It is assumed that the awarding of a 'systemic importance' seal by the regulator has a positive effect on the equity value of its holder. By employing an event study analysis on a new set of regulatory announcements, we find that financial market participants react to these announcements which...

Much has been written about the origins and contagious processes that led to the subprime crisis of 2007 first and to the financial crisis thereafter that characterize financial markets ever since. This retrospective is designed to illustrate that it has been human action in the very...

Unternehmen, die als Kapitalmarktneulinge liquide Mittel mithilfe von Mikroanleihen mobili­sieren wollen, treffen im traditionell durch Bankenintermediation geprägten Finanzsystem Deutschlands auf erhebliche Marktwiderstände. Ob es so zur Disintermediation kommt, hängt von der Reputation des...