Law & Finance
The cluster Law & Finance brings together expertise from all departments to address central, particularly interdisciplinary issues, including the effectiveness of different regulatory approaches to financial markets and institutions as implemented in different jurisdictions in recent years, and the impact of consumer protection legislation in the financial sector. Corporate finance issues are addressed in cooperation with the departments Financial Intermediation and Financial Markets.
The department will be closely linked with the DFG Kolleg research group on "Foundations of Law and Finance" established in 2017.
Publications
| 2019 | Bankenstrukturreformen in Deutschland und dem Vereinigten Königreich | Theresa Kreft | Law and Finance | 2019 | |
| 2021 | 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) | Stephanie Collet, Caroline Fohlin | Law and Finance, Data Center | 2021 | |
| 2019 | Interdisziplinäre Forschung im Unternehmensrecht – Auf dem Weg zu einer Cognitive Corporate Governance?Zeitschrift für Unternehmens- und Gesellschaftsrecht | Katja Langenbucher | Law and Finance | 2019 | |
| 2019 | Does Say on Pay Matter? Evidence from GermanyEuropean Company and Financial Law Review | Tobias Tröger, Uwe Walz | Law and Finance, Transparency Lab | Say-on-pay, corporate governance, management compensation | 2019 |
| 2019 | Interbank Networks and Backdoor Bailouts: Benefiting from Other Banks’ Government GuaranteesManagement Science | Tim Eisert, Christian Eufinger | Law and Finance, Systemic Risk Lab | bailout, cycle flows, cyclical liabilities, interbank network, leverage | 2019 |
| 2019 | The Financing Dynamics of Newly Founded FirmsJournal of Banking and Finance | Julia Hirsch, Uwe Walz | Law and Finance | financing decisions, life-cycle, firm growth, newly founded firms | 2019 |
| 2018 | The Relational Nature of Employment Dualization: Evidence from Subcontracting EstablishmentsEuropean Sociological Review | Fabian Ochsenfeld | Law and Finance | 2018 | |
| 2017 | Registered Cartels in Austria: An OverviewEuropean Journal of Law and Economics | Nikolaus Fink, Philipp Schmidt-Dengler, Konrad Stahl, Christine Zulehner | Law and Finance | Collusion, Cartels, Legal cartels, Contracts | 2017 |
| 2019 | Competition in Treasury AuctionsAmerican Economic Journal: Microeconomics | Helmut Elsinger, Philipp Schmidt-Dengler, Christine Zulehner | Law and Finance | treasury auctions, multi-unit auctions, independent private values, competition, bidder surplus, auction format | 2019 |
| 2018 | Lohnbildung und LohnverteilungArbeitsmarktsoziologie: Probleme, Theorien, empirische Befunde (Springer) | Markus Gangl | Law and Finance | 2018 | |
| 2019 | The Law and Finance of Related Party TransactionsCambridge University Press | Luca Enriques, Tobias Tröger | Law and Finance | 2019 | |
| 2017 | Direct and Indirect Risk-Taking Incentives of Inside DebtJournal of Corporate Finance | Stefano Colonnello, Giuliano Curatola, Ngoc Giang Hoang | Law and Finance | Inside Debt, Credit Spreads, Risk-Taking | 2017 |
| 2018 | Rent-Seeking in Elite NetworksJournal of Political Economy | Rainer Haselmann, David Schoenherr, Vikrant Vig | Financial Intermediation, Law and Finance | - | 2018 |
| 2014 | "Comply or Explain" im Spannungsfeld von Law and Finance100 Jahre Rechtswissenschaft in Frankfurt (Vittorio Klostermann) | Brigitte Haar | Law and Finance | 2014 | |
| 2017 | Compensation Schemes, Liquidity Provision, and Asset Prices: An Experimental AnalysisExperimental Economics | Sascha Baghestanian, Paul Gortner, Baptiste Massenot | Law and Finance, Experiment Center | compensation, liquidity, experimental asset markets, bubbles | 2017 |
| 2017 | Incentive-Based Capital RequirementsManagement Science | Christian Eufinger, Andrej Gill | Law and Finance, Transparency Lab, Experiment Center | Basel III, capital regulation, compensation, leverage, risk | 2017 |
