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Money-back guarantees in individual pension accounts: Evidence from the German pension reform
Maurer, Raimond H.; Schlag, Christian - Center for Financial Studies - 2002
The German Retirement Saving Act instituted a new funded system of supplementary pensions coupled with a general reduction in the level of state pay-as-you-go old-age pensions. In order to qualify for tax relief, the providers of supplementary savings products must offer a guarantee of the...
Persistent link: https://www.econbiz.de/10010986377
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Institutional investors in Germany: Insurance companies and investment funds
Maurer, Raimond H. - Center for Financial Studies - 2003
This chapter focuses on institutional investors in the German financial markets. Institutional investors are specialized financial intermediaries who collect and manage funds on behalf of small investors toward specific objectives in terms of risk, return and maturity. The major types of...
Persistent link: https://www.econbiz.de/10010958726
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Institutional Investors in Germany: Insurance Companies and Investment Funds
Maurer, Raimond - Center for Financial Studies - 2003
This chapter focuses on institutional investors in the German financial markets. Institutional investors are specialized financial intermediaries who collect and manage funds on behalf of small investors toward specific objectives in terms of risk, return and maturity. The major types of...
Persistent link: https://www.econbiz.de/10005176461
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Financial network systemic risk contributions
Hautsch, Nikolaus; Schaumburg, Julia; Schienle, Melanie - Center for Financial Studies - 2013
We propose the realized systemic risk beta as a measure for financial companies' contribution to systemic risk given network interdependence between firms' tail risk exposures. Conditional on statistically pre-identified network spillover effects and market as well as balance sheet information,...
Persistent link: https://www.econbiz.de/10010958644
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The cost of firms' debt financing
Pianeselli, Daniele; Zaghini, Andrea - Center for Financial Studies - 2013
We provide an assessment of the determinants of the risk premia paid by non-financial corporations on long-term bonds. By looking at 5,500 issues over the period 2005-2012, we find that in recent years the sovereign debt market turbulence has been a major driver of corporate risk. Compared with...
Persistent link: https://www.econbiz.de/10010958710
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Systemic risk spillovers in the European banking and sovereign network
Betz, Frank; Hautsch, Nikolaus; Peltonen, Tuomas A.; … - Center for Financial Studies - 2014
-stage fixed-effects quantile approach, which explicitly links bank interconnectedness to systemic risk contributions. The … equity and CDS prices. We provide new evidence on how banking sector fragmentation and sovereign-bank linkages evolved over …
Persistent link: https://www.econbiz.de/10010958802
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The role of bank lending tightening on corporate bond issuance in the eurozone
Kaya, Orcun; Wang, Lulu - Center for Financial Studies - 2014
This paper empirically tests the role of bank lending tightening on non-financial corporate (NFC) bond issuance in the … eurozone. By utilizing a unique data set provided by the ECB Bank Lending Survey, we capture the pure credit supply effect on …. Focusing on a spectrum of aspects contributing to bank credit tightening, we document that banks' balance sheet constraints, as …
Persistent link: https://www.econbiz.de/10010958784
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Credit market competition and capital regulation
Allen, Franklin; Carletti, Elena; Marquez, Robert - Center for Financial Studies - 2005
Market discipline for financial institutions can be imposed not only from the liability side, as has often been stressed in the literature on the use of subordinated debt, but also from the asset side. This will be particularly true if good lending opportunities are in short supply, so that...
Persistent link: https://www.econbiz.de/10010958587
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Countdown for the New Basle Capital Accord: Are German banks ready for the internal ratings-based approach?
Ewert, Ralf; Szczesny, Andrea - Center for Financial Studies - 2001
This paper uses a unique data set from credit files of six leading German banks to provide some empirical insights into their rating systems used to classify corporate borrowers. On the basis of the New Basle Capital Accord, which allows banks to use their internal rating systems to compute...
Persistent link: https://www.econbiz.de/10010958658
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Credit Market Competition and Capital Regulation
Allen, Franklin; Carletti, Elena; Marquez, Robert - Center for Financial Studies - 2005
Market discipline for financial institutions can be imposed not only from the liability side, as has often been stressed in the literature on the use of subordinated debt, but also from the asset side. This will be particularly true if good lending opportunities are in short supply, so that...
Persistent link: https://www.econbiz.de/10005176435