Anteilsklassen bieten die Möglichkeit, die Rahmenbedingung von Anlagefonds in beschränktem Umfang an die Bedürfnisse verschiedener Anlegergruppen anzupassen. Fremdwährungs-Anteilsklassen unterscheiden sich dabei primär durch eine von der Rechnungswährung des Fonds abweichende Nennwährung....

We examine the determinants of corporate speculation and challenge the extant, conflicting evidence. Separating risk management (reducing currency-specific FX exposure) from speculation (increasing or holding currency-specific FX exposure constant), we provide unprecedented evidence that...

Foreign currency loans represent an important feature of recent financial developments in CEECs. This might pose a serious challenge for macroeconomic stability. Against this background, the authors study the determinants of foreign currency loans of households, using data on the behavior of...

This thesis deals with demand and supply determinants of loan contract terms in small business lending. Chapter 2 presents results on loan maturity and is based on a cross-sectional dataset of German small business loans. I find a very robust positive and monotonic relation between risk and...

This paper considers the currency composition of sovereign debt in the context of risksharingthrough excusable defaults. It is shown that monetary credibility is not asufficient condition for borrowing in domestic currency. With real exchange rate risk,debt denominated in a borrowing country’s...

We study the impact of Central Bank intervention on the process of price formation in currency markets. We use a unique dataset of tick-by-tick indicative quotes posted by dealers on Reuters terminals and of intraday sterilized spot interventions and customer transactions executed on behalf of...