We measure the information content of monthly analyst consensus forecasts for one-year-forward earnings per share (EPS) based on two well-established price discovery measures drawn from the area of market micro-structure research. Employing a 36-year sample of large US companies listed in the...

Using a unique dataset on the sectoral ownership structure of euro area equity mutual funds, we study how different investor groups contribute to the negative performance externality from large outflows. Investment funds, as holders of mutual funds, are the main contributors to the flow...

Klimabezogene Risiken aus der Transition zu einem CO2-armen Wirtschaftssystem können potentielle Verwundbarkeiten des Finanzsystems offenlegen. Wir entwickeln und beschreiben in diesem Artikel ein Instrumentarium zur Analyse dieser Risiken und wenden es auf das deutsche Finanzsystem an. Die...

The macroprudential market risk stress test presented in this paper proposes a framework to assess the vulnerability of the German financial system with respect to market price shocks, focusing on banks, insurers and investment funds in a consistent manner. A common market risk scenario is...

This paper presents the methodology applied in the Deutsche Bundesbank's climate transition stress test for the German financial system, see Deutsche Bundesbank (2023). It discusses the construction of the transition scenarios underlying the analysis, including a long-run orderly scenario and a...

Climate-related risks arising from the transition to a low-carbon economy may expose potential vulnerabilities in the financial system. In this article, we develop and describe a set of tools for analysing these risks and apply them to the German financial system. The use of longterm, consistent...