We study the unfolding of the credit crisis until 2008, and the diversity of policy responses in Germany, Ireland, and the UK. We show that although the channels through which these three European states manifested financial distress were different, the crisis evoked similar reactions by...

We analyse two-way spillover effects between sovereign ratings and bank ratings across 17 Eurozone countries for the period 2002-2013. We show that sovereign rating actions including watchlist placements and outlooks have a significant impact on bank ratings. During the financial crisis,...

We study the information content of about 3,300 global bank rating changes before and after the Lehman shock in September 2008 from an equity investor's perspective. Based on a multi-model event study approach, we find that while upgrades are not associated with significant abnormal bank stock...

We investigate information transfer effects of operational loss announcements to the announcing firm's blockholder. Based on an event study, we find that the firm-blockholder link tends to be weak for U.S. financial sector blockholders, with significant negative spillover effects occurring...

This paper studies the development of the day-of-the-week effect in German and US stock market returns over the past decades. Using an OLS regression approach, we analyse four major German stock market indices for abnormal returns on each trading day of the week, with the longest observation...

Zur Beurteilung der Wirkung von Hedgingmechanismen bei Versicherungsunternehmen – hier speziell die Absicherung von Aktienpositionen – werden wesentliche Kenngrößen der Risiko- und Ertragssteuerung über eine mittelfristige Rechnungslegungs- und Planungsperiode beobachtet und analysiert....