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How smart are investors after the subprime mortgage crisis? Evidence from the securitization market
Gürtler, Marc; Hibbeln, Martin - 2012
Two factors have proven to be strongly relevant for the subprime mortgage crisis. The first is the lack of screening incentives of originators, which had not been anticipated by investors. The second is that investors relied too much on credit ratings. We examine whether investors have learned...
Persistent link: https://www.econbiz.de/10010309795
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How smart are investors after the subprime mortgage crisis? : evidence from the securitization market
Gürtler, Marc; Hibbeln, Martin - 2012
Two factors have proven to be strongly relevant for the subprime mortgage crisis. The first is the lack of screening incentives of originators, which had not been anticipated by investors. The second is that investors relied too much on credit ratings. We examine whether investors have learned...
Persistent link: https://www.econbiz.de/10009569587
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How smart are investors after the subprime mortgage crisis? Evidence from the securitization market
Gürtler, Marc; Hibbeln, Martin - Department Wirtschaftswissenschaften, Technische … - 2012
Two factors have proven to be strongly relevant for the subprime mortgage crisis. The first is the lack of screening incentives of originators, which had not been anticipated by investors. The second is that investors relied too much on credit ratings. We examine whether investors have learned...
Persistent link: https://www.econbiz.de/10010985511
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Crunch time : a policy to avoid the "announcement effect" when terminating a subsidy
Gürtler, Marc; Sieg, Gernot - 2008 - [Elektronische Ressource]
If the government announces the termination of a subsidy paid for an irreversible investment under uncertainty …, investors might decide to realize their investment so as to obtain the subsidy. These investors might have postponed an … investment if future payment were assured. Depending on the degree of uncertainty and the time preference, the termination of the …
Persistent link: https://www.econbiz.de/10003766754
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Crunch time : a policy to avoid the "announcement effect' when terminating a subsidy
Gürtler, Marc; Sieg, Gernot - In: German economic review 11 (2010) 1, pp. 25-36
Persistent link: https://www.econbiz.de/10003945952
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Crunch time : the optimal policy to avoid the "Announcement Effect" when terminating a subsidy
Gürtler, Marc; Sieg, Gernot - 2006 - This Version: 2007-02-28
We are considering for examination an Irreversible Investment under Uncertainty, subsidized by the government. If the … government announces the termination of a form of subsidization, investors may decide to realize their investment in order to … obtain the subsidy. These investors might have postponed an investment if future payment were assured. Depending on the …
Persistent link: https://www.econbiz.de/10009487264
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Crunch Time : A Policy to Avoid the ‘Announcement Effect’ When Terminating a Subsidy
Gürtler, Marc - 2011
If the government announces the termination of a subsidy paid for an irreversible investment under uncertainty …, investors might decide to realize their investment so as to obtain the subsidy. These investors might have postponed an … investment if future payment were assured. Depending on the degree of uncertainty and the time preference, the termination of the …
Persistent link: https://www.econbiz.de/10013119932
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Systematic credit cycle risk of financial collaterals: Modelling and evidence
Gürtler, Marc; Heithecker, Dirk - 2005
According to the new capital adequacy framework (Basel II) finally adopted by the Basel Committee in June 2004 the eligibility of collaterals, especially financial collaterals, is extended in comparison to the existing rules. However, financial assets are valued conservatively in the credit...
Persistent link: https://www.econbiz.de/10010307935
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Der Haftungsbeitrag des Eigenkapitals bei Kreditgeschäften im Rahmen der Marktzinsmethode
Gürtler, Marc; Heithecker, Dirk - 2005
Die Eigenkapitalunterlegungspflicht von Kreditgeschäften von Banken erfolgt mit der Einführung der im Juni 2004 verabschiedeten neuen Eigenkapitalrichtlinien (Basel II) maßgeblich auf Grundlage des durch den Kreditnehmer induzierten Verlustrisikos. Dies ermöglicht, die...
Persistent link: https://www.econbiz.de/10010307936
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Das Qualitätsmanagement und Ratingindikatoren von SDAX Unternehmen
Gürtler, Marc; Schunck, Stefan - 2005
Der Beitrag behandelt die erst kürzlich in der Zeitschrift Die Betriebswirtschaft durch Haller (2004) aufgeworfene Frage, ob und inwiefern ein funktionierendes Qualitätsmanagement Einfluss auf die Wirtschaftlichkeit von deutschen Unternehmen nimmt. Konkret wird im Rahmen einer empirischen...
Persistent link: https://www.econbiz.de/10010307939