Motivated by the current discussion on different separate banking systems, we provide an overview of the different systems, question them and outline their effect on systemic stability and the German banking sector. The results show that the various separate banking systems only play a minor...

Auch dreißig Jahre nach dem Artikel von Modigliani und Miller und zahllosen weiteren Veröffentlichungen ist die Frage zur Finanzierungsstruktur von Unternehmen weitgehend ungelöst. Dabei ist insbesondere in der empirischen Evidenz dieses Forschungsgebietes ein Defizit festzustellen. Unter...

This paper incorporates the cost of adjustment between observed and optimal leverage in explaining the variation in firm's equity or bank-debt financing investments. Using a dynamic adjustment approach identifies the determinants to capital structure between different financial systems. In...

Drawing on recent work on the creation and breakup of countries, this paper examines the impact of economic and political integration on the vertical government structure. It argues that by increasing the market size and the benefits from the decentralized provision of public goods, integration...

Hybridkapital ist eine innovative Form der Unternehmensfinanzierung. Hybride Finanzinstrumente weisen Eigenschaften von sowohl Fremd- als auch Eigenkapital auf und stellen deswegen ein sehr flexibles Finanzprodukt dar. Aus diesem Grund haben sich in den letzten Jahren hybride Kapitalinstrumente...

The system of banking supervision in Europe is undergoing substantial reforms. According to Stigler's capture theory regulation often follows the preferences of producers. Therefore, the interests of the financial industry might be a major driving force for the ongoing supervisory reform debate....

The systemic risk potential in the European banking market has increased. Hence, the following questions emerge: Is there a need for a truly European supervisory framework? And, how should a potential European supervisor be organised? This paper evaluates the existing supervisory framework as...

Financial markets in Europe become more and more integrated. The persisting fragmentation of financial supervision, however, constitutes a lasting obstacle to integration. The aim of this paper is to assess these costs of supervisory fragmentation. We find clear evidence for the existence of...