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Displaying results 1 to 25 of 49.

  1. Peer effects and risk sharing in experimental asset markets
    Author: Gortner, Paul; Weele, Joël J. van der
    Published: [2019]
    Publisher:  Tinbergen Institute, Amsterdam, The Netherlands

    We investigate the effect of introducing information about peer portfolios in an experimental Arrow-Debreu economy. Confirming the prediction of a general equilibrium model with inequality averse preferences, we find that peer information leads to... more

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    We investigate the effect of introducing information about peer portfolios in an experimental Arrow-Debreu economy. Confirming the prediction of a general equilibrium model with inequality averse preferences, we find that peer information leads to reduced variation in payoffs within peer groups. Information also improves risk sharing, as the data suggests that experiencing earnings deviations from peers induces a shift to more balanced portfolios. In a treatment where we highlight the highest earner, we observe a reduction in risk sharing, while highlighting the lowest earner has no effects compared to providing neutral information. Our results indicate that the presence of social information and its framing is an important determinant of equilibrium in financial markets.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/205317
    Series: Array ; TI 2019, 027
    Subjects: peer effects; laboratory experiments; risk taking; asset markets
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  2. Ownership, wealth, and risk taking
    evidence on private equity fund managers
    Author: Thorburn, Karin S.; Bienz, Carsten; Walz, Uwe
    Published: 21 August 2019
    Publisher:  Centre for Economic Policy Research, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP13944
    Subjects: Private equity; buyouts; incentives; general partner; ownership; risk taking; wealth
    Scope: 1 Online-Ressource (circa 36 Seiten)
  3. Profit taxation and bank risk taking
    Author: Kogler, Michael
    Published: 2019
    Publisher:  School of Economics and Political Science, Department of Economics, University of St.Gallen, St. Gallen

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    Language: English
    Media type: Book
    Format: Online
    Series: Discussion paper / University of St.Gallen, School of Economics and Political Science, Department of Economics ; no. 2019, 18 (December 2019)
    Subjects: Corporate taxation; tax reform; banking; risk taking; financial stability
    Scope: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  4. Ownership, wealth, and risk taking
    evidence on private equity fund managers
    Author: Bienz, Carsten; Thorburn, Karin S.; Walz, Uwe
    Published: [2020]
    Publisher:  Leibniz Institute for Financial Research SAFE, Sustainable Architecture for Finance in Europe, Frankfurt am Main

    We examine the incentive effects of private equity (PE) professionals' ownership in the funds they manage. In a simple model, we show that managers select less risky firms and use more debt financing the higher their ownership. We test these... more

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    We examine the incentive effects of private equity (PE) professionals' ownership in the funds they manage. In a simple model, we show that managers select less risky firms and use more debt financing the higher their ownership. We test these predictions for a sample of PE funds in Norway, where the professionals' private wealth is public. Consistent with the model, firm risk decreases and leverage increases with the manager's ownership in the fund, but largely only when scaled with her wealth. Moreover, the higher the ownership, the smaller is each individual investment, increasing fund diversification. Our results suggest that wealth is of first order importance when designing incentive contracts requiring PE fund managers to coinvest.

     
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    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/225337
    Series: SAFE working paper ; no. 126
    Subjects: Private equity; buyouts; incentives; general partner; ownership; risk taking; wealth
    Scope: 1 Online-Ressource (circa 35 Seiten)
  5. Equal opportunities for all?
    how income redistribution promotes support for economic inclusion
    Author: Reindl, Ilona; Tyran, Jean-Robert
    Published: [2020]
    Publisher:  Department of Economics, University of Copenhagen, Copenhagen, Denmark

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    Language: English
    Media type: Book
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    Series: Discussion papers / Department of Economics, University of Copenhagen ; no. 20, 07
    Subjects: laboratory experiment; income redistribution; economic inclusion; equality of opportunity; investment; risk taking
    Scope: 1 Online-Ressource (circa 37 Seiten), Illustrationen
  6. Deposit insurance, moral hazard and bank risk
    Author: Karas, Alexei; Pyle, William; Schoors, Koen
    Published: January 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    Using evidence from Russia, we explore the effect of the introduction of deposit insurance on bank risk. Drawing on variation in the ratio of firm deposits to total household and firm deposits before the announcement of deposit insurance, so as to... more

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    Using evidence from Russia, we explore the effect of the introduction of deposit insurance on bank risk. Drawing on variation in the ratio of firm deposits to total household and firm deposits before the announcement of deposit insurance, so as to capture the magnitude of the decrease in market discipline after the introduction of deposit insurance, we demonstrate that larger declines in market discipline generate larger increases in traditional measures of risk. These results hold in a difference-in-difference setting in which private domestic banks serve as the treatment group and state and foreign-owned banks, whose deposit insurance regime does not change, serve as a control group.

