Recent literature has pointed out that information asymmetries may be the reason for the poor performance of structural credit risk models to fit corporate bond data. It is well known in fact that these models lead to a strong understatement of the credit spread terms structure, particularly on...

Nach langen Verhandlungen haben sich Ende Juni Bund und Länder über eine Neuregelung des Länderfinanzausgleichs und über die Einzelheiten des Solidarpakts II geeinigt Ist die neue Regelung auch auf mittlere Sicht trag fähig? Wird die Regelung dem Urteil des Bundesverfassungsgerichts vom...

This study is an empirical attempt to investigate the effects of balance sheet deterioration of Japanese firms and banks during the 1990s on credit allocation using the Short-term Economic Survey of Enterprises. This survey includes a unique item: the proportion of firms perceiving the lending...

In a long-run social experiment, personal budgets have been tested as an alternative to the home care programs of the German long-term care insurance (LTCI). Due to extending the coverage beyond LTCI approved services and agencies, personal budgets may improve care outcomes compared to the...