SAFE Working Paper Series

Nr.	Forscher/innen	Titel	Programmbereich	Jahr	Keywords
407	Michele Costola, Matteo Iacopini, Casper Wichers	Bayesian SAR Model with Stochastic Volatility and Multiple Time-Varying Weights	Financial Markets	2023
406	Peter Andre, Philipp Schirmer, Johannes Wohlfart	Mental Models of the Stock Market	Household Finance, Financial Markets, Experiment Center	2023
405	Peter Andre	Shallow Meritocracy	Household Finance, Experiment Center	2023
404	Christian Alemán-Pericón, Christopher Busch, Alexander Ludwig, Raül Santaeulàlia-Llopis	Stage-Based Identification of Policy Effects	Macro Finance	2023
403	Monica Billio, Roberto Casarin, Michele Costola	Learning from Experts: Energy Efficiency in Residential Buildings	Financial Markets	2023	Energy efficiency, Energy Performance Certificate, Machine learning, Tree-based models, big data
402	Julian Detemple, Michael Kosfeld	Fairness and Inequality in Institution Formation	Household Finance, Experiment Center	2023
401	Kevin Bauer, Oliver Hinz, Michael Kosfeld, Lena Liebich	Decoding GPT’s Hidden ‘Rationality’ of Cooperation	Household Finance, Experiment Center	2023	large language models, cooperation, goal orientation, economic rationality
400	Andreas Hackethal, Philip Schnorpfeil, Michael Weber	Households’ Response to the Wealth Eﬀects of Inﬂation	Household Finance	2023
399	Raimond Maurer, Sehrish Usman	Dynamics of Life Course Family Transitions in Germany: Exploring Patterns, Process and Relationships	Household Finance	2023
398	Pantelis Karapanagiotis, Marius Liebald	Entity Matching with Similarity Encoding: A Supervised Learning Recommendation Framework for Linking (Big) Data	Law and Finance, Data Center	2023
397	Matteo Bagnara, Milad Goodarzi	Clustering-Based Sector Investing	Financial Markets	2023	Empirical Asset Pricing, Risk Premium, Machine Learning, Industry Clas-sification, Clustering
396	Nils Grevenbrock, Alexander Ludwig, Nawid Siassi	Homeownership Rates, Housing Policies, and Co-Residence Decisions	Macro Finance	2023
395	Ruggero Jappelli, Loriana Pelizzon, Marti Subrahmanyam	Quantitative Easing, the Repo Market, and the Term Structure of Interest Rates	Financial Markets	2023
394	Kevin Bauer, Oliver Hinz, Moritz von Zahn	Please Take Over: XAI, Delegation of Authority, and Domain Knowledge	Financial Intermediation, Experiment Center	2023
393	Michael Kosfeld, Zahra Sharafi	The Preference Survey Module: Evidence on Social Preferences from Tehran	Household Finance, Experiment Center	2023
392	Christian Mücke	Bank Dividend Restrictions and Banks’ Institutional Investors	Financial Markets	2023
391	Carmelo Latino, Loriana Pelizzon, Max Riedel	How to Green the European Auto ABS Market? A Literature Survey	Financial Markets	2023
390	Kamelia Kosekova, Angela Maddaloni, Melina Papoutsi, Fabiano Schivardi	Firm-Bank Relationships: A Cross-Country Comparison	Financial Markets	2023
389	Stefan Goldbach, Philipp Harms, Axel Jochem, Volker Nitsch, Alfons J. Weichenrieder	Retained Earnings and Foreign Portfolio Ownership: Implications for the Current Account Debate	Macro Finance	2023
388	Gill Segal, Ivan Shaliastovich	Uncertainty, Risk, and Capital Growth	Financial Markets	2023
387	Michele Costola, Katia Vozian	Pricing Climate Transition Risk: Evidence from European Corporate CDS	Financial Markets	2023
386	Alperen Afşin Gözlügöl, Wolf-Georg Ringe	Net-Zero Transition and Divestments of Carbon-Intensive Assets	Law and Finance	2023
385	Angela Maddaloni	Liquidity Support and Distress Resilience in Bank-Affiliated Mutual Funds	Financial Intermediation	2023
384	Julian Greth, Alperen Afşin Gözlügöl, Tobias Tröger	The Oscillating Domains of Public and Private Markets	Law and Finance	2023	corporate finance, capital markets, public markets, private markets, private equity, securities regulation, financial regulation
383	Satyajit Dutt, Jan Wedigo Radermacher	Age, Wealth, and the MPC in Europe - A Supervised Machine Learning Approach	Household Finance	2023
382	Jan Wedigo Radermacher	Mamma Mia! Revealing Hidden Heterogeneity by PCA-Biplot - MPC Puzzle for Italy’s Elderly Poor	Household Finance	2023
381	Olga Goldfayn-Frank, Nathanael Vellekoop	The Role of Personality Traits in Household Loan Expectations and Borrowing Constraints	Financial Intermediation, Household Finance	2023
380	Alexander Hillert, Alexandra Niessen-Ruenzi, Stefan Ruenzi	Mutual Fund Shareholder Letters: Flows, Performance, and Managerial Behavior	Financial Markets, Data Center	2023
379	Irene Mecatti, Tobias Tröger	Who Should Hold Bail-Inable Debt and How can Regulators Police Holding Restrictions Effectively?	Law and Finance	2023
378	Sabine Bernard, Benjamin Loos, Martin Weber	How Speculative Asset Characteristics Shape Retail Investors’ Selling Behavior	Household Finance	2023	Selling Behavior, Disposition Effect, Retail Investor, Speculation, Higher Moments of Return, Realization Utility
377	Konstantin Egorov	Optimal Policy under Dollar Pricing	Macro Finance	2023
376	Raphael Abiry, Marien Ferdinandusse, Alexander Ludwig, Carolin Nerlich	Climate Change Mitigation: How Effective is Green Quantitative Easing?	Macro Finance	2022
375	Abigail Hurwitz, Olivia S. Mitchell, Orly Sade	Testing Methods to Enhance Longevity Awareness	Household Finance	2022
374	Franco Fiordelisi, Giulia Fusi, Angela Maddaloni, David Marqués-Ibáñez	Pandemic Lending: Micro and Macro Effects of Model-Based Regulation	Financial Intermediation	2022
373	Andreas Hackethal, Tobin Hanspal, Emily Kormanyos	Do Gamblers Invest in Lottery Stocks?	Household Finance	2022
372	Alessandro Pollastri, Paulo Rodrigues, Christian Schlag, Norman Seeger	A Jumping Index of Jumping Stocks? An MCMC Analysis of Continuous-Time Models for Individual Stocks	Financial Markets	2022	Jump-diffusion models; individual stocks; Markov Chain Monte Carlo
371	Mariano Massimiliano Croce, Tatyana Marchuk, Christian Schlag	The Leading Premium	Financial Markets	2022
370	Benjamin M. Abdel-Karim, Kevin Bauer, Oliver Hinz, Michael Nofer	The Effects of Discontinuing Machine Learning Decision Support	Financial Intermediation, Experiment Center	2022
369	Katja Langenbucher	Consumer Credit in The Age of AI – Beyond Anti-Discrimination Law	Law and Finance	2022
368	Vanya Horneff, Raimond Maurer, Olivia S. Mitchell	How Would 401(k) ‘Rothification’ Alter Saving, Retirement Security, and Inequality?	Financial Markets	2022
367	Micha Bender, Benjamin Clapham, Peter Gomber, Jens Lausen	Drivers and Effects of Stock Market Fragmentation - Insights on SME Stocks	Financial Markets	2022	Market Microstructure, Market Fragmentation, Securities Market Regulation, Market Quality, SME Trading
366	Satchit Sagade, Stefan Scharnowski, Christian Westheide	Broker Colocation and the Execution Costs of Customer and Proprietary Orders	Financial Markets	2022
365	Caroline Fohlin, Zhikun Lu, Nan Zhou	Short Sale Bans May Improve Market Quality During Crises: New Evidence from the 2020 Covid Crash	Financial Markets, Data Center	2022
364	Rachel Nam	Open Banking and Customer Data Sharing: Implications for FinTech Borrowers	Financial Markets	2022
363	Kevin Bauer, Oliver Hinz, Johanna Jagow, Cristina Mihale-Wilson, Maximilian Speicher, Moritz von Zahn	The Smart Green Nudge: Reducing Product Returns through Enriched Digital Footprints & Causal Machine Learning	Financial Intermediation, Experiment Center	2022
362	Tabea Bucher-Koenen, Andreas Hackethal, Johannes Kasinger, Christine Laudenbach	Disparities in Financial Literacy, Pension Planning, and Saving Behavior	Household Finance	2022
361	Ata Can Bertay, José Gabo Carreño Bustos, Harry Huizinga, Burak Uras, Nathanael Vellekoop	Technological Change and the Finance Wage Premium	Macro Finance	2022	wage premium, worker-firm panels, skill-biased technological change
360	Alfons J. Weichenrieder	A Note on the Role of Monetary Policy When Natural Gas Supply Is Inelastic	Macro Finance	2022	energy crisis, monetary policy, natural gas
359	Spencer Yongwook Kwon, Yueran Ma, Niklas Kaspar Zimmermann	100 Years of Rising Corporate Concentration	Macro Finance	2022	Corporate concentration, economies of scale
358	Matteo Bagnara, Ruggero Jappelli	Liquidity Derivatives	Financial Markets	2022	Asset Pricing, Market Liquidity, Liquidity Risk.
