In a setting where private information goes public for the first time, we study the real effects of the Basel II Accord requiring banks to calculate operational risk capital, and disclose qualitative and quantitative information. Using a difference-in-differences setup featuring partial US...

In April 2013, the UK implemented a dual-regulation approach to financial services often referred to as twin peaks. In this paper, we assess the impact of the introduction of twin peaks regulation on the systemic risk contributions of UK financial institutions. Using a matched sample of single-...

We examine the conceptions of financial regulation through the lens of the 2012 LIBOR scandal. The narrative of the scandal addresses the debate surrounding the public versus private view of banking regulation. We propose a theoretical model that conceptualizes the interplay of three...

We examine the relationship between equity risk and the use of financial derivatives with a sample of 555 banks from eighteen developed markets from 2006 to 2015. Our main findings suggest that banks' use of financial derivatives increased their risk. This increase in risk can be driven by...

Given the tremendous growth of factor allocation strategies in active and passive fund management, we investigate whether either asset allocation strategies based on factors or sectors provide investors with a superior portfolio performance. Our focus is on comparing factor versus sector...

Aktivistische Hedgefonds stellen mit ihren Forderungen die Arbeitnehmerseite grundsätzlich vor beträchtliche Herausforderungen. Institutionelle Investoren dagegen erhoffen sich erhebliche finanzielle Vorteile in Gestalt auftretender Kursanstiege ("Announcement-Effekt"). Die vorliegende Studie...

Die Hauptversammlung stellt neben dem Aufsichtsrat und dem Vorstand die dritte zentrale Institution in der Führungsstruktur deutscher Aktiengesellschaften dar. Gerade in börsennotierten Gesellschaften nehmen zunehmend institutionelle Investoren und von ihnen beauftragte Stimmrechtsberater...