Similar Search Results

Does it pay to have friends? Social ties and executive appointments in banking

Berger, Allen N.; Kick, Thomas; Koetter, Michael; … - Deutsche Bundesbank - 2011

Social capital theory predicts individuals establish social ties based on homophily, i.e., affinities for similar others. We exploit a unique sample to analyze how similarities and social ties affect career outcomes in banking based on age, education, gender, and employment history to examine if...

Persistent link: https://www.econbiz.de/10010954916

Bubbles and incentives: A post-mortem of the Neuer Markt in Germany

von Kalckreuth, Ulf; Silbermann, Leonid - Deutsche Bundesbank - 2010

This paper aims to shed light on some of the major allocative consequences of financial market bubbles. In March 1997, the Neuer Markt in Germany opened. Six years later, in June 2003, it closed forever. In the interim period lay the spectacular rise and fall of the first and most important...

Persistent link: https://www.econbiz.de/10008534148

A "wreckers theory" of financial distress

von Kalckreuth, Ulf - Deutsche Bundesbank - 2005

In recent years, a number of papers have established a new empirical regularity. Stocks of distressed firms vastly underperform those of financially healthy firms. It is not necessary to attribute the negative excess returns of distressed firms to inefficient or irrational markets. We show that...

Persistent link: https://www.econbiz.de/10005059016

Deriving the term structure of banking crisis risk with a compound option approach: The case of Kazakhstan

Eichler, Stefan; Karmann, Alexander; Maltritz, Dominik - Deutsche Bundesbank - 2010

We use a compound option-based structural credit risk model to infer a term structure of banking crisis risk from market data on bank stocks in daily frequency. Considering debt service payments with different maturities this term structure assigns a separate estimator for short- and long-term...

Persistent link: https://www.econbiz.de/10008595896

Updating the option implied probability of default methodology

Vilsmeier, Johannes - Deutsche Bundesbank - 2014

In this paper we 'update' the option implied probability of default (option iPoD) approach recently suggested in the literature. First, a numerically more stable objective function for the estimation of the risk neutral density is derived whose integrals can be solved analytically. Second, it is...

Persistent link: https://www.econbiz.de/10011161232

Executive board composition and bank risk taking

Berger, Allen N.; Kick, Thomas; Schaeck, Klaus - Deutsche Bundesbank - 2012

Little is known about how socioeconomic characteristics of executive teams affect corporate governance in banking. Exploiting a unique dataset, we show how age, gender, and education composition of executive teams affect risk taking of financial institutions. First, we establish that age,...

Persistent link: https://www.econbiz.de/10010957149

The success of bank mergers revisited: an assessment based on a matching strategy

Heid, Frank; Behr, Andreas - Deutsche Bundesbank - 2008

The question of whether or not mergers and acquisitions have helped to enhance banks' efficiency and profitability has … and cost efficiency. We suggest a new matching strategy to control for the selection effects arising from the fact that … positive effect on cost efficiency. Comparing our results with those obtained from a naive performance comparison of merging …

Persistent link: https://www.econbiz.de/10005082764

Evaluating the German bank merger wave

Koetter, Michael - Deutsche Bundesbank - 2005

efficiency (CE). We categorise mergers a success that fulfill simultaneously two criteria. First, merged institutes must exhibit … year above efficiency changes of non-merging banks. We employ this taxonomy to characterise (successful) mergers in terms …

Persistent link: https://www.econbiz.de/10005082779

Inefficient or just different? Effects of heterogeneity on bank efficiency scores

Bos, Jaap W. B.; Heid, Frank; Koetter, Michael; Kolari, … - Deutsche Bundesbank - 2005

affect estimated efficiency levels and rankings. We find that the level of efficiency scores is affected in the case of both … different banks as being best or worst performers. Our main conclusion is that efficiency studies in general and bank efficiency … studies in particular should account for heterogeneity across sample firms. Especially when efficiency measures are employed …

Persistent link: https://www.econbiz.de/10005082784

Accounting for distress in bank mergers

Koetter, Michael; Bos, Jaap W. B.; Heid, Frank; Kool, … - Deutsche Bundesbank - 2005

The inability of most bank merger studies to control for hidden bailouts may lead to biased results. In this study, we employ a unique data set of approximately 1,000 mergers to analyze the determinants of bank mergers. We use data on the regulatory intervention history to distinguish between...

Persistent link: https://www.econbiz.de/10005082798

1
2
3
4
5
6
7
8
Next
Last