     
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    Language: English
    Media type: Book
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    hdl: 10419/232464
    Series: CESifo working paper ; no. 8867 (2021)
    Subjects: deposit insurance; market discipline; moral hazard; risk taking; banks; Russia
    Scope: 1 Online-Ressource (circa 30 Seiten), Illustrationen
  7. Profit taxation and bank risk taking
    Author: Kogler, Michael
    Published: January 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    How can tax policy improve financial stability? Recent studies suggest large stability gains from eliminating the debt bias in corporate taxation. It is well known that this reform reduces bank leverage. This paper analyzes a novel, complementary... more

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    How can tax policy improve financial stability? Recent studies suggest large stability gains from eliminating the debt bias in corporate taxation. It is well known that this reform reduces bank leverage. This paper analyzes a novel, complementary channel: risk taking. We model banks' portfolio choice under moral hazard and emphasize the "incentive function" of equity. We find that (i) an allowance for corporate equity (ACE) and a lower tax rate discourage risk taking and offer stability and welfare gains, (ii) a revenue-neutral ACE unambiguously improves financial stability, and (iii) capital regulation and deposit insurance influence the risk-taking effects of taxation.

     
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    Language: English
    Media type: Book
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    hdl: 10419/232427
    Series: CESifo working paper ; no. 8830 (2021)
    Subjects: corporate taxation; tax reform; banking; risk taking; financial stability
    Scope: 1 Online-Ressource (circa 58 Seiten), Illustrationen
  8. Essays on behavioral economics
    empirical studies on risk, morality and framing
    Author: Jelschen, Hauke
    Published: 2021
    Publisher:  Universitätsbibliothek Kiel, Kiel

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    Universitätsbibliothek Braunschweig
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    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
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    Staats- und Universitätsbibliothek Hamburg Carl von Ossietzky
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    Universitätsbibliothek Kiel, Zentralbibliothek
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    Zentrale Hochschulbibliothek Lübeck
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    Leuphana Universität Lüneburg, Medien- und Informationszentrum, Universitätsbibliothek
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    Hochschule Magdeburg-Stendal, Hochschulbibliothek
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    Hochschule Osnabrück, Bibliothek Campus Westerberg
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    Source: Union catalogues
    Contributor: Schmidt, Ulrich (AkademischeR BetreuerIn)
    Language: English
    Media type: Dissertation
    Format: Online
    Other identifier:
    Subjects: behavioral economics; risk taking; moral decision making; framing
    Scope: 1 Online-Ressource (ix, 92 Blätter), Illustrationen
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    Dissertation, Christian-Albrechts-Universität zu Kiel, 2021
  9. Perceived relative wealth and risk taking
    Author: Fehr, Dietmar; Reichlin, Yannick
    Published: August 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    We show that perceptions of relative rank in the wealth distribution shape individuals' willingness to take risks. Using a representative large-scale survey, we manipulate perceptions of relative standing by randomly varying response categories when... more

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    We show that perceptions of relative rank in the wealth distribution shape individuals' willingness to take risks. Using a representative large-scale survey, we manipulate perceptions of relative standing by randomly varying response categories when asking respondents about their wealth level. Respondents who are induced to perceive their relative position as low display more tolerance towards risk in a subsequent incentivized lottery task. This effect is mainly driven by individuals who more firmly believe that life outcomes are beyond their control. This interaction between risk preferences and underlying beliefs spotlights the benefits of incorporating personality traits into economic analysis.