| 2017 | Do Disclosures of Customer Metrics Lower Investors’ and Analysts’ Uncertainty, But Hurt Firm Performance?Journal of Marketing Research | Emanuel Bayer, Bernd Skiera, Kapil Tuli | Law and Finance | disclosure, customer metrics, accounting, financial reporting, marketing–finance interface | 2017 |
| 2016 | Freedom of Contract and Financial StabilityEuropean Business Organization Law Review | Brigitte Haar | Law and Finance, Systemic Risk Lab | 2016 | |
| 2014 | 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 | Brigitte Haar | Law and Finance | collective litigation, investor protection, test cases, German Capital Markets Model Case Act (KapMuG) | 2014 |
| 2015 | Performance Benefits of Tight ControlThe Journal of Private Equity | Andrej Gill, Nikolai Visnjic | Law and Finance, Transparency Lab, Experiment Center | private equity, leveraged buyouts, active shareholders, ownership concentration, corporate governance | 2015 |
| 2016 | Entrepreneurial Spawning: Experience, Education, and ExitFinancial Review | Douglas Cumming, Uwe Walz, Jochen Christian Werth | Law and Finance | Venture governance, entrepreneurship, entrepreneurial spawning, angel finance, venture capital, exit | 2016 |
| 2014 | Competition and Gender Prejudice: Are Discriminatory Employers Doomed to Fail?Journal of the European Economic Association | Andrea Weber, Moritz Christian Weber, Andrea Weber, Christine Zulehner | Law and Finance | 2014 | |
| 2015 | Competition in the Economic Crisis: Analysis of Procurement AuctionsEuropean Economic Review | Klaus Gugler, Michael Weichselbaumer, Christine Zulehner | Law and Finance | Construction procurement, First-price auctions, Private values, Economic crisis, Government stimulus | 2015 |
| 2013 | Child-Care Costs and Mothers’ Employment Rates: An Empirical Analysis for AustriaReview of Economics of the Household | Helmut Mahringer, Christine Zulehner | Law and Finance | Child-care, Labour supply, Bivariate sample selection, Matched survey and administrative data | 2013 |
| 2013 | The Distribution of the Gender Pay Gap in Austria: Evidence from Matched Employer-Employee Data and Tax RecordsJournal for Labour Market Research | René Böheim, Klemens Himpele, Helmut Mahringer, Christine Zulehner | Law and Finance | gender wage differentials, quantile regressions, decomposition, matched employer-employee data | 2013 |
| 2013 | The Gender Wage Gap in Austria: Eppur si muove!Empirica | René Böheim, Klemens Himpele, Helmut Mahringer, Christine Zulehner | Law and Finance | Gender wage differentials, Wage inequality, Decomposition, Matched employer-employee data | 2013 |
| 2015 | Corporate Groups – A German’s European PerspectiveGerman and Nordic Perspectives on Company Law and Capital Markets Law (Mohr Siebeck) | Tobias Tröger | Law and Finance | Corporate Groups, Related Party Transactions, Tunneling, Corporate Governance, E.U. Corporate Law, Shareholder Rights Directive, Group Interesterest, Minority Shareholder Protection, Creditor Protection | 2015 |
| 2014 | Media Slant Against Foreign Owners: DownsizingJournal of Public Economics | Guido Friebel, Matthias Heinz | Law and Finance | Media economics, Globalization, Economic xenophobia, Multi-national enterprises, Foreign direct investment | 2014 |
Working Papers
Interbank Network and Bank Bailouts: Insurance Mechanism for Non-Insured Creditors? | Tim Eisert, Christian Eufinger | 10 | Law and Finance, Systemic Risk Lab | 2013 | bailout, cycle flows, cyclical liabilities, interbank network, leverage | Jan 2013 |
Incentive-Based Capital Requirements | Christian Eufinger, Andrej Gill | 9 | Law and Finance, Transparency Lab, Experiment Center | 2013 | Basel III, capital regulation, compensation, leverage, risk | Jan 2013 |
Insight Private Equity | Andrej Gill, Nikolai Visnjic | 23 | Law and Finance, Transparency Lab, Experiment Center | 2013 | private equity, leveraged buyouts, active shareholders, corporate restructuring, operational performance | Jan 2013 |
