working papers

SAFE Working Paper Series

No. Author/s Title Research Area Year Keywords
182 Mario Bellia, Loriana Pelizzon, Marti Subrahmanyam, Jun Uno, Darya Yuferova Coming Early to the Party Financial Markets, Systemic Risk Lab 2017 High-Frequency Traders (HFTs), Proprietary Trading, Opening Auction, Liquidity Provision, Price Discovery
181 Holger Kraft, Farina Weiss Consumption-Portfolio Choice with Preferences for Cash Household Finance 2017 consumption-portfolio choice, money in the utility function, stock demand, stochastic control
180 Tobias Tröger Why MREL Won't Help Much Financial Institutions 2017 MREL, TLAC, G-SIB, bail-in, bank resolution
179 Tobias Tröger Too Complex to Work: A Critical Assessment of the Bail-in Tool under the European Bank Recovery and Resolution Regime Financial Institutions 2017 bail-in, private sector involvement, precautionary recapitalization, cross-border insolvency, market discipline
178 Matthias Goldmann United in Diversity? The Relationship between Monetary Policy and Banking Supervision in the Banking Union Financial Institutions, Macro Finance 2017 Banking Union, Monetary Policy, Financial Stability, Single Supervisory Mechanism, Democratic Legitimacy
177 Michael Donadelli, Marcus Jüppner, Max Riedel, Christian Schlag Temperature Shocks and Welfare Costs Financial Markets 2017 Temperature shocks, long-run growth, asset prices, welfare costs, adaptation
176 Giuliano Curatola, Ilya Dergunov International Capital Markets with Time-Varying Preferences Financial Markets, Household Finance 2017 Asset pricing, general equilibrium, heterogeneous agents, interdependent preferences, portfolio choice
175 Reint Gropp, Deyan Radev International Banking Conglomerates and the Transmission of Lending Shocks Across Borders Financial Institutions 2017 Commercial banks, global banks, wholesale shocks, solvency shocks, transmission, internal capital markets
174 Reint Gropp, Deyan Radev Social Centralization, Bank Integration and the Transmission of Lending Shocks Financial Institutions 2017 Global banks, social centralization, bank integration, shocks, transmission
173 Christel Merlin Kuate Kamga, Christian Wilde Liquidity Premia in CDS Markets Financial Markets, Financial Institutions 2017 CDS, liquidity
172 Massimiliano Caporin, Michele Costola, Shawkat Hammoudeh, Ahmed A. A. Khalifa Systemic risk for financial institutions of major petroleum-based economies: The role of oil Financial Markets, Financial Institutions, Systemic Risk Lab 2017 Systemic Risk, Risk Measurement, VaR, ?CoVaR, Oil, Financial Institutions, Petroleum-based Economies
171 Michael Donadelli, Patrick Grüning Innovation Dynamics and Fiscal Policy: Implications for Growth, Asset Prices, and Welfare Financial Markets 2017 Endogenous growth, Asset pricing, Government, Fiscal policy, Heterogeneous innovation
170 Raimond Maurer, Olivia S. Mitchell Older People’s Willingness to Delay Social Security Claiming Household Finance 2017
169 Max Groneck, Alexander Ludwig, Alexander Zimper The Impact of Biases in Survival Beliefs on Savings Behavior Macro Finance, Household Finance 2017 saving puzzles, subjective survival beliefs, behavioral economics, prospect theory, neo-additive probability weighting, dynamic inconsistency, sophisticated versus naive behavior, quasi-hyperbolic discounting
168 Guido Friebel, Marie Lalanne, Bernard Richter, Peter Schwardmann, Paul Seabright Women form social networks more selectively and less opportunistically than men Corporate Finance, Transparency Lab 2017 Social Networks, Gender Differences, Trust Game
167 Felix Noth, Ulrich Schüwer Natural Disaster and Bank Stability: Evidence from the U.S. Financial System Financial Institutions, Systemic Risk Lab 2017 natural disasters, bank stability, non-performing assets, bank performance
166 Monica Billio, Massimiliano Caporin, Roberto Panzica, Loriana Pelizzon The Impact of Network Connectivity on Factor Exposures, Asset Pricing and Portfolio Diversification Financial Markets, Systemic Risk Lab 2017 CAPM, volatility, network, interconnections, systematic risk
165 Giovanni Bonaccolto, Massimiliano Caporin, Roberto Panzica Estimation and Model-Based Combination of Causality Networks Financial Institutions 2017 Granger causality, quantile causality, multi-layer network, network combination
164 Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, Tatjana Schimetschek Optimal Social Security Claiming Behavior under Lump Sum Incentives: Theory and Evidence Household Finance 2017 Annuity, delayed retirement, lifetime income, pension, early retirement, Social Security
