pyramid structures can be used for control purposes. The static relation of ownership to control in Germany is therefore … is an active market in share blocks giving rise to changes in control, but the gains are limited and accrue solely to the … holders of large blocks, not to minority investors. We provide evidence of low overall benefits from control changes and the …

implement a control strategy, which consists of low effort discretion and little or no rent-sharing, or they implement a trust … control strategy prevails, while the possibility of screening renders the trust strategy profitable. The introduction of …

the subsequent 100 years, and comparing the pattern of ownership and control with a sample incorporated around 1960. We …

principals who control. The reason is that most agents lower their performance as a response to the signal of distrust created by …

restructuring, investors focus control on poorly performing companies. These results stand in contrast to the US, where there is …

The paper studies risk mitigation associated with capital regulation, in a context where banks may choose tail risk … assets. We show that this undermines the traditional result that higher capital reduces excess risk-taking driven by limited … liability. Moreover, higher capital may have an unintended e¤ect of enabling banks to take more tail risk without the fear of …

assess and price the risk of default. In order to analyse default risk in the macroeconomy, a simple general equilibrium … model with banks and financial intermediation is constructed in which default-risk can be priced. It is shown how the credit … spread can be attributed largely to the risk of default and how excess loan creation may emerge due different attitudes to …

to these scenarios affect the upside and downside risks embodied in the baseline real-time oil price forecast. Such risk …

The paper analyses and compares the role that the tightening in liquidity conditions and the collapse in risk appetite … shocks have had a more severe impact on advanced economies, it was mainly the decline in risk appetite that affected emerging … within types of economies, with Europe being more adversely affected by the fall in risk appetite than other advanced …

finds that common shocks--key crisis events as well as changes to global liquidity and risk--have exerted a large effect on … risk and the strength of domestic macroeconomic fundamentals. Comparing and quantifying these effects shows that common …