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Private equity returns and disclosure around the world

Walz, Uwe; Cumming, Douglas - Center for Financial Studies - 2004

We study the returns the venture capital and private equity investment from 221 venture capital and private equity funds that are part of 72 venture capital and private equity firms, 5040 entrepreneurial firms (3826 venture capital and 1214 private equity), and spanning 32 years (1971 2003) and...

Persistent link: https://www.econbiz.de/10010986361

The future of securitization

Franke, Günter; Krahnen, Jan Pieter - Center for Financial Studies - 2008

Securitization is a financial innovation that experiences a boom-bust cycle, as many other innovations before. This paper analyzes possible reasons for the breakdown of primary and secondary securitization markets, and argues that misaligned incentives along the value chain are the primary cause...

Persistent link: https://www.econbiz.de/10010986376

Regulation and Competition in German Banking: An Assessment

Fischer, Karl-Hermann; Pfeil, Christian - Center for Financial Studies - 2003

In Germany a public discussion on the power of banks has been going on for decades now with the term power having at least two meanings. On the one hand, it denotes the power of banks to control public corporations through direct shareholdings or the exercise of proxy votes this is the power of...

Persistent link: https://www.econbiz.de/10010986452

On the economics of crisis contracts

Aptus, Elias; Britz, Volker; Gersbach, Hans - Center for Financial Studies - 2014

We examine the impact of so-called Crisis Contracts on bank managers' risktaking incentives and on the probability of banking crises. Under a Crisis Contract, managers are required to contribute a pre-specified share of their past earnings to finance public rescue funds when a crisis occurs....

Persistent link: https://www.econbiz.de/10010958513

Dealing with financial crises: How much help from research?

Pagano, Marco - Center for Financial Studies - 2014

swift and massive liquidity provision by central banks in the wake of both crises is, at least partly, to be credited to …

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

CDOs and systematic risk: Why bond ratings are inadequate

Krahnen, Jan Pieter; Wilde, Christian - Center for Financial Studies - 2009

This paper analyzes the risk properties of typical asset-backed securities (ABS), like CDOs or MBS, relying on a model with both macroeconomic and idiosyncratic components. The examined properties include expected loss, loss given default, and macro factor dependencies. Using a two-dimensional...

Persistent link: https://www.econbiz.de/10010958590

Bank mergers, competition and liquidity

Carletti, Elena; Hartmann, Philipp; Spagnolo, Giancarlo - Center for Financial Studies - 2006

We model the impact of bank mergers on loan competition, reserve holdings and aggregate liquidity. A merger changes the … distribution of liquidity shocks and creates an internal money market, leading to financial cost efficiencies and more precise … estimates of liquidity needs. The merged banks may increase their reserve holdings through an internalization effect or decrease …

Persistent link: https://www.econbiz.de/10010958652

Risk transfer with CDOs

Krahnen, Jan Pieter; Wilde, Christian - Center for Financial Studies - 2008

Modern bank management comprises both classical lending business and transfer of asset risk to capital markets through securitization. Sound knowledge of the risks involved in securitization transactions is a prerequisite for solid risk management. This paper aims to resolve a part of the...

Persistent link: https://www.econbiz.de/10010958755

The economic impact of merger control legislation

Carletti, Elena; Hartmann, Philipp; Onega, Steven - Center for Financial Studies - 2007

Based on a unique dataset of legislative changes in industrial countries, we identify events that strengthen the competition control of mergers and acquisitions, analyze their impact on banks and non-financial firms and explain the different reactions observed with specific regulatory...

Persistent link: https://www.econbiz.de/10010958783

Endogenous systemic liquidity risk

Cao, Jin; Illing, Gerhard - Center for Financial Studies - 2008

Traditionally, aggregate liquidity shocks are modelled as exogenous events. Extending our previous work (Cao & Illing …, 2007), this paper analyses the adequate policy response to endogenous systemic liquidity risk. We analyse the feedback … between lender of last resort policy and incentives of private banks, determining the aggregate amount of liquidity available …

Persistent link: https://www.econbiz.de/10010958805

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