163 Giuliano Curatola, Michael Donadelli, Patrick Grüning Technology Trade with Asymmetric Tax Regimes and Heterogeneous Labor Markets: Implications for Macro Quantities and Asset Prices Financial Markets 2017 Technology Adoption, R&D Investment, Asymmetric Tax Regimes, Asset Prices
162 Gabriele Camera, Alessandro Gioffré Asymmetric Social Norms Macro Finance 2017 cooperation, repeated games, social dilemmas
161 Tobin Hanspal The Effect of Personal Financing Disruptions on Entrepreneurship Household Finance, Corporate Finance 2016 Entrepreneurship; Small business; Personal finance; Financial crisis; Bank defaults
160 Domenico Rocco Cambrea, Stefano Colonnello, Giuliano Curatola, Giulia Fantini Abandon Ship: Deferred Compensation and Risk-Taking Incentives in Bad Times Corporate Finance 2016 Inside Debt, Executive Compensation, Corporate Distress
159 Monica Billio, Michael Donadelli, Antonio Paradiso, Max Riedel Which Market Integration Measure? Financial Markets 2016 Equity market integration, dynamic correlation, principal components, international diversification benefits
158 Michael Donadelli, Renatas Kizys, Max Riedel Globally Dangerous Diseases: Bad News for Main Street, Good News for Wall Street? Financial Markets 2016 WHO alerts, investor sentiment, pharmaceutical industry, trading strategies
157 Sophie Ahlswede, Steffen Meyer, Linda Urban Does feedback on personal investment success help? Household Finance 2016 household finance, field study, individual investors, reporting, investment mistakes, regulation
156 Reint Gropp, Thomas Mosk, Steven Ongena, Carlo Wix Bank Response To Higher Capital Requirements: Evidence From A Quasi-Natural Experiment Financial Institutions 2016 Bank capital ratios, Bank regulation, Credit supply
155 Vahid Saadi Mortgage Supply and the US Housing Boom: The Role of the Community Reinvestment Act Financial Institutions 2016 The Community Reinvestment Act, Mortgage supply, House prices, Homeownership
154 Brigitte Haar Shareholder Wealth vs. Stakeholder interests? Evidence from Code Compliance under the German Corporate Governance Code Corporate Finance 2016 corporate governance codes, soft law, stakeholder, shareholder wealth, market enforcement, German corporate governance, supervisory board, incentive pay, severance pay caps, age limits
153 Julia Hirsch, Uwe Walz The Financing Dynamics of Newly Founded Firms Corporate Finance 2016 financing decisions, life-cycle, firm growth, newly founded firms
152 Viral Acharya, Tim Eisert, Christian Eufinger, Christian Hirsch Whatever it Takes: The Real Effects of Unconventional Monetary Policy Data Center, Financial Institutions 2016 Unconventional Monetary Policy, Real Effects, Zombie Lending
151 Fabrizio Lillo, Loriana Pelizzon, Michael Schneider How Has Sovereign Bond Market Liquidity Changed? - An Illiquidity Spillover Analysis Financial Markets, Systemic Risk Lab 2016 Liquidity, jump detection, Hawkes processes, government bonds, MTS bond market, Quantitative Easing.
150 Vanya Horneff, Raimond Maurer, Olivia S. Mitchell Putting the Pension Back in 401(k) Plans: Optimal versus Default Longevity Income Annuities Household Finance 2016 dynamic portfolio choice, longevity risk, variable annuity, retirement income
149 Massimiliano Caporin, Aleksey Kolokolov, Roberto Renò Systemic Co-Jumps Financial Markets, Systemic Risk Lab 2016 Jumps, Return predictability, Systemic events, Variance Risk Premium
148 Sven-Thorsten Jakusch On the Applicability of Maximum Likelihood Methods: From Experimental to Financial Data Household Finance 2016 Utility Functions, Model Selection, Parameter Elicitation
147 Andreas Hackethal, Sven-Thorsten Jakusch, Steffen Meyer Taring All Investors with the Same Brush? Evidence for Heterogeneity in Individual Preferences from a Maximum Likelihood Approach Household Finance 2016 Utility Theory, Maximum Likelihood, Individual Investors
146 Andreas Hackethal, Sven-Thorsten Jakusch, Steffen Meyer Taming Models of Prospect Theory in the Wild? Estimation of Vlcek and Hens (2011) Household Finance 2016 Prospect Theory, Parameter Elicitation, Investors Heterogeneity
145 Raphael Abiry, Christian Geppert, Alexander Ludwig Secular Stagnation? Growth, Asset Returns and Welfare in the Next Decades: First Results Macro Finance 2016 secular stagnation; demographic change; overlapping generations; natural rate; equity premium; growth; welfare; human capital
144 Mario Bellia, Loriana Pelizzon, Marti Subrahmanyam, Jun Uno, Darya Yuferova Low-Latency Trading and Price Discovery: Evidence from the Tokyo Stock Exchange in the Pre-Opening and Opening Periods Financial Markets 2016 High-Frequency Traders (HFTs), Pre-Opening, Opening Call Auction, Price Discovery, Liquidity provision.