     
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    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/245434
    Series: CESifo working paper ; no. 9253 (2021)
    Subjects: relative wealth; risk taking; survey; experiment; locus of control
    Scope: 1 Online-Ressource (circa 56 Seiten), Illustrationen
  10. Regulatory capital, market capital and risk taking in international bank lending
    Author: Avdjiev, Stefan; Serena, José María
    Published: 2020
    Publisher:  Bank for International Settlements, Monetary and Economic Department, [Basel]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: BIS working papers ; no 912 (December 2020)
    Subjects: Interest rates; bank capital; risk taking; international leveraged loans
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  11. The dollar and corporate borrowing costs
    Author: Meisenzahl, Ralf R.; Niepmann, Friederike; Schmidt-Eisenlohr, Tim
    Published: 2021
    Publisher:  Board of Governors of the Federal Reserve System, [Washington, DC]

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
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    Series: International finance discussion papers ; number 1312 (March 2021)
    Subjects: loan pricing; syndicated loans; dollar; institutional in-vestors; risk taking
    Scope: 1 Online-Ressource (circa 64 Seiten), Illustrationen
  12. Bank complexity, governance, and risk
    Author: Correa, Ricardo; Goldberg, Linda S.
    Published: 2020
    Publisher:  Board of Governors of the Federal Reserve System, [Washington, DC]

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    Series: International finance discussion papers ; number 1287 (July 2020)
    Subjects: Bank complexity; risk taking; regulation; too big to fail; liquidity; corporate governance; agency problem; global banks; diversi cation
    Scope: 1 Online-Ressource (circa 44 Seiten), Illustrationen
  13. How do humans respond to huge financial losses?
    Author: Mujcic, Redzo; Powdthavee, Nattavudh
    Published: September 2022
    Publisher:  IZA - Institute of Labor Economics, Bonn, Germany

    In a controlled field setting, in which the majority of people in our sample lose more than £90,000 ($120,000), we examine how human beings respond to major financial losses. University ethics boards would not allow this kind of huge-loss phenomenon... more

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    In a controlled field setting, in which the majority of people in our sample lose more than £90,000 ($120,000), we examine how human beings respond to major financial losses. University ethics boards would not allow this kind of huge-loss phenomenon to be studied with normal social-science experiments. Yet the scientific and practical issues at stake are unusually important ones. In our setting, individuals are handed £100,000 in cash. They then have to make risky decisions. Facing a sequence of seven questions, individuals are required to distribute their cash endowment over a set of possible answers. Participants lose any cash placed on a wrong answer. We find evidence of risk reduction after people suffer a loss in the previous decision round. A prior financial loss of £10,000 is estimated to increase the propensity to fully diversify by 6 percentage points. In terms of proportional losses, a loss of 50% or more of the remaining cash endowment increases diversification rates by approximately 13 percentage points. The fixed-effects panel data estimates are robust to the remaining cash endowment, previous diversification strategy, relative difficulty of questions, the ability level of participants, and other personal traits. The findings support a prospect theory-based model with a coefficient of loss aversion that is increasing in past losses. Our study appears to be the first to be able to calculate systematically how human beings react to enormous and unrecoverable financial losses.

     
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    Language: English
    Media type: Book
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    Other identifier:
    hdl: 10419/265757
    Series: Discussion paper series / IZA ; no. 15536
    Subjects: risk taking; prior losses; diversification; large stakes; field evidence
    Scope: 1 Online-Ressource (circa 40 Seiten), Illustrationen
  14. The road to entrepreneurship: the effect of China's broadband infrastructure construction
    Author: Huang, Zhuo; Tao, Yunqing; Zhang, Qidi; Ye, Yongwei
    Published: 2022-11-08
    Publisher:  National School of Development, Peking University, [Beijing]

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    Series: Working paper series / China Center for Economic Research ; $lE 2022, 019
    Subjects: information infrastructure; entrepreneurship; information acquisition; knowledge spillover; risk taking
    Scope: 1 Online-Ressource (circa 41 Seiten), Illustrationen
  15. Bank consolidation, interest rates, and risk
    a post-merger analysis based on loan-level data from the corporate sector
    Author: Juranek, Steffen; Nilsen, Øivind Anti; Ulsaker, Simen A.
    Published: December 2021
    Publisher:  CESifo, Center for Economic Studies & Ifo Institute, Munich, Germany

    In this paper we analyse the bank merger between DnB and Gjensidige Bank in 2003, ranked by market share as number one and number three in the Norwegian bank market. Focusing on loans to firms, our difference-in-differences analysis shows no increase... more

