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Complementarity and Financial Systems
Hackethal, A.; Tyrell, Marcel - 1999
Individual financial systems can be understood as very specific configurations of certain key elements. Often these configurations remain unchanged for decades. We hypothesize that there is a specific relationship between key elements, namely that of complementarity. Thus, complementarity seems...
Persistent link: https://www.econbiz.de/10010316267
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The Theory of Financial Intermediation: An Essay On What It Does (Not) Explain
Scholtens, Bert; van Wensveen, Dick - 2003
This essay reflects upon the relationship between the current theory of financial intermediation and real …-world practice. Our critical analysis of this theory leads to several building blocks of a new theory of financial intermediation …. Current financial intermediation theory builds on the notion that intermediaries serve to reduce transaction costs and …
Persistent link: https://www.econbiz.de/10011689907
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Fintechs: Chancen für die KMU-Finanzierung?
Korus, Arthur; Löher, Jonas; Nielen, Sebastian; … - 2021
Die Studie untersucht die Potenziale von Fintechs für kleine und mittlere Unternehmen (KMU). Fintechs bringen Kapitalangebot und -nachfrage oftmals effizienter zusammen als Banken. Ihre Lösungen können in Einzelfällen Finanzierungsgeschwindigkeiten beschleunigen, Kreditkonditionen verbessern...
Persistent link: https://www.econbiz.de/10012608392
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Market discipline across bank governance models: Empirical evidence from German depositors
Arnold, Eva A.; Größl, Ingrid; Koziol, Philipp - 2015
German savers are renowned for preferring safe, long-term investments, thus providing patient capital, with bank deposits playing an important role. Using a unique data set provided by the Deutsche Bundesbank for German banks, we examine whether German depositors are really that patient,...
Persistent link: https://www.econbiz.de/10011341023
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Asymmetric information and roll-over risk
König, Philipp; Pothier, David - 2014
How do banks choose their debt maturity structure when credit markets are subject to information frictions? This paper proposes a model of equilibrium maturity choice with asymmetric information and endogenous roll-over risk. We show that in the presence of public signals about firms'...
Persistent link: https://www.econbiz.de/10010332848
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Market discipline across bank governance models: Empirical evidence from German depositors
Arnold, Eva A.; Größl, Ingrid; Koziol, Philipp - 2015
German savers are renowned for preferring safe, long-term investments, thus providing patient capital, with bank deposits playing an important role. Using a comprehensive data set for the German banking sector, we examine whether German depositors are really that patient, abstaining from any...
Persistent link: https://www.econbiz.de/10011286343
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Why Do Firms Pay for Liquidity Provision in Limit Order Markets?
Skjeltorp, Johannes A.; Ødegaard, Bernt Arne - 2010
In recent years, a number of electronic limit order markets have reintroduced market makers for some securities (Designated Market Makers). This trend has mainly been initiated by financial intermediaries and listed firms themselves, without any regulatory pressure. In this paper we ask why...
Persistent link: https://www.econbiz.de/10012143746
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Central counterparties
Koeppl, Thorsten V.; Monnet, Cyril - 2008
Central counterparties (CCPs) have increasingly become a cornerstone of financial markets infrastructure. We present a model where trades are time-critical, liquidity is limited and there is limited enforcement of trades. We show a CCP novating trades implements efficient trading behaviour. It...
Persistent link: https://www.econbiz.de/10010303758
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Different risk-adjusted fund performance measures: a comparison
Grau-Carles, Pilar; Sainz, Jorge; Otamendi, Javier; … - 2009
-Fisher expansion and on the extreme value theory. Moreover, we construct a performance index similar to the Sharpe ratio using these …
Persistent link: https://www.econbiz.de/10010299556
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Risk in dynamic arbitrage: Price effects of convergence trading
Kondor, Péter - 2006
This paper studies the adverse price effects of convergence trading. I assume two assets with identical cash flows traded in segmented markets. Initially, there is gap between the prices of the assets, because local traders’ face asymmetric temporary shocks. In the absence of arbitrageurs, the...
Persistent link: https://www.econbiz.de/10010322491