357	Huynh Sang Truong, Uwe Walz	Spillovers of PE Investments	Financial Intermediation	2022	LBO spillovers, peer effects, IV approach
356	Markus Eyting	Why do we Discriminate? The Role of Motivated Reasoning	Household Finance, Experiment Center	2022
355	Stephan Jank, Emanuel Moench, Michael Schneider	Safe Asset Shortage and Collateral Reuse	Financial Markets	2022
354	Sebastian Steuer	Common Ownership and the (Non-)Transparency of Institutional Shareholdings: An EU-US Comparison	Law and Finance	2022
353	Olga Balakina, Claes Bäckman, Andreas Hackethal, Tobin Hanspal, Dominique Lammer	Personal Recommendations and Portfolio Quality	Household Finance	2022	Household nance, investment decisions, investment behavior, peer eects, social networks
352	Monica Billio, Michele Costola, Loriana Pelizzon, Max Riedel	Creditworthiness and buildings’ energy efficiency in the Italian mortgage market	Financial Markets	2022
351	Markus Dertwinkel-Kalt, Johannes Kasinger, Dmitrij Schneider	Skewness Preferences: Evidence from Online Poker	Financial Intermediation	2022	Online Poker; Risk Attitudes; Risk Preferences; Choice under Risk
350	Ruggero Jappelli, Konrad Lucke, Loriana Pelizzon	Price and Liquidity Discovery in European Sovereign Bonds and Futures	Financial Markets	2022	Fixed Income, Limits to Arbitrage, Market Liquidity
349	Monica Billio, Michele Costola, Iva Hristova, Carmelo Latino, Loriana Pelizzon	Sustainable Finance: A journey toward ESG and climate risk	Financial Markets	2022	Environmental, social, and governance factors (ESG); credit risk; debt cost; equity cost; sovereign bonds; portfolio management
348	Fabian Nemeczek, Jan Wedigo Radermacher	Personality-Augmented MPC: Linking Survey and Transaction Data to Explain MPC Heterogeneity by Big Five Personality Traits	Household Finance	2022	Marginal Propensity to Consume, Big Five Personality, Survey Data, Transaction Data
347	Andrej Gill, Florian Hett, Johannes Tischer	Time Inconsistency and Overdraft Use: Evidence from Transaction Data and Behavioral Measurement Experiments	Household Finance, Experiment Center	2022	Household Finance, Paycheck Sensitivity, Fintech, Time Inconsistency, Time Preferences, Experiment, Behavioral Measurement
346	Roman Inderst, Marcus Opp	Socially Optimal Sustainability Standards with Non-Consequentialist ("Warm Glow") Investors	Financial Intermediation, Law and Finance, Household Finance	2022	Sustainability; ESG; green financing; labelling;
345	Florian Heider, Roman Inderst	A Corporate Finance Perspective on Environmental Policy	Financial Intermediation, Law and Finance, Household Finance	2022
344	Steffen Eibelshäuser, Fabian Smetak	Frequent Batch Auctions and Informed Trading	Household Finance, Financial Markets	2022
343	Alessandro Di Nola, Leo Kaas, Haomin Wang	Rescue Policies for Small Businesses in the COVID-19 Recession	Macro Finance	2022
342	Alperen Afşin Gözlügöl, Wolf-Georg Ringe	Private Companies: The Missing Link on The Path to Net Zero	Law and Finance	2022	private companies, net zero transition, sustainability disclosures, brown-spinning, climate change, private equity
341	Sandra Eckert	The Limits of Joint-Institutional Frameworks for Sectoral Governance in EU-Swiss Bilateral Relations: Lessons for Future Relations with the UK	Financial Intermediation	2022
340	Anastasia Kotovskaia, Tobias Tröger	National Interests and Supranational Resolution in the European Banking Union	Financial Intermediation, Law and Finance, Financial Markets	2022	SRB, SRF, bank resolution, banking union, bail-in, ESM, national interest, political economy, bureaucrats’ incentives
339	Sandra Eckert, Vincent R. Lindner, Andreas Nölke	Political Science Research on the Reasons for the (non) Adoption and (non) Implementation of EMU Reform Proposals: The State of the Art	Macro Finance	2022
338	Elsa Massoc	Fifty Shades of Hatred and Discontent - Varieties of Anti-finance Discourses on the European Twitter (France, Germany, Italy, Spain and the UK)	Law and Finance	2022	finance, opinion, social media, discourse analysis
337	Maximilian Lubda, Elsa Massoc	Social Media, Polarization and Democracy: A Multi-Methods Analysis of Polarized Users’ Interactions on Reddit’s r/WallStreetBets	Law and Finance	2022	social media, polarization, democracy, investment forum
336	Victor Klockmann, Marie Claire Villeval, Alicia von Schenk	Artificial Intelligence, Ethics, and Pivotality	Household Finance, Experiment Center	2022	Artificial Intelligence, Big Data, Pivotality, Ethics, Experiment
335	Victor Klockmann, Marie Claire Villeval, Alicia von Schenk	Artificial Intelligence, Ethics, and Intergenerational Responsibility	Household Finance, Experiment Center	2022
334	Ilya Dergunov, Christoph Meinerding, Christian Schlag	Extreme Inflation and Time-Varying Expected Consumption Growth	Financial Markets	2022
333	Vincent R. Lindner	Solidarity without Conditionality. Comparing the EU Covid-19 Safety Nets SURE, Pandemic Crisis Support, and European Guarantee Fund	Macro Finance	2022
332	Gyozo Gyöngyösi, Judit Rariga, Emil Verner	The Anatomy of Consumption in a Household Foreign Currency Debt Crisis	Household Finance	2021
331	Ruggero Jappelli, Loriana Pelizzon, Alberto Plazzi	The Core, the Periphery, and the Disaster: Corporate-Sovereign Nexus in COVID-19 Times	Financial Markets	2021
330	Jan Krzyzanowski, Uwe Walz	Bank Regulation, Lending and Patenting: Evidence from the EBA Capital Exercise	Financial Intermediation	2021	financing, bank lending, patents
329	Jana Eisenkopf, Steffen Juranek, Uwe Walz	Responsible Investment and Stock Market Shocks: Short-Term Insurance and Persistent Outperformance Post-Crisis?	Financial Intermediation	2021	Responsible investment, ESG, stock market crisis, persistence
328	Hoang Ha Nguyen Thi, Alfons J. Weichenrieder	C and S Corporation Banks: Did Trump’s Tax Reform Lead to Differential Effects?	Macro Finance	2021	Tax Cuts and Jobs Act, corporate taxation, S corporations, C corporations, banks
327	Fincap Team, Jan Pieter Krahnen, Loriana Pelizzon, Christian Westheide	Non-Standard Errors	Financial Intermediation, Financial Markets	2021	non-standard errors, multi-analyst approach, liquidity
326	Wenhui Li, Peter Ockenfels, Christian Wilde	The Effect of Ambiguity on Price Formation and Trading Behavior in Financial Markets	Financial Markets, Experiment Center	2021	ambiguity, financial market, market price, volatility, trading activity, bid- ask spread, market-based measure of ambiguity, laboratory experiment
325	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	Law and Finance	2021	climate change, sustainability, ESG, employees, workforce, net zero transition, corporate governance, institutional investors, green finance