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    In this paper we analyse the bank merger between DnB and Gjensidige Bank in 2003, ranked by market share as number one and number three in the Norwegian bank market. Focusing on loans to firms, our difference-in-differences analysis shows no increase of concentration of new loans. The concentration in affected markets (markets where both merging parties were present) developed similarly to unaffected markets. Moreover, the interest rate tended to be lower in the affected markets relative to unaffected markets, but this relationship is weak and not statistically significant. The merger also affected the riskiness of loans only marginally. These weak effects could be the result of efficiency gains in the form of lower costs being pass-through to customers, and the increased market power (and consequently higher interest rates) cancelled each other out. The remedial measures imposed by the Norwegian Competition Authority on the two merging parties are also likely to explain some of the modest effects of the merger. The weak effects are largely coincident with international literature showing the effects of mergers and acquisitions in the banking sector to be modest.

     
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    Language: English
    Media type: Book
    Format: Online
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    hdl: 10419/249025
    Series: CESifo working paper ; no. 9480 (2021)
    Subjects: banking; local competition; risk taking; firm behaviour
    Scope: 1 Online-Ressource (circa 32 Seiten), Illustrationen
  16. Bank consolidation, interest rates, and risk
    a post-merger analysis based on loan-level data from the corporate sector
    Author: Juranek, Steffen; Nilsen, Øivind Anti; Ulsaker, Simen A.
    Published: April 2021
    Publisher:  Centre for Applied Research at NHH, Bergen, Norway

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    Media type: Book
    Format: Online
    Series: SNF working paper ; no. 21, 04
    Subjects: banking; local competition; risk taking; firm behaviour
    Scope: 1 Online-Ressource (circa 33 Seiten), Illustrationen
  17. Monetary policy, macroprudential policy and financial stability
    Author: Laeven, Luc; Maddaloni, Angela; Mendicino, Caterina
    Published: [2022]
    Publisher:  European Central Bank, Frankfurt am Main, Germany

    Recent research developed under the ECB research task force on Monetary Policy, Macroprudential Policy and Financial Stability highlights the existence of trade-offs and spillovers that monetary policy and macroprudential authorities face when... more

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    Recent research developed under the ECB research task force on Monetary Policy, Macroprudential Policy and Financial Stability highlights the existence of trade-offs and spillovers that monetary policy and macroprudential authorities face when deciding on their policy interventions, Monetary policy measures are key to support the supply of credit to the economy, but they could also have unintended consequences on financial stability risks. Macroprudential policies are instead effective in limiting financial stability risks, but they could also reduce the length of economic expansions by preventing credit from flowing to productive economic activities, In addition, since monetary and macroprudential policies transmit to the broad economy via the financial system, they unavoidably affect each other's effectiveness, Taking these factors into account is key for the design and implementation of both policies.

     
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    Source: Union catalogues
    Language: English
    Media type: Ebook
    Format: Online
    ISBN: 9789289949804
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    hdl: 10419/261181
    Series: Array ; no 2647 (February 2022)
    Subjects: risk taking; financial frictions; systemic risk; policy trade-offs
    Scope: 1 Online-Ressource (circa 50 Seiten), Illustrationen
  18. Adapting lending policies in a "negative-for-long" scenario
    Author: Arce, Óscar; García-Posada, Miguel; Mayordomo, Sergio; Ongena, Steven
    Published: 2021
    Publisher:  Swiss Finance Institute, Geneva

    What is the long-term impact of negative interest rates on bank lending? To answer this question we construct a unique summary measure of negative rate exposure by individual banks based on exclusive survey data, and couple it with the credit... more

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    What is the long-term impact of negative interest rates on bank lending? To answer this question we construct a unique summary measure of negative rate exposure by individual banks based on exclusive survey data, and couple it with the credit register of Spain to identify this impact on the supply of credit to firms. We find that only after a few years of negative rates do affected banks (relative to non-affected banks) decrease their supply and increase their rates, especially when lowly capitalized and lending to risky firms. However, no firms are facing funding constraints, yet

