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Comparing the value revelance of R&D reporting in Germany: standard and selection effects

Ramb, Fred; Reitzig, Markus - Deutsche Bundesbank - 2005

On the basis of accounting and market data for firms and groups listed on German stock exchanges between 1997 and 2003, we show that the value relevance of R&D information under German accounting standards can be superior to that provided by US-GAAP and IAS. The results, obtained while...

Persistent link: https://www.econbiz.de/10005083232

Who do you trust while bubbles grow and blow? A comparative analysis of the explanatory power of accounting and patent information for the market values of German firms

Reitzig, Markus; Ramb, Fred - Deutsche Bundesbank - 2004

We present a theoretical and empirical analysis of the fitness of national German (German Commercial Code - Handelsgesetzbuch (HGB)) and international (IAS and US-GAAP) accounting information, as well as European patent data to explain the market values of German manufacturing firms. For the...

Persistent link: https://www.econbiz.de/10005083258

Is proprietary trading detrimental to retail investors?

Fecht, Falko; Hackethal, Andreas; Karabulut, Yigitcan - Deutsche Bundesbank - 2013

We study a conflict of interest faced by universal banks that conduct proprietary trading alongside their retail banking services. Our dataset contains the stock holdings of each and every German bank and of their corresponding retail clients. We investigate (i) whether banks deliberately push...

Persistent link: https://www.econbiz.de/10010957122

Dependence on external finance: an inherent industry characteristic?

von Kalckreuth, Ulf; Furstenberg, George M. von - Deutsche Bundesbank - 2006

benefit unequally from a country?s level of financial development. However, the assumptions as such have not been examined …

Persistent link: https://www.econbiz.de/10005083266

An information economics perspective on main bank relationships and firm R&D

Hoewer, Daniel; Schmidt, Tobias; Sofka, Wolfgang - Deutsche Bundesbank - 2011

Information economics has emerged as the primary theoretical lens for framing financing decisions in firm R&D investment. Successful outcomes of R&D projects are either ex-ante impossible to predict or the information is asymmetrically distributed between inventors and investors. As a result,...

Persistent link: https://www.econbiz.de/10009323613

Wealth shocks, credit-supply shocks, and asset allocation: Evidence from household and firm portfolios

Kick, Thomas; Ruprecht, Benedikt; Onali, Enrico; … - Deutsche Bundesbank - 2014

affect asset allocation preferences of households and non-financial firms. Our analysis focuses on two alternative mechanisms … the Eurozone crisis, non-financial firms with similar levels of holdings from stressed Eurozone countries do not. Credit …-supply shocks at the bank level (caused by bank distress) result in lower concentration, for both households and non-financial …

Persistent link: https://www.econbiz.de/10010957106

Collateral requirements and asset prices

Brumm, Johannes; Grill, Michael; Kubler, Felix; … - Deutsche Bundesbank - 2013

Many assets derive their value not only from future cash flows but also from their ability to serve as collateral. In this paper, we investigate this collateral value and its impact on asset returns in an infinite-horizon general equilibrium model with heterogeneous agents facing collateral...

Persistent link: https://www.econbiz.de/10010957121

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

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

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