This paper contributes to the literature on early warning indicators by applying a Bayesian model averaging approach. Our analysis, based on Austrian data, is carried out in two steps: First, we construct a quarterly financial stress index (AFSI) quantifying the level of stress in the Austrian...

This study analyzes the determinants of relationship banking in Germany and their impact on the firms' borrowing costs. The analysis is based on unique micro data comprising firms' balance sheet data and their lending relationships with banks. We find that the number of lending relationships...

This is the first study which analyzes the effect of relationship lending on accounting conservatism for private firms, and how this affects corporate finance. Based on a database containing the financial accounting data of approx. 8,600 private German firms, we first show that relationship...

This study analyzes the circumstances under which firms choose to have a relationship lender and under which firms switch their relationship lender. Relationship lending is measured by the largest lender's share of debt. Our study is based on a unique dataset for Germany with more than 13,000...

This paper's objective is to contribute to the evolving field of macroprudential supervision in Austria in a twofold way: First, we construct an Austrian financial stress index (AFSI) that quantifies the level of stress in the Austrian financial market. Second, drawing on supervisory,...

This paper investigates contagion in the German interbank market under the assumption of a stochastic loss given default (LGD). We combine a unique data set about the LGD of interbank loans with detailed data about interbank exposures. We find that the frequency distribution of the LGD is...

This paper examines how Basel III capital reforms affected bank lending in Ger- many. We focus on the increase of minimum risk-based capital requirements and the introduction of the leverage ratio. The announcement of stricter risk-based capital regulation significantly affected low capitalized...

This paper examines how Basel III capital reforms affected bank lending in Ger- many. We focus on the increase of minimum risk-based capital requirements and the introduction of the leverage ratio. The announcement of stricter risk-based capital regulation significantly affected low capitalized...

Kapitalstruktur erfolgreicher Venture-Capital-Investitionen: Empirische Evidenz für Deutschland Der vorliegende Beitrag untersucht, welche Finanzierungsinstrumente Venture-Capital-Gesellschaften in Deutschland einsetzen und welche Einflussfaktoren die Wahl der Finanzierungsinstrumente steuern....