324	Massimiliano Caporin, Michele Costola	Time-Varying Granger Causality Tests for Applications in Global Crude Oil Markets: A Study on the DCC-MGARCH Hong Test	Financial Markets	2021	Granger Causality, Hong test, DCC-GARCH, Oil market, COVID-19
323	Alexandre Corhay, Thilo Kind, Howard Kung, Gonzalo Morales	Discount Rates, Debt Maturity, and the Fiscal Theory	Macro Finance	2021	Term structure of interest rates, Fiscal theory of the price level, Bond risk premia, Government debt, DSGE models, Nonlinear solution methods
322	Gianluca Anese, Marco Corazza, Michele Costola, Loriana Pelizzon	Impact of Public News Sentiment on Stock Market Index Return and Volatility	Financial Markets	2021	Public financial news, Stock market, NLP, Dictionary, LSTM neural net- works, Investor sentiment, S&P 500
321	Ignazio Angeloni, Johannes Kasinger, Chantawit Tantasith	The Geography of Banks in the United States (1990-2020)	Financial Intermediation	2021
320	Sebastian Steuer, Tobias Tröger	The Role of Disclosure in Green Finance	Law and Finance	2021
319	Erik Theissen, Christian Westheide	Call of Duty: Designated Market Maker Participation in Call Auctions	Financial Markets	2021
318	Kevin Bauer, Michael Kosfeld, Ferdinand von Siemens	Incentives, Self-Selection, and Coordination of Motivated Agents for the Production of Social Goods	Financial Intermediation, Experiment Center	2021
317	Volker Flögel, Christian Schlag, Claudia Zunft	Momentum-Managed Equity Factors	Financial Markets	2021	factor timing, time series momentum, anomalies
316	Christian Mücke, Loriana Pelizzon, Vincenzo Pezone, Anjan Thakor	The Carrot and the Stick: Bank Bailouts and the Disciplining Role of Board Appointments	Financial Markets	2021	Bank Bailout, TARP, Capital Purchase Program, Dividend Pay- ments, Board Appointments, Bank Recapitalization
315	Kevin Bauer, Oliver Hinz, Moritz von Zahn	Expl(AI)ned: The Impact of Explainable Artificial Intelligence on Users' Information Processing	Financial Intermediation, Experiment Center	2021	XAI, explainable machine learning, Information Processing, Belief up-dating, algorithmic transparency
314	Farshid Abdi, Mila Getmansky Sherman, Emily Kormanyos, Loriana Pelizzon, Zorka Simon	The President Reacts to News Channel of Government Communication	Financial Markets	2021	Market efficiency, Social media, Twitter, High-frequency event study, Machine learning, ETFs.
313	Kevin Bauer, Andrej Gill	Mirror, Mirror on the Wall: Machine Predictions and Self-Fulfilling Prophecies	Financial Intermediation, Experiment Center	2021	Algorithmic transparency, algorithmic decision support, human–machine interaction
312	Can Gao, Ian Martin	Volatility, Valuation Ratios, and Bubbles: An Empirical Measure of Market Sentiment	Financial Markets	2021	bubbles, Option prices, sentiment, valuation ratios, volatility
311	Wenhui Li, Christian Wilde	Separating the Effects of Beliefs and Attitudes on Pricing under Ambiguity	Financial Markets, Experiment Center	2021	ambiguity, belief estimation, belief effect, ambiguity premium, laboratory experiments
310	Loriana Pelizzon, Aleksandra Rzeźnik, Kathleen Weiss Hanley	Investor Reliance on ESG Ratings and Stock Price Performance	Financial Markets	2021	Corporate Social Responsibility, ESG Rating Agencies, Sustainable Invest- ments, Socially responsible investing, ESG, Portfolio choice
309	Tabea Bucher-Koenen, Andreas Hackethal, Johannes Koenen, Christine Laudenbach	Gender Differences in Financial Advice	Household Finance	2021	credence goods, financial aptitude, consumer protection, financial literacy, discrimination
308	Thomas Pauls	The Impact of Temporal Framing on the Marginal Propensity to Consume	Household Finance	2021
307	Ester Faia, Andreas Fuster, Vincenzo Pezone, Basit Zafar	Biases in Information Selection and Processing: Survey Evidence from the Pandemic	Law and Finance	2021	Belief updating, confirmatory biases, endogenous informa- tion acquisition, media polarization, source dependence, COVID-19
306	Aljoscha Janssen, Johannes Kasinger	Obfuscation and Rational Inattention in Digitalized Markets	Financial Intermediation, Financial Markets	2021	Rational Inattention, Obfuscation, Price Competition, Digitalized Markets
305	Sabine Bernard, Benjamin Loos, Martin Weber	The Disposition Effect in Boom and Bust Markets	Household Finance	2021	Disposition Effect, Financial Market Cycles, Household Finance, Retail Investor
304	Monica Billio, Mila Getmansky Sherman, Andrew Lo, Loriana Pelizzon, Abalfazl Zareei	Global Realignment in Financial Market Dynamics	Financial Markets	2021	Network theory; Centrality; High Frequency Data; ETFs; Financial Crises; Covid-19; International Finance
303	Andreas Hackethal, Ankit Kalda, Benjamin Loos, Alessandro Previtero	Smart (Phone) Investing? A Within Investor-Time Analysis of New Technologies and Trading Behavior	Household Finance	2021	fintech, investor behavior, financial risk-taking, lottery-type assets, investment biases, trend chasing, spillover effects
302	Tim Alexander Kroencke, Maik Schmeling, Andreas Schrimpf	The FOMC Risk Shift	Financial Markets	2021	Monetary Policy Surprises; Equity Premium; Fund Flows; Portfolio Rebalanc- ing; Price Pressures
301	Di Bu, Tobin Hanspal, Yin Liao, Yong Liu	Risk Taking, Preferences, and Beliefs: Evidence from Wuhan	Household Finance	2020
300	Dennis Gram, Pantelis Karapanagiotis, Jan Krzyzanowski, Marius Liebald, Uwe Walz	An Extensible Model for Historical Financial Data with an Application to German Company and Stock Market Data	Financial Intermediation, Data Center	2021
299	Ferdinand von Siemens	Motivated Beliefs and the Elderly’s Compliance with COVID-19 Measures	Law and Finance, Experiment Center	2021	motivated beliefs; compliance behavior; age; health; COVID-19
298	Emanuel Moench, Loriana Pelizzon, Michael Schneider, Calebe de Roure	OTC Discount	Financial Markets, Systemic Risk Lab, Data Center	2020	Market Microstructure, Hybrid Markets, Venue Choice, Interdealer Brokerage, Fixed-Income, OTC Markets, Search Frictions, Information Frictions
297	Dimitrios Kostopoulos, Steffen Meyer, Charline Uhr	Ambiguity and Investor Behavior	Household Finance	2020	ambiguity, uncertainty, individual investor, trading behavior
296	Reint Gropp, Thomas Mosk, Steven Ongena, Ines Simac, Carlo Wix	Supranational Rules, National Discretion: Increasing Versus Inflating Regulatory Bank Capital?	Financial Intermediation	2020
295	Besart Avdiu, Alfons J. Weichenrieder	Financing Costs and the Efficiency of Public-Private Partnerships	Macro Finance	2020	Public-Private Partnerships, Infrastructure, Financing Costs, Default.
