Malte Krüger geht es als Durchschnittsverdiener wie Millionen anderen Ottonormalverbrauchern: Ihm droht die Altersarmut - eine Rentenlücke von 250 000 Euro tut sich auf. Damit nicht genug, weiss er doch auch kaum etwas über Finanzen. Endstation? Nein! Als Journalist begibt er sich auf...

We show that market discipline, defined as the extent to which frm specific risk characteristics are reflected in market prices, eroded during the recent financial crisis in 2008. We design a novel test of changes in market discipline based on the relation between firm specific risk...

The Stata package “multilevel tools” (mlt) includes a range of ado-files for postestimation after multilevel models (xtmixed/xtmelogit). Up to now, it contains three commands (more ado-files will be added in the future): mltrsq gives the Boskers/Snijders R-square and the Bryk/Raudenbusch...

We show that market discipline, defined as the extent to which firm specific risk characteristics are re ected in market prices, eroded during the recent financial crisis in 2008. We design a novel test of changes in market discipline based on the relation between firm specific risk...

In this paper, we propose a novel approach on how to estimate systemic risk and identify its key determinants. For all US financial companies with publicly traded equity options, we extract their option-implied value-at-risks (VaRs) and measure the spillover effects between individual company...