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| Research | ||
| Falko Fecht, Andreas Hackethal, Yigitcan Karabulut | Is Proprietary Trading Detrimental to Retail Investors? | |
| Stefano Colonello, Giuliano Curatola, Ngoc Giang Hoang | Direct and Indirect Risk-taking Incentives of Inside Debt | |
| Interview | Matthias Goldmann | "People Should Be More Aware of the Flexibility of Law" |
| Policy | Reinhard H. Schmidt | What Microfinance Institutions Can Learn from the German Savings and Cooperative Banks of the 19th Century |
| Guest Commentary | Felix Hufeld | It's not the Right Intentions that Count, but the Right Actions |