294	Christian Alemán-Pericón, Christopher Busch, Alexander Ludwig, Raül Santaeulàlia-Llopis	Evaluating the Effectiveness of Policies Against a Pandemic	Macro Finance	2020	https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3714697
292	Andrea Modena	Recapitalization, Bailout, and Long-run Welfare in a Dynamic Model of Banking	Financial Markets	2020	Banks, bailout, general equilibrium, financial frictions, recapitalization, welfare.
291	Loriana Pelizzon, Satchit Sagade, Katia Vozian	Resiliency: Cross-Venue Dynamics with Hawkes Processes	Financial Markets	2020	liquidity, resiliency, fragmentation, competition, high-frequency data, Hawkes processes
290	Nicola Fuchs-Schündeln, Dirk Krueger, Alexander Ludwig, Irina Popova	The Long-Term Distributional and Welfare Effects of Covid-19 School Closures	Macro Finance	2020	Covid-19, school closures, inequality, intergenerational persistence
289	Christian Schlag, Michael Semenischev, Julian Thimme	Predictability and the Cross-Section of Expected Returns: A Challenge for Asset Pricing Models	Financial Markets	2020	Asset pricing, cross-section of stock returns, predictability
288	Michele Costola, Oliver Hinz, Michael Nofer, Loriana Pelizzon	Machine Learning Sentiment Analysis, COVID-19 News and Stock Market Reactions	Financial Markets	2020	COVID-19 news, Sentiment Analysis, Stock Markets
287	Benjamin M. Abdel-Karim, Kevin Bauer, Oliver Hinz, Michael Kosfeld, Nicolas Winfried Pfeuffer	The Economic Consequences of Algorithmic Discrimination: Theory and Empirical Evidence	Financial Intermediation, Experiment Center	2020	Algorithmic Discrimination, Artificial Intelligence, Game Theory, Economics, Batch Learning
286	Andreas Hackethal, Michael Kirchler, Christine Laudenbach, Michael Razen, Annika Weber	On the Role of Monetary Incentives in Risk Preference Elicitation Experiments	Household Finance	2020	Risk Preferences, Incentives, Experimental Economics, Risk Aversion
285	Elena Carletti, Tommaso Oliviero, Marco Pagano, Loriana Pelizzon, Marti Subrahmanyam	The COVID-19 Shock and Equity Shortfall: Firm-level Evidence from Italy	Financial Markets	2020	COVID-19, pandemics, losses, distress, equity, recapitalization.
284	Monica Billio, Michele Costola, Iva Hristova, Carmelo Latino, Loriana Pelizzon	Inside the ESG Ratings: (Dis)agreement and Performance	Financial Markets	2020
283	Jannis Bischof, Christian Laux, Christian Leuz	Accounting for Financial Stability: Lessons from the Financial Crisis and Future Challenges	Financial Intermediation	2020	Banks, Financial crisis, Financial stability, Disclosure, Loan loss accounting, Expected credit losses, Incurred loss model, Prudential filter, Fair value accounting
282	Daniel Munevar, Grygoriy Pustovit	Back to the Future: A Sovereign Debt Standstill Mechanism IMF Article VIII, Section 2 (b)	Macro Finance	2020	sovereign debt standstill, sovereign debt restructuring, sovereign debt litigation, holdout litigation, vulture creditors
281	Kevin Bauer	How did we do? The Impact of Relative Performance Feedback on Intergroup Hostilities	Financial Intermediation	2020	social identity, relative performance feedback, discrimination, outgroup derogation
280	Konstantin Bräuer, Andreas Hackethal, Tobin Hanspal	Consuming Dividends	Household Finance	2020	Consumption, Stock market wealth, Dividends, Excess sensitivity, Self-control, Household finance, Retail investor
279	Tobin Hanspal, Annika Weber, Johannes Wohlfart	Exposure to the COVID-19 Stock Market Crash and its Effect on Household Expectations	Household Finance	2020	Coronavirus, Stockholding, Wealth shocks, Expectation formation, Inequality.
