Financial Markets
Die Abteilung Finanzmärkte untersucht untersucht die Funktionsweise, die Widerstandsfähigkeit und den Wandel von Finanzmärkten, die heute im Wesentlichen durch exogene und endogene Schocks, Risikoübertragungen (z. B. aufgrund der Corona-Pandemie, des Ukraine-Kriegs und der Stresssituation im Bankensektor 2023), Geldpolitik, Technologie und Regulierung bestimmt werden. Dies wirft Forschungsfragen zu den Folgen für die Preisbildung von Vermögenswerten, den Wettbewerb, die Liquidität der Sekundärmärkte, die Marktstabilität, das System- und Länderrisiko sowie den Verbraucherschutz auf. Spezifische regulatorische Maßnahmen wie die EU-Richtlinie über Märkte für Finanzinstrumente (MiFID II), die Verordnung über die europäische Marktinfrastrukturen (EMIR), die europäische Offenlegungsverordnung (SFDR) oder säkulare Trends wie der demografische Wandel oder der Klimawandel wirken sich auf die Funktionsweise von Märkten oder die Anlageentscheidungen von Investoren aus und sind daher ebenfalls Gegenstand der Forschung der Abteilung. Das Gleiche gilt für neue digitale Entwicklungen wie FinTechs, BigTechs und die jüngsten Entwicklungen in den Bereichen künstliche Intelligenz, Krypto-Assets oder Blockchain-Technologie, die die Funktionsweise der Finanzmärkte stören und zu systemischen und staatlichen Risiken beitragen könnten, sowie für die neue EU-Verordnung über Krypto-Assets (MiCA), die den Anlegerschutz verbessern soll.
Kürzlich analysierten SAFE-Forscher:innen in SAFE White Paper No. 94 die Auswirkungen der SFDR auf Fonds und ihre Klassifizierung. Pelizzon, et al. fanden heraus, dass die Verordnung eine klarere Trennung für nachhaltige Fonds schafft. Mehr zum Thema gibt es hier.
Loriana Pelizzon hat ihr Fachwissen in den SAFE Policy Letter Nr. 98 eingebracht, der sich mit den aufsichtsrechtlichen Änderungen am europäischen Rahmen für das Krisenmanagement und die Einlagensicherung nach den jüngsten Problemen auf den Bankenmärkten in den USA und der Schweiz befasst.
Die Abteilung ist Mitorganisator der folgenden Konferenzreihen:
- International Conference on Sovereign Bond Markets
- SAFE Asset Pricing Workshop
- SAFE Market Microstructure Conference
- Research Conference "Financial Regulation - Going Green"
Publikationen
| Forscher/innen | Titel | Programmbereich | Typ | Publiziert | Keywords |
|---|---|---|---|---|---|
| Douglas Cumming, Jochen Christian Werth, Yelin Zhang | Governance in Entrepreneurial Ecosystems: Venture Capitalists vs. Technology Parks Small Business Economics | Law and Finance | Published Paper | 2017 | Entrepreneurship, Entrepreneurial Finance, Governance, Technology Park, Incubator, Board of Directors, Venture Capital, Angel |
| Jens-Hinrich Binder | Banking Union and the Governance of Credit Institutions - A Legal Perspective European Business Organization Law Review | Financial Intermediation, Law and Finance | Published Paper | 2015 | Banking Union, Single Supervisory Mechanism, Single Resolution Mechanism, Banking Regulation, Bank Corporate Governance |
| Alperen Afşin Gözlügöl, Wolf-Georg Ringe | Net-Zero Transition and M&A Transactions of Carbon-Intensive Assets UC Davis Law Review | Law and Finance | Published Paper | 2023 | |
| Katja Langenbucher | Gruppendenken und Corporate Governance – illustriert am Beispiel des Wirecard Skandals White Paper No.97 | Law and Finance | Policy Paper | 2023 | Group Think, Corporate Governance, Wirecard |
| Pantelis Karapanagiotis, Marius Liebald | Entity Matching with Similarity Encoding: A Supervised Learning Recommendation Framework for Linking (Big) Data SAFE Working Paper No. 398 | Law and Finance, Data Center | SAFE Working Paper | 2023 | |
| Vincenzo Pezone | The Real Effects of Judicial Enforcement Review of Finance | Law and Finance | Published Paper | 2023 | |
| Alperen Afşin Gözlügöl, Wolf-Georg Ringe | Net-Zero Transition and Divestments of Carbon-Intensive Assets SAFE Working Paper No. 386 | Law and Finance | SAFE Working Paper | 2023 | |
| Nikolai Badenhoop | Restitution Claims – EU Consumer Law Principles and the Mortgage Credit Directive as an Overarching Value Model forthcoming in Unfair Contract Terms and Restitution in European Private Law - the National and ECJ Litigation on House Loans Indexed in a Foreign Currency (Cambridge) | Law and Finance | Published Paper | 2023 | |
| Nikolai Badenhoop, Stefan Grundmann | Foreign Currency Loans and the Foundations of European Contract Law – A Case for Financial and Contractual Crisis? European Review of Contract Law | Law and Finance | Published Paper | 2023 | |
| Julian Greth, Alperen Afşin Gözlügöl, Tobias Tröger | The Oscillating Domains of Public and Private Markets SAFE Working Paper No. 384 | Law and Finance | SAFE Working Paper | 2023 | corporate finance, capital markets, public markets, private markets, private equity, securities regulation, financial regulation |
| Nikolai Badenhoop | Europäische Bankenregulierung und private Haftung Schriften zum Unternehmens- und Kapitalmarktrecht | Law and Finance | Published Paper | 2020 | |
| Nikolai Badenhoop | Private Law Duties Deriving From EU Banking Regulation and its Individual Protection Goals European Review of Contract Law | Law and Finance | Published Paper | 2020 | |
| Nikolai Badenhoop, René Smits | Towards a Single Standard of Professional Secrecy for Financial Sector Supervisory Authorities: A Reform Proposal European Law Review | Law and Finance | Published Paper | 2019 | financial supervision; professional secrecy; access to files; accountability; Banking Union; SSM; ECB |
