Auflistung LIF-SAFE Working Papers nach Titel
Anzeige der Dokumente 300-319 von 334
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The Political Economy of Bank Bailouts
(2016-04-14)In this paper, we examine how the institutional design affects the outcome of bank bailout decisions. In the German savings bank sector, distress events can be resolved by local politicians or a state-level association. ... -
The Power of ESG Ratings on Stock Markets
(2021-03-10)This paper studies the impact of environmental, social, and governance (ESG) ratings on investors’ preferences and stock prices. We exploit a change in ESG rating methodology that non-linearly shifted ESG ratings for firms ... -
The Pricing Implications of Oligopolistic Securities Lending Market: A Beneficial Owner Perspective
(2018-06-15)In the last decade, central bank interventions, flights to safety, and the shift in derivatives clearing resulted in exceptionally high demand for high quality liquid assets, such as German treasuries, in the securities ... -
The Real Effects of Judicial Enforcement
(2018-10-31)This paper shows that the quality of judicial enforcement has substantial real effects. I exploit a reorganization of the judicial districts in Italy as an exogenous shock to court productivity and, using an instrumental ... -
The role of disclosure in green finance
(2021-08-23)We study the design features of disclosure regulations that seek to trigger the green transition of the global economy and ask whether such regulatory interventions are likely to bring about sufficient market discipline ... -
The salience of ESG ratings for stock pricing: Evidence from (potentially) confused investors
(2021-10-08)We exploit a modification to Sustainalytics' environmental, social, and governance (ESG) rating methodology, which is subsequently adopted by Morningstar, to study whether ESG ratings are salient for stock pricing. We show ... -
The Single Supervisory Mechanism – Panacea or Quack Banking Regulation?
(2014-09-10)This paper analyzes the new architecture for the prudential supervision of banks in the euro area. It is primarily concerned with the likely effectiveness of the SSM as a regime that intends to bolster financial stability ... -
The Time for Austerity: Estimating the Average Treatment Effect of Fiscal Policy
(2014-04-01)After the Global Financial Crisis a controversial rush to fiscal austerity followed in many countries. Yet research on the effects of austerity on macroeconomic aggregates was and still is unsettled, mired by the difficulty ... -
The Trading Response of Individual Investors to Local Bankruptcies
(2020-03-20)We use data from a German online brokerage and a survey to show that retail investors sharply reduce risk-taking in response to nearby firm bankruptcies, which are not predictive of returns. The effects on trading are ... -
The Value of Firm Networks: A Natural Experiment on Board Connections
(2020-04-13)This paper presents causal evidence of the effects of boardroom networks on firm value and compensation policies. We exploit exogenous variation in network centrality arising from a ban on interlocking directorates of ... -
The Value of Firm Networks: A Natural Experiment on Board Connections
(2021-08-03)We present causal evidence on the effect of boardroom networks on firm value and compensation policies. We exploit a ban on interlocking directorates of Italian financial and insurance companies as exogenous variation and ... -
Time Preferences over the Life Cycle
(2020-02-01)We study whether and how time preferences change over the life cycle, exploiting representative long-term panel data. We estimate the age patterns of discount rates from age 25 to 80. In order to identify age effects, we ... -
Time-varying granger causality tests for applications in global crude oil markets: A study on the DCC-MGARCH Hong test
(2021-10-14)Analysing causality among oil prices and, in general, among financial and economic variables is of central relevance in applied economics studies. The recent contribution of Lu et al. (2014) proposes a novel test for ... -
Too Complex to Work: A Critical Assessment of the Bail-in Tool under the European Bank Recovery and Resolution Regime
(2018-02-06)This paper analyzes the bail-in tool under the BRRD and predicts that it will not reach its policy objective. To make this argument, this paper first describes the policy rationale that calls for mandatory private sector ... -
Too Interconnected to Fail: A Survey of the Interbank Networks Literature
(2015-10-01)The banking system is highly interconnected and these connections can be conveniently represented as an interbank network. This survey presents a systematic overview of the recent advances in the theoretical literature on ... -
Trust in Government and Fiscal Adjustments
(2013-06-04)The paper looks at the determinants of fiscal adjustments as reflected in the primary surplus of countries. Our conjecture is that governments will usually find it more attractive to pursue fiscal adjustments in a situation ... -
Trust in the Monetary Authority
(2013-07-01)Trust in policy makers fluctuates significantly over the cycle and affects the transmission mechanism. Despite this it is absent from the literature. We build a monetary model embedding trust cycles; the latter emerge as ... -
Trust Me! I am a European Central Banker
(2012-06-01)In the aftermath of the financial crisis, the ECB has experienced an unprecedented deterioration in the level of trust. This raises the question as to what factors determine trust in central banking. We use a unique ... -
Twin Picks: Disentangling the Determinants of Risk-Taking in Household Portfolios
(2013-03-21)This paper investigates risk-taking in the liquid portfolios held by a large panel of Swedish twins. We document that the portfolio share invested In risky assets is an increasing and concave function of financial wealth, ... -
Two Monetary Models with Alternating Markets
(2013-10-28)We present a thought-provoking study of two monetary models: the cash-in-advance and the Lagos and Wright (2005) models. We report that the different approach to modeling money — reduced-form vs. explicit role — neither ...