278	Sandra Eckert	EU Agencies in Banking and Energy Between Institutional and Policy Centralisation	Financial Intermediation	2020	agency, banking, centralisation, energy, fiduciary, electricity, policy
277	Andreas Hackethal, Tobin Hanspal, Dominique Lammer, Kevin Rink	The Characteristics and Portfolio Behavior of Bitcoin Investors: Evidence from Indirect Cryptocurrency Investments	Household Finance	2020	Bitcoin, Cryptocurrencies, Structured retail products, Retail investors, Household finance, Investor behavior
276	Massimiliano Caporin, Loriana Pelizzon, Alberto Plazzi	Does Monetary Policy Impact Sovereign Credit Risk Comovement?	Financial Markets, Macro Finance	2020
275	Loriana Pelizzon, Max Riedel, Zorka Simon, Marti Subrahmanyam	Collateral Eligibility of Corporate Debt in the Eurosystem	Financial Markets, Macro Finance, Systemic Risk Lab	2020
274	Christopher Busch, Alexander Ludwig	Higher-Order Income Risk over the Business Cycle: A Parametric Approach	Macro Finance	2020	Labor Income Risk, Business Cycle, GMM Estimation, Skewness, Persistent and Transitory Income Shocks, Risk Attitudes, Life-Cycle Model
273	Di Bu, Tobin Hanspal, Yin Liao, Yong Liu	Cultivating Self-Control in FinTech: Evidence from a Field Experiment on Online Consumer Borrowing	Household Finance	2020	Financial literacy, online borrowing, Consumer credit, Self-control, FinTech, China
272	Christine Laudenbach, Benjamin Loos, Jenny Pirschel, Johannes Wohlfart	The Trading Response of Individual Investors to Local Bankruptcies	Household Finance	2020	Individual investors, risk-taking, trading, experiences
271	Pietro Dindo, Andrea Modena, Loriana Pelizzon	Risk Pooling, Intermediation Efficiency, and the Business Cycle	Financial Markets, Macro Finance	2020	Amplification, business cycle, efficiency, dampening, restricted market participation, risk pooling
270	Mario Bellia, Kim Christensen, Aleksey Kolokolov, Loriana Pelizzon, Roberto Renò	Do Designated Market Makers Provide Liquidity During a Flash Crash?	Financial Markets, Systemic Risk Lab	2020
269	Ester Faia, Maximilian Mayer, Vincenzo Pezone	The Value of Firm Networks: A Natural Experiment on Board Connections	Law and Finance	2020
268	Marie Lalanne, Lorenzo Maria Levati	The Impact of Job Referrals on Employment Outcomes in Top Corporate Positions	Financial Intermediation	2020	Referrals, Job Match Quality, Social Networks, Board of Directors
267	Wataru Kureishi, Hannah Paule-Paludkiewicz, Hitoshi Tsujiyama, Midori Wakabayashi	Time Preferences over the Life Cycle	Household Finance	2020	Time Preferences; Preference Stability; Age; Discount Rates
266	Benjamin Bluhm, Jannic Cutura	Econometrics at Scale: Spark Up Big Data in Economics	Financial Intermediation	2020	Econometrics, Distributed Computing, Apache Spark
265	Christian Schlag, Julian Thimme, Rüdiger Weber	Implied Volatility Duration: A Measure for the Timing of Uncertainty Resolution	Financial Markets	2020	Preference for early resolution of uncertainty, implied volatility, cross-section of expected stock returns, asset pricing
264	Hengjie Ai, Jun E. Li, Kai Li, Christian Schlag	The Collateralizability Premium	Financial Markets	2019
263	Vanya Horneff, Daniel Liebler, Raimond Maurer, Olivia S. Mitchell	Money-Back Guarantees in Individual Retirement Accounts: Still a Good Deal?	Household Finance	2019	individual retirement account, investment guarantee, longevity risk, retirement income, life cycle model
262	Andrea Bedin, Monica Billio, Michele Costola, Loriana Pelizzon	Credit Scoring in SME Asset-Backed Securities: An Italian Case Study	Financial Markets, Systemic Risk Lab	2019	credit scoring; probability of default; small and medium enterprises; assetbacked securities
261	Monica Billio, Michele Costola, Loriana Pelizzon, Max Riedel	Buildings' Energy Efficiency and the Probability of Mortgage Default: The Dutch Case	Financial Markets, Systemic Risk Lab	2019	Mortgages, Energy Eciency, Credit Risk
260	Matthias Thiemann, Tobias Tröger	The Case for a Normatively Charged Approach to Regulating Shadow Banking - Multipolar Regulatory Dialogues as a Means to Detect Tail Risks and Preclude Regulatory Arbitrage	Financial Intermediation	2019	shadow banking, regulatory arbitrage, principles-based regulation, credit funds, prudential supervision, non-bank financial intermediation
259	Iñaki Aldasoro, Florian Balke, Andreas Barth, Egemen Eren	Spillovers of Funding Dry-ups	Financial Intermediation	2019
258	Anderson Grajales-Olarte, Burak Uras, Nathanael Vellekoop	Rigid Wages and Contracts: Time- versus State-Dependent Wages in the Netherlands	Macro Finance	2019	Wage rigidity, microdata, time dependency, state dependency, flexible-hour contracts
257	Baptiste Massenot, Giang Nghiem	Depressed Demand	Macro Finance	2019
256	Christian Schlag, Kailin Zeng	Horizontal Industry Relationships and Return Predictability	Financial Markets	2019	Connected industries, information flow, return predictability
255	Silvia Dalla Fontana, Marco Holz auf der Heide, Loriana Pelizzon, Martin Scheicher	The Anatomy of the Euro Area Interest Rate Swap Market	Financial Markets, Systemic Risk Lab	2019	OTC derivatives, network analysis, interest rate risk, banking, risk management, hedging
254	Martin Götz	Financing Conditions and Toxic Emissions	Law and Finance	2019
253	Thomas Johann, Talis Putnins, Satchit Sagade, Christian Westheide	Quasi-Dark Trading: The Effects of Banning Dark Pools in a World of Many Alternatives	Financial Markets	2019
252	Nicole Branger, Patrick Konermann, Christian Schlag	Optimists and Pessimists in (In)Complete Markets	Financial Markets	2019
251	Wenhui Li, Christian Wilde	Belief Formation and Belief Updating under Ambiguity: Evidence from Experiments	Financial Markets, Experiment Center	2019	ambiguity, learning strategy, belief updates, non-Bayesian updates, pessimism, laboratory experiments
250	Nathanael Vellekoop, Mirko Wiederholt	Inflation Expectations and Choices of Households	Household Finance	2019
249	Yuri Pettinicchi, Nathanael Vellekoop	Job Loss Expectations, Durable Consumption and Household Finances: Evidence from Linked Survey Data	Household Finance	2019	Subjective expectations; Durable consumption; Household saving
248	Jasmin Gider, Peter Gomber, Simon N. M. Schmickler, Christian Westheide	High-Frequency Trading and Price Informativeness	Financial Markets	2019	High-Frequency Trading, Price Efficiency, Information Acquisition, Information Production
247	Mario Bellia, Loriana Pelizzon, Marti Subrahmanyam, Jun Uno, Darya Yuferova	Market Liquidity and Competition Among Designated Market Makers	Financial Markets, Systemic Risk Lab	2019	esignated Market Makers (DMMs), Liquidity Provision
246	Reint Gropp, Felix Noth, Ulrich Schüwer	What Drives Banks' Geographic Expansion? The Role of Locally Non-Diversifiable Risk	Financial Intermediation	2019	banking, geographic expansion, deregulation, locally non-diversiable risk, catastrophic risk
245	Andreas Hackethal, Steffen Meyer, Charline Uhr	Smoking Hot Portfolios? Overtrading from Self-Control Failure	Household Finance	2019	self-control; portfolio allocation; individual investor; trading behavior
244	Mauro Bernardi, Michele Costola	High-Dimensional Sparse Financial Networks through a Regularised Regression Model	Systemic Risk Lab	2019	VAR estimation, Financial Networks, Bayesian inference, Sparsity, Spike-and-Slab prior, Stochastic Search Variable Selection, Expectation-Maximisation
243	Nicoletta Berardi, Marie Lalanne, Paul Seabright	Professional Networks and their Coevolution with Executive Careers: Evidence from Europe and North America	Law and Finance	2019
242	Ester Faia, Vincenzo Pezone	The Heterogeneous Cost of Wage Rigidity: Evidence and Theory	Macro Finance	2019
241	Martin Götz	Financial Constraints and Corporate Environmental Responsibility	Law and Finance	2019
240	Irina Gemmo, Helmut Gründl, Martin Götz	Life Insurance and Demographic Change: An Empirical Analysis of Surrender Decisions Based on Panel Data	Household Finance	2019
239	Paul Gortner, Baptiste Massenot	Leverage and Bubbles: Experimental Evidence	Macro Finance, Experiment Center	2018
