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Optimal asset allocation for interconnected life insurers in the low interest rate environment under solvency regulation
Niedrig, Tobias - 2015 - This version: December 2014
the bank and insurance sector by changing the funding patterns of banks as well as the investment strategies of life … insurance companies. Especially for life insurance companies, the current low interest rate environment poses a key risk since … declining returns on investments jeopardize the guaranteed return on life insurance contracts, a core component of traditional …
Persistent link: https://www.econbiz.de/10010510056
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Bank dividend restrictions and banks' institutional investors
Mücke, Christian - 2023
This paper studies the impact of banks' dividend restrictions on the behavior of their institutional investors. Using an identification strategy that relies on the within investor variation and a difference in difference setup, I find that funds permanently decrease their ownership shares at...
Persistent link: https://www.econbiz.de/10014309924
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On the impact of leveraged buyouts on bank systemic risk
Grupp, Marcel - 2015
Although banks are at the center of systemic risk, there are other institutions that contribute to it. With the publication of the leveraged lending guideline in March 2013, the U.S. regulators show that they are especially worried about the private equity firms with their high-risk deals. Given...
Persistent link: https://www.econbiz.de/10010513234
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Remarks on the German Regulation of Crowdfunding
Tröger, Tobias H. - 2017
Crowdfunding is a buzzword that signifies a sub-set in the new forms of finance facilitated by advances in information technology usually categorized as fintech. Concerns for financial stability, investor and consumer protection, or the prevention of money laundering or funding of terrorism...
Persistent link: https://www.econbiz.de/10011731181
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Regulation of crowdfunding in Germany
Tröger, Tobias - 2017
This paper is the national report for Germany prepared for the to the 20th General Congress of the International Academy of Comparative Law 2018 and gives an overview of the regulation of crowdfunding in Germany and the typical design of crowdfunding campaigns under this legal framework. After a...
Persistent link: https://www.econbiz.de/10011793660
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Remarks on the German Regulation of Crowdfunding
Tröger, Tobias - 2017
Crowdfunding is a buzzword that signifies a sub-set in the new forms of finance facilitated by advances in information technology usually categorized as fintech. Concerns for financial stability, investor and consumer protection, or the prevention of money laundering or funding of terrorism...
Persistent link: https://www.econbiz.de/10012946137
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On the impact of leveraged buyouts on bank systemic risk
Grupp, Marcel - 2015 - This Version: April 2015
Although banks are at the center of systemic risk, there are other institutions that contribute to it. With the publication of the leveraged lending guideline in March 2013, the U.S. regulators show that they are especially worried about the private equity firms with their high-risk deals. Given...
Persistent link: https://www.econbiz.de/10010515428
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Mutual fund shareholder letters: Flows, performance, and managerial behavior
Hillert, Alexander; Niessen-Ruenzi, Alexandra; Ruenzi, … - 2023
Fund companies regularly send shareholder letters to their investors. We use textual analysis to investigate whether these letters' writing style influences fund flows and whether it predicts performance and investment styles. Fund investors react to the tone and content of shareholder letters:...
Persistent link: https://www.econbiz.de/10013537580
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Collateral pledgeability and asset manager portfolio choices during redemption waves
Fauvrelle, Thiago; Riedel, Max; Skrutkowski, Mathias - 2024
findings add nuance to previous studies of liquidity strains and price dislocations in the corporate bond market during the … onset of the Covid-19 pandemic, indicating a greater willingness of dealers to increase their inventories of corporate bonds … implications for the related policy debate about how central banks could mitigate similar types of liquidity shocks. …
Persistent link: https://www.econbiz.de/10014520259
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The salience of ESG ratings for stock pricing: Evidence from (potentially) confused investors
Rzeźnik, Aleksandra; Hanley, Kathleen Weiss; Pelizzon, … - 2021
We exploit a modification to Sustainalytics' environmental, social, and governance (ESG) rating methodology, which is subsequently adopted by Morningstar, to study whether ESG ratings are salient for stock pricing. We show that the inversion of the rating scale but not new information leads some...
Persistent link: https://www.econbiz.de/10012648564