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How Do Banks React to Catastrophic Events? Evidence from Hurricane Katrina
(2017-09-01)
This paper explores how banks react to an exogenous shock caused by Hurricane Katrina in 2005, and how the structure of the banking system affects economic development following the shock. Independent banks based in the ...
Banking Union and the Governance of Credit Institutions - A Legal Perspective
(2015-04-08)
The creation of the Banking Union is likely to come with substantial implications for the governance of Eurozone banks. The European Central Bank, in its capacity as supervisory authority for systemically important banks, ...
The Effects of Contingent Convertible (CoCo) Bonds on Insurers’ Capital Requirements under Solvency II
(2015-02-01)
The Liikanen Group proposes contingent convertible (CoCo) bonds as a potential mechanism to enhance financial stability in the banking industry. Especially life insurance companies could serve as CoCo bond holders as they ...
Multiplex interbank networks and systemic importance: An application to European data
(2015-05-01)
Research on interbank networks and systemic importance is starting to recognise that the web of exposures linking banks balance sheets is more complex than the single-layer-of-exposure approach. We use data on exposures ...
Taking the Lead: When Non-Banks Arrange Syndicated Loans
(2015-04-01)
In the mid-1990s, institutional investors entered the syndicated loan market and started to serve borrowers as lead arrangers. Why are non-banks able to compete for this role against banks? How do the composition of ...
Regulatory Influence on Market Conditions in the Banking Union
(2015-06-02)
This paper looks into the specific influence that the European banking union will have on (future) bank client relationships. It shows that the intended regulatory influence on market conditions in principle serves as a ...
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. ...
Rent-Seeking in Elite Networks
(2017-01-31)
We employ a unique dataset on members of an elite service club in Germany to investigate how social connections in elite networks affect the allocation of resources. Specifically, we investigate credit allocation decisions ...
Freedom of Contract and Financial Stability through the lens of the Legal Theory of Finance
(2016-08-28)
This paper is the outcome of a related broader project, exploring the explanatory power of the Legal Theory of Finance, which proposes a new institution-based analytical framework for the analysis of phenomena of financial ...
Understanding the Shift from Micro to Macro-Prudential Thinking: A Discursive Network Analysis
(2016-05-09)
While some economists argued for macro-prudential regulation pre-crisis, the macro-prudential approach and its emphasis on endogenously created systemic risk have only gained prominence post-crisis. Employing discourse and ...