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Strategic trading and trade reporting by corporate insiders

Betzer, André; Gider, Jasmin; Metzger, Daniel; … - Center for Financial Studies - 2011

Regulations in the pre-Sarbanes-Oxley era allowed corporate insiders considerable flexibility in strategically timing their trades and SEC filings, for example, by executing several trades and reporting them jointly after the last trade. We document that even these lax reporting requirements...

Persistent link: https://www.econbiz.de/10010958758

Central counterparties

Koeppl, Thorsten V.; Monnet, Cyril - Center for Financial Studies - 2008

Central counterparties (CCPs) have increasingly become a cornerstone of financial markets infrastructure. We present a model where trades are time-critical, liquidity is limited and there is limited enforcement of trades. We show a CCP novating trades implements efficient trading behaviour. It...

Persistent link: https://www.econbiz.de/10010958500

Derivatives usage in risk management by U.S. and German non-financial firms: A comparative survey

Bodnar, Gordon M.; Gebhardt, Günther - Center for Financial Studies - 1998

This paper is a comparative study of the responses to the 1995 Wharton School survey of derivative usage among US non-financial firms and a 1997 companion survey on German non-financial firms. It is not a mere comparison of the results of both studies but a comparative study, drawing a...

Persistent link: https://www.econbiz.de/10010986461

Private equity returns and disclosure around the world

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

further compare the actual unrealized returns, as reported to investment managers, to the predicted unrealized returns based … managers and venture capital and private equity fund managers. …

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

Incentive schemes, private information and the double-edged role of competition for agents

Bannier, Christina E.; Feess, Eberhard; Packham, Natalie - Center for Financial Studies - 2014

setting with moral hazard, private information and risk-averse agents. Two vertically differentiated firms compete for agents …-incentivized and bear too much risk. For intermediate degrees of competition, however, contracts are second-best despite private …

Persistent link: https://www.econbiz.de/10010958515

Insuring the uninsurable: brokers and incomplete insurance contracts

Doherty, Neil A.; Muermann, Alexander - Center for Financial Studies - 2005

How do markets spread risk when events are unknown or unknowable and where not anticipated in an insurance contract …

Persistent link: https://www.econbiz.de/10010986457

Insuring the Uninsurable: Brokers and Incomplete Insurance Contracts

Doherty, Neil A.; Muermann, Alexander - Center for Financial Studies - 2005

How do markets spread risk when events are unknown or unknowable and where not anticipated in an insurance contract …

Persistent link: https://www.econbiz.de/10005600441

Insuring non-verifiable losses

Doherty, Neil A.; Laux, Christian; Muermann, Alexander - Center for Financial Studies - 2011

Insurance contracts are often complex and difficult to verify outside the insurance relation. We show that standard one-period insurance policies with an upper limit and a deductible are the optimal incentive-compatible contracts in a competitive market with repeated interaction. Optimal group...

Persistent link: https://www.econbiz.de/10011105005

The future of securitization

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

pricing. Second, on a micro level, accountability of managers can be improved by compensation packages aiming at long term … transparency relating to effective risk transfer, risk-related management compensation, and credible measurement of rating …, financial intermediaries, whose risk is opaque, may be subjected to higher capital requirements. …

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

Did fair-value accounting contribute to the financial crisis?

Laux, Christian; Leuz, Christian - Center for Financial Studies - 2009

The recent financial crisis has led to a major debate about fair-value accounting. Many critics have argued that fair-value accounting, often also called mark-to-market accounting, has significantly contributed to the financial crisis or, at least, exacerbated its severity. In this paper, we...

Persistent link: https://www.econbiz.de/10010958489