| Nikolai Badenhoop, Henning Berger | Financial Services and Brexit: Navigating towards Future Market Access European Business Organization Law Review | Law and Finance | Published Paper | 2018 | Brexit, Commercial Banking, Clearing, EU passport, GATS, CETA, FTA, Equivalence, Alignment |
| Anastasia Kotovskaia, Tobias Tröger | National Interests and Supranational Resolution in the European Banking Union European Business Law Review | Financial Intermediation, Law and Finance, Financial Markets | Published Paper | 2023 | SRB, SRF, bank resolution, banking union, bail-in, ESM, national interest, political economy, bureaucrats’ incentives |
| Irene Mecatti, Tobias Tröger | Who Should Hold Bail-Inable Debt and How can Regulators Police Holding Restrictions Effectively? forthcoming in Rivista Italiana di Diritto Pubblico Comunitario | Law and Finance | Published Paper | 2023 | |
| Irene Mecatti, Tobias Tröger | Who Should Hold Bail-Inable Debt and How can Regulators Police Holding Restrictions Effectively? SAFE Working Paper No. 379 | Law and Finance | SAFE Working Paper | 2023 | |
| Tobias Tröger | Impfung statt Schlangenöl Juristische Arbeitsblätter | Law and Finance | Published Paper | 2022 | |
| Tobias Tröger | Capital Buffers for Systemically Important Banks and Systemic Risk Buffer Oxford EU Financial Regulation (Oxford University Press) | Law and Finance | Published Paper | 2022 | |
| Tobias Tröger | Qualitative Capital Requirements and their Relationship with MREL/TLAC Oxford EU Financial Regulation (Oxford University Press) | Law and Finance | Published Paper | 2022 | |
| Tobias Tröger | Die fehlerhafte Gesellschaft Handbuch der Personengesellschaften (Dr. Otto Schmidt KG) | Law and Finance | Published Paper | 2022 | |
| Sebastian Steuer | Grundlagen des freiwilligen Kohlenstoffhandels Zeitschrift für Umweltrecht | Law and Finance | Published Paper | 2022 | |
| Sebastian Steuer | Grüne Transparenz und nachhaltige Verwirrung – Die produktbezogenen Informationsvorschriften der SFDR Zeitschrift für Bankrecht und Bankwirtschaft | Law and Finance | Published Paper | 2022 | |
| Nikolai Badenhoop | Balancing Confidentiality and Transparency: The ECSPR Professional Secrecy Standard in Light of Cross-Sectoral EU Financial Regulation and ECJ Case Law Regulation on European Crowdfunding Service Providers for Business | Law and Finance | Published Paper | 2022 | |
| Alperen Afşin Gözlügöl | Private Companies: The Missing Link on The Path to Net Zero Journal of Corporate Law Studies | Law and Finance | Published Paper | 2023 | |
| Nikolai Badenhoop | The Individual Protection Goals in EU Banking Regulation - A Process Towards Private Law Enforcement forthcoming in European Contract Law in the Banking and Financial Union | Law and Finance | Published Paper | 2023 | |
| Nikolai Badenhoop | Greening Supply Chains and Their Financing under EU Law forthcoming in Contracts for Responsible and Sustainable Supply Chains: Model Clauses, Legal Analysis, and Practical Discussion | Law and Finance | Published Paper | 2023 | |
| Katja Langenbucher | Consumer Credit in The Age of AI – Beyond Anti-Discrimination Law SAFE Working Paper No. 369 | Law and Finance | SAFE Working Paper | 2022 | |
| Sebastian Steuer | Common Ownership and the (Non-)Transparency of Institutional Shareholdings: An EU-US Comparison SAFE Working Paper No. 354 | Law and Finance | SAFE Working Paper | 2022 | |
| Anastasia Kotovskaia, Nicola Meier | BigTech Cryptocurrencies – European regulatory solutions in sight Policy Letter No. 97 | Law and Finance | Policy Paper | 2022 | Cryptocurrencies, Big Techs, MiCA, DMA, DSA, European Commision |
| Ulrike M. Malmendier, Vincenzo Pezone, Hui Zheng | Managerial Duties and Managerial Biases Management Science | Law and Finance | Published Paper | 2023 | |
| Sebastian Steuer, Tobias Tröger | The Role of Disclosure in Green Finance Journal of Financial Regulation | Law and Finance | Published Paper | 2022 | |
| Alperen Afşin Gözlügöl | The Clash of ‘E’ and ‘S’ of ESG: Just Transition on the Path to Net Zero and the Implications for Sustainable Corporate Governance and Finance Journal of World Energy Law & Business | Law and Finance | Published Paper | 2022 | climate change, sustainability, ESG, employees, workforce, net zero transition, corporate governance, institutional investors, green finance |
| Roman Inderst, Marcus Opp | Socially Optimal Sustainability Standards with Non-Consequentialist ("Warm Glow") Investors SAFE Working Paper No. 346 | Financial Intermediation, Law and Finance, Household Finance | SAFE Working Paper | 2022 | Sustainability; ESG; green financing; labelling; |
| Florian Heider, Roman Inderst | A Corporate Finance Perspective on Environmental Policy SAFE Working Paper No. 345 | Financial Intermediation, Law and Finance, Household Finance | SAFE Working Paper | 2022 | |
| Alperen Afşin Gözlügöl, Wolf-Georg Ringe | Private Companies: The Missing Link on The Path to Net Zero SAFE Working Paper No. 342 | Law and Finance | SAFE Working Paper | 2022 | private companies, net zero transition, sustainability disclosures, brown-spinning, climate change, private equity |
| Tobias Tröger | Capital and Liquidity Requirements for European Banks Oxford EU Financial Regulation (Oxford University Press) | Law and Finance | Published Paper | 2022 | |
| Markus Kröll, Devesh Rustagi | Measuring Honesty and Explaining Adulteration in Naturally Occurring Markets Journal of Development Economics | Law and Finance, Experiment Center | Published Paper | 2022 | Motivation for honesty, asymmetric information, cheating, informal markets, die game, milk, India |
