We investigate whether lenders employ sustainability pricing provisions to manage borrowers’ environmental risk. Using unexpected negative environmental incidents of borrowers as exogenous shocks that reveal information on environmental risk, we find that lenders manage borrowers’...

This study examines whether the use of tax haven subsidiaries by U.S. multinational corporations (MNCs) is associated with more intense use of share buybacks and with improvement in management's ability to generating revenues. I find that MNCs' more intensive tax haven subsidiary use is...

In Deutschland wurde erstmals der antizyklische Eigenkapitalpuffer für Banken aktiviert. Die Eigenkapitalanforderungen wurden um den kleinstmöglichen Schritt erhöht. Außerdem erfolgt die Umsetzung im Vergleich zu anderen europäischen Ländern relativ spät. Dieses Muster der kleinen und...

How do the business cycle effects of loan supply shocks depend on the state of prudential regulation in the euro area? To address this question, we first identify regulatory cycles from a cumulative prudential policy index that tracks the evolution of the regulatory stance in the euro area....

We investigate whether lenders employ sustainability pricing provisions to manage borrowers' environmental risk. Using unexpected negative environmental incidents of borrowers as exogenous shocks that reveal information on environmental risk, we find that lenders manage borrowers' environmental...

How do the business cycle effects of loan supply shocks depend on the state of prudential regulation in the euro area? To address this question, we first identify regulatory cycles from a cumulative prudential policy index that tracks the evolution of the regulatory stance in the euro area....

Banking regulation invites banks to gamble when buying government bonds that regulators consider to be risk-free. The adverse effects on financial stability are known. In turn, this study shows that governments have an incentive to use banking regulation in order to enhance their fiscal...

Das Anlageverhalten der Deutschen ist sehr konservativ und führt in Zeiten niedriger Zinssätze zu geringen Renditen. Deshalb liegt es nahe, dass Vermögensbildung eines der Ziele der Staatsfonds-Modelle ist, die aktuell diskutiert werden. Vorgeschlagen werden primär an einem Zweck...

Die Ankündigung der Libra Association, mit Libra eine private globale Währung zu emittieren, hat eine heftige Debatte über die damit verbundenen Chancen und Risiken ausgelöst. Befürworter erwarten, dass Libra das Geldsystem von seinen „staatlichen Fesseln“ befreien und den...

Proposals to include adjustments such as brown penalising and green supporting factors in the prudential regulation are meant to direct bank lending towards environmentally friendly projects. However, such adjustments can blur the lines between prudential credit risk assessment and environmental...