

      Fagereng, Andreas; Gottlieb, Charles; Guiso, Luigi (2015-06-01)
      We study the life cycle of portfolio allocation following for 15 years a large random sample of Norwegian households using error-free data on all components of households’ investments drawn from the Tax Registry. Both, ...