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Insuring the uninsurable: brokers and incomplete insurance contracts

Doherty, Neil A.; Muermann, Alexander - Center for Financial Studies - 2005

How do markets spread risk when events are unknown or unknowable and where not anticipated in an insurance contract? While the policyholder can hold up the insurer for extra contractual payments, the continuing gains from trade on a single contract are often too small to yield useful coverage....

Persistent link: https://www.econbiz.de/10010986457

Contractual relations between European VC-funds and investors: The impact of reputation and bargaining power on contractual design

Schmidt, Daniel; Wahrenburg, Mark - Center for Financial Studies - 2003

reputation of VC-funds and changes in the overall demand for venture capital services. We find that established funds are more … participants care more about their reputation, have less incentive to behave opportunistically and therefore need less covenant … money. We interpret this as evidence that established funds have actually less reason to care about their reputation as …

Persistent link: https://www.econbiz.de/10010958770

Contractual Relations between European VC–Funds and Investors: The Impact of Reputation and Bargaining Power on Contractual Design

Schmidt, Daniel; Wahrenburg, Mark - Center for Financial Studies - 2003

Persistent link: https://www.econbiz.de/10005022453

Insuring the Uninsurable: Brokers and Incomplete Insurance Contracts

Doherty, Neil A.; Muermann, Alexander - Center for Financial Studies - 2005

How do markets spread risk when events are unknown or unknowable and where not anticipated in an insurance contract? While the policyholder can "hold up" the insurer for extra contractual payments, the continuing gains from trade on a single contract are often too small to yield useful coverage....

Persistent link: https://www.econbiz.de/10005600441

Contractual relations between European VC-funds and investors : the impact of reputation and bargaining power on contractual design

Schmidt, Daniel (contributor); Wahrenburg, Mark (contributor) - 2003 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10001919095

Default risk sharing between banks and markets: The contribution of collateralized debt obligations

Franke, Günter; Krahnen, Jan Pieter - Center for Financial Studies - 2005

This paper contributes to the economics of financial institutions risk management by exploring how loan securitization a.ects their default risk, their systematic risk, and their stock prices. In a typical CDO transaction a bank retains through a first loss piece a very high proportion of the...

Persistent link: https://www.econbiz.de/10010986468

Hold-up in multiple banking: Evidence from SME lending

Brunner, Antje; Krahnen, Jan Pieter - Center for Financial Studies - 2010

This paper analyzes loan pricing when there is multiple banking and borrower distress. Using a unique data set on SME lending collected from major German banks, we can instrument for effective coordination between lenders, carrying out a panel estimation. The analysis allows to distinguish...

Persistent link: https://www.econbiz.de/10010958524

Der Handel von Kreditrisiken: Eine neue Dimension des Kapitalmarktes

Krahnen, Jan Pieter - Center for Financial Studies - 2005

This paper makes an attempt to present the economics of credit securitization in a nontechnical way, starting from the description and the analysis of a typical securitization transaction. The paper sketches a theoretical explanation for why tranching, or nonproportional risk sharing, which is...

Persistent link: https://www.econbiz.de/10010958581

Household economic decisions under the shadow of terrorism

Christelis, Dimitris; Georgarakos, Dimitris - Center for Financial Studies - 2009

We investigate, using the 2002 US Health and Retirement Study, the factors influencing individuals' insecurity and expectations about terrorism, and study the effects these last have on households' portfolio choices and spending patterns. We find that females, the religiously devout, those...

Persistent link: https://www.econbiz.de/10010958603

Multiple lenders and corporate distress: Evidence on debt restructuring

Brunner, Antje; Krahnen, Jan Pieter - Center for Financial Studies - 2006

In the recent theoretical literature on lending risk, the coordination problem in multi-creditor relationships have been analyzed extensively. We address this topic empirically, relying on a unique panel data set that includes detailed credit-file information on distressed lending relationships...

Persistent link: https://www.econbiz.de/10010958807