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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 ...
A Stochastic Forward-Looking Model to Assess the Profitability and Solvency of European Insurers
(2016-11-01)
In this paper, we develop an analytical framework for conducting forward-looking assessments of profitability and solvency of the main euro area insurance sectors. We model the balance sheet of an insurance company ...
Putting the Pension Back in 401(k) Plans: Optimal versus Default Longevity Income Annuities
(2016-09-29)
Most defined contribution pension plans pay benefits as lump sums, yet the US Treasury has recently encouraged firms to protect retirees from outliving their assets by converting a portion of their plan balances into ...
Shareholder Wealth vs. Stakeholder interests? Evidence from Code Compliance under the German Corporate Governance Code
(2016-11-24)
In order to better differentiate the drivers of corporations’ actions, in particular shareholder wealth and stakeholder interests, the paper explores the significance of the comply or explain-principle and its underlying ...
How Persistent Low Expected Returns Alter Optimal Life Cycle Saving, Investment, and Retirement Behavior
(2017-06-23)
This Chapter explores how an environment of persistent low returns influences saving, investing, and retirement behaviors, as compared to what in the past had been thought of as more “normal” financial conditions. Our ...
The Geography of Alternative Work
(2018-04-27)
The increase in alternative working arrangements has sparked a debate over the positive impact of increased flexibility against the negative impact of decreased financial security. We study the prevalence and determinants ...
Financial Literacy and Socialist Education: Lessons from the German Reunification
(2018-07-01)
A growing body of literature shows the importance of financial literacy in households' financial decisions. However, fewer studies focus on understanding the determinants of financial literacy. Our paper fills this gap by ...
Implications of Money-Back Guarantees for Individual Retirement Accounts: Protection Then and Now
(2019-10-21)
In the wake of the financial crisis and continued volatility in international capital markets, there is growing interest in mechanisms that can protect people against retirement account volatility. This paper explores the ...
Motivated Beliefs and the Elderly's Compliance with COVID-19 Measures
(2021-01-26)
Although the elderly are more vulnerable to COVID-19, the empirical evidence suggests that they do not behave more cautiously in the pandemic than younger individuals. This theoretical model argues that some individuals ...