Auflistung LIF-SAFE Working Papers nach Titel
Anzeige der Dokumente 64-83 von 334
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Debt Holder Monitoring and Implicit Guarantees: Did the BRRD Improve Market Discipline?
(2018-09-25)This paper argues that the introduction of the Banking Recovery and Resolution Directive (BRRD) improved market discipline in the European bank market for unsecured debt. The different impact of the BRRD on bank bonds ... -
Depressed Demand
(2020-02-14)Using a survey of Dutch households, we find that individuals who have experienced higher national unemployment rates over their lifetime save more and borrow less, after controlling for aggregate shocks, income, wealth, ... -
Designated Market Makers: Competition and Incentives
(2020-03-30)Do competition and incentives offered to designated market makers (DMMs) improve market liquidity? Using data from NYSE Euronext Paris, we show that an exogenous increase in competition among DMMs leads to a significant ... -
Did Consumers Want Less Debt? Consumer Credit Demand versus Supply in the Wake of the 2008-2009 Financial Crisis
(2014-01-01)We explore the sources of household balance sheet adjustment following the collapse of the housing market in 2006. First, we use microdata from the Federal Reserve Board’s Senior Loan Officer Opinion Survey to document ... -
Direct and Indirect Risk-Taking Incentives of Inside Debt
(2016-07-16)We develop a model of managerial compensation structure and asset risk choice. The model provides predictions about the relation between credit spreads and different compensation components. First, we show that credit ... -
Discount rates, debt maturity, and the fiscal theory
(2021-10-12)This paper examines how the transmission of government portfolio risk arising from maturity operations depends on the stance of monetary/fiscal policy. Accounting for risk premia in the fiscal theory allows the government ... -
Does Austerity Pay Off?
(2015-02-01)We ask whether cuts of government consumption lower or raise the sovereign default premium. To address this question, we set up a new data set for 38 emerging and advanced economies which contains quarterly time-series ... -
Does Exchange of Information between Tax Authorities Influence Multinationals’ Use of Tax Havens?
(2015-02-23)Since the mid-1990s, countries offering tax systems that facilitate international tax avoidance and evasion have been facing growing political pressure to comply with the internationally agreed standards of exchange of tax ... -
Does feedback on personal investment success help?
(2016-12-06)In a field study with more than 1.500 customers of an online-broker we test what happens when investors receive repeated feedback on their investment success in a monthly securities account report. The reports show investors’ ... -
Does Monetary Policy Impact International Market Co-Movements?
(2020-05-11)We show that FED policy announcements lead to a significant increase in international comovements in the cross-section of equity and in particular sovereign CDS markets. The relaxation of unconventionary monetary policies ... -
Does Mood Affect Trading Behavior?
(2012-11-09)We test whether investor mood affects trading with data on all stock market transactions in Finland, utilizing variation in daylight and local weather. We find some evidence that environmental mood variables (local weather, ... -
Does Product Familiarity Matter for Participation?
(2015-05-19)"Household access to financial products is often conditioned on previous use. However, banning access when learning is possible may be discriminatory or counterproductive. The ""experiment"" of German reunification ... -
Does Say on Pay Matter? Evidence from Germany
(2017-09-13)We analyze a hand-collected dataset of 1682 executive compensation packages at 34 firms included in the main German stock market index (DAX) for the years 2009-2017 in order to investigate the impact of the 2009 say on pay ... -
Does sophistication affect long-term return expectations? Evidence from financial advisers' exam scores
(2013-01-22)We use unique data fromfinancial advisers’ professional exam scores and combine it with other variables to create an index of financial sophistication. Using this index to explain long-term stock return expectations, we ... -
Econometrics at Scale: Spark Up Big Data in Economics
(2020-02-06)This paper provides an overview of how to use “big data” for economic research. We investigate the performance and ease of use of di?erent Spark applications running on a distributed ?le system to enable the handling and ... -
Effects of Government Spending on Employment: Evidence from Winners and Runners-up in Procurement Auctions
(2018-05-01)To estimate demand for labor, we use a combination of detailed employment data and the outcomes of procurement auctions, and compare the employment of the winner of an auction with the employment of the second ranked firm ... -
Endogenous Banks’ Networks, Cascades and Systemic Risk
(2014-06-01)We develop a network model whose links are governed by banks' optmizing decisions and by an endogenous tâtonnement market adjustment. Banks in our model can default and engage in re-sales: risk is transmitted through direct ... -
Endogenous Grids in Higher Dimensions: Delaunay Interpolation and Hybrid Methods
(2016-04-18)This paper investigates extensions of the method of endogenous gridpoints (ENDGM) introduced by Carroll (2006) to higher dimensions with more than one continuous endogenous state variable. We compare three different ... -
Endogenous Retirement Behavior of Heterogeneous Households Under Pension Reforms
(2018-04-25)We propose a unified framework to measure the effects of different reforms of the pension system on retirement ages and macroeconomic indicators in the face of demographic change. A rich overlapping generations (OLG) model ... -
Entrepreneurial Spawning: Experience, Education, and Exit
(2016-02-29)We investigate the career dynamics of high-tech entrepreneurs by analyzing the exit choice of entrepreneurs: to act as a business angel, to found another firm, or to become dependently employed. Our detailed data from ...