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The Determinants of Capital Structure: Some Evidence from Banks

Heider, Florian; Gropp, Reint - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2008

This paper documents that standard cross-sectional determinants of firm leverage also apply to the capital structure of …

Persistent link: https://www.econbiz.de/10005097682

Return and risk of human capital contracts

Kroencke, Tim A.; Muehler, Grit; Sprietsma, Maresa - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013

Human capital contracts give private investors the right to share of students' future earnings in return for a financial contribution during their studies. Although still rarely used, human capital contracts could not only help to completement limited public funding for higher education but...

Persistent link: https://www.econbiz.de/10010957606

Volatilitätseffekte am US-amerikanischen Häusermarkt

Schindler, Felix - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2009

Renditeverteilung existieren und sich überwiegend auch ein Leverage-Effekt identifizieren lässt. Durch eine ARMA …

Persistent link: https://www.econbiz.de/10008533675

International diversification benefits with foreign exchange investment styles

Kroencke, Tim Alexander; Schindler, Felix; Schrimpf, Andreas - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011

This paper provides a comprehensive analysis of portfolio choice with popular foreign exchange (FX) investment styles such as carry trades and strategies commonly known as FX momentum, and FX value. We investigate if diversification benefits can be achieved by style investing in FX markets...

Persistent link: https://www.econbiz.de/10009003568

International diversification with securitized real estate and the veiling glare from currency risk

Kroencke, Tim Alexander; Schindler, Felix - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011

This paper analyzes diversification benefits from international securitized real estate in a mixed-asset context. We apply regression-based mean-variance efficiency tests, conditional on currency-unhedged and fully hedged portfolios to account for foreign exchange risk exposure. From the...

Persistent link: https://www.econbiz.de/10008869221

Forecaster overconfidence and market survey performance

Deaves, Richard; Lei, Jin; Schröder, Michael - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2015

We document using the ZEW panel of German stock market forecasters that weak forecasters tend to be overconfident in the sense that they provide extreme forecasts and their confidence intervals are less likely to contain eventual realizations. Moderate filters based on forecast accuracy over...

Persistent link: https://www.econbiz.de/10011269118

The European Commission and EUA prices: a high-frequency analysis of the EC's decisions on second NAPs

Rotfuß, Waldemar; Conrad, Christian; Rittler, Daniel - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2009

This paper empirically examines price formation in the European Union Emissions Trading Scheme (EU ETS). Our analysis shows that unexpected allocations of European Union Allowances (EUAs) lead to pronounced price reactions of the expected signs. Moreover, we find evidence that the adjustment of...

Persistent link: https://www.econbiz.de/10008533676

Higher-order beliefs among professional stock market forecasters: some first empirical tests

Rangvid, Jesper; Schmeling, Maik; Schrimpf, Andreas - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2009

A sizeable literature reports that financial market analysts and forecasters herd for reputational reasons. Using new data from a large survey of professional forecasters' expectations about stock market movements, we find strong evidence that the expected average of all forecasters' forecasts...

Persistent link: https://www.econbiz.de/10005027063

Prices, debt and market structure in an agent-based model of the financial market

Fischer, Thomas; Riedler, Jesper - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2012

emerges and that higher levels of leverage lead to a greater inequality among agents. When further analyzing the relationship … between leverage and balance sheets, we observe that decreasing credit frictions result in an increasingly procyclical … behavior of leverage, which is typical for investment banks. We show how decreasing credit frictions increase volatility but …

Persistent link: https://www.econbiz.de/10010957621

Prices, debt and market structure in an agent-based model of the financial market

Fischer, Thomas; Riedler, Jesper - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013

higher levels of leverage lead to a greater inequality among agents. Furthermore, greater leverage increases the frequency of … key difference in the relation between leverage and assets observed for different bank types. Lowering credit frictions … leads to an increasingly procyclical behavior of leverage, which is typical for investment banks. Nevertheless, the impact …

Persistent link: https://www.econbiz.de/10010957716