In the recent theoretical literature on lending risk, the coordination problem in multicreditor relationships have been analyzed extensively. We address this topic empirically, relying on a unique panel data set that includes detailed credit-file information on distressed lending relationships...

This paper analyzes loan pricing when there is multiple banking and borrower distress. Using a unique data set on SME lending collected from major German banks, we can instrument for effective coordination between lenders, carrying out a panel estimation. The analysis allows to distinguish...

In the recent theoretical literature on lending risk, the coordination problem in multi-creditor relationships have been analyzed extensively. We address this topic empirically, relying on a unique panel data set that includes detailed credit-file information on distressed lending relationships...

Former studies have shown that people tend to give buying prices that are lower than selling prices. In our study we investigate if this willingness to accept and willingness to pay disparity sustains for state contingent claims. Contingent claims are defined using risky, ambiguous, and...

In subjective expected utility (SEU) the decision weights people attach to events are their beliefs about the likelihood of events. Much empirical evidence, inspired by Ellsberg (1961) and others, shows that people prefer to bet on events they know more about, even when their beliefs are held...

The "disposition effect" is the tendency to sell assets that have gained value ("winners") and keep assets that have lost value ("losers"). Disposition effects can be explained by two elements of prospect theory: The idea that people value gains and losses relative to the initial purchase price...

Competence has been recently proposed as an explanation for the degree of ambiguity aversion. Using general knowledge questions we presented subjects with simple lotteries in which they could bet on an event and against the same event. We show that the sum of certainty equivalents for both bets...

Many theories have been developed to model decision behavior under ambiguity. In this paper we empirically investigate theories which are based on non-additive probabilities, i.e. Choquet expected utility (CEU) theories. We first replicated Ellsberg-paradox behavior. Then we elicited the...

In der Bundesrepublik Deutschland stoßen Industrieansiedlungen oft auf den Widerstand der Bevölkerung. Bei der Akzeptanz einer Ansiedlung sind von den Bürgern subjektiv wahrgenommene Risiken und Nutzen der Ansiedlung von erheblicher Bedeutung. In einer Fragebogenstudie haben wir untersucht,...

Unter dem Besitztumseffekt wird die Tatsache verstanden, daß Entscheider Alternativen bezüglich eines Referenzpunktes beurteilen und dabei Verluste stärker gewichten als Gewinne. Diese unterschiedliche Beurteilung spiegelt sich auch in einer starken Diskrepanz zwischen Kauf- und Verkaufspreis...