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Klishchuk, Bogdan - 2019

Arguing that in the real world relatively optimistic inexperienced investors are prey for relatively pessimistic veteran traders, we formalize this intuitive conjecture as a proven proposition in a simple model. This agreement to disagree leads to a perpetual bubble, in which more experienced,...

Persistent link: https://www.econbiz.de/10012064782

Dynamic screening with verifiable bankruptcy

Krähmer, Daniel; Strausz, Roland - 2022

We consider a dynamic screening model where the agent may go bankrupt due to, for example, cash constraints. We model bankruptcy as a verifiable event that occurs whenever the agent makes a per period loss. This leads to less stringent truth-telling constraints than those considered in the...

Persistent link: https://www.econbiz.de/10014476119

Who shows solidarity with the irresponsible?

Bolle, Friedel; Costard, Jano - 2013

In the Solidarity game lucky winners of a lottery can transfer part of their income to unlucky losers. Will losers get smaller transfers if they can be assumed to be responsible for their zero income because they have chosen riskier lotteries? Or will risk-lovers and riskaverters favor those who...

Persistent link: https://www.econbiz.de/10009782666

Expectations of reciprocity when competitors share information : experimental evidence

Ganglmair, Bernhard; Holcomb, Alex; Myung, Noah - 2019

Informal exchange of information among competitors has been well-documented in a variety of industries, and one's expectation of reciprocity shown to be a key determinant. We use an indeterminate horizon centipede game to establish a feedback loop in the laboratory and show that an individual's...

Persistent link: https://www.econbiz.de/10012055632

Personality traits across the life cycle : disentangling age, period, and cohort effects

Fitzenberger, Bernd; Mena, Gary; Nimczik, Jan Sebastian; … - 2019

Despite the importance for socio-economic outcomes, there is an ongoing debate about the stability of personality traits over the life cycle. By disentangling age, period and cohort influences on personality traits, this paper adds to the existing empirical contributions, which often focus on...

Persistent link: https://www.econbiz.de/10012139018

What do economists tell us about venture capital contracts

Tykvová, Tereza - 2000

Venture capital markets are characterized by multiple incentive problems and asymmetric information in an uncertain environment. All kinds of agency problems are present: moral hazard, adverse selection, hold-up problems, window dressing, etc. Entrepreneurs and venture capitalists enter into...

Persistent link: https://www.econbiz.de/10013428358

A network view on interbank market freezes

Gabrieli, Silvia; Georg, Co-Pierre - 2014 - This version: December 2014

We study the liquidity allocation among European banks around the Lehman insolvency using a novel dataset of all … segment become sensitive to counterparty characteristics and banks start hoarding liquidity by shortening the maturity of … their interbank lending. This aggregate change in liquidity reallocation is accompanied by a substantial structural change …

Persistent link: https://www.econbiz.de/10010471923

OTC discount

Roure, Calebe de; Mönch, Emanuel; Pelizzon, Loriana; … - 2019

We study price dispersion and venue choice in the interdealer market for German sovereign bonds, where an exchange and over-the-counter segments coexist. We show that 85% of OTC traded prices are favorable with respect to exchange quotes, indicating the prevalence of an OTC discount. This...

Persistent link: https://www.econbiz.de/10012125222

Safe asset shortage and collateral reuse

Jank, Stephan; Mönch, Emanuel; Schneider, Michael - 2021

The reuse of collateral can support the efficient allocation of assets in the financial system. Exploiting a novel dataset, we quantify banks’ collateral reuse at the security level. We show that banks substantially increase their reuse of collateral in response to scarcity induced by central...

Persistent link: https://www.econbiz.de/10012651538

Contagious zombies

Bittner, Christian; Fecht, Falko; Georg, Co-Pierre - 2021

Does banks' zombie lending induced by unconventional monetary policy also allow zombie firms to leverage their trade credit borrowing? We first provide evidence suggesting that - even in Germany - particularly weak banks used the European Central Bank's very long-term refinancing operations...

Persistent link: https://www.econbiz.de/10012516267

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