Die in der Coronakrise ergriffenen Maßnahmen haben in vielen Betrieben zu erheblichen Beeinträchtigungen geführt. Dies hatte vielfach eine Verschlechterung der Eigenkapitalausstattung zur Folge. Die gemeinsame Herausforderung von Politik, Finanzmärkten und Wirtschaft ist in dieser Situation...

We examine the effect of individual wealth taxes on dividend policy. Using a comprehensive sample of European public firms from 26 countries, we document that wealth taxes paired with substantial increases in stock prices are associated with significantly larger dividend payouts. This pattern is...

The Berle XIV: Developing a 21st Century Corporate Governance Model Conference asks whether there is a viable 21st Century Stakeholder Governance model. In our conference keynote article, [here], we argue that to answer that question yes requires restoring — to use Berle’s term — a...

It was once conventional wisdom that lenders routinely influenced corporate managers’ decision making. Covenants constrained borrower risk taking and compelled specific affirmative obligations to protect lenders. Recent policy discussion, however, laments loan markets’ turn to various forms...

This article should serve as an introduction into cat-bonds, how they work and what advantages they have in portfolio construction.It also the possibility merging two familiar concepts, cat-bonds and Public Private Partnership (PPP). By doing so, infrastructure could be financed in a way that...

The paper aims to investigate some significant critical issues of the national and international regulation of bank interest rate risk. Particularly, the paper examines the link between internal models and standardized models used by banks to provide financial information to banking authorities...

Interest rate risk is the exposure of a bank's financial condition to adverse movements in interest rates. Changes in interest rates affect a bank's earnings by changing its net interest income and also affect the underlying value of the bank's assets, liabilities and off-balance sheet...

Conventional discussions of balance sheet management by nonfinancial firms take the set of positive net present value (NPV) projects as given, which in turn determines the size of the firm's assets. The focus is on the composition of equity and debt in funding such assets. In contrast, the...

This is a Chapter contributing to the Research Handbook on Executive Compensation. In the quest for possible causes of the recent financial crisis, commentators often argue that bank executives had poor incentives. Critics claim, in particular, that executive compensation was not properly...

Conventional discussions of balance sheet management by nonfinancial firms take the set of positive net present value (NPV) projects as given, which in turn determines the size of the firm's assets. The focus is on the composition of equity and debt in funding such assets. In contrast, the...