143 Peter Gomber, Satchit Sagade, Erik Theissen, Moritz Christian Weber, Christian Westheide Spoilt for Choice: Order Routing Decisions in Fragmented Equity Markets Financial Markets, Systemic Risk Lab 2016 Dark Trading, Fragmentation, Anonymity, Immediacy
142 Nathanael Vellekoop The Impact of Long-Run Macroeconomic Experiences on Personality Household Finance 2016 Personality traits, Big Five, Locus of control, labor market, unemployment
141 Brigitte Haar Freedom of Contract and Financial Stability through the lens of the Legal Theory of Finance Corporate Finance 2016 law and finance, financial stability, financial contracts, structured finance, asset-backed securities, pari passu clauses, collective action clauses, otc derivatives markets, central counter parties, Basel III, Coco bonds, trust law, China
140 Reint Gropp, Rasa Karapandza, Julian Opferkuch The Forward-looking Disclosures of Corporate Managers: Theory and Evidence Financial Institutions 2016 Repeated Games; Asymmetric Information; Firms; Reputation
139 Holger Kraft, Claus Munk, Farina Weiss Predictors and Portfolios Over the Life Cycle Household Finance 2016 Return predictability, human capital, housing, investments, welfare
138 Mohamed Aldegwy, Matthias Thiemann How Economics Got it Wrong: Formalism, Equilibrium Modelling and Pseudo-Optimization in Banking Regulatory Studies Macro Finance 2016 Sociology of Finance, Optimal Regulation, Dynamic and Reliable Regulation, Banking Regulation, Financial Crisis
137 Elia Berdin, Christoffer Kok, Cosimo Pancaro A Stochastic Forward-Looking Model to Assess the Profitability and Solvency of European Insurers Financial Institutions 2016 Financial Stability, Insurance, Interest Rate Risk, Stress Test
136 Mohamed Aldegwy, Edin Ibrocevic, Matthias Thiemann Understanding the Shift from Micro to Macro-Prudential Thinking: A Discursive Network Analysis Macro Finance 2016 Banking Regulation, Systemic Risk, Formalism, Equilibrium Thinking, Discourse, Citation Network Analysis
135 Douglas Cumming, Jochen Christian Werth, Yelin Zhang Governance in Entrepreneurial Ecosystems: Venture Capitalists vs. Technology Parks Corporate Finance 2016 Entrepreneurship, Entrepreneurial Finance, Governance, Technology Park, Incubator, Board of Directors, Venture Capital, Angel
134 Markus Kröll, Devesh Rustagi Reputation, Honesty, and Cheating in Informal Milk Markets in India Corporate Finance 2016 Motivation for honesty, asymmetric information, cheating, informal markets, die game, milk, India
133 Markus Behn, Rainer Haselmann, Thomas Kick, Vikrant Vig The Political Economy of Bank Bailouts Financial Institutions, Corporate Finance 2016 political economy, bailouts, state-owned enterprises, elections
132 Rainer Haselmann, David Schoenherr, Vikrant Vig Rent-Seeking in Elite Networks Financial Institutions, Corporate Finance 2016 -
131 Nicole Branger, Patrick Grüning, Christian Schlag Commodities, Financialization, and Heterogeneous Agents Financial Markets 2016 Commodities, General Equilibrium, Heterogeneous Preferences, Financial Markets
130 Giuliano Curatola Optimal Consumption and Portfolio Choice with Loss Aversion Financial Markets 2016 Loss-aversion, Habit-formation, Consumption-portfolio choice
129 Giuliano Curatola, Michael Donadelli, Patrick Grüning, Christoph Meinerding Investment-Specific Shocks, Business Cycles, and Asset Prices Financial Markets 2016 General Equilibrium Asset Pricing, Production Economy, Long-Run Risk, Investment-Specific Shocks, Nominal Rigidities
128 Giuliano Curatola Preference Evolution and the Dynamics of Capital Markets Macro Finance 2016 Asset pricing, general equilibrium, heterogeneous investors, interdependent preferences, portfolio choice
127 Helmut Elsinger, Philipp Schmidt-Dengler, Christine Zulehner Competition in Treasury Auctions Corporate Finance 2016 treasury auctions, multi-unit auctions, independent private values, competition, bidder surplus, auction format
126 Carsten Bienz, Karin Thorburn, Uwe Walz Coinvestment and risk taking in private equity funds Corporate Finance 2016 Private equity, leveraged buyouts, incentives, coinvestment, risk taking, wealth
125 Tobias Tröger, Uwe Walz Does Say on Pay Matter? Evidence from Germany Transparency Lab, Corporate Finance 2016 Say-on-pay, corporate governance, management compensation
124 Adrian Buss, Bernard Dumas, Raman Uppal, Grigory Vilkov The Intended and Unintended Consequences of Financial-Market Regulations: A General Equilibrium Analysis Financial Markets 2016 Tobin tax, borrowing constraints, short-sale constraints, stock market volatility, incomplete markets, differences of opinion
123 Marie Lalanne, Paul Seabright The Old Boy Network: The Impact of Professional Networks on Remuneration in Top Executive Jobs Corporate Finance 2016 professional networks, gender wage gap, executive compensation, placebo technique
122 Douglas Cumming, Uwe Walz, Jochen Christian Werth Entrepreneurial Spawning: Experience, Education, and Exit Corporate Finance 2016 Venture governance, entrepreneurship, entrepreneurial spawning, angel finance, venture capital, exit
121 Elia Berdin, Matteo Sottocornola Insurance Activities and Systemic Risk Systemic Risk Lab, Financial Institutions 2015 Systemic Risk, Insurance Activities, Systemically Important Financial Institutions