Performance Benefits of Tight Control | Andrej Gill, Nikolai Visnjic | 24 | Law and Finance, Transparency Lab, Experiment Center | 2013 | private equity, leveraged buyouts, active shareholders, ownership concentration, corporate governance | Jan 2013 |
A Repeated Principal-Agent Model with On-the-Job Search | Daniel Herbold | 64 | Law and Finance | 2014 | Repeated Principal-Agent Model, On-the-Job Search, Moral Hazard, Multitasking, Efficiency Wages | Jan 2014 |
Corporate Groups | Tobias Tröger | 66 | 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 | Jan 2014 |
The Influence of Leveraged Buyouts on Target Firms’ Competitors | Marcel Grupp, Christian Rauch, Marc Umber, Uwe Walz | 99 | Law and Finance | 2015 | Product Market Competition, Peers, LBOs, Restructuring | Jan 2015 |
Taking the Lead: When Non-Banks Arrange Syndicated Loans | Marcel Grupp | 100 | Law and Finance | 2015 | Non-bank lead arrangers, syndicated loans, spread premium | Jan 2015 |
Non-Mandatory Say on Pay Votes and AGM Participation: Evidence from Germany | Daniel Powell, Marc Steffen Rapp | 107 | Law and Finance | 2015 | Corporate Governance, Executive Remuneration, Say on Pay, Annual General Meeting, Germany | Jan 2015 |
Compensation Schemes, Liquidity Provision, and Asset Prices: An Experimental Analysis | Sascha Baghestanian, Paul Gortner, Baptiste Massenot | 108 | Law and Finance, Experiment Center | 2015 | compensation, liquidity, experimental asset markets, bubbles | Jan 2015 |
Signaling Cooperation | Matthias Heinz, Heiner Schumacher | 120 | Law and Finance | 2015 | Signaling, Public Goods, Labor Markets, Extracurricular Activities | Jan 2015 |
Entrepreneurial Spawning: Experience, Education, and Exit | Douglas Cumming, Uwe Walz, Jochen Christian Werth | 122 | Law and Finance | 2016 | Venture governance, entrepreneurship, entrepreneurial spawning, angel finance, venture capital, exit | Jan 2016 |
The Old Boy Network: The Impact of Professional Networks on Remuneration in Top Executive Jobs | Marie Lalanne, Paul Seabright | 123 | Law and Finance | 2016 | professional networks, gender wage gap, executive compensation, placebo technique | Jan 2016 |
Does Say on Pay Matter? Evidence from Germany | Tobias Tröger, Uwe Walz | 125 | Law and Finance, Transparency Lab | 2016 | Say-on-pay, corporate governance, management compensation | Jan 2016 |
Reputation, Honesty, and Cheating in Informal Milk Markets in India | Markus Kröll, Devesh Rustagi | 134 | Law and Finance, Experiment Center | 2016 | Motivation for honesty, asymmetric information, cheating, informal markets, die game, milk, India | Jan 2016 |
Competition in Treasury Auctions | Helmut Elsinger, Philipp Schmidt-Dengler, Christine Zulehner | 127 | Law and Finance | 2016 | treasury auctions, multi-unit auctions, independent private values, competition, bidder surplus, auction format | Jan 2016 |
Rent-Seeking in Elite Networks | Rainer Haselmann, David Schoenherr, Vikrant Vig | 132 | Financial Intermediation, Law and Finance | 2016 | - | Jan 2016 |
The Political Economy of Bank Bailouts | Markus Behn, Rainer Haselmann, Thomas Kick, Vikrant Vig | 133 | Financial Intermediation, Law and Finance | 2016 | political economy, bailouts, state-owned enterprises, elections | Jan 2016 |
Governance in Entrepreneurial Ecosystems: Venture Capitalists vs. Technology Parks | Douglas Cumming, Jochen Christian Werth, Yelin Zhang | 135 | Law and Finance | 2016 | Entrepreneurship, Entrepreneurial Finance, Governance, Technology Park, Incubator, Board of Directors, Venture Capital, Angel | Jan 2016 |
Freedom of Contract and Financial Stability Through the Lens of the Legal Theory of Finance | Brigitte Haar | 141 | 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 | Jan 2016 |
Direct and Indirect Risk-Taking Incentives of Inside Debt | Stefano Colonnello, Giuliano Curatola, Ngoc Giang Hoang | 60 | Law and Finance | 2014 | Compensation Structure, Credit Spread, Risk-Taking, Inside Debt, Business Cycle | Jan 2014 |
