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Who is afraid of political risk? : multinational firms and their choice of capital structure

Kesternich, Iris; Schnitzer, Monika - 2009

political risk. We focus on two choice variables, the leverage and the ownership structure of the foreign affiliate, and we … leverage can both increase or decrease, depending on the type of political risk. Using the Microdatabase Direct Investment of … ; capital structure ; leverage ; ownership structure ; foreign affiliates …

Persistent link: https://www.econbiz.de/10003811124

Contingent capital to strengthen the private safety net for financial institutions : cocos to the rescue?

Von Furstenberg, George M. - 2011

voluntary or mandated addition of contingently convertible debt securities to their long-term financing mix. I model the …

Persistent link: https://www.econbiz.de/10008841717

Extraordinary measures in extraordinary times : public measures in support of the financial sector in the EU and the United States

Stolz, Stéphanie Marie; Wedow, Michael - 2010

The extensive public support measures for the financial sector have been key for the management of the current financial crisis. This paper gives a detailed description of the measures taken by central banks and governments and attempts a preliminary assessment of the effectiveness of such...

Persistent link: https://www.econbiz.de/10003986824

Banking globalization, monetary transmission and the lending channel

Cetorelli, Nicola (contributor); … - 2008

The globalization of banking in the United States is influencing the monetary transmission mechanism both domestically and in foreign markets. Using quarterly information from all U.S. banks filing call reports between 1980 and 2005, we find evidence for the lending channel for monetary policy...

Persistent link: https://www.econbiz.de/10003770968

Determinants for using visible reserves in German banks : an empirical study

Bornemann, Sven; Homölle, Susanne; Hubensack, Carsten; … - 2009

The German Commercial Code ("HGB") allows banks to build visible reserves for general banking risks according to section 340g HGB. These "GBR reserves" may, in addition to their risk provisioning function, be used to enhance capital endowment, for internal financing, signaling or earnings...

Persistent link: https://www.econbiz.de/10003882961

The dependency of the banks' assets and liabilities : evidence from Germany

Memmel, Christoph; Schertler, Andrea - 2009

Developments in risk-transfer instruments and risk management techniques in the last two decades have fundamentally changed how banks manage their assets and liabilities. In this document we show that, for all three sectors of German universal banks (private commercial banks, savings banks, and...

Persistent link: https://www.econbiz.de/10003891984

Income diversification in the German banking industry

Busch, Ramona; Kick, Thomas - 2009

In the last few years it has been possible to observe decreasing interest margins for German universal banks. At the same time, institutions increasingly moved part of their business from interest to fee-earning activities. This study analyzes the determinants of non-interest income and its...

Persistent link: https://www.econbiz.de/10003871368

The price impact of lending relationships

Stein, Ingrid - 2011

This study analyzes the impact of bank relationships on a firm’s cost of debt. We focus on relationships with the main … bank. We find that a firm’s cost of debt decreases with relationship strength, proxied by the share of bank debt provided …-dependent borrowers face a significant premium after several relationship years. Moreover, cost of debt increases with concentration in …

Persistent link: https://www.econbiz.de/10008906017

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

Kalckreuth, Ulf von; Silbermann, Leonid - 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/10008653397

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

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

market data on bank stocks in daily frequency. Considering debt service payments with different maturities this term …

Persistent link: https://www.econbiz.de/10003962240