120 Matthias Heinz, Heiner Schumacher Signaling Cooperation Corporate Finance 2015 Signaling, Public Goods, Labor Markets, Extracurricular Activities
119 Michael Brennan, Holger Kraft Leaning Against the Wind: Debt Financing in the Face of Adversity Financial Markets 2015 Capital structure, financing policy, managerial incentives
118 Michael Donadelli, Antonio Paradiso, Max Riedel A Quasi Real-Time Leading Indicator for the EU Industrial Production Financial Markets 2015 Leading indicator, EU industrial production, Granger causality, Turning points, Forward-looking Taylor rule
117 Marcel Bluhm Interbank Funding as Insurance Mechanism for (Persistent) Liquidity Shocks Financial Institutions 2015 Financial fragility, interbank market, liquidity, maturity, network model
116 Charles Gottlieb On the Distributive Effects of Inflation Household Finance 2015 Anticipated Inflation, Monetary Policy, Incomplete markets, Heterogeneous agents, Endogenous Asset Market Participation
115 Andreas Fagereng, Charles Gottlieb, Luigi Guiso Asset Market Participation and Portfolio Choice Over the Life-Cycle Household Finance 2015 -
114 Nicole Branger, Christian Schlag, Lue Wu "Nobody is Perfect": Asset Pricing and Long-Run Survival When Heterogeneous Investors Exhibit Different Kinds of Filtering Errors Financial Markets 2015 General Equilibrium, Asset Allocation, Learning, Different Beliefs, Over-Confidence
113 Bettina Brüggemann, Jinhyuk Yoo Aggregate and Distributional Effects of Increasing Taxes on Top Income Earners Macro Finance 2015 Top Income Taxation, Heterogeneous Agents, Incomplete Markets, Income and Wealth Inequality
112 Shafik Hebous, Alfons Weichenrieder On Deficits and Symmetries in a Fiscal Capacity Macro Finance 2015 fiscal union, asymmetric shocks, federal transfers, optimum currency area
111 Alfons Weichenrieder, Fangying Xu Are Tax Havens Good? Implications of the Crackdown on Secrecy Macro Finance 2015 Tax haven, secrecy, tax information exchange, China, India
110 Dirk Krueger, Alexander Ludwig On the Optimal Provision of Social Insurance Macro Finance 2015 Progressive Taxation, Education Subsidy, Transitional Dynamics
109 Tobias Tröger Regulatory Influence on Market Conditions in the Banking Union Financial Institutions 2015 banking union, macro-prudential supervision, real estate lending, bail-in, market discipline
108 Sascha Baghestanian, Paul Gortner, Baptiste Massenot Compensation Schemes, Liquidity Provision, and Asset Prices: An Experimental Analysis Corporate Finance 2015 compensation, liquidity, experimental asset markets, bubbles
107 Daniel Powell, Marc Steffen Rapp Non-Mandatory Say on Pay Votes and AGM Participation: Evidence from Germany Corporate Finance 2015 Corporate Governance, Executive Remuneration, Say on Pay, Annual General Meeting, Germany
106 Baptiste Massenot, Stéphane Straub Informal Sector and Economic Development: The Credit Supply Channel Macro Finance 2015 -
105 Vilen Lipatov, Alfons Weichenrieder A Decentralization Theorem of Taxation Macro Finance 2015 fiscal federalism, taxing rights, decentralization theorem
104 Sascha Baghestanian, Baptiste Massenot Credit Cycles: Experimental Evidence Macro Finance 2015 -
103 Massimiliano Caporin, Loriana Pelizzon, Francesco Ravazzolo, Roberto Rigobon Measuring Sovereign Contagion in Europe Systemic Risk Lab, Financial Markets 2015 Sovereign Risk, Contagion, Disintegration
102 Iñaki Aldasoro, Iván Alves Multiplex interbank networks and systemic importance: An application to European data Macro Finance 2015 interbank networks, systemic importance, multiplex networks
101 Marcel Grupp On the Impact of Leveraged Buyouts on Bank Systemic Risk Corporate Finance 2015 Leveraged buyouts, syndicated loans, systemic risk
100 Marcel Grupp Taking the Lead: When Non-Banks Arrange Syndicated Loans Corporate Finance 2015 Non-bank lead arrangers, syndicated loans, spread premium
99 Marcel Grupp, Christian Rauch, Marc Umber, Uwe Walz The Influence of Leveraged Buyouts on Target Firms’ Competitors Corporate Finance 2015 Product Market Competition, Peers, LBOs, Restructuring
98 Helmut Gründl, Tobias Niedrig The Effects of Contingent Convertible (CoCo) Bonds on Insurers’ Capital Requirements under Solvency II Financial Institutions 2015 Contingent Convertible Capital, CoCo Bond, Basel III, Solvency II, Life Insurance, Interconnectedness
97 Tobias Niedrig Optimal Asset Allocation for Interconnected Life Insurers in the Low Interest Rate Environment Under Solvency Regulation Financial Institutions 2015 Basel III, Solvency II, Life Insurance, Interest Rate Guarantees, Asset Allocation, Contagion, Interconnectedness
96 Jens-Hinrich Binder Banking Union and the Governance of Credit Institutions - A Legal Perspective Financial Institutions 2015 Banking Union, Single Supervisory Mechanism, Single Resolution Mechanism, Banking Regulation, Bank Corporate Governance
95 Loriana Pelizzon, Marti Subrahmanyam, Davide Tomio, Jun Uno Sovereign Credit Risk, Liquidity, and ECB Intervention: Deus Ex Machina? Systemic Risk Lab, Financial Markets 2015 Liquidity, Credit Risk, Euro-zone Government Bonds, Financial Crisis, MTS Bond Market