| Anastasia Kotovskaia, Tobias Tröger | National Interests and Supranational Resolution in the European Banking Union SAFE Working Paper No. 340 | Financial Intermediation, Law and Finance, Financial Markets | SAFE Working Paper | 2022 | SRB, SRF, bank resolution, banking union, bail-in, ESM, national interest, political economy, bureaucrats’ incentives |
| Roman Inderst, Stefan Thomas | Nachhaltigkeit und Wettbewerb: Zu einer Reform des Wettbewerbsrechts für die Erreichung von Nachhaltigkeitszielen Policy Letter No. 94 | Law and Finance | Policy Paper | 2022 | Nachhaltigkeit, ESG, Wettbewerbsrecht |
| Maximilian Lubda, Elsa Massoc | Social Media, Polarization and Democracy: A Multi-Methods Analysis of Polarized Users’ Interactions on Reddit’s r/WallStreetBets SAFE Working Paper No. 337 | Law and Finance | SAFE Working Paper | 2022 | social media, polarization, democracy, investment forum |
| Matthias Goldmann, Ingo Venzke, Armin von Bogdandy | Gemeinwohl im Völkerrecht. Eine Theorie internationaler öffentlicher Gewalt Normative Ordnungen (Suhrkamp) | Financial Intermediation, Law and Finance, Macro Finance | Published Paper | 2021 | |
| Matthias Goldmann | Finanzverfassung und kommunaler Finanzausgleich - Zum Begriff der Finanzkraftreihenfolge bei interkommunalen Umlagen Die Öffentliche Verwaltung | Financial Intermediation, Law and Finance | Published Paper | 2021 | |
| Ester Faia, Andreas Fuster, Vincenzo Pezone, Basit Zafar | Biases in Information Selection and Processing: Survey Evidence from the Pandemic forthcoming in The Review of Economics and Statistics | Law and Finance | Published Paper | 2023 | Belief updating, confirmatory biases, endogenous informa- tion acquisition, media polarization, source dependence, COVID-19 |
| Alperen Afşin Gözlügöl | Controlling Shareholders and Intra-Group Transactions: A Special Framework University of Bologna Law Review | Law and Finance | Published Paper | 2022 | |
| Alperen Afşin Gözlügöl | Controlling Tunnelling Through Lending Arrangements: The Disciplining Effect of Lending Arrangements on Value-Diversion, Its Limits and Implications European Business Law Review | Law and Finance | Published Paper | 2022 | |
| Alperen Afşin Gözlügöl | Blinded by Fairness: Why We Need (Strong) Procedural Safeguards in Screening Self-Dealing and Obtaining A Fair Price Is Not the Answer European Business Organization Law Review | Law and Finance | Published Paper | 2022 | |
| Alperen Afşin Gözlügöl | Related Party Transactions by Directors/Managers in Public Companies: A Data-Supported Analysis Journal of Corporate Law Studies | Law and Finance | Published Paper | 2021 | |
| Alperen Afşin Gözlügöl | Majority of the Minority Approval of Related Party Transactions: The Analysis of Institutional Shareholder Voting European Company and Financial Law Review | Law and Finance | Published Paper | 2021 | |
| Alperen Afşin Gözlügöl | The Political Economy of the Related Party Transactions Regulation in the Shareholders’ Rights Directive II Yearbook of European Law (Oxford University Press) | Law and Finance | Published Paper | 2020 | |
| Benedikt Happ, Tobias Tröger | Beschlussmängelrecht nach dem MoPeG: Bestandsaufnahme, Kritik und Fortentwicklung Zeitschrift für Wirtschaftsrecht | Law and Finance | Published Paper | 2021 | |
| Rainer Haselmann, Tobias Tröger | When and How to Unwind COVID-Support Measures to the Banking System? Financial Stability amidst the Pandemic Crisis: On Top of the Wave | Law and Finance | Published Paper | 2021 | Covid-19, Forbearance, Bank Capitalization, Bank Resolution, Supervisory Relief Measures, Financial Stability |
| Tobias Tröger | Personelle Reichweite aktienrechtlicher Stimmverbote bei Aktionärsgruppen mit einheitlicher Interessenausrichtung Festschrift für Barbara Grunewald | Law and Finance | Published Paper | 2021 | |
| Benedikt Happ, Tobias Tröger | Unzulängliche Institutionenbildung im Beschlussmängelrecht der Personengesellschaft Neue Zeitschrift für Gesellschaftsrecht | Law and Finance | Published Paper | 2021 | |
| Tobias Tröger | Regulation of Crowdfunding in Germany Legal Aspects of Crowdfunding. In: Ius Comparatum - Global Studies in Comparative Law (Springer) | Law and Finance | Published Paper | 2021 | crowdfunding, crowdsponsoring, crowdlending, crowdinvesting, contract law, conflict of laws, banking regulation, securities regulation |
| Luca Enriques, Tobias Tröger | Germany’s Reluctance to Regulate Related Party Transactions: An Industrial Organization Perspective The Law and Finance of Related Party Transactions (Cambridge University Press) | Law and Finance | Published Paper | 2019 | related party transactions, Germany Inc., industrial organization, tunneling, private benefits of control, capital maintenance, group law |
| Florian Hoffmann, Roman Inderst, Marcus Opp | Only Time will Tell: A Theory of Deferred Compensation The Review of Economic Studies | Law and Finance | Published Paper | 2021 | Compensation design, duration of pay, moral hazard, persistence, principal- agent models, informativeness principle |
| Matthias Thiemann, Tobias Tröger | Detecting Tail Risks to Preclude Regulatory Arbitrage - The Case for a Normatively Charged Approach to Regulating Shadow Banking Accounting, Economics, and Law: A Convivium | Law and Finance | Published Paper | 2020 | shadow banking, regulatory arbitrage, principles-based regulation, credit funds, prudential supervision, non-bank financial intermediation |
| Tobias Tröger | Bewertung des Vorschlags der BaFin für eine Richtlinie für nachhaltige Investmentvermögen Policy Letter No. 93 | Law and Finance | Policy Paper | 2021 | Sustainable Finance, Regulierung, Nachhaltigkeit, Offenlegungspflichten, BaFin |