238	Joost Driessen, Theo E. Nijman, Zorka Simon	A Simple Approach to Estimate Long-Term Interest Rates	Financial Markets, Systemic Risk Lab	2018	Sovereign Bonds, Term Structure of Interest Rates, Segmentation, Liquidity, Flight-to-safety, Credit Risk, Unconventional Monetary Policy
237	Nathanael Vellekoop	Explaining Intra-Monthly Consumption Patterns: The Timing of Income or the Timing of Consumption Commitments?	Household Finance	2018	consumption, consumption commitments, paycheck frequency, liquidity
236	Aleksey Kolokolov, Giulia Livieri, Davide Pirino	Statistical Inferences for Price Staleness	Financial Markets	2018	staleness, idle time, liquidity, zero returns, stable convergence
235	Mila Getmansky Sherman, Christian Kubitza, Loriana Pelizzon	Loss Sharing in Central Clearinghouses: Winners and Losers	Systemic Risk Lab	2018	Central Clearing, Counterparty Risk, Systematic Risk, OTC markets, Derivatives, Loss Sharing, Collateral, Margin
234	Alejandro Bernales, Nicolas Garrido, Satchit Sagade, Marcela Valenzuela, Christian Westheide	Trader Competition in Fragmented Markets: Liquidity Supply versus Picking-off Risk	Financial Markets	2018	Fragmentation, Competition, Liquidity, Price Efficiency
233	Baptiste Massenot, Yuri Pettinicchi	Can Households See into the Future? Survey Evidence from the Netherlands	Macro Finance	2018
232	Jannic Cutura	Debt Holder Monitoring and Implicit Guarantees: Did the BRRD Improve Market Discipline?	Financial Intermediation	2018
231	Benjamin Clapham, Peter Gomber, Jens Lausen, Sven Panz	Liquidity Provider Incentives in Fragmented Securities Markets	Financial Markets	2018	Liquidity, Trading Volume, Market Fragmentation, Liquidity Provider Incentives, Transaction Costs
230	Yalin Gündüz, Giorgio Ottonello, Loriana Pelizzon, Michael Schneider, Marti Subrahmanyam	Lighting up the Dark: Liquidity in the German Corporate Bond Market	Financial Markets, Systemic Risk Lab	2018	Corporate Bonds, WpHG, Liquidity, Transparency, OTC markets
229	Daniel Harenberg	Asset Pricing in OLG Economies With Borrowing Constraints and Idiosyncratic Income Risk	Macro Finance	2018	equity premium; idiosyncratic risk; aggregate risk; lifecycle
228	Roberto Panzica	Idiosyncratic Volatility Puzzle: The Role of Assets' Interconnections	Financial Markets, Systemic Risk Lab	2018	Idiosyncratic volatility puzzle; Networks; Expected Returns; Granger Causality
227	Mila Getmansky Sherman, Ravi Jagannathan, Loriana Pelizzon, Ernst Schaumburg, Darya Yuferova	Recovery from Fast Crashes: Role of Mutual Funds	Financial Markets, Systemic Risk Lab, Data Center	2018	Liquidity Provision; Market Fragility; Flash Crash; Slow-Moving Capital
226	Loriana Pelizzon, Marti Subrahmanyam, Davide Tomio	Central Bank-Driven Mispricing	Financial Markets, Macro Finance, Systemic Risk Lab	2018	Central Bank Interventions, Liquidity, Sovereign Bonds, Futures Contracts, Arbitrage
225	Monica Billio, Massimiliano Caporin, Lorenzo Frattarolo, Loriana Pelizzon	Networks in Risk Spillovers: A Multivariate GARCH Perspective	Financial Intermediation, Systemic Risk Lab	2018	spatial GARCH; network; risk spillover; nancial spillover
224	Mila Getmansky Sherman, Giulio Girardi, Stanislava Nikolova, Loriana Pelizzon, Kathleen Weiss Hanley	Portfolio Similarity and Asset Liquidation in the Insurance Industry	Financial Intermediation, Systemic Risk Lab	2018	Interconnectedness, Asset Liquidation, Similarity, Financial Stability, Insurance Com- panies, SIFI
223	Florian Deuflhard	Quantifying Inertia in Retail Deposit Markets	Household Finance	2018
222	Vanessa Endrejat, Matthias Thiemann	Reviving the Shadow Banking Chain in Europe: Regulatory Agency, Technical Complexity and the Dynamics of Co-Habitation	Financial Intermediation	2018
221	Axel Börsch-Supan, Duarte Nuno Leite, Alexander Ludwig	Endogenous Retirement Behavior of Heterogeneous Households Under Pension Reforms	Macro Finance	2018	Population aging, pension reform, social security, life-cycle behavior, labor supply, retirement age, welfare
220	Yangming Bao, Martin Götz	Local Peer Effects and Corporate Investment	Law and Finance	2018	Investments, Peer Firm Effects, Agglomeration, Corporate Income Tax
219	Andreas Hackethal, Christine Laudenbach, Steffen Meyer, Annika Weber	Client Involvement in Expert Advice: Antibiotics in Finance?	Household Finance	2018	Financial Advice, Individual Investors, Client Involvement
218	Florian Hoffmann, Roman Inderst, Marcus Opp	Only Time will Tell: A Theory of Deferred Compensation	Law and Finance	2018	Compensation design, duration of pay, moral hazard, persistence, principal- agent models, informativeness principle
217	Maddalena Davoli, Jia Hou	Financial Literacy and Socialist Education: Lessons from the German Reunification	Household Finance	2018	financial literacy determinants, socialist education, German reunification, DiD
216	Stefano Colonnello, Giuliano Curatola, Alessandro Gioffré	Pricing Sin Stocks: Ethical Preference vs. Risk Aversion	Financial Markets	2018	Asset Pricing, General Equilibrium, Sin Stocks
215	Zsuzsa R. Huszar, Zorka Simon	The Pricing Implications of Oligopolistic Securities Lending Market: A Beneficial Owner Perspective	Systemic Risk Lab	2018
214	Edin Ibrocevic, Matthias Thiemann	All Economic Ideas are Equal, but Some are more Equal than Others: A Differentiated Perspective on Macroprudential Ideas and their Implementation	Financial Intermediation, Systemic Risk Lab	2018	macroprudential regulation, ideational shift, systemic risk, topic modelling, central bank policy
213	Klaus Gugler, Michael Weichselbaumer, Christine Zulehner	Effects of Government Spending on Employment: Evidence from Winners and Runners-up in Procurement Auctions	Macro Finance	2018	labor demand, labor hoarding, construction procurement, first-price auctions, recent economic crisis, regression discontinuity design
212	Henning Hesse	Incentive Effects from Write-down CoCo Bonds: An Empirical Analysis	Macro Finance	2018	CoCo bonds, contingent capital, endogenous risk, capital structure, incentives, monitoring
211	Thomas Mosk	Bargaining with a Bank	Financial Intermediation	2018	Credit lines, Contract terms, Bargaining, Screening
210	Darien Huang, Christian Schlag, Ivan Shaliastovich, Julian Thimme	Volatility-of-Volatility Risk	Financial Markets	2018	volatility of volatility, hedging errors, risk premiums
209	Eren Gürer, Alfons J. Weichenrieder	Pro-rich Inflation in Europe: Implications for the Measurement of Inequality	Macro Finance	2018	Inequality, Gini, EU countries, income dependent inflation
208	Roberto Casarin, Michele Costola, Erdem Yenerdag	Financial Bridges and Network Communities	Systemic Risk Lab	2018	Systemic Risk; Financial Institutions; Network Communities; Financial Crises
207	Claes Bäckman, Tobin Hanspal	Participation and Losses in Multi-Level Marketing: Evidence from an FTC Settlement	Household Finance	2018	Intermediated work; Multi-level marketing; Gig-economy; Entrepreneurship; Con- sumer financial protection
206	Loriana Pelizzon, Anjan Thakor, Calebe de Roure	P2P Lending versus Banks: Cream Skimming or Bottom Fishing?	Household Finance, Systemic Risk Lab	2018
205	Horst Entorf, Jia Hou	Financial Education for the Disadvantaged? A Review	Household Finance	2018	Education, Financial Literacy, Inequality, Program Evaluation
204	Loriana Pelizzon, Matteo Sottocornola	The Impact of Monetary Policy Interventions on the Insurance Industry	Financial Markets, Macro Finance, Systemic Risk Lab	2018	Event study, monetary policy surprise, unconventional monetary policy, conventional monetary policy, insurance industry
203	Florian Hett, Felix Schmidt	Pushing Through or Slacking Off? Heterogeneity in the Reaction to Rank Feedback	Household Finance, Experiment Center	2018	heterogeneity, competitiveness; contest; rank feedback, relative performance evaluation
202	Tobias Tröger	Germany's Reluctance to Regulate Related Party Transactions	Law and Finance	2018	related party transactions, Germany Inc., industrial organization, tunneling, private benefits of control, capital maintenance, group law
201	Dirk Krueger, Alexander Ludwig	Optimal Taxes on Capital in the OLG Model with Uninsurable Idiosyncratic Income Risk	Macro Finance	2018	Idiosyncratic Risk, Taxation of Capital, Overlapping Generations, Precautionary Saving, Pecuniary Externality
