This paper provides new insights into the use of loan securitization. We analyze collateralized loan obligation (CLO) transactions by European banks from 1997 to 2004 and try to identify the influence that various firm-specific and macroeconomic factors may have on an institution's...

In May 2004 the CFO Forum harmonized the various efforts of reporting the embedded valueof life insurance companies by issuing the European Embedded Value (EEV) Principles.In this working paper a methodology is proposed to derive a maximum lending amountfrom EEV figures without much additional...

Neuroeconomics stays in the center of the ongoing naturalistic turn in economics. It portrays the individual as a complex system of decision making mechanisms and modules. This results into a conceptual tension with the standard economic notion of the unity of the actor that is a systemic...

Merger and acquisition activities can have a strong impact on the capital structure of the companies involved and therefore on the value of debt. This paper discusses the role of covenants within debt contracts. Using the Real Option approach to quantify the implications of covenants on the...

Der Euro ist eine welthistorische Premiere. Noch niemals haben politisch unabhängige Staaten in diesem Umfang ihre Währungshoheit zu Gunsten einer gemeinsamen Währung aufgegeben. Auch das Europäische System der Zentralbanken (ESZB) und die Europäische Zentralbank (EZB) betreten Neuland mit...

Within the last decade, credit risk management of financial institutions has been subject to major changes due to the development of the credit derivatives market. In the past, financial institutions merely had the possibility to manage their credit portfolio by either approving or refusing a...

Tax fraud is a serious problem for fiscal authorities worldwide, not only in countries regarded as hightax like Germany. Besides longterm tax reforms, tax amnesties are used to bring back taxable amounts into the legal sector. The German tax amnesty of 2004/2005 was one of the last examples in...

This paper shows that Economic Value Added (EVA) can be used to optimize the performance of european share investements. Investing in the top third relative EVA performers, leads to a significant outperformance. This is true for market and sektor investments. The best results were found for...

The purpose of this study is to investigate the dynamic relationships between some key variables for the euro area by means of a systems approach (i.e. so-called Vector Autoregression) and to simulate their responses with respect to monetary policy shocks. The main result is that rather simple...

This paper investigates the intraday response of T-bond futures prices to surprises in headline figures of U.S. macroeconomic reports. Analyzing the time series properties and the information content of the macroeconomic news flow, the paper seeks an answer to the question, what determines the...