| Alperen Afşin Gözlügöl | The Clash of ‘E’ and ‘S’ of ESG: Just Transition on the Path to Net Zero and the Implications for Sustainable Corporate Governance and Finance SAFE Working Paper No. 325 | Law and Finance | SAFE Working Paper | 2021 | climate change, sustainability, ESG, employees, workforce, net zero transition, corporate governance, institutional investors, green finance |
| Sebastian Steuer, Tobias Tröger | The Role of Disclosure in Green Finance SAFE Working Paper No. 320 | Law and Finance | SAFE Working Paper | 2021 | |
| Rainer Haselmann, Tobias Tröger | What are the main differences between the practice of supervising large banks in the UK and in the euro area, and what are the main risks of regulatory divergence? White Paper No. 86 | Law and Finance | Policy Paper | 2021 | Bank Supervision, Economic Governance, Banking Union, Brexit |
| Elsa Massoc | Fifty Shades of Hatred and Discontent - Varieties of Anti-finance Discourses on the European Twitter (France, Germany, Italy, Spain and the UK) SAFE Working Paper No. 338 | Law and Finance | SAFE Working Paper | 2022 | finance, opinion, social media, discourse analysis |
| Theresa Kreft | Bankenstrukturreformen in Deutschland und dem Vereinigten Königreich Schriften zum Unternehmens- und Kapitalmarktrecht 68 (Mohr Siebeck) | Law and Finance | Published Paper | 2019 | |
| Patrick Blank, Ann-Katrin Kaufhold, Jan Pieter Krahnen, Katja Langenbucher | BaFin (in)dependence – A reform proposal White Paper No. 82 | Law and Finance, Financial Markets | Policy Paper | 2021 | Capital markets, supervision, Wirecard |
| Rainer Haselmann, Tobias Tröger | When and how to unwind COVID-support measures to the banking system? White Paper No. 83 | Law and Finance | Policy Paper | 2021 | Covid-19, Forbearance, Bank Capitalization, Bank Resolution, Supervisory Relief Measures, Financial Stability |
| Ester Faia, Andreas Fuster, Vincenzo Pezone, Basit Zafar | Biases in Information Selection and Processing: Survey Evidence from the Pandemic SAFE Working Paper No. 307 | Law and Finance | SAFE Working Paper | 2021 | Belief updating, confirmatory biases, endogenous informa- tion acquisition, media polarization, source dependence, COVID-19 |
| Stephanie Collet, Caroline Fohlin | From Liberalism to Fascism and Back Again: Law, Politics and the Evolution of Corporate Governance in Germany (1850-1950) The Emergence of Corporate Governance - People, Power and Performance (Routledge Taylor & Francis Group) | Law and Finance, Data Center | Published Paper | 2021 | |
| Ferdinand von Siemens | Motivated Beliefs and the Elderly’s Compliance with COVID-19 Measures SAFE Working Paper No. 299 | Law and Finance, Experiment Center | SAFE Working Paper | 2021 | motivated beliefs; compliance behavior; age; health; COVID-19 |
| Thomas Huertas | Plug the gap: Make resolution ready for corona White Paper No. 73 | Law and Finance | Policy Paper | 2020 | Resolution, Covid-19, Banking Crisis |
| Philipp Lamprecht, Alfons J. Weichenrieder | Der Verlustrücktrag als Mittel der Konjunkturpolitik – Ausweitung des Verlustrücktrags auch auf die Gewerbesteuer erforderlich White Paper No. 71 | Law and Finance | Policy Paper | 2020 | Verlustrücktrag, Corona-Steuerhilfegesetz, Gewerbesteuer, Konjunkturpolitik |
| Moritz Schularick, Sascha Steffen, Tobias Tröger | Bank capital and the European recovery from the COVID-19 crisis White Paper No. 69 | Law and Finance, Macro Finance | Policy Paper | 2020 | bank capital, financial stablity, COVID-19 |
| Matej Avbelj, Antonia Baraggia, Jürgen Bast, Bojan Bugarič, Emanuel Castellarin, Francesco Costamagna, Anuscheh Faraha, Matthias Goldmann, Anna-Katharina Mangold, Mario Savino, Alexander Thiele, Annamaria Viterbo | The Case for Corona Bonds Policy Letter No. 82 | Law and Finance | Policy Paper | 2020 | Corona Bonds, Coronavirus |
| Ester Faia, Maximilian Mayer, Vincenzo Pezone | The Value of Firm Networks: A Natural Experiment on Board Connections SAFE Working Paper No. 269 | Law and Finance | SAFE Working Paper | 2020 | |
| Marie Lalanne | Network-based Appointments and Board Diversity Economica | Law and Finance | Published Paper | 2023 | |
| Katja Langenbucher | Interdisziplinäre Forschung im Unternehmensrecht – Auf dem Weg zu einer Cognitive Corporate Governance? Zeitschrift für Unternehmens- und Gesellschaftsrecht | Law and Finance | Published Paper | 2019 | |
| Martin Götz | Financing Conditions and Toxic Emissions SAFE Working Paper No. 254 | Law and Finance | SAFE Working Paper | 2019 | |
| Tobias Tröger, Uwe Walz | Does Say on Pay Matter? Evidence from Germany European Company and Financial Law Review | Law and Finance, Transparency Lab | Published Paper | 2019 | Say-on-pay, corporate governance, management compensation |
| Tim Eisert, Christian Eufinger | Interbank Networks and Backdoor Bailouts: Benefiting from Other Banks’ Government Guarantees Management Science | Law and Finance, Systemic Risk Lab | Published Paper | 2019 | bailout, cycle flows, cyclical liabilities, interbank network, leverage |
| Martin Götz | Financial Constraints and Corporate Environmental Responsibility SAFE Working Paper No. 241 | Law and Finance | SAFE Working Paper | 2019 | |
| Julia Hirsch, Uwe Walz | The Financing Dynamics of Newly Founded Firms Journal of Banking and Finance | Law and Finance | Published Paper | 2019 | financing decisions, life-cycle, firm growth, newly founded firms |
| Nicoletta Berardi, Marie Lalanne, Paul Seabright | Professional Networks and their Coevolution with Executive Careers: Evidence from Europe and North America SAFE Working Paper No. 243 | Law and Finance | SAFE Working Paper | 2019 | |
