In recent years, the economics of migration literature has shown a substantial growth in papers exploring host country impacts beyond the labour market. Specifically, researchers have begun to shift their attention from labour market and fiscal changes, towards exploring what we might call 'the...

In the recent years the shadow banking system had moved into the focus of regulators. New regulatory approaches affected the overall appearance of financial markets. The G20 detected the shadow banking system as remaining issue for sound and efficient regulation to ensure a stable financial...

The Central and Eastern European (CEE) capital markets (of Poland, Lithuania, Latvia, Estonia, the Czech Republic, Slovakia, Hungary, Ukraine and, to a limited extent, Belarus) are gradually evolving towards increased breadth (diversity) and depth (liquidity), however, they are still exposed to...

This paper analyzes how the existence of sector funds (specialists) within a mutual fund family affects the performance and investment behavior of affiliated diversified equity funds (generalists). First of all, I show that specialists have stock picking skills. Second, information flows from...

In recent years, the economics of migration literature has shown a substantial growth in papers exploring host country impacts beyond the labour market. Specifically, researchers have begun to shift their attention from labour market and fiscal changes, towards exploring what we might call "the...

In the midst of the international financial crisis, the German federal government passed the Risk Limitation Act in autumn 2007. In spring 2008 the Bundestag has finally decided on the law. The domestic private equity/buyout providers, which have not previously been subject to banking...

Inmitten der internationalen Finanzkrise hat die Bundesregierung im Herbst 2007 das Risikobegrenzungsgesetz verabschiedet. Nun wird der Bundestag über das Gesetz entscheiden. Die einheimischen Private-Equity-/Buy-Out-Anbieter, die bislang nicht unter die Bankenaufsicht fallen, gehören zu den...

The paper provides an overview of the hedge fund industry, mainly from a financial stability and European angle. It is primarily based on an extensive analysis of information from the TASS database. On the positive side of the financial stability assessment, hedge funds have a role as providers...

In this paper we provide evidence that the post-issue accounting profitability of firms underwritten by bank affiliated underwriters that are also borrowers from the same bank in the IPO (Initial Public Offerings) year is significantly better than average, but that the stock price performance of...

On 23rd February 2017, SUERF and EY organized a conference on "Brexit and the Implications for Financial Services" at EY's offices, Churchill Place, Canary Wharf, London. While the outcome of the Brexit negotiations remains highly uncertain, the conference discussed the burning questions for...