Das Kleinanlegerschutzgesetz aus dem Jahr 2015 soll durch eine stärkere Regulierung für mehr Transparenz für Anlegerinnen und Anleger auf dem "grauen Kapitalmarkt" sorgen. Das Gesetz beinhaltet jedoch auch Ausnahmeregelungen. Diese entbinden Unternehmen, die sich über eine...

Millionen Menschen in Deutschland sind von Altersarmut bedroht. Und das Risiko von Altersarmut betroffen zu sein, wird in den nächsten Jahren vor allem durch den bevorstehenden Eintritt der Babyboomer-Generation in den Ruhestand noch steigen. Die umlagefinanzierte gesetzliche Rentenversicherung...

Governments around the world have taken a significant number and variety of actions in response to the Covid-19 pandemic. To understand this flood of government actions, policymakers and researchers need access not only to high-quality, up-to-date data on government responses, but also tools to...

The number of firm bankruptcies is surprisingly low in economies with poor institutions. We study a model of bank-firm relationship and show that the bank's decision to liquidate bad firms has two opposing effects. First, the bank receives a payoff if a firm is liquidated. Second, it loses the...

Policy makers often decide to liberalize foreign bank entry but put limitations on the mode of entry. We study how different entry modes affect the lending rate set by foreign and domestic banks. Our model captures two essential features of banking competition in emerging markets: Domestic banks...

Business groups in emerging markets perform better than unaffiliated firms. One explanation is that business groups substitute some functions of missing institutions, for example, enforcing contracts. We investigate this by setting up a model where firms within the business group are connected...