The Financing Dynamics of Newly Founded Firms | Julia Hirsch, Uwe Walz | 153 | Law and Finance | 2016 | financing decisions, life-cycle, firm growth, newly founded firms | Jan 2016 |
Shareholder Wealth vs. Stakeholder interests? Evidence from Code Compliance under the German Corporate Governance Code | Brigitte Haar | 154 | 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 | Nov 2016 |
CEO Investment of Deferred Compensation Plans and Firm Performance | Domenico Rocco Cambrea, Stefano Colonnello, Giuliano Curatola, Giulia Fantini | 160 | Law and Finance | 2016 | Inside Debt, Executive Compensation, Corporate Distress | Dec 2016 |
The Effect of Personal Financing Disruptions on Entrepreneurship | Tobin Hanspal | 161 | Law and Finance, Household Finance | 2016 | Entrepreneurship; Small business; Personal finance; Financial crisis; Bank defaults | Dec 2016 |
Women Form Social Networks More Selectively and Less Opportunistically Than Men | Guido Friebel, Marie Lalanne, Bernard Richter, Peter Schwardmann, Paul Seabright | 168 | Law and Finance, Transparency Lab | 2017 | Social Networks, Gender Differences, Trust Game | Mar 2017 |
The Real Effects of Judicial Enforcement | Vincenzo Pezone | 192 | Law and Finance | 2018 | Oct 2018 | |
Financial Constraints, Newly Founded Firms and the Financial Crisis | Julia Hirsch, Uwe Walz | 191 | Law and Finance | 2017 | financial constraints, financial crisis, financing decisions, investment decisions, newly founded firms | Dec 2017 |
Regulation of Crowdfunding in Germany | Tobias Tröger | 199 | Law and Finance | 2018 | crowdfunding, crowdsponsoring, crowdlending, crowdinvesting, contract law, conflict of laws, banking regulation, securities regulation | Feb 2018 |
Germany's Reluctance to Regulate Related Party Transactions | Tobias Tröger | 202 | Law and Finance | 2018 | related party transactions, Germany Inc., industrial organization, tunneling, private benefits of control, capital maintenance, group law | Feb 2018 |
Local Peer Effects and Corporate Investment | Yangming Bao, Martin Götz | 220 | Law and Finance | 2018 | Investments, Peer Firm Effects, Agglomeration, Corporate Income Tax | Jul 2018 |
Only Time will Tell: A Theory of Deferred Compensation | Florian Hoffmann, Roman Inderst, Marcus Opp | 218 | Law and Finance | 2018 | Compensation design, duration of pay, moral hazard, persistence, principal- agent models, informativeness principle | Aug 2018 |
Financial Constraints and Corporate Environmental Responsibility | Martin Götz | 241 | Law and Finance | 2019 | Sep 2019 | |
Professional Networks and their Coevolution with Executive Careers: Evidence from Europe and North America | Nicoletta Berardi, Marie Lalanne, Paul Seabright | 243 | Law and Finance | 2019 | Feb 2019 | |
Financing Conditions and Toxic Emissions | Martin Götz | 254 | Law and Finance | 2019 | Jun 2019 | |
The Value of Firm Networks: A Natural Experiment on Board Connections | Ester Faia, Maximilian Mayer, Vincenzo Pezone | 269 | Law and Finance | 2020 | Mar 2020 | |
Motivated Beliefs and the Elderly’s Compliance with COVID-19 Measures | Ferdinand von Siemens | 299 | Law and Finance, Experiment Center | 2021 | motivated beliefs; compliance behavior; age; health; COVID-19 | Jan 2021 |
Biases in Information Selection and Processing: Survey Evidence from the Pandemic | Ester Faia, Andreas Fuster, Vincenzo Pezone, Basit Zafar | 307 | Law and Finance | 2021 | Belief updating, confirmatory biases, endogenous informa- tion acquisition, media polarization, source dependence, COVID-19 | Feb 2021 |
The Role of Disclosure in Green Finance | Sebastian Steuer, Tobias Tröger | 320 | Law and Finance | 2021 | Aug 2021 | |
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 | Alperen Afsin Gözlügöl | 325 | Law and Finance | 2021 | climate change, sustainability, ESG, employees, workforce, net zero transition, corporate governance, institutional investors, green finance | Nov 2021 |
Policy Papers
Research Projects
| Publication Count | ||||||
|---|---|---|---|---|---|---|