| Florian Hoffmann, Roman Inderst, Marcus Opp | Only Time will Tell: A Theory of Deferred Compensation SAFE Working Paper No. 218 | Law and Finance | SAFE Working Paper | 2018 | Compensation design, duration of pay, moral hazard, persistence, principal- agent models, informativeness principle |
| Domenico Rocco Cambrea, Stefano Colonnello, Giuliano Curatola, Giulia Fantini | CEO Investment of Deferred Compensation Plans and Firm Performance Journal of Business Finance & Accounting | Law and Finance | Published Paper | 2019 | Inside Debt, Executive Compensation, Corporate Distress |
| Yangming Bao, Martin Götz | Local Peer Effects and Corporate Investment SAFE Working Paper No. 220 | Law and Finance | SAFE Working Paper | 2018 | Investments, Peer Firm Effects, Agglomeration, Corporate Income Tax |
| Fabian Ochsenfeld | The Relational Nature of Employment Dualization: Evidence from Subcontracting Establishments European Sociological Review | Law and Finance | Published Paper | 2018 | |
| Nikolaus Fink, Philipp Schmidt-Dengler, Konrad Stahl, Christine Zulehner | Registered Cartels in Austria: An Overview European Journal of Law and Economics | Law and Finance | Published Paper | 2017 | Collusion, Cartels, Legal cartels, Contracts |
| Helmut Elsinger, Philipp Schmidt-Dengler, Christine Zulehner | Competition in Treasury Auctions American Economic Journal: Microeconomics | Law and Finance | Published Paper | 2019 | treasury auctions, multi-unit auctions, independent private values, competition, bidder surplus, auction format |
| Tobias Tröger | Germany's Reluctance to Regulate Related Party Transactions SAFE Working Paper No. 202 | Law and Finance | SAFE Working Paper | 2018 | related party transactions, Germany Inc., industrial organization, tunneling, private benefits of control, capital maintenance, group law |
| Tobias Tröger | Regulation of Crowdfunding in Germany SAFE Working Paper No. 199 | Law and Finance | SAFE Working Paper | 2018 | crowdfunding, crowdsponsoring, crowdlending, crowdinvesting, contract law, conflict of laws, banking regulation, securities regulation |
| Markus Gangl | Lohnbildung und Lohnverteilung Arbeitsmarktsoziologie: Probleme, Theorien, empirische Befunde (Springer) | Law and Finance | Published Paper | 2018 | |
| Luca Enriques, Tobias Tröger | The Law and Finance of Related Party Transactions Cambridge University Press | Law and Finance | Published Paper | 2019 | |
| Vincenzo Pezone | The Real Effects of Judicial Enforcement SAFE Working Paper No. 192 | Law and Finance | SAFE Working Paper | 2018 | |
| Julia Hirsch, Uwe Walz | Financial Constraints, Newly Founded Firms and the Financial Crisis SAFE Working Paper No. 191 | Law and Finance | SAFE Working Paper | 2017 | financial constraints, financial crisis, financing decisions, investment decisions, newly founded firms |
| Katja Langenbucher, Lara Milione, Andreas Roth, Tobias Tröger | EU Mapping 2017: Systematic Overview on Economic and Financial Legislation White Paper No. 49 | Law and Finance | Policy Paper | 2017 | EU economic and financial services legislation |
| Stefano Colonnello, Giuliano Curatola, Ngoc Giang Hoang | Direct and Indirect Risk-Taking Incentives of Inside Debt Journal of Corporate Finance | Law and Finance | Published Paper | 2017 | Inside Debt, Credit Spreads, Risk-Taking |
| Guido Friebel, Marie Lalanne, Bernard Richter, Peter Schwardmann, Paul Seabright | Women Form Social Networks More Selectively and Less Opportunistically Than Men SAFE Working Paper No. 168 | Law and Finance, Transparency Lab | SAFE Working Paper | 2017 | Social Networks, Gender Differences, Trust Game |
| Rainer Haselmann, David Schoenherr, Vikrant Vig | Rent-Seeking in Elite Networks Journal of Political Economy | Financial Intermediation, Law and Finance | Published Paper | 2018 | - |
| Tobin Hanspal | The Effect of Personal Financing Disruptions on Entrepreneurship SAFE Working Paper No. 161 | Law and Finance, Household Finance | SAFE Working Paper | 2016 | Entrepreneurship; Small business; Personal finance; Financial crisis; Bank defaults |
| Domenico Rocco Cambrea, Stefano Colonnello, Giuliano Curatola, Giulia Fantini | CEO Investment of Deferred Compensation Plans and Firm Performance SAFE Working Paper No. 160 | Law and Finance | SAFE Working Paper | 2016 | Inside Debt, Executive Compensation, Corporate Distress |
| Brigitte Haar | "Comply or Explain" im Spannungsfeld von Law and Finance 100 Jahre Rechtswissenschaft in Frankfurt (Vittorio Klostermann) | Law and Finance | Published Paper | 2014 | |
| Brigitte Haar | Shareholder Wealth vs. Stakeholder interests? Evidence from Code Compliance under the German Corporate Governance Code SAFE Working Paper No. 154 | Law and Finance | SAFE Working Paper | 2016 | corporate governance codes, soft law, stakeholder, shareholder wealth, market enforcement, German corporate governance, supervisory board, incentive pay, severance pay caps, age limits |
| Julia Hirsch, Uwe Walz | The Financing Dynamics of Newly Founded Firms SAFE Working Paper No. 153 | Law and Finance | SAFE Working Paper | 2016 | financing decisions, life-cycle, firm growth, newly founded firms |
| Sascha Baghestanian, Paul Gortner, Baptiste Massenot | Compensation Schemes, Liquidity Provision, and Asset Prices: An Experimental Analysis Experimental Economics | Law and Finance, Experiment Center | Published Paper | 2017 | compensation, liquidity, experimental asset markets, bubbles |
| Christian Eufinger, Andrej Gill | Incentive-Based Capital Requirements Management Science | Law and Finance, Transparency Lab, Experiment Center | Published Paper | 2017 | Basel III, capital regulation, compensation, leverage, risk |
