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Public policy and venture capital financed innovation: A contract design approach

Hirsch, Julia - Center for Financial Studies - 2006

The effects of public policy programs which aim at internalizing spill-overs due to successful innovation are analyzed in a sequential double-sided moral hazard doublesided adverse selection framework. The central focus lies in analyzing their impact on contract design. We show that in our...

Persistent link: https://www.econbiz.de/10010958733

Public Policy and Venture Capital Financed Innovation: A Contract Design Approach

Hirsch, Julia - Center for Financial Studies - 2006

Persistent link: https://www.econbiz.de/10005120780

The Pricing puzzle: The default term structure of collateralised loan obligations

Jobst, Andreas A. - Center for Financial Studies - 2002

Ambivalence in the regulatory definition of capital adequacy for credit risk has recently steered the financial … optimal design of loan securitisation from the perspective of credit risk in potential collateral default. We propose a … of properly pricing the risk premium for expected credit loss, we explain the rationale of first loss retention as credit …

Persistent link: https://www.econbiz.de/10010958811

The evolution of global standards of accounting

Gebhardt, Günther - Center for Financial Studies - 1999

The globalization of markets and companies has increased the demand for internationally comparable high quality accounting information resulting from a common set of accounting rules. Despite remarkable efforts of international harmonization for more than 25 years, accounting regulation is still...

Persistent link: https://www.econbiz.de/10010986378

Instabile Finanzmärkte

Franke, Günter; Krahnen, Jan Pieter - Center for Financial Studies - 2009

Die Vorstellung selbst-stabilisierender, zum Gleichgewicht tendierender Finanzmärkte, lange Zeit als Selbstverständlichkeit angesehen, ist durch die aktuelle Banken- und Kreditkrise in Frage gestellt. Trotz ausgefeilten Risikomanagements der Banken und einer an Basel II orientierten Aufsicht...

Persistent link: https://www.econbiz.de/10010986485

Portfolio optimization when risk factors are conditionally varying and heavy tailed

Doganoglu, Toker; Hartz, Christoph; Mittnik, Stefan - Center for Financial Studies - 2006

Assumptions about the dynamic and distributional behavior of risk factors are crucial for the construction of optimal portfolios and for risk assessment. Although asset returns are generally characterized by conditionally varying volatilities and fat tails, the normal distribution with constant...

Persistent link: https://www.econbiz.de/10010958549

Exchange trading rules, surveillance and insider trading

Aitken, Michael; Cumming, Douglas; Zhan, Feng - Center for Financial Studies - 2013

We examine the impact of stock exchange trading rules and surveillance on the frequency and severity of suspected insider trading cases in 22 stock exchanges around the world over the period January 2003 through June 2011. Using new indices for market manipulation, insider trading, and...

Persistent link: https://www.econbiz.de/10010958550

Dealing with financial crises: How much help from research?

Pagano, Marco - Center for Financial Studies - 2014

Has economic research been helpful in dealing with the financial crises of the early 2000s? On the whole, the answer is negative, although there are bright spots. Economists have largely failed to predict both crises, largely because most of them were not analytically equipped to understand...

Persistent link: https://www.econbiz.de/10010958553

The relevance of primary dealers for public bond issues

Breuer, Wolfgang - Center for Financial Studies - 1999

We analyze the role of different kinds of primary and secondary market interventions for the government's goal to maximize its revenues from public bond issuances. Some of these interventions can be thought of as characteristics of a primary dealer system. After all, we see that a primary dealer...

Persistent link: https://www.econbiz.de/10010958554

The dynamics of spillover effects during the European sovereign debt turmoil

Alter, Adrian; Beyer, Andreas - Center for Financial Studies - 2012

framework by Diebold and Yilmaz (2011), we quantify spillovers between sovereign credit markets and banks in the euro area …

Persistent link: https://www.econbiz.de/10010958562