     
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    Edition: This draft: February 9, 2021
    Series: Research paper series / Swiss Finance Institute ; no 21, 75
    Subjects: negative interest rates; negative for long; lending policies; banks capital ratio; risk taking
    Other subjects: Array
    Scope: 1 Online-Ressource (circa 48 Seiten), Illustrationen
  19. Bank consolidation, interest rates, and risk
    a post-merger analysis based on loan-level data from the corporate sector
    Author: Juranek, Steffen; Nilsen, Øivind Anti; Ulsaker, Simen A.
    Published: 2021
    Publisher:  Norwegian School of Economics, Bergen, Norway

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    Language: English
    Media type: Book
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    hdl: 11250/2834373
    Series: Discussion paper / NHH, Department of Economics ; SAM 2021, 20 (November 2021)
    Subjects: banking; local competition; risk taking; firm behaviour
    Scope: 1 Online-Ressource (circa 36 Seiten), Illustrationen
  20. Income inequality, mortgage debt and house prices
    Author: Kösem, Sevim
    Published: May 2021
    Publisher:  Bank of England, London

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Staff working paper / Bank of England ; no. 921
    Subjects: Income inequality; mortgage lending; mortgage default; house prices; real interest rates; risk taking; shift-share instruments
    Scope: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  21. Monetary policy and risk-taking
    evidence from Thai corporate bond markets
    Author: Warinthip Worasak; Nuwat Nookhwun; Pongpitch Amatyakul
    Published: [2022]
    Publisher:  [Puey Ungphakorn Institute for Economic Research], [Bangkok]

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    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signature:
    VS 785
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Discussion paper / Puey Ungphakorn Institute for Economic Research ; no. 186 (August 2022)
    Subjects: monetary policy; interest rate; risk taking; search for yield; corporate bond; underpricing of risk; excess bond premium
    Scope: 1 Online-Ressource (circa 46 Seiten), Illustrationen
  22. More risk, more information
    how passive ownership can improve informational efficiency
    Author: Buss, Adrian; Sundaresan, Savitar
    Published: 03 June 2020
    Publisher:  Centre for Economic Policy Research, London

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    LZ 161
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    Location:
    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP14843
    Subjects: passive investing; informational efficiency; risk taking; asset allocation; asset pricing
    Scope: 1 Online-Ressource (circa 65 Seiten), Illustrationen
  23. The dollar and corporate borrowing costs
    Author: Meisenzahl, Ralf; Niepmann, Friederike; Schmidt-Eisenlohr, Tim
    Published: 13 June 2020
    Publisher:  Centre for Economic Policy Research, London

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    Location:
    Universitätsbibliothek Mannheim
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Array ; DP14892
    Subjects: loan pricing; syndicated loans; dollar; institutional investors; risk taking
    Scope: 1 Online-Ressource (circa 63 Seiten), Illustrationen
  24. Risk attitude and air pollution
    evidence from chess
    Author: Klingen, Joris; Ommeren, Jos van
    Published: [2020]
    Publisher:  Tinbergen Institute, Amsterdam, The Netherlands

    Medical research suggests that particulate matter (PM) increases stress hormones, therefore increasing the feeling of stress, which has been hypothesised to induce individuals to take less risk. To examine this, we study whether PM increases the... more

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    Medical research suggests that particulate matter (PM) increases stress hormones, therefore increasing the feeling of stress, which has been hypothesised to induce individuals to take less risk. To examine this, we study whether PM increases the probability of drawing in chess games using information from the Dutch club competition. We provide evidence of a reasonably strong effect: A 10µg increase in PM10 (33.6% of mean concentration) leads to a 5.8% increase in draws. Our results demonstrate that air pollution causes individuals to take less risk.

     
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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Other identifier:
    hdl: 10419/220064
    Series: Array ; TI 2020, 027
    Subjects: air pollution; particulate matter; cognitive ability; risk taking
    Scope: 1 Online-Ressource (circa 26 Seiten), Illustrationen
  25. Follow the leader?
    a field experiment on social influence
    Author: Ambler, Kate; Godlonton, Susan; Recalde, María P.
    Published: 2019
    Publisher:  Williams College : Economics, Williamstown, MA, USA

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    Source: Union catalogues
    Language: English
    Media type: Book
    Format: Online
    Series: Williams College Economics Department working paper series ; 2019, 24
    Subjects: peer effects; risk taking; lab-in-the-field; agriculture; Malawi
    Scope: 1 Online-Ressource (circa 94 Seiten), Illustrationen