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.
Cluster Director
(acting Cluster Director)
Publications
| 2019 |
Interdisziplinäre Forschung im Unternehmensrecht – Auf dem Weg zu einer Cognitive Corporate Governance? |
Katja Langenbucher Zeitschrift für Unternehmens- und Gesellschaftsrecht | Law and Finance | 2019 | |
| 2019 |
Does Say on Pay Matter? Evidence from Germany |
Tobias Tröger, Uwe Walz European Company and Financial Law Review | Law and Finance, Transparency Lab | Say-on-pay, corporate governance, management compensation | 2019 |
| 2019 |
Interbank Networks and Backdoor Bailouts: Benefiting from Other Banks’ Government Guarantees |
Tim Eisert, Christian Eufinger Management Science | Law and Finance, Systemic Risk Lab | bailout, cycle flows, cyclical liabilities, interbank network, leverage | 2019 |
| 2019 |
The Financing Dynamics of Newly Founded Firms |
Julia Hirsch, Uwe Walz Journal of Banking and Finance | Law and Finance | financing decisions, life-cycle, firm growth, newly founded firms | 2019 |
| 2018 |
The Relational Nature of Employment Dualization: Evidence from Subcontracting Establishments |
Fabian Ochsenfeld European Sociological Review | Law and Finance | 2018 | |
| 2017 |
Registered Cartels in Austria: An Overview |
Nikolaus Fink, Philipp Schmidt-Dengler, Konrad Stahl, Christine Zulehner European Journal of Law and Economics | Law and Finance | Collusion, Cartels, Legal cartels, Contracts | 2017 |
| 2019 |
Competition in Treasury Auctions |
Helmut Elsinger, Philipp Schmidt-Dengler, Christine Zulehner American Economic Journal: Microeconomics | Law and Finance | treasury auctions, multi-unit auctions, independent private values, competition, bidder surplus, auction format | 2019 |
| 2018 |
Lohnbildung und Lohnverteilung |
Markus Gangl Arbeitsmarktsoziologie: Probleme, Theorien, empirische Befunde (Springer) | Law and Finance | 2018 | |
| 2019 |
The Law and Finance of Related Party Transactions |
Luca Enriques, Tobias Tröger Cambridge University Press | Law and Finance | 2019 | |
| 2017 |
Direct and Indirect Risk-Taking Incentives of Inside Debt |
Stefano Colonnello, Giuliano Curatola, Ngoc Giang Hoang Journal of Corporate Finance | Law and Finance | Inside Debt, Credit Spreads, Risk-Taking | 2017 |
| 2018 |
Rent-Seeking in Elite Networks |
Rainer Haselmann, David Schoenherr, Vikrant Vig Journal of Political Economy | Law and Finance, Financial Intermediation | - | 2018 |
| 2014 |
"Comply or Explain" im Spannungsfeld von Law and Finance |
Brigitte Haar 100 Jahre Rechtswissenschaft in Frankfurt (Vittorio Klostermann) | Law and Finance | 2014 | |
| 2017 |
Compensation Schemes, Liquidity Provision, and Asset Prices: An Experimental Analysis |
Sascha Baghestanian, Paul Gortner, Baptiste Massenot Experimental Economics | Law and Finance, Experiment Center | compensation, liquidity, experimental asset markets, bubbles | 2017 |
| 2017 |
Incentive-Based Capital Requirements |
Christian Eufinger, Andrej Gill Management Science | Law and Finance, Transparency Lab, Experiment Center | Basel III, capital regulation, compensation, leverage, risk | 2017 |
| 2016 |
Freedom of Contract and Financial Stability |
Brigitte Haar European Business Organization Law Review | Systemic Risk Lab, Law and Finance | 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) |
Brigitte Haar European Business Organization Law Review | Law and Finance | collective litigation, investor protection, test cases, German Capital Markets Model Case Act (KapMuG) | 2014 |
| 2015 |
Performance Benefits of Tight Control |
Andrej Gill, Nikolai Visnjic The Journal of Private Equity | Law and Finance, Transparency Lab, Experiment Center | private equity, leveraged buyouts, active shareholders, ownership concentration, corporate governance | 2015 |
| 2016 |
Entrepreneurial Spawning: Experience, Education, and Exit |
Douglas Cumming, Uwe Walz, Jochen Christian Werth Financial Review | 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? |
