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Does Everyone Use Probabilities? Intuitive and Rational Decisions about Stockholding
Binswanger, Johannes; Salm, Martin - Institute for the Study of Labor (IZA) - 2013
We investigate the relationship between subjective probabilities of future stock market returns and decisions about stockholding. Specifically, we examine whether acting upon subjective probabilities is confined to individuals with high cognitive skills. We explore this question using data from...
Persistent link: https://www.econbiz.de/10010631344
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Better Means More: Property Rights and High-Growth Aspiration Entrepreneurship
Estrin, Saul; Korosteleva, Julia; Mickiewicz, Tomasz - Institute for the Study of Labor (IZA) - 2009
entrepreneurship, but has less pronounced effects for entrepreneurial entry. The availability of finance and the fiscal burden matter …
Persistent link: https://www.econbiz.de/10005015496
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Performance analysis of international mutual funds incorporating market frictions
ter Horst, Jenke; Nijman, Theo; de Roon, F.A. - Tilburg University, Center for Economic Research - 1998
Persistent link: https://www.econbiz.de/10011090489
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Decision Making in the Pension Fund Board Room : An Experiment with Dutch Pension Fund Trustees
van Dalen, H.P.; Henkens, K.; Koedijk, C.G.; Slager, A.M.H. - Tilburg University, Center for Economic Research - 2010
We ask how pension fund trustees deal with the booms and busts that funds encounter, and to what extent the decisions of pension fund trustees are affected by behavioral biases. We examine these issues by using a vignette-method field experiment among Dutch pension fund trustees. We find that...
Persistent link: https://www.econbiz.de/10011092529
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Finance and Growth for Microenterprises : Evidence from Rural China
Beck, Thorsten; Lu, L.; Yang, R. - Tilburg University, Center for Economic Research - 2013
Abstract: Using a survey dataset of Chinese rural households, we find that access to external finance is positively … associated with the decision to become entrepreneur, the initial investment for microenterprises and the use of external finance …. Also, we find that the use of informal finance is positively associated with sales growth of microenterprises with …
Persistent link: https://www.econbiz.de/10011092482
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Wealth shocks, credit-supply shocks, and asset allocation: Evidence from household and firm portfolios
Kick, Thomas; Ruprecht, Benedikt; Onali, Enrico; … - Deutsche Bundesbank - 2014
We use a unique dataset with bank clients' security holdings for all German banks to examine how macroeconomic shocks affect asset allocation preferences of households and non-financial firms. Our analysis focuses on two alternative mechanisms which can influence portfolio choice: wealth shocks,...
Persistent link: https://www.econbiz.de/10010957106
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Banks' concentration versus diversification in the loan portfolio: New evidence from Germany
Jahn, Nadya; Memmel, Christoph; Pfingsten, Andreas - Deutsche Bundesbank - 2013
Using a unique data set on German banks' sector specific loan exposures to the real economy and the corresponding write-offs and write-downs, we examine the impact of loan portfolio sector concentration on credit risk. By controlling for common risk factors, we separate the bank-specific...
Persistent link: https://www.econbiz.de/10010957127
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Bank regulation and stability: An examination of the Basel market risk framework
Alexander, Gordon J.; Baptista, Alexandre M.; Yan, Shu - Deutsche Bundesbank - 2012
In attempting to promote bank stability, the Basel Committee on Banking Supervision (2006) provides a framework that seeks to control the amount of tail risk that large banks take in their trading books. However, banks around the world suffered sizeable trading losses during the recent crisis....
Persistent link: https://www.econbiz.de/10010957130
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Banks and sovereign risk: A granular view
Buch, Claudia M.; Koetter, Michael; Ohls, Jana - Deutsche Bundesbank - 2013
In this paper, we use detailed data on the sovereign debt holdings of all German banks to analyse the determinants of sovereign debt exposures and the implications of sovereign exposures for bank risk. Our main findings are as follows. First, sovereign bond holdings are heterogeneous across...
Persistent link: https://www.econbiz.de/10010957143
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Cross-National Differences in Wealth Portfolios at the Intensive Margin: Is There a Role for Policy?
Doorley, Karina; Sierminska, Eva - Institute for the Study of Labor (IZA) - 2014
Using harmonized wealth data and a novel decomposition approach in this literature, we show that cohort effects exist in the income profiles of asset and debt portfolios for a sample of European countries, the U.S. and Canada. We find that the association between household wealth portfolios at...
Persistent link: https://www.econbiz.de/10010959745