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Is proprietary trading detrimental to retail investors?
Fecht, Falko; Hackethal, Andreas; Karabulut, Yigitcan - 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/10010202878
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Updating the option implied probability of default methodology
Vilsmeier, Johannes - 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,...
Persistent link: https://www.econbiz.de/10010471968
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What are the real effects of financial market liquidity? : evidence on bank lending from the euro area
Dombret, Andreas R.; Foos, Daniel; Pliszka, Kamil; … - 2018
We analyze the impact of market liquidity on bank lending in the euro area for different segments over the period 2003 … to 2016. Our results on the aggregate level show that market liquidity is positively related to loan volumes and … liquidity has an asymmetric effect on bank lending: The negative impact of a reduction in liquidity is more significant than the …
Persistent link: https://www.econbiz.de/10011897986
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Redemptions and asset liquidations in corporate bond funds
Dötz, Niko; Weth, Mark - 2019
Mutual funds' exposure to corporate bonds has brought concerns about risks arising from liquidity transformation back … to the fore. With a focus on fund asset liquidity and investors, this paper explores the flow-performance relationship … and the liquidity management of funds in the presence of net redemptions. We highlight the response of fund liquidity …
Persistent link: https://www.econbiz.de/10011995042
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Determinants of acquisition and failure : stylized facts and lessons for empirical studies
Köke, F. Jens - 2001
This study provides new stylized facts on the determinants of corporate failure and acquisition in Germany. It also offers important lessons for the design of empirical studies. We show that firms experiencing failure or acquisition are significantly different from surviving firms on a number of...
Persistent link: https://www.econbiz.de/10013428411
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Product market competition, corporate governance and firm performance : an empirical analysis for Germany
Januszewski, Silke I. - 1999
comparison with the United States. It has been argued that lack of product market competition and poor corporate governance are … econometric analysis of firm performance in Germany. Based on a unique panel data set with detailed information on almost 400 …
Persistent link: https://www.econbiz.de/10013428290
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Corporate monitoring by blockholders in Europe : empirical evidence of managerial disciplining in Belgium, France, Germany, and the UK
Dherment-Ferere, Isabelle - 2001
This study examines managerial disciplining in poorly performing firms using large panels for Belgian, French, German and UK firms. We consider the monitoring role of large blockholders, the market for share blocks, creditors, and non-executive directors. Board restructuring is correlated to...
Persistent link: https://www.econbiz.de/10013428410
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Market discipline across bank governance models : empirical evidence from German depositors
Arnold, Eva; Größl, Ingrid; Koziol, Philipp - 2015
German savers are renowned for preferring safe, long-term investments, thus providing patient capital, with bank deposits playing an important role. Using a comprehensive data set for the German banking sector, we examine whether German depositors are really that patient, abstaining from any...
Persistent link: https://www.econbiz.de/10011285397
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Do natural resource sectors rely less on external finance than manufacturing sectors?
Hattendorff, Christian - 2012
aims to close this gap in its analysis. It rejects the common view that the natural resource industry in particular is less … dependent on the financial system, and finds that the results of the analysis depend on the specific measure being applied …-term liquidity needs demonstrate rather low external dependence of natural resource firms. These results do not change considerably …
Persistent link: https://www.econbiz.de/10009580846
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Interest rate shocks, competition and bank liquidity creation
Kick, Thomas - 2022
We study the effects of interest rate shocks (IRS) on banks’ liquidity creation. A unique supervisory data set from the … Deutsche Bundesbank allows identifying banks’ liquidity creation for the real economy and the effects of banking market … model. We find that higher individual pricing power in the market lowers banks’ liquidity creation, which is in line with …
Persistent link: https://www.econbiz.de/10013184357