SAP S/4 HANA schafft mit dem Universal Journal eine Datenbanktabelle (ACDOCA) welche die bisherigen Datenbasen für Accounting (FI) und Controlling (CO) zusammenführt. Damit entsteht eine einheitliche und integrierte Datenbasis (Single Source of Truth), welche die bisher notwendigen Anpassungen...

SAP S/4 HANA schafft mit dem Universal Journal eine Datenbanktabelle (ACDOCA) welche die bisherigen Datenbasen für Accounting (FI) und Controlling (CO) zusammenführt. Damit entsteht eine einheitliche und integrierte Datenbasis (Single Source of Truth), welche die bisher notwendigen Anpassungen...

In this paper I show that surprise monetary policy rate changes causally affect risk premia, exhibit significant post-FOMC announcement drifts, and are driven by both firm and and intermediary specific components. On the firm side, firms with more interest rate mismatch and lower Tobin's Q...

In this paper I study the role of banks in financing the transition to a cleaner economy. I find that as firms become more ESG-focused they increase their use of bond financing relative to bank borrowing. I match newly originated loans to existing bonds to show that the loan-bond spread...

We study the impact of digital banking on the value of the deposit franchise and the stability of the banking sector. Using the classification of digital banking in Koont (2023), we find that when the Fed funds rate increases deposits flow out faster and the cost of deposits increases more in...

We study the impact of digital banking on the value of the deposit franchise and the stability of the banking sector. Using the classification of digital banking in Koont (2023), we find that when the Fed funds rate increases deposits flow out faster and the cost of deposits increases more in...

Exchange-traded funds (ETFs) are typically viewed as passive index trackers. In contrast, we show that corporate bond ETFs actively manage their portfolios, trading off index tracking against liquidity transformation. In our model, ETFs optimally choose creation and redemption baskets that...