Andrea Weber, Christine Zulehner Journal of the European Economic Association | Law and Finance | 2014 | |
| 2015 |
Competition in the Economic Crisis: Analysis of Procurement Auctions |
Klaus Gugler, Michael Weichselbaumer, Christine Zulehner European Economic Review | 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 Austria |
Helmut Mahringer, Christine Zulehner Review of Economics of the Household | 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 Records |
René Böheim, Klemens Himpele, Helmut Mahringer, Christine Zulehner Journal for Labour Market Research | Law and Finance | gender wage differentials, quantile regressions, decomposition, matched employer-employee data | 2013 |
| 2013 |
The Gender Wage Gap in Austria: Eppur si muove! |
René Böheim, Klemens Himpele, Helmut Mahringer, Christine Zulehner Empirica | Law and Finance | Gender wage differentials, Wage inequality, Decomposition, Matched employer-employee data | 2013 |
| 2015 |
Corporate Groups – A German’s European Perspective |
Tobias Tröger German and Nordic Perspectives on Company Law and Capital Markets Law (Mohr Siebeck) | 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: Downsizing |
Guido Friebel, Matthias Heinz Journal of Public Economics | 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 | Systemic Risk Lab, Law and Finance | 2013 | bailout, cycle flows, cyclical liabilities, interbank network, leverage | 201301 |
Incentive-Based Capital Requirements |
Christian Eufinger, Andrej Gill | 9 | Transparency Lab, Law and Finance, Experiment Center | 2013 | Basel III, capital regulation, compensation, leverage, risk | 201301 |
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 | 201301 |
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 | 201301 |
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 | 201401 |
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 | 201401 |
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 | 201501 |
Taking the Lead: When Non-Banks Arrange Syndicated Loans |
Marcel Grupp | 100 | Law and Finance | 2015 | Non-bank lead arrangers, syndicated loans, spread premium | 201501 |
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 | 201501 |
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 | 201501 |
Signaling Cooperation |
Matthias Heinz, Heiner Schumacher | 120 | Law and Finance | 2015 | Signaling, Public Goods, Labor Markets, Extracurricular Activities | 201501 |
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 | 201601 |
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 | 201601 |
Does Say on Pay Matter? Evidence from Germany |
Tobias Tröger, Uwe Walz | 125 | Transparency Lab, Law and Finance | 2016 | Say-on-pay, corporate governance, management compensation | 201601 |
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 | 201601 |
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 | 201601 |
Rent-Seeking in Elite Networks |
Rainer Haselmann, David Schoenherr, Vikrant Vig | 132 | Financial Intermediation, Law and Finance | 2016 | - | 201601 |
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 | 201601 |
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 | 201601 |
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 | 201601 |
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 | 201401 |
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 | 201601 |
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 | 201611 |
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 | 201612 |
The Effect of Personal Financing Disruptions on Entrepreneurship |
Tobin Hanspal | 161 | Household Finance, Law and Finance | 2016 | Entrepreneurship; Small business; Personal finance; Financial crisis; Bank defaults | 201612 |
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 | 201703 |
The Real Effects of Judicial Enforcement |
Vincenzo Pezone | 192 | Law and Finance | 2018 | 201810 | |
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 | 201712 |
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 | 201802 |
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 | 201802 |