| Brigitte Haar | Freedom of Contract and Financial Stability Through the Lens of the Legal Theory of Finance SAFE Working Paper No. 141 | Law and Finance | SAFE Working Paper | 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 |
| Günter Franke, Thomas Mosk, Eberhard Schnebel | Fair Retail Banking: How to Prevent Mis-Selling by Banks White Paper No. 39 | Law and Finance | Policy Paper | 2016 | Retail Banking, Mis-selling, MiFID II |
| Emanuel Bayer, Bernd Skiera, Kapil Tuli | Do Disclosures of Customer Metrics Lower Investors’ and Analysts’ Uncertainty, But Hurt Firm Performance? Journal of Marketing Research | Law and Finance | Published Paper | 2017 | disclosure, customer metrics, accounting, financial reporting, marketing–finance interface |
| Brigitte Haar | Freedom of Contract and Financial Stability European Business Organization Law Review | Law and Finance, Systemic Risk Lab | Published Paper | 2016 | |
| Douglas Cumming, Jochen Christian Werth, Yelin Zhang | Governance in Entrepreneurial Ecosystems: Venture Capitalists vs. Technology Parks SAFE Working Paper No. 135 | Law and Finance | SAFE Working Paper | 2016 | Entrepreneurship, Entrepreneurial Finance, Governance, Technology Park, Incubator, Board of Directors, Venture Capital, Angel |
| Brigitte Haar | Investor Protection Through Model Case Procedures – Implementing Collective Goals and Individual Rights Under the 2012 Amendment to the German Capital Markets Model Case Act (KapMuG) European Business Organization Law Review | Law and Finance | Published Paper | 2014 | collective litigation, investor protection, test cases, German Capital Markets Model Case Act (KapMuG) |
| Markus Kröll, Devesh Rustagi | Reputation, Honesty, and Cheating in Informal Milk Markets in India SAFE Working Paper No. 134 | Law and Finance, Experiment Center | SAFE Working Paper | 2016 | Motivation for honesty, asymmetric information, cheating, informal markets, die game, milk, India |
| Markus Behn, Rainer Haselmann, Thomas Kick, Vikrant Vig | The Political Economy of Bank Bailouts SAFE Working Paper No. 133 | Financial Intermediation, Law and Finance | SAFE Working Paper | 2016 | political economy, bailouts, state-owned enterprises, elections |
| Rainer Haselmann, David Schoenherr, Vikrant Vig | Rent-Seeking in Elite Networks SAFE Working Paper No. 132 | Financial Intermediation, Law and Finance | SAFE Working Paper | 2016 | - |
| Andrej Gill, Nikolai Visnjic | Performance Benefits of Tight Control The Journal of Private Equity | Law and Finance, Transparency Lab, Experiment Center | Published Paper | 2015 | private equity, leveraged buyouts, active shareholders, ownership concentration, corporate governance |
| Helmut Elsinger, Philipp Schmidt-Dengler, Christine Zulehner | Competition in Treasury Auctions SAFE Working Paper No. 127 | Law and Finance | SAFE Working Paper | 2016 | treasury auctions, multi-unit auctions, independent private values, competition, bidder surplus, auction format |
| Tobias Tröger, Uwe Walz | Does Say on Pay Matter? Evidence from Germany SAFE Working Paper No. 125 | Law and Finance, Transparency Lab | SAFE Working Paper | 2016 | Say-on-pay, corporate governance, management compensation |
| Marie Lalanne, Paul Seabright | The Old Boy Network: The Impact of Professional Networks on Remuneration in Top Executive Jobs SAFE Working Paper No. 123 | Law and Finance | SAFE Working Paper | 2016 | professional networks, gender wage gap, executive compensation, placebo technique |
| Douglas Cumming, Uwe Walz, Jochen Christian Werth | Entrepreneurial Spawning: Experience, Education, and Exit SAFE Working Paper No. 122 | Law and Finance | SAFE Working Paper | 2016 | Venture governance, entrepreneurship, entrepreneurial spawning, angel finance, venture capital, exit |
| Douglas Cumming, Uwe Walz, Jochen Christian Werth | Entrepreneurial Spawning: Experience, Education, and Exit Financial Review | Law and Finance | Published Paper | 2016 | Venture governance, entrepreneurship, entrepreneurial spawning, angel finance, venture capital, exit |
| Matthias Heinz, Heiner Schumacher | Signaling Cooperation SAFE Working Paper No. 120 | Law and Finance | SAFE Working Paper | 2015 | Signaling, Public Goods, Labor Markets, Extracurricular Activities |
| Andrea Weber, Moritz Christian Weber, Andrea Weber, Christine Zulehner | Competition and Gender Prejudice: Are Discriminatory Employers Doomed to Fail? Journal of the European Economic Association | Law and Finance | Published Paper | 2014 | |
| Klaus Gugler, Michael Weichselbaumer, Christine Zulehner | Competition in the Economic Crisis: Analysis of Procurement Auctions European Economic Review | Law and Finance | Published Paper | 2015 | Construction procurement, First-price auctions, Private values, Economic crisis, Government stimulus |
| Helmut Mahringer, Christine Zulehner | Child-Care Costs and Mothers’ Employment Rates: An Empirical Analysis for Austria Review of Economics of the Household | Law and Finance | Published Paper | 2013 | Child-care, Labour supply, Bivariate sample selection, Matched survey and administrative data |
| René Böheim, Klemens Himpele, Helmut Mahringer, Christine Zulehner | The Distribution of the Gender Pay Gap in Austria: Evidence from Matched Employer-Employee Data and Tax Records Journal for Labour Market Research | Law and Finance | Published Paper | 2013 | gender wage differentials, quantile regressions, decomposition, matched employer-employee data |
| René Böheim, Klemens Himpele, Helmut Mahringer, Christine Zulehner | The Gender Wage Gap in Austria: Eppur si muove! Empirica | Law and Finance | Published Paper | 2013 | Gender wage differentials, Wage inequality, Decomposition, Matched employer-employee data |
| Tobias Tröger | Corporate Groups – A German’s European Perspective German and Nordic Perspectives on Company Law and Capital Markets Law (Mohr Siebeck) | Law and Finance | Published Paper | 2015 | Corporate Groups, Related Party Transactions, Tunneling, Corporate Governance, E.U. Corporate Law, Shareholder Rights Directive, Group Interesterest, Minority Shareholder Protection, Creditor Protection |
| Marcel Grupp, Christian Rauch, Marc Umber, Uwe Walz | The Influence of Leveraged Buyouts on Target Firms’ Competitors SAFE Working Paper No. 99 | Law and Finance | SAFE Working Paper | 2015 | Product Market Competition, Peers, LBOs, Restructuring |
| Marcel Grupp | Taking the Lead: When Non-Banks Arrange Syndicated Loans SAFE Working Paper No. 100 | Law and Finance | SAFE Working Paper | 2015 | Non-bank lead arrangers, syndicated loans, spread premium |
| Guido Friebel, Matthias Heinz | Media Slant Against Foreign Owners: Downsizing Journal of Public Economics | Law and Finance | Published Paper | 2014 | Media economics, Globalization, Economic xenophobia, Multi-national enterprises, Foreign direct investment |
| Daniel Powell, Marc Steffen Rapp | Non-Mandatory Say on Pay Votes and AGM Participation: Evidence from Germany SAFE Working Paper No. 107 | Law and Finance | SAFE Working Paper | 2015 | Corporate Governance, Executive Remuneration, Say on Pay, Annual General Meeting, Germany |
| Sascha Baghestanian, Paul Gortner, Baptiste Massenot | Compensation Schemes, Liquidity Provision, and Asset Prices: An Experimental Analysis SAFE Working Paper No. 108 | Law and Finance, Experiment Center | SAFE Working Paper | 2015 | compensation, liquidity, experimental asset markets, bubbles |
| Tobias Tröger | Negative Zinsen auf Einlagen – Juristische Hindernisse und ihre wettbewerbspolitischen Auswirkungen Policy Letter No. 40 | Law and Finance | Policy Paper | 2015 | Niedrigzinsumfeld, Einlageverträge, negativer Zins |
| Helmut Siekmann | Zur Offenlegung der Bezüge von Sparkassenführungskräften im Internet White Paper No. 12 | Law and Finance | Policy Paper | 2014 | Bezüge im Bankensektor, Transparenz, Corporate Governance |
| Marcel Gellings, Kai Jungbluth, Katja Langenbucher | EU Mapping: Systematic Overview on Economic and Financial Legislation White Paper No. 18 | Law and Finance | Policy Paper | 2014 | EU economic and financial services legislation |
| Tobias Tröger | Corporate Groups SAFE Working Paper No. 66 | Law and Finance | SAFE Working Paper | 2014 | Corporate Groups, Related Party Transactions, Tunneling, Corporate Governance, E.U. Corporate Law, Shareholder Rights Directive, Group Interest, Minority Shareholder Protection, Creditor Protection |
| Helmut Siekmann, Patrick Tuschl | Constitutional Ruling on Court of Auditors’ Review of Banks Policy Letter No. 01, 2012 | Law and Finance | Policy Paper | 2012 | fiscal responsibility, control by Court of Auditors |
| Hans-Joachim Böcking, Marius Gros, Daniel Worret | Stellungnahme zu aktuellen Formulierungsvorschlägen für Änderungen am Deutschen Corporate Governance Kodex Policy Letter No. 5 | Law and Finance | Policy Paper | 2013 | Deutscher Corporate Governance Kodex, Financial Expert, Prüfungsausschuss, Vorstandsvergütung, Aufsichtsratsvergütung |
| Jan Pieter Krahnen, Thomas Mayer | Managementvergütung im Bankensektor Policy Letter No. 4 | Law and Finance | Policy Paper | 2013 | Boni, Bail-in Anleihen, Liikanen-Kommission |
| Theodor Baums | Die gerichtliche Kontrolle von Beschlüssen der Gläubigerversammlung White Paper No. 7, 2008 | Law and Finance | Policy Paper | 2008 | Gläubigerversammlung |
| Theodor Baums | Zur monistischen Verfassung der deutschen Aktiengesellschaft. Überlegungen de lege ferenda White Paper No. 6, 2008 | Law and Finance | Policy Paper | 2008 | Corporate Governance, Unternehmensverfassung |
| Theodor Baums, Florian Drinhausen | Zur Anfechtung von Hauptversammlungsbeschlüssen - rechtspolitische Vorschläge White Paper No. 5, 2008 | Law and Finance | Policy Paper | 2008 | Anfechtungsklage |
| Jan Pieter Krahnen | Stellungnahme zum Referentenentwurf "Risikobegrenzungsgesetz" White Paper No. 2, 2008 | Law and Finance | Policy Paper | 2008 | Corporate Governance, Finanzinnovationen |
| Theodor Baums | Europäische Modellgesetze im Gesellschaftsrecht White Paper No. 1, 2008 | Law and Finance | Policy Paper | 2008 | Modellgesellschaftsgesetze |
| Theodor Baums | Zur Deregulierung des Depotstimmrechts White Paper No. 2, 2007 | Law and Finance | Policy Paper | 2007 | Depotstimmrecht |
| Theodor Baums | The Law of Corporate Finance in Europe - an Essay White Paper No. 1, 2007 | Law and Finance | Policy Paper | 2007 | corporate finance |
| Hans-Joachim Böcking, Marius Gros, Daniel Worret | Commentary on ESMA Guidelines on Enforcement of Financial Information Policy Letter No. 15 | Law and Finance | Policy Paper | 2013 | Enforcement, ESMA, financial reporting quality, restatements |
| Theodor Baums, Roland Schmidtbleicher | Neues Schuldverschreibungsrecht und Altanleihen White Paper No. 01, 2012 | Law and Finance | Policy Paper | 2012 | Collective Action Clauses, Anleihen, Umstrukturierung |
| Hans-Joachim Böcking, Marius Gros, Christoph Wallek, Daniel Worret | Das Grünbuch der EU-Kommission „Weiteres Vorgehen im Bereich der Abschlussprüfung: Lehren aus der Krise“ – Eine Auswertung der Stellungnahmen des Konsultationsprozesses White Paper No. 12, 2011 | Law and Finance | Policy Paper | 2011 | Abschlussprüfung, Finanzkrise, EU Grünbuch, Konsultationsprozess |
| Analysis of the EU Consultation on the Green Paper “Audit Policy: Lessons from the Crisis” White Paper No. 11, 2011 | Law and Finance | Policy Paper | 2011 | Audit Policy, Financial Crisis, EU Green Paper, Consultation Process | |
| Theodor Baums, Florian Drinhausen, Astrid Keinath | Anfechtungsklagen und Freigabeverfahren. Eine empirische Studie White Paper No. 10, 2011 | Law and Finance | Policy Paper | 2011 | Aktionärsrechte, Berufskläger, Anlegerschutz |
| Hans-Joachim Böcking, Marius Gros | Comment on the European Commission's Green Paper "Audit Policy: Lessons from the Crisis" Policy Letter No. 16, 2010 | Law and Finance | Policy Paper | 2010 | audit quality, expectation gap, regulation |
| Theodor Baums | Unternehmen und Ethik Policy Letter No. 13, 2010 | Law and Finance | Policy Paper | 2010 | Rechtsnormen, ethische Normen, Wirtschaftsverfassung |
| Theodor Baums | Report of the Reflection Group on the Future of EU Company Law White Paper No. 5, 2011 | Law and Finance | Policy Paper | 2011 | EU-harmonization, corporate governance, regulation, cross-border mobility |
| Theodor Baums | Low Balling, Creeping In und deutsches Übernahmerecht White Paper No. 24, 2010 | Law and Finance | Policy Paper | 2010 | feindliche Übernahme, Hauptversammlungsmehrheit, Meldepflichten |
| Theodor Baums | Managerhaftung und Verjährungsfrist White Paper No. 17, 2010 | Law and Finance | Policy Paper | 2010 | Organhaftungsregeln, Verjährungsfristen |
| Theodor Baums | Risiko und Risikosteuerung im Aktienrecht White Paper No. 9, 2010 | Law and Finance | Policy Paper | 2010 | Risikomanagement, Vorstandspflichten |
| Theodor Baums | Die Unabhängigkeit des Vergütungsberaters White Paper No. 1, 2010 | Law and Finance | Policy Paper | 2010 | Corporate Governance-Kodex, Vergütungsberater |
| Gregor Bachmann, Theodor Baums, Mathias Habersack, Martin Henssler, Marcus Lutter, Hartmut Oetker, Peter Ulmer | Entwurf einer Regelung zur Mitbestimmungsvereinbarung und zur Größe des mitbestimmten Aufsichtsrats White Paper No. 3, 2009 | Law and Finance | Policy Paper | 2009 | Mitbestimmungsrecht |
| Theodor Baums | Anschleichen an Übernahmeziele mittels Cash Settled Equity Derivaten - ein Regelungsvorschlag White Paper No. 1, 2009 | Law and Finance | Policy Paper | 2009 | Unternehmensübernahmen, Equity Swaps |
| Comment on the European Commission's Green Paper "The EU Corporate Governance Framework" Policy Letter No. 9, 2011 | Law and Finance | Policy Paper | 2011 | corporate governance, supervisory board, shareholder activism | |
| Hans-Joachim Böcking, Marius Gros | Stellungnahme zu den vom Deutschen Standardisierungsrat vorgeschlagenen Änderungen der Anforderungen an die Konzernlageberichterstattung Policy Letter No. 09, 2012 | Law and Finance | Policy Paper | 2012 | Chancen- und Risikoberichterstattung, Strategieberichterstattung, Management Commentary |
| Hans-Joachim Böcking, Marius Gros | Stellungnahme zu den DCGK-Aenderungsvorschlaegen der Regierungskommission Deutscher Corporate Governance Kodex Policy Letter No. 06, 2012 | Law and Finance | Policy Paper | 2012 | Deutscher Corporate Governance Kodex, Prüfungsausschuss, Aufsichtsratsvergütung |
| Tim Eisert, Christian Eufinger | Interbank Network and Bank Bailouts: Insurance Mechanism for Non-Insured Creditors? SAFE Working Paper No. 10 | Law and Finance, Systemic Risk Lab | SAFE Working Paper | 2013 | bailout, cycle flows, cyclical liabilities, interbank network, leverage |
| Christian Eufinger, Andrej Gill | Incentive-Based Capital Requirements SAFE Working Paper No. 9 | Law and Finance, Transparency Lab, Experiment Center | SAFE Working Paper | 2013 | Basel III, capital regulation, compensation, leverage, risk |
| Andrej Gill, Nikolai Visnjic | Insight Private Equity SAFE Working Paper No. 23 | Law and Finance, Transparency Lab, Experiment Center | SAFE Working Paper | 2013 | private equity, leveraged buyouts, active shareholders, corporate restructuring, operational performance |
| Andrej Gill, Nikolai Visnjic | Performance Benefits of Tight Control SAFE Working Paper No. 24 | Law and Finance, Transparency Lab, Experiment Center | SAFE Working Paper | 2013 | private equity, leveraged buyouts, active shareholders, ownership concentration, corporate governance |
| Stefano Colonnello, Giuliano Curatola, Ngoc Giang Hoang | Direct and Indirect Risk-Taking Incentives of Inside Debt SAFE Working Paper No. 60 | Law and Finance | SAFE Working Paper | 2014 | Compensation Structure, Credit Spread, Risk-Taking, Inside Debt, Business Cycle |
| Daniel Herbold | A Repeated Principal-Agent Model with On-the-Job Search SAFE Working Paper No. 64 | Law and Finance | SAFE Working Paper | 2014 | Repeated Principal-Agent Model, On-the-Job Search, Moral Hazard, Multitasking, Efficiency Wages |
| Katja Langenbucher | Legal Aspects of Gender Balance on Corporate Boards in Germany White Paper No. 2 | Law and Finance | Policy Paper | 2013 | German corporate governance codex, gender equality, German constitutional law |
| Helmut Siekmann | Missachtung rechtlicher Vorgaben des AEUV durch die Mitgliedstaaten und die EZB in der Schuldenkrise White Paper No. 15, 2012 | Law and Finance | Policy Paper | 2012 | Bankenkrise, Staatsschuldenkrise, EFSF, ESM, Fiskalpakt |
| Helmut Siekmann | Die Legende von der verfassungsrechtlichen Sonderstellung des „anonymen“ Kapitaleigentums White Paper No. 12, 2012 | Law and Finance | Policy Paper | 2012 | Geldeigentum, Anteilseigentum, Gesellschaftsrecht, Verfassungsrecht |
| Theodor Baums | Früher war nicht alles besser Press Article No. 04, 2012 | Law and Finance | Policy Paper | 2012 |
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