The economic literature has remarked on the stability of the German labor market, despite the severe impact of the pandemic induced recession. So, what factors contributed to this stability? The literature stresses the use of internal flexibility on firm level - reducing working hours and...

We present a statistical test for the long-term calibration in rating systems that can deal with overlapping time windows as required by the guidelines of the European Banking Authority (EBA), which apply to major financial institutions in the European System. In accordance with regulation,...

The rapid development of cryptocurrencies motivates us to examine the factors that drive cryptocurrency prices. Using Google attention innovation ($GAI$) to measure network hype or investor speculation, this paper investigates the effect of network hype in the cryptocurrency market and proposes...

This paper suggests a framework to organically quantify and measure a firm’s strategic and operational environmental, social, and governance (ESG) activities. Using the standard profit and loss statement, the framework is a guide through each financial line item, analysing incremental...

Recognizing the profound influence of geopolitical risks and world uncertainty on financial investment behaviour, this study uses a comprehensive approach to assess the impact of rising geopolitical risk on sovereign debt holdings for a panel of 24 OECD economies from Q1 2004 to Q4 2023. To do...

Serfling (2016) examines how the increase in firing costs impacts the capital structure decisions of firms and hypothesizes that higher firing costs of labor lead to a decline in a firm’s financial leverage use by directly increasing its distress costs and indirectly lifting its operating...

To understand the disruption and implications of distributed ledger technologies for financial reporting and auditing, we analyze firm misreporting, auditor monitoring and competition, and regulatory policy in a unified model. A federated blockchain for financial reporting and auditing can...

Secured lenders have recently demanded a new condition in distressed debt restructurings: competing secured lenders must lose priority. We model the implications of this "creditor-on-creditor violence" trend. In our dynamic model, secured lenders enjoy higher priority in default. However,...