Based on a detailed trade-level dataset, we analyze the proprietary trading behavior of German banks in the months … German banking system that was both unexpected and exogenous. We examine banks' immediate reactions as well as their … banks' trading behavior by inducing shifts towards eligible securities and reducing pressure on market liquidity. This …

Based on a detailed trade-level dataset, we analyze the proprietary trading behavior of German banks in the months … German banking system that was both unexpected and exogenous. We examine banks' immediate reactions as well as their … banks' trading behavior by inducing shifts towards eligible securities and reducing pressure on market liquidity. This …

Based on a detailed trade-level dataset, we analyze the proprietary trading behavior of German banks in the months … German banking system that was both unexpected and exogenous. We examine banks' immediate reactions as well as their … banks' trading behavior by inducing shifts towards eligible securities and reducing pressure on market liquidity. This …

Lecture on the first SFB/TR 15 meeting, Gummersbach, July, 18 - 20, 2004The explicit or implicit protection of banks … unambiguously leads to higher risk-taking at those banks that do not enjoy a bail-out guarantee. The reason is that the prospect of …

This paper shows that the abolition of state guarantees to publicly owned banks in Germany resulted in an increase in … funding costs at German savings banks. Rather than being the result of increased market discipline, the increase in funding …

This paper shows that bonus contracts may arise endogenously as a response to agency problems within banks, and …

We analyze the reactions of stock returns and CDS spreads of banks from Europe and the United States to four major … national level. All reforms succeeded in reducing bail-out expectations, especially for systemic banks. However, banks …

We analyze capital requirements if banks compete for loans and deposits. Banks and firms are subject to a risk …-shifting problem. The ambiguous effect of competition on banks’ risk-taking translates into an ambiguous effect of capital requirements …

We analyze the reaction of stock returns and CDS spreads of banks from Europe and the United States to four major … national level. All reforms succeeded in reducing bail-out expectations, especially for systemic banks. However, banks …

captured by the financial sector. We present a micro-founded model with rational agents in which banks may capture regulators … due to their high degree of sophistication. Banks can search for arguments of differing complexity against regulation … concerns prevent the regulator from admitting this, hence he rubber-stamps even bad banks, which leads to inefficiently low …