We consider a society with informed individuals (adults) and naive individuals (children). Adults are altruistic towards their own children and possess information that allows to better predict the behavior of other adults. Children benefit from adopting behaviors that conform to the social norm...

Hat die heutige Finanzmarktkrise instabile Marktmechanismen oder mangelnde Regulierung als Ursache? Christoph Kaserer, Technische Universität München, sieht in einer Kombination aus einem Regulierungsversagen und einem ungelösten Moral-Hazard-Konflikt bei Finanzinstitutionen den Grund für...

We propose a measure for systemic risk: CoVaR, the value at risk (VaR) of financial institutions conditional on other institutions being in distress. We define an institution's (marginal) contribution to systemic risk as the difference between CoVaR and the financial system's VaR. From our...

Payment services offered by non-banks have flourished in recent years. The author provides an overview of the different kinds of non-bank retail payments schemes currently available in Canada, illustrating each by focusing on a specific example. Current players in the Canadian marketplace...

Hat die heutige Finanzmarktkrise instabile Marktmechanismen oder mangelnde Regulierung als Ursache? Christoph Kaserer, Technische Universität München, sieht in einer Kombination aus einem Regulierungsversagen und einem ungelösten Moral-Hazard-Konflikt bei Finanzinstitutionen den Grund für...

This paper aims at analysing the mortality patterns of hedge funds over the period January 1994 to May 2008. In particular, we investigate the extent to which a spillover of risk among hedge funds through redemptions and failures of other funds has affected the probability of fund failure. We...