94 Claudia Lambert, Felix Noth, Ulrich Schüwer How Do Banks React to Catastrophic Events? Evidence from Hurricane Katrina Financial Institutions 2015 catastrophic events, bank regulation, capital ratios, natural experiment
93 Shafik Hebous, Tom Zimmermann Revisiting the Narrative Approach of Estimating Tax Multipliers Macro Finance 2015 Narrative Approach, Fiscal Stabilization, Tax Multiplier, Weak Instruments
92 Christoph Hambel, Holger Kraft, Eduardo S. Schwartz Optimal Carbon Abatement in a Stochastic Equilibrium Model with Climate Change Systemic Risk Lab, Macro Finance 2015 Climate change economics, Carbon abatement, GDP growth
91 Anne-Caroline Hüser Too Interconnected to Fail: A Survey of the Interbank Networks Literature Macro Finance 2015 Interbank networks, systemic risk, contagion, banking, macro-prudential policy
90 Pinar Topal Fiscal Stimulus and Labor Market Flexibility Macro Finance 2015 fiscal policy, labour economics, labour market policies, threshold vector auto-regressive models, panel VAR, non-linear VAR, impulse analysis
89 Julia Braun, Alfons Weichenrieder Does Exchange of Information between Tax Authorities Influence Multinationals’ Use of Tax Havens? Macro Finance 2015 Tax havens, tax information exchange agreements, location decisions, international taxation
88 Ester Faia, Beatrice Weder di Mauro Cross-Border Resolution of Global Banks Macro Finance 2015 single point of entry, multiple point of entry, strategic interaction of regulators, financial spillover, financial retrenchment
87 Iñaki Aldasoro, Domenico Delli Gatti, Ester Faia Bank Networks: Contagion, Systemic Risk and Prudential Policy Macro Finance 2015 banking networks, centrality metrics, systemic risk
86 Agar Brugiavini, Danilo Cavapozzi, Mario Padula, Yuri Pettinicchi Financial education, literacy and investment attitudes Household Finance 2015 Financial education, Financial literacy, Planning, Investment attitudes
85 Holger Kraft, Claus Munk, Sebastian Wagner Housing Habits and Their Implications for Life-Cycle Consumption and Investment Household Finance 2015 Habit formation, life-cycle household decisions, housing expenditure share, consumption hump, stock market participation, renting vs. owning home, human capital
84 Raimond Maurer, Olivia S. Mitchell, Ralph Rogalla, Tatjana Schimetschek Will They Take the Money and Work? An Empirical Analysis of People’s Willingness to Delay Claiming Social Security Benefits for a Lump Sum Household Finance 2015 Annuity, lump sum, Social Security, delayed retirement, lifetime income, pension
83 Patrick Grüning International Endogenous Growth, Macro Anomalies, and Asset Prices Financial Markets 2015 Innovation, Product Market Competition, Endogenous Growth, Long-run Risk, International Finance
82 Axel Börsch-Supan, Alexander Ludwig, Edgar Vogel Aging and Pension Reform: Extending the Retirement Age and Human Capital Formation Household Finance, Macro Finance 2015 population aging, human capital, welfare, pension reform, retirement age, open economy
81 Jens-Hinrich Binder Resolution Planning and Structural Bank Reform within the Banking Union Financial Institutions 2015 Bank Resolution, Resolution Planning, Living Wills, Structural Bank Reform, Banking Union
80 Enrique G. Mendoza, Linda L. Tesar, Jing Zhang Saving Europe?: The Unpleasant Arithmetic of Fiscal Austerity in Integrated Economies Macro Finance 2014 European debt crisis, tax competition, capacity utilization, fiscal austerity
79 Òscar Jordà, Alan M. Taylor The Time for Austerity: Estimating the Average Treatment Effect of Fiscal Policy Macro Finance 2014 fiscal multipliers, booms, slumps, output fluctuations, allocation bias, matching, Rubin Causal Model, average treatment effect, propensity score, inverse probability weighting, regression adjustment, local projection, identification
78 Harris Dellas, Dirk Niepelt Austerity Macro Finance 2014 Austerity, credit rationing, default, incomplete information, investment, growth, pooling equilibrium, separating equilibrium
77 Benjamin Born, Gernot J. Müller, Johannes Pfeifer Does Austerity Pay Off? Macro Finance 2014 Fiscal policy, austerity, sovereign risk, yield spreads, confidence, panel VAR, local projections, fiscal stress
76 Carlo Favero, Francesco Giavazzi, Andreas Müller The Output Effect of Fiscal Consolidation Plans Macro Finance 2014 fiscal adjustment, confidence, investment
75 Markus Behn, Rainer Haselmann, Vikrant Vig The Limits of Model-Based Regulation Financial Institutions 2014 capital regulation, internal ratings, Basel regulation
74 Nicole Branger, Patrick Konermann, Christoph Meinerding, Christian Schlag Equilibrium Asset Pricing in Directed Networks Financial Markets 2014 Dynamic Networks, Mutually Exciting Processes, Asset Pricing, General Equilibrium, Recursive Preferences
73 Max Groneck, Alexander Ludwig, Alexander Zimper A Life-Cycle Model with Ambiguous Survival Beliefs Household Finance, Macro Finance 2014 Cumulative prospect theory, Choquet expected utility, Dynamic inconsistency, Life-cycle hypothesis, Saving puzzles
72 Alexander Ludwig, Matthias Schön Endogenous Grids in Higher Dimensions: Delaunay Interpolation and Hybrid Methods Household Finance, Macro Finance 2014 Dynamic Models, Numerical Solution, Method of Endogenous Gridpoints, Delaunay Interpolation