200	Nils Grevenbrock, Max Groneck, Alexander Ludwig, Alexander Zimper	Cognition, Optimism and the Formation of Age-Dependent Survival Beliefs	Macro Finance	2018	Subjective Survival Beliefs, Probability Weighting Function, Conrmatory Bias, Cognition, Optimism, Pessimism
199	Tobias Tröger	Regulation of Crowdfunding in Germany	Law and Finance	2018	crowdfunding, crowdsponsoring, crowdlending, crowdinvesting, contract law, conflict of laws, banking regulation, securities regulation
198	Henning Hesse, Boris Hofmann, James Weber	The Macroeconomic Effects of Asset Purchases Revisited	Macro Finance	2018	unconventional monetary policy, asset purchases, monetary transmission
197	Benjamin Clapham, Peter Gomber, Martin Haferkorn, Paul Jentsch, Sven Panz	Circuit Breakers – A Survey among International Trading Venues	Financial Markets	2018
196	Benjamin Clapham, Peter Gomber, Sven Panz	Coordination of Circuit Breakers? Volume Migration and Volatility Spillover in Fragmented Markets	Financial Markets	2018	Circuit Breaker, Volatility Interruption, Market Fragmentation, High-Frequency Trading, Stock Market, Regulation, Liquidity
195	Benjamin Clapham, Peter Gomber, Martin Haferkorn, Sven Panz	Managing Excess Volatility: Design and Effectiveness of Circuit Breakers	Financial Markets	2018	Circuit Breaker, Volatility Interruption, Volatility, Liquidity, Market Design
194	Baptiste Massenot	Pain of Paying in a Business Cycle Model	Macro Finance	2018
193	Mario Bellia, Giulio Girardi, Roberto Panzica, Loriana Pelizzon, Tuomas A. Peltonen	The Demand for Central Clearing: To Clear or Not to Clear, That is the Question	Systemic Risk Lab	2018	Credit Default Swap (CDS), Central Counterparty Clearing House (CCP), European Market Infrastructure Regulation (EMIR), Sovereign
192	Vincenzo Pezone	The Real Effects of Judicial Enforcement	Law and Finance	2018
191	Julia Hirsch, Uwe Walz	Financial Constraints, Newly Founded Firms and the Financial Crisis	Law and Finance	2017	financial constraints, financial crisis, financing decisions, investment decisions, newly founded firms
190	Vanya Horneff, Raimond Maurer, Olivia S. Mitchell	How Persistent Low Expected Returns Alter Optimal Life Cycle Saving, Investment, and Retirement Behavior	Household Finance	2017	dynamic portfolio choice; 401(k) plan; saving; Social Security claiming age; retirement income; minimum distribution requirements; tax
189	Carlo Wix	The Long-Run Real Effects of Banking Crises: Firm-Level Investment Dynamics and the Role of Wage Rigidity	Financial Intermediation	2017	Financial Crises, Bank Lending, Real Effects, Firm Investment, Wage Rigidity, Labor Hoarding
188	Michael Donadelli, Patrick Grüning, Marcus Jüppner, Renatas Kizys	Global Temperature, R&D Expenditure, and Growth	Financial Markets	2017	Global Temperature, R&D, Welfare Costs
187	Baptiste Massenot, Yuri Pettinicchi	Can Firms See into the Future? Survey Evidence from Germany	Macro Finance	2017	Expectation formation; Expectation error; Learning; Extrapolation; Experience
186	Nicole Branger, Paulo Rodrigues, Christian Schlag	Level and Slope of Volatility Smiles in Long-Run Risk Models	Financial Markets, Systemic Risk Lab	2017	Asset pricing, Epstein-Zin preferences, jump risk, stochastic volatility, level and slope of implied volatility smile
185	Patrick Grüning	Heterogeneity in the Internationalization of R&D: Implications for Anomalies in Finance and Macroeconomics	Financial Markets	2017	Heterogeneous innovation, Technology spillover, Endogenous growth, Creative destruction, International finance
184	Tobias Tröger	Remarks on the German Regulation of Crowdfunding	Financial Intermediation	2017	crowdinvesting, crowdfunding, fintech, financial stability, market infrastructure, investor protection
183	Joost Driessen, Theo E. Nijman, Zorka Simon	The Missing Piece of the Puzzle: Liquidity Premiums in Inflation-Indexed Markets	Financial Markets	2017	Liquidity premium, liquidity risk, TIPS, inflation swaps, TIPS–Treasury puzzle
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	2018	consumption-portfolio choice, money in the utility function, stock demand, stochastic control
180	Tobias Tröger	Why MREL Won't Help Much	Financial Intermediation	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 Intermediation	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 Intermediation, Macro Finance	2018	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	Household Finance, Financial Markets	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 Intermediation	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 Intermediation	2017	Global banks, social centralization, bank integration, shocks, transmission
173	Christel Merlin Kuate Kamga, Christian Wilde	Liquidity Premia in CDS Markets	Financial Intermediation, Financial Markets	2017	CDS, liquidity
172	Massimiliano Caporin, Michele Costola, Shawkat Hammoudeh, Ahmed Khalifa	Systemic Risk for Financial Institutions of Major Petroleum-Based Economies: The Role of Oil	Financial Intermediation, Financial Markets, Systemic Risk Lab	2017	Systemic Risk, Risk Measurement, VaR, ΔCoVaR, 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	2016
169	Max Groneck, Alexander Ludwig, Alexander Zimper	Who Saves More, the Naive or the Sophisticated Agent?	Household Finance, Macro Finance	2017	Survival beliefs; Ambiguity; Choquet expected utility; Dynamic inconsistency
168	Guido Friebel, Marie Lalanne, Bernard Richter, Peter Schwardmann, Paul Seabright	Women Form Social Networks More Selectively and Less Opportunistically Than Men	Law and 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 Intermediation, 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	2016	CAPM, volatility, network, interconnections, systematic risk
165	Giovanni Bonaccolto, Massimiliano Caporin, Roberto Panzica	Estimation and Model-Based Combination of Causality Networks	Financial Markets	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	Law and Finance, Household Finance	2016	Entrepreneurship; Small business; Personal finance; Financial crisis; Bank defaults
160	Domenico Rocco Cambrea, Stefano Colonnello, Giuliano Curatola, Giulia Fantini	CEO Investment of Deferred Compensation Plans and Firm Performance	Law and 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 Intermediation	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 Intermediation	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	Law and 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	Law and 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	Financial Intermediation, Data Center	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	Petr Jakubik, 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	High Frequency Traders without Trading: Price Discovery and Liquidity Provision in the Pre-Opening Period	Financial Markets, Systemic Risk Lab	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	Law and 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 Intermediation	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 Al Degwy, 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 Intermediation	2016	Financial Stability, Insurance, Interest Rate Risk, Stress Test
136	Mohamed Al Degwy, 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	Law and 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	Law and Finance, Experiment Center	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 Intermediation, Law and Finance	2016	political economy, bailouts, state-owned enterprises, elections
132	Rainer Haselmann, David Schoenherr, Vikrant Vig	Rent-Seeking in Elite Networks	Financial Intermediation, Law and 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	Law and Finance	2016	treasury auctions, multi-unit auctions, independent private values, competition, bidder surplus, auction format
126	Carsten Bienz, Karin Thorburn, Uwe Walz	Fund Ownership, Wealth, and Risk-Taking: Evidence on Private Equity Managers	Financial Intermediation	2016	Private equity, leveraged buyouts, incentives, coinvestment, risk taking, wealth
