Dieses Arbeitspapier untersucht, wie Immobilienunternehmen in Krisenzeiten ihre Widerstandsfähigkeit verbessern können. Im Zentrum steht die Analyse spezifischer Risiken, die durch aktuelle wirtschaftliche Herausforderungen wie steigende Zinsen, Inflation und Finanzierungsschwierigkeiten...

As climate change intensifies, countries experience varying degrees of vulnerability and resilience that influence their capacity to withstand and recover from environmental, economic, and social shocks. This study introduces the Multidimensional Vulnerability and Lack of Resilience Index...

In this paper we provide a simple and intuitive story for supply chain disruptions driven by the rigidities in the transportation sector. Focusing on maritime shipping, we argue that the frequent macroeconomic shocks that shape demand for transportation, meet a highly inelastic supply curve for...

This paper examines how firms’ exposure to supply chain disruptions (SCD) affects firm outcomes in the European Union (EU). Exploiting heterogeneous responses to workplace closures imposed by sourcing countries during the pandemic as a shock to SCD, we provide empirical evidence that firms in...

The Drought Risk and Resilience Assessment (DRRA) offers a structured methodology for evaluating drought risk and enhancing resilience. The objective is to transition from reactive to proactive drought management, reducing the impacts of droughts. When applied, a DRRA can support task teams and...

This country profile analyzes gender gaps in the disaster risk management (DRM) agenda in Jamaica that influence the exposure and vulnerability, preparedness, and coping capacity of different populations. Identified gender gaps need to be considered when preparing and implementing DRM policies,...

Purpose - This paper aims to examine how bank stress tests affect bank tax planning. Design/methodology/approach - The study uses US bank stress test bank size thresholds and a regression discontinuity design to investigate the effect of the Dodd-Frank Act and the instituted bank stress tests on...

We propose a robust semi-parametric framework for persistent time-varying extreme tail behavior, including extreme Value-at-Risk (VaR) and Expected Shortfall (ES). The framework builds on Extreme Value Theory and uses a conditional version of the Generalized Pareto Distribution (GPD) for...

We investigate how digital transformation affects corporate risk-taking by using the data of China's A-share listed companies from 2012 to 2021, and examines the mediating role of managerial ability. The results demonstrate that digital transformation is significantly and positively related to...

Amidst escalating global supply system risks and interruptions, the imperative for fortified supply networks is evident. Organizations striving for competitiveness and resilience must adeptly recognize, comprehend, and address disruptions. This study presents a three-phase digital supply chain...

This article critically reviews the 2023 banking crisis with the benefit of two years of hindsight. We highlight seven facts that depart from the standard account of the crisis that has developed. We describe the crisis as a reaction to bank business models that focused on providing banking...

This paper explores how the low-carbon transition affects firms' credit ratings and market-implied distance-to-default. We develop a novel dataset covering firms' greenhouse gas emissions alongside climate disclosure and forward-looking emission reduction targets. Panel regression analysis...

The FSAP team undertook a thorough top-down corporate and bank solvency, bank liquidity stress tests as well as analysis of interconnectedness using mid-2023 data. This note covers the methodology and results of the scenario-based solvency test, the single factor sensitivity analysis, the...

Indonesia is exposed to both climate change transition risks and physical risks. With primary energy supply heavily dominated by fossil fuels, like many other countries, and as a major exporter of coal and liquefied natural gas, Indonesia is exposed to risks from the transition toward a...

The Technical Assistance (TA) mission, conducted in Victoria, Seychelles, from May 2 to 17, 2023, assisted authorities with macroprudential stress testing and climate risk analysis. The stress testing focused on strengthening the solvency and liquidity frameworks: (i) for solvency, considering...

This study examines the role of board gender diversity in shaping cor‑ porate financial decisions, particularly in terms of debt structure and risk management. Focusing on the Tehran Stock Exchange, it explores how female representation on boards influences long‑term and short‑term...

The changing climate requires businesses to take adaptive action. A key prerequisite for optimal adaptive action is that businesses are aware of the climate risks that they face. This, in turn, necessitates that businesses do not base their risk perception solely on prior experience, or a lack...

Uncertainty affects people in various ways. It is frequently found to hinder investment and production in the economic sphere. In this study, we examine the empirical relationship between uncertainty and tolerance toward Muslims and Jews. Does uncertainty make people more or less tolerant? This...

We study the effect of climate risk on how firms organize their supply chains. We use transaction-level data on U.S. manufacturing imports to construct a novel measure of input sourcing risk based on the historical volatility of ocean shipping times. Our measure isolates the unexpected component...

We study whether and how EU banks comply with tighter macroprudential policy (MPP). Observing contractual details for more than one million securitized loans, we document an elusive risk-shifting response by EU banks in reaction to tighter loan-to-value (LTV) restrictions between 2009 and 2022....

Traditional top-down tax gap assessments identify the size of a tax gap, but not its origins. By extracting more granular information from top-down tax gap assessments, and combining this information with compliance risk management (CRM) techniques, it is possible to: improve the accuracy of CRM...