71 Daniel Harenberg, Alexander Ludwig Social Security in an Analytically Tractable Overlapping Generations Model with Aggregate and Idiosyncratic Risk Household Finance, Macro Finance 2014 social security, idiosyncratic risk, aggregate risk, welfare, insurance, crowding out
70 Deyan Radev Assessing Systemic Fragility – a Probabilistic Perspective Financial Institutions 2014 Banking Stability, Financial Distress, Tail Risk, Contagion
69 Nina Biljanovska, Spyridon Palligkinis Control Thyself: Self-Control Failure and Household Wealth Household Finance, Macro Finance 2014 Self-Control, Household Wealth, Household Finance
68 Tobias Tröger How Special Are They? – Targeting Systemic Risk by Regulating Shadow Banking Financial Institutions 2014 shadow banking, regulatory arbitrage, prudential supervision
67 Sascha Baghestanian, Paul Gortner, Joel van der Weele Peer Effects and Risk Sharing in Experimental Asset Markets Corporate Finance, Household Finance, Financial Markets 2014 peer effects, laboratory experiments, risk taking, asset markets
66 Tobias Tröger Corporate Groups Corporate Finance 2014 Corporate Groups, Related Party Transactions, Tunneling, Corporate Governance, E.U. Corporate Law, Shareholder Rights Directive, Group Interest, Minority Shareholder Protection, Creditor Protection
65 Elia Berdin, Helmut Gründl The Effects of a Low Interest Rate Environment on Life Insurers Financial Institutions 2014 Life Insurers, Interest Rate Guarantees, Risk Assessment, Solvency II
64 Daniel Herbold A Repeated Principal-Agent Model with On-the-Job Search Corporate Finance 2014 Repeated Principal-Agent Model, On-the-Job Search, Moral Hazard, Multitasking, Efficiency Wages
63 Nicola Fuchs-Schündeln, Michael Haliassos Does Product Familiarity Matter for Participation? Household Finance 2014 household finance, familiarity, financial literacy, stockholding, household debt, social interactions, consumer credit, counterfactual analysis, German reunification
62 Patrick Behr, Alejandro H. Drexler, Reint Gropp, Andre Guettler Financial Incentives and Loan Officer Behavior: Multitasking and Allocation of Effort Under an Incomplete Contract Systemic Risk Lab, Financial Institutions 2014 Loan officer, incentives, monitoring, screening, loan origination
61 Iñaki Aldasoro, Mike Seiferling Vertical Fiscal Imbalances and the Accumulation of Government Debt Macro Finance 2014 fiscal decentralization, vertical fiscal imbalances, panel data, public debt, GFSY
60 Stefano Colonnello, Giuliano Curatola, Ngoc Giang Hoang Direct and Indirect Risk-Taking Incentives of Inside Debt Corporate Finance 2014 Compensation Structure, Credit Spread, Risk-Taking, Inside Debt, Business Cycle
59 Daniel Harenberg, Alexander Ludwig Idiosyncratic Risk, Aggregate Risk, and the Welfare Effects of Social Security Household Finance, Macro Finance 2014 social security, idiosyncratic risk, aggregate risk, welfare
58 Michael Haliassos, Thomas Jansson, Yigitcan Karabulut Incompatible European Partners? Cultural Predispositions and Household Financial Behavior Household Finance 2014 Household Portfolios, Household Finance, Cultural Influences on Economic Behavior
57 Brigitte Haar Financial Regulation in the EU – Cross-Border Capital Flows, Systemic Risk and the European Banking Union as Reference Points for EU Financial Market Integration Systemic Risk Lab, Financial Institutions 2014 Financial regulation, systemic risk, microprudential supervision, European Banking Authority, macroprudential supervision, European Systemic Risk Board, European Banking Union, Single Supervisory Mechanism
56 Giuliano Curatola, Michael Donadelli, Alessandro Gioffré, Patrick Grüning Austerity, Fiscal Uncertainty, and Economic Growth: Insights from Fiscally Weak EU Countries Financial Markets 2014 Austerity Measures, Fiscal Policy, Endogenous Growth, R&D
55 Jan Pieter Krahnen, Peter Ockenfels, Christian Wilde Measuring Ambiguity Aversion: A Systematic Experimental Approach Financial Institutions, Financial Markets, Transparency Lab 2014 ambiguity, valuation discount, experimental economics
54 Sascha Baghestanian, Todd B. Walker Anchoring in Experimental Asset Markets Financial Markets 2014 Experimental Asset Markets, Anchoring, Bubbles
53 Holger Kraft, Claus Munk, Frank Thomas Seifried, Mogens Steffensen Consumption and Wage Humps in a Life-Cycle Model with Education Household Finance 2014 Education, leisure, consumption hump, wage hump
52 Holger Kraft, Thomas Seiferling, Frank Thomas Seifried Optimal Consumption and Investment with Epstein-Zin Recursive Utility Financial Markets 2014 consumption-portfolio choice, asset pricing, stochastic differential utility, incomplete markets, fixed point approach, FBSDE
51 Yacine Aït-Sahalia, Roger J. A. Laeven, Loriana Pelizzon Mutual Excitation in Eurozone Sovereign CDS Systemic Risk Lab, Financial Markets, Macro Finance 2014 CDS, Sovereign risk, Systemic risk, Jumps, Feedback, Hawkes processes, Mutually exciting processes, Impulse-response
50 Ignazio Angeloni, Ester Faia, Roland Winkler Exit Strategies Macro Finance 2014 exit strategies, debt consolidation, ?fiscal policy, ?fiscal multipliers, monetary policy, bank runs
49 Stefania Bortolotti, Gabriele Camera, Marco Casari An Experiment on Retail Payments Systems Macro Finance 2014 money, coordination, pricing, transactions