| Law and Finance | Gauging the Impact of Related Party Transactions in Europe | Andreas Engert, Tobias Tröger | 2020 | Related party transactions, Empirical legal studies, law and finance, private benefits of control | 173102 | 1 |
| Law and Finance | Self Deception in Pandemics | Ester Faia, Andreas Fuster, Vincenzo Pezone, Basit Zafar | 2020 | 173101 | 1 | |
| Law and Finance | Training for Temptation - Towards a Cognitive Theory of Corporate Governance | Peter Gollwitzer, Daniel Nikolas Hau, Katja Langenbucher | 2019 | Corporate governance in financial institutions Regulatory oversight Change of culture in financial institutions Tone from the top Compliance in financial institutions Liability and compliance Group interaction and compliance Behavioural finance Behavioura | 21230 | 1 |
| Law and Finance | Board Gender Diversity and Firm Performance: Evidence from Chinese Firms | Yangming Bao, Martin Götz, Di Lu, Thorsten Schank | 2019 | Corporate Governance, Firm Performance, Gender Diversity, Human Capital, Cultural Revolution | 21232 | 1 |
| Law and Finance | The Role of Analyst Style in Earnings Conference Calls | Yuma Iwase, Zhuoer Qiu, Bernd Skiera, Simone Wies | 2019 | 21234 | 1 | |
| Law and Finance | The Role of Network Connections for CEO Compensation: Quasi-Experimental Evidence from Changes in Inter-Locking Laws in US and Italy | Ester Faia, Jialei Lu, Maximilian Mayer, Vincenzo Pezone, Yiran Wei | 2019 | CEO compensation, network connections, Boardex data, quasi-experimental evidence, inter-locking regulation, assortative matching, talents, Nash bargaining. | 21229 | 1 |
| Financial Intermediation, Law and Finance | Foundations of Law and Finance | Rainer Haselmann, Casimiro Antonio Nigro, Tobias Tröger | 2018 | 21291 | 1 | |
| Law and Finance | The Impact of Boni Regulation - A Theoretical Analysis | Roman Inderst | 2018 | boni, regulation | 21217 | 1 |
| Law and Finance | Economically Rational Corporate Takeovers | Giuliano Curatola, Gustavo Grebler, Tobias Tröger | 2018 | Corporate Takeover. Market Rule. Equal Opportunity Rule. Equal Treatment of Shareholders. Control Premium. Mandatory Takeover Bid. Tender Offer. Willians Act. 13th Directive. Directive EC/25/2004. Sale of Control. Efficient Portfolio. Modern Portfolio The | 21226 | 1 |
| Law and Finance, Experiment Center | Gender Diversity, Decision Rules, and the Risk Appetite of Teams | Renée Adams, Andreas Grunewald, Ferdinand von Siemens | 2017 | Corporate Boards, Gender Diversity, Risk Taking, Banking, Teams | 21223 | 1 |
| Law and Finance | Registered Cartels in Austria | Nikolaus Fink, Philipp Schmidt-Dengler, Konrad Stahl, Christine Zulehner | 2016 | 21004 | 1 | |
| Law and Finance | Firm Behavior in E-Commerce | Franz Hackl, Rudolf Winter-Ebmer, Christine Zulehner | 2016 | 21004 | 1 | |
| Law and Finance | The Law and Finance of Related Party Transactions: A Comparative Analysis | Luca Enriques, Tobias Tröger | 2016 | related party transactions, tunneling, controlling shareholders, agency costs, capital market development | 21220 | 1 |
| Law and Finance | The Impact of Structural Reform Proposals | Rainer Haselmann, Lara Milione, Tobias Tröger | 2016 | banking separation, Volcker Rule, ring fencing, Liikanen report, event study | 21221 | 1 |
| Law and Finance | Rent Sharing and Gender Discrimination in Collegiate Athletics | Mario Lackner, Christine Zulehner | 2016 | 21004 | 1 | |
| Financial Intermediation, Law and Finance, Financial Markets, Macro Finance, Experiment Center | Capital Requirements and Financial Stability: Experimental Evidence | Paul Gortner, Baptiste Massenot | 2016 | 21650 | 1 | |
| Law and Finance | Challenges for Competition Law arising from Financial Stability | Pedro Magalhães Batista, Iwona Matylda Grandjean, Brigitte Haar, Casimiro Antonio Nigro, Katharina Pistor | 2016 | bank regulation, too big to fail, financial stability, bank regulation, model based regulation, bank competition | 21600 | 1 |
Current Research Team
In this Section: