Much economic analysis derives policy recommendations based on social welfare criteria intended to model the preferences of a policy maker. Yet, little is known about policy maker’s normative views in a way amenable to this use. In a behavioral experiment, we elicit German legislators’...

The 2023 Supervisory Review and Evaluation Process (SREP) for banks supervised by the ECB took place during a period of uncertainty about both the economic outlook and the dynamics in financial markets. The banking sector continues to show strength. It has maintained robust capital and liquidity...

The 2022 Supervisory Review and Evaluation Process (SREP) was carried out against the backdrop of the current economic conditions and dynamics in financial markets. This report summarises the outcome of the 2022 SREP cycle. It covers the assignment of SREP scores to banks' overall risk profiles...

This study explores environmental, social and governance (ESG) rating disagreement among different providers, given the variation and lack of consensus in ESG ratings. We utilise three prominent ESG ratings (Sustainalytics, MSCI and Asset4) and employ four aggregation methods (equal-weighted...