48 Marcel Bluhm, Jan Pieter Krahnen Systemic Risk in an Interconnected Banking System with Endogenous Asset Markets Systemic Risk Lab, Macro Finance 2014 systemic risk, systemic risk charge, macroprudential supervision, Shapley value, financial network
47 Michael Kosfeld, Ulrich Schüwer Add-On Pricing in Retail Financial Markets and the Fallacies of Consumer Education Transparency Lab, Household Finance 2014 consumer education,financial literacy, bounded rationality, competition, regulation
46 Marcel Bluhm, Ester Faia, Jan Pieter Krahnen Monetary Policy Implementation in an Interbank Network: Effects on Systemic Risk Systemic Risk Lab, Macro Finance 2014 Network formation, contagion, central banks' interventions
45 Fabio Castiglionesi, Fabio Feriozzi, Gyongyi Loranth, Loriana Pelizzon Liquidity Coinsurance and Bank Capital Financial Institutions 2014 Bank Capital, Interbank Markets, Liquidity Coinsurance
44 Lorenz Schendel Critical Illness Insurance in Life Cycle Portfolio Problems Household Finance 2014 Health shocks, Health expenses, Labor income risk, Stochastic mortality risk, Portfolio choice
43 Lorenz Schendel Consumption-Investment Problems with Stochastic Mortality Risk Household Finance 2014 Stochastic mortality risk, Health jumps, Labor income risk, Portfolio choice, Insurance
42 Reint Gropp, John Krainer, Elizabeth Laderman Did Consumers Want Less Debt? Consumer Credit Demand versus Supply in the Wake of the 2008-2009 Financial Crisis Financial Institutions, Transparency Lab 2014 credit supply, deleveraging, households, financial crisis
41 Adrian Buss, Raman Uppal, Grigory Vilkov Asset Prices in General Equilibrium with Recursive Utility and Illiquidity Induced by Transactions Costs Financial Markets 2014 liquidity premium, incomplete markets, portfolio choice, heterogeneous agents
40 Christoph Hambel, Holger Kraft, Lorenz Schendel, Mogens Steffensen Life Insurance Demand under Health Shock Risk Household Finance 2014 Health shocks, Portfolio choice, Term life insurance, Mortality risk, Labor income risk
39 H. Evren Damar, Reint Gropp, Adi Mordel Banks’ financial distress, lending supply and consumption expenditure Financial Institutions 2014 credit supply, banking, financial crisis, consumption expenditure, liquid assets, consumption smoothing
38 Claudia Lambert, Felix Noth, Ulrich Schüwer How do insured deposits affect bank risk? Evidence from the 2008 Emergency Economic Stabilization Act Financial Institutions 2013 financial crisis, deposit insurance, bank regulation
37 Deyan Radev Systemic Risk and Sovereign Debt in the Euro Area Systemic Risk Lab, Financial Institutions 2013 Sovereign debt, Sovereign default, Financial distress, Systemic risk, Contagion, Banking stability, Tail risk
36 Florian Hett, Alexander Schmidt Bank Rescues and Bailout Expectations: The Erosion of Market Discipline During the Financial Crisis Transparency Lab, Financial Institutions 2013 Bailout, Implicit Guarantees, Too-Big-To-Fail, Market Discipline
35 Peter Gomber, Satchit Sagade, Erik Theissen, Moritz Christian Weber, Christian Westheide Competition Between Equity Markets: A Review of the Consolidation Versus Fragmentation Debate Financial Markets 2013 Competition, Fragmentation, Market Structure, Liquidity, Price Discovery
34 Nicole Branger, Patrick Grüning, Holger Kraft, Christoph Meinerding, Christian Schlag Asset Pricing Under Uncertainty About Shock Propagation Financial Markets 2013 General Equilibrium, Contagion Risk, Partial Information, Filtering, Recursive Utility
33 Gabriele Camera, YiLi Chien Two Monetary Models with Alternating Markets Macro Finance 2013 cash-in-advance, matching, microfoundations, money, inflation
32 Gabriele Camera, Alessandro Gioffré Game-Theoretic Foundations of Monetary Equilibrium Macro Finance 2013 Social norms, repeated games, cooperation, payment systems
31 Dirk Bursian, Sven Fürth Trust Me! I am a European Central Banker Macro Finance, Systemic Risk Lab 2013 Central Banking, European Central Bank, Financial Crisis, Fiscal Crisis, Trust
30 Dirk Bursian, Markus Roth Optimal Policy and Taylor Rule Cross-Checking Under Parameter Uncertainty Macro Finance 2013 Optimal monetary policy, parameter uncertainty, Taylor rule
29 Iñaki Aldasoro, Ignazio Angeloni Input-Output-Based Measures of Systemic Importance Systemic Risk Lab, Macro Finance 2013 banks, input-output, systemic risk, too-interconnected-to-fail, networks, interbank markets
28 Nicole Branger, Holger Kraft, Christoph Meinerding Partial Information about Contagion Risk, Self-Exciting Processes and Portfolio Optimization Transparency Lab, Systemic Risk Lab, Financial Markets 2013 Asset Allocation, Contagion, Nonlinear Filtering, Hidden State, Self-exciting Processes
27 Tobias Tröger The Single Supervisory Mechanism – Panacea or Quack Banking Regulation? Financial Institutions 2013 prudential supervision, banking union, regulatory capture, political economy of bureaucracy, Single Supervisory Mechanism (SSM), European Central Bank (ECB), European Banking Authority (EBA)
25 Holger Kraft, Alexander Schmidt Systemic Risk in the Financial Sector: What Can We Learn from Option Markets? Systemic Risk Lab, Financial Institutions 2013 Systemic risk, Value-at-risk, Equity options, Implied volatility