Local Peer Effects and Corporate Investment |
Yangming Bao, Martin Götz | 220 | Law and Finance | 2018 | Investments, Peer Firm Effects, Agglomeration, Corporate Income Tax | 201807 |
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 | 201808 |
Financial Constraints and Corporate Environmental Responsibility |
Martin Götz | 241 | Law and Finance | 2019 | 201909 | |
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 | 201902 | |
Financing Conditions and Toxic Emissions |
Martin Götz | 254 | Law and Finance | 2019 | 201906 | |
The Value of Firm Networks: A Natural Experiment on Board Connections |
Ester Faia, Maximilian Mayer, Vincenzo Pezone | 269 | Law and Finance | 2020 | 202003 |
Policy Papers
Research Projects
| Publication Count | ||||||
|---|---|---|---|---|---|---|
| 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 | 0 |
| Law and Finance | The Role of Analyst Style in Earnings Conference Calls |
Yuma Iwase, Bernd Skiera, Simone Wies | 2019 | 21234 | 0 | |
| 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 |
| Law and Finance, Financial Intermediation | 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 | 0 |
| 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 | 0 |
| Law and Finance | Registered Cartels in Austria |
Nikolaus Fink, Philipp Schmidt-Dengler, Konrad Stahl, 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 | 0 |
| Law and Finance | Rent Sharing and Gender Discrimination in Collegiate Athletics |
Mario Lackner, Christine Zulehner | 2016 | 21004 | 0 | |
| Macro and Finance, Financial Intermediation, Law and Finance, Financial Markets, 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 |
| Law and Finance, Systemic Risk Lab | GLawFin – Private Contracts and Systemic Risk |
Luca Amorello, Pedro Magalhães Batista, Biljana Biljanovska, Jacob Bonavita, Brigitte Haar, Katharina Pistor, Grygoriy Pustovit, Max Weber | 2014 | Financial Markets, Financial Institutions, Financial Stability, Financial Contracts, Corporate Finance, Corporate Governance, Financial Institutions, Financial Services, Law and Economics, Systemic Risk | 12125 | 1 |
| Law and Finance | Executive Compensation and Credit Spread |
Stefano Colonnello, Giuliano Curatola, Ngoc Giang Hoang | 2014 | Compensation Structure, Credit Spread, Risk-Taking, Inside Debt, Business Cycle | 11227 | 1 |
| Law and Finance, Experiment Center | Corruption in the Lab and in the Field: Evidence from a Market for Credence Goods |
Markus Kröll, Devesh Rustagi | 2014 | Corruption, economic experiments, India, Milkmen | 11228 | 1 |
| Law and Finance | To Have and to Hold: Trends in Industry Rents for Germany |
Markus Gangl, Fabian Ochsenfeld | 2013 | Wage distribution, wage rents, labor market segmentation, industry effects, multilevel modeling, German Socio-Economic Panel, Labour Force Survey, Germany | 11225 | 1 |
| Law and Finance, Transparency Lab | Gendered Network Structures and Careers |
Guido Friebel, Marie Lalanne, Bernard Richter, Peter Schwardmann, Paul Seabright | 2013 | Professional networks, gender wage gap, executive compensation, social networks, trust | 12221 | 1 |
| Law and Finance, Transparency Lab | Corporate Governance of Financial Institutions – Does say-on-pay matter? |
Biljana Biljanovska, Guido Ferrarini, Brigitte Haar, Randall S. Thomas, Tobias Tröger, Uwe Walz, Charles K. Whitehead | 2013 | Corporate Governance, Financial Institutions, Management Compensation, Moral Hazard, Ownership Structure, Say-on-pay | 11224 | 1 |
Current Research Team
| Researcher | Position |
|---|---|
| Adams, Renée | External Researcher, SAFE Fellow |
| Burchard, Christoph | External Researcher, SAFE Fellow |
| Goldmann, Matthias | Junior Researcher |
| Götz, Martin | External Researcher |
| Haselmann, Rainer | Senior Researcher, SAFE Fellow |
| Lalanne, Marie | External Researcher |
| Pezone, Vincenzo | Junior Researcher |
| Pustovit, Grygoriy | Research Assistant |
| Tröger, Tobias | Senior Researcher |
| von Siemens, Ferdinand | External Researcher, SAFE Fellow |
| Walz, Uwe | Senior Researcher |