125	Tobias Tröger, Uwe Walz	Does Say on Pay Matter? Evidence from Germany	Law and Finance, Transparency Lab	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	Law and 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	Law and Finance	2016	Venture governance, entrepreneurship, entrepreneurial spawning, angel finance, venture capital, exit
121	Elia Berdin, Matteo Sottocornola	Insurance Activities and Systemic Risk	Financial Intermediation, Systemic Risk Lab	2015	Systemic Risk, Insurance Activities, Systemically Important Financial Institutions
120	Matthias Heinz, Heiner Schumacher	Signaling Cooperation	Law and 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 Intermediation	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	Kevin Bauer, 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 J. Weichenrieder	On Deficits and Symmetries in a Fiscal Capacity	Macro Finance	2015	fiscal union, asymmetric shocks, federal transfers, optimum currency area
111	Alfons J. 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, Philipp Krüger, 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 Intermediation	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	Law and Finance, Experiment Center	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	Law and 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 J. 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, Experiment Center	2015	-
103	Massimiliano Caporin, Loriana Pelizzon, Francesco Ravazzolo, Roberto Rigobon	Measuring Sovereign Contagion in Europe	Financial Markets, Systemic Risk Lab	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	Financial Intermediation	2015	Leveraged buyouts, syndicated loans, systemic risk
100	Marcel Grupp	Taking the Lead: When Non-Banks Arrange Syndicated Loans	Law and 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	Law and 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 Intermediation	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 Intermediation	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 Intermediation	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?	Financial Markets, Systemic Risk Lab	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 Intermediation	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	Optimal Carbon Abatement in a Stochastic Equilibrium Model with Climate Change	Macro Finance, Systemic Risk Lab	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 J. 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 Intermediation	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	Alberto Alesina, Carlo Ambrogio 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 Intermediation	2014	capital regulation, internal ratings, Basel regulation
74	Nicole Branger, Patrick Konermann, Christoph Meinerding, Christian Schlag	Equilibrium Asset Pricing in Directed Networks	Financial Markets, Systemic Risk Lab	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 Intermediation	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 Intermediation	2014	shadow banking, regulatory arbitrage, prudential supervision
67	Sascha Baghestanian, Paul Gortner, Joël van der Weele	Peer Effects and Risk Sharing in Experimental Asset Markets	Household Finance, Financial Markets, Experiment Center	2014	peer effects, laboratory experiments, risk taking, asset markets
66	Tobias Tröger	Corporate Groups	Law and 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 Intermediation	2014	Life Insurers, Interest Rate Guarantees, Risk Assessment, Solvency II
64	Daniel Herbold	A Repeated Principal-Agent Model with On-the-Job Search	Law and 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	Financial Intermediation, Systemic Risk Lab	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	Law and 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	Financial Intermediation, Systemic Risk Lab	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 Intermediation, Financial Markets, Transparency Lab, Experiment Center	2014	ambiguity, valuation discount, experimental economics
54	Sascha Baghestanian, Todd B. Walker	Anchoring in Experimental Asset Markets	Financial Markets, Experiment Center	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	Financial Markets, Macro Finance, Systemic Risk Lab	2014	CDS, Sovereign risk, Systemic risk, Jumps, Feedback, Hawkes processes, Mutually exciting processes, Impulse-response
50	Ignazio Angeloni, Ester Faia, Roland C. 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	Macro Finance, Systemic Risk Lab	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	Household Finance, Experiment Center	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	Macro Finance, Systemic Risk Lab	2014	Network formation, contagion, central banks' interventions
45	Fabio Castiglionesi, Fabio Feriozzi, Gyöngyi Lóránth, Loriana Pelizzon	Liquidity Coinsurance and Bank Capital	Financial Intermediation, Systemic Risk Lab	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 Intermediation, 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 Intermediation	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 Intermediation	2013	financial crisis, deposit insurance, bank regulation
37	Deyan Radev	Systemic Risk and Sovereign Debt in the Euro Area	Financial Intermediation, Systemic Risk Lab	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	Financial Intermediation, Transparency Lab, Experiment Center	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	Macro Finance, Systemic Risk Lab	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	Financial Markets, Systemic Risk Lab, Transparency Lab	2013	Asset Allocation, Contagion, Nonlinear Filtering, Hidden State, Self-exciting Processes
27	Tobias Tröger	The Single Supervisory Mechanism – Panacea or Quack Banking Regulation?	Financial Intermediation	2013	prudential supervision, banking union, regulatory capture, political economy of bureaucracy, Single Supervisory Mechanism (SSM), European Central Bank (ECB), European Banking Authority (EBA)
26	Michael Brennan, Holger Kraft	Financing Asset Growth	Financial Markets	2013
25	Holger Kraft, Alexander Schmidt	Systemic Risk in the Financial Sector: What Can We Learn from Option Markets?	Financial Intermediation, Systemic Risk Lab	2013	Systemic risk, Value-at-risk, Equity options, Implied volatility
24	Andrej Gill, Nikolai Visnjic	Performance Benefits of Tight Control	Law and Finance, Transparency Lab, Experiment Center	2013	private equity, leveraged buyouts, active shareholders, ownership concentration, corporate governance
23	Andrej Gill, Nikolai Visnjic	Insight Private Equity	Law and Finance, Transparency Lab, Experiment Center	2013	private equity, leveraged buyouts, active shareholders, corporate restructuring, operational performance
22	Dirk Bursian, Alfons J. 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 Intermediation, 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	Financial Intermediation, Systemic Risk Lab	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 Intermediation, Transparency Lab	2013	soft information, discretionary lending, relationship lending, competition
18	Alfons J. 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	Macro Finance, Systemic Risk Lab	2013	network formation, tâtonnement, contagion
11	Nicole Branger, Holger Kraft, Christoph Meinerding	The Dynamics of Crises and the Equity Premium	Financial Markets, Systemic Risk Lab	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?	Law and Finance, Systemic Risk Lab	2013	bailout, cycle flows, cyclical liabilities, interbank network, leverage
9	Christian Eufinger, Andrej Gill	Incentive-Based Capital Requirements	Law and Finance, Transparency Lab, Experiment Center	2013	Basel III, capital regulation, compensation, leverage, risk
8	Ignazio Angeloni, Ester Faia, Marco Lo Duca	Monetary Policy and Risk Taking	Macro Finance	2013	bank runs, risk taking, monetary policy
7	Matthieu Darracq Pariès, Ester Faia, Diego Rodriguez Palenzuela	Bank and Sovereign Debt Risk Connection	Macro Finance, Systemic Risk Lab	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

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