24 Andrej Gill, Nikolai Visnjic Performance Benefits of Tight Control Corporate Finance, Transparency Lab 2013 private equity, leveraged buyouts, active shareholders, ownership concentration, corporate governance
23 Andrej Gill, Nikolai Visnjic Insight Private Equity Corporate Finance, Transparency Lab 2013 private equity, leveraged buyouts, active shareholders, corporate restructuring, operational performance
22 Dirk Bursian, Alfons Weichenrieder, Jochen Zimmer Trust in Government and Fiscal Adjustments Macro Finance, Systemic Risk Lab 2013 trust, debt sustainability, fiscal reaction function, euro area, EU
21 Stefano Corradin, Reint Gropp, Harry Huizinga, Luc Laeven Who Invests in Home Equity to Exempt Wealth from Bankruptcy? Financial Institutions, Transparency Lab 2013 Homestead exemptions, Personal bankruptcy, Portfolio allocation, Home ownership
20 Zeno Adams, Roland Füss, Reint Gropp Spillover Effects among Financial Institutions: A State-Dependent Sensitivity Value-at-Risk Approach Systemic Risk Lab, Financial Institutions 2013 Risk spillovers, state-dependent sensitivity value-at-risk (SDSVaR), quantile regression, financial institutions, hedge funds
19 Reint Gropp, Christian Gruendl, Andre Guettler Hidden Gems and Borrowers with Dirty Little Secrets: Investment in Soft Information, Borrower Self-selection and Competition Financial Institutions, Transparency Lab 2013 soft information, discretionary lending, relationship lending, competition
18 Alfons Weichenrieder, Jochen Zimmer Euro Membership and Fiscal Reaction Functions Macro Finance 2013 debt sustainability, fiscal reaction function, euro area
17 Holger Kraft, Frank Thomas Seifried Stochastic Differential Utility as the Continuous-Time Limit of Recursive Utility Financial Markets 2013 stochastic differential utility, recursive utility, convergence, backward stochastic differential equation
16 Marius Ascheberg, Nicole Branger, Holger Kraft, Frank Thomas Seifried When Do Jumps Matter for Portfolio Optimization? Financial Markets 2013 Optimal investment, jumps, stochastic volatility, welfare loss
15 Holger Kraft, Claus Munk, Frank Thomas Seifried, Sebastian Wagner Consumption Habits and Humps Household Finance 2013 Consumption hump, life-cycle utility maximization, habit formation, impatience
14 Dirk Bursian, Ester Faia Trust in the Monetary Authority Macro Finance 2013 trust evolutionary games, risk perception, monetary transmission mechanism
13 Laurent Calvet, Paolo Sodini Twin Picks: Disentangling the Determinants of Risk-Taking in Household Portfolios Household Finance 2013 Asset allocation, communication, genetics, habit formation, human capital, labor income, leverage, participation, risk-taking, social interactions, twin study
12 Marcel Bluhm, Ester Faia, Jan Pieter Krahnen Endogenous Banks’ Networks, Cascades and Systemic Risk Systemic Risk Lab, Macro Finance 2013 network formation, tâtonnement, contagion
11 Nicole Branger, Holger Kraft, Christoph Meinerding The Dynamics of Crises and the Equity Premium Systemic Risk Lab, Financial Markets 2013 General Equilibrium, Asset Pricing, Recursive Preferences, Long-Run Risk, Disaster Models
10 Tim Eisert, Christian Eufinger Interbank network and bank bailouts: Insurance mechanism for non-insured creditors? Systemic Risk Lab, Corporate Finance 2013 bailout, cycle flows, cyclical liabilities, interbank network, leverage
9 Christian Eufinger, Andrej Gill Incentive-Based Capital Requirements Transparency Lab, Corporate Finance 2013 Basel III, capital regulation, compensation, leverage, risk
8 Ignazio Angeloni, Marco Lo Duca, Ester Faia Monetary Policy and Risk Taking Macro Finance 2013 bank runs, risk taking, monetary policy
7 Ester Faia, Diego Rodriguez Palenzuel, Matthieu Darracq Paries Bank and Sovereign Debt Risk Connection Systemic Risk Lab, Macro Finance 2013 liquidity risk, sovereign risk, capital regulations
6 Holger Kraft, Eduardo S. Schwartz, Farina Weiss Growth Options and Firm Valuation Financial Markets, Transparency Lab 2013 Firm valuation, Real options, Volatility, R&D expenses
5 Grigory Vilkov, Yan Xiao Option-Implied Information and Predictability of Extreme Returns Financial Markets 2013 extreme value theory, tail measure, implied correlation, variance risk premium, option-implied distribution, predictability, portfolio optimization
4 Markku Kaustia, Elias Rantapuska Does Mood Affect Trading Behavior? Household Finance 2013 mood, seasonal affective disorder (SAD), weather, trading behavior, stock market
3 Markku Kaustia, Antti Lehtoranta, Vesa Puttonen Does sophistication affect long-term return expectations? Evidence from financial advisers' exam scores Household Finance 2013 stock return expectations, sophistication, financial literacy, adviser
2 Markku Kaustia, Samuli Knüpfer, Sami Torstila Stock Ownership and Political Behavior: Evidence from Demutualization Household Finance 2013 Stock ownership, political behavior, salience, attention, identity
1 Dimitris Georgarakos, Michael Haliassos, Giacomo Pasini Household Debt and Social Interactions Household Finance 2013 household finance, household debt, social interactions, mortgages, consumer credit, informal loans