Cognizant of the recent revolution in financial technology (FinTech), this paper explores the effect of FinTech development on bank risk-taking behavior in Kenya over the period 2008 to 2021. The study first develops a FinTech index using text mining technology and then relates this index to...

Recent research developed under the ECB research task force on Monetary Policy, Macroprudential Policy and Financial Stability highlights the existence of trade-offs and spillovers that monetary policy and macroprudential authorities face when deciding on their policy interventions, Monetary...

We document a robust dynamic inconsistency in risky choice. Using a unique brokerage dataset and two preregistered experiments, we compare people's initial risk-taking plans to their subsequent decisions. In both settings, people accept risk as part of a "loss-exit" strategy-planning to continue...

Incentive schemes that reward participants based on their relative performance are often thought to be particularly risk-inducing. Using a novel, real-effort task experiment in the laboratory, we find that the relationship between incentives and risk-taking is more nuanced and depends critically...

Neid, Völlerei, Habgier, Wollust, Hochmut, Trägheit und Zorn - die sogenannten sieben Todsünden sind weitgehend bekannt und noch weiter verbreitet. Sie beschreiben sieben Motive und Verhaltensweisen, die viele Menschen im Alltag begleiten, aber zugleich als Vergehen moralisch gebrandmarkt...

We document a robust dynamic inconsistency in risky choice. Using a unique brokerage dataset and two preregistered experiments, we compare people's initial risk-taking plans to their subsequent decisions. In both settings, people accept risk as part of a "loss-exit" strategy-planning to continue...

Risk-neutral individuals take more risky decisions when they have limited liability. Risk-neutral managers may not when acting as agents under contract and taking costly actions to acquire information before taking decisions. Limited liability makes it optimal to increase the reward for outcomes...

We examine the impact of aggregate tax policy uncertainty on firm-level default risk. Due to uncertainties associated with tax policies, firms could have difficulties in determining their optimal debt level and use too much debt to increase their values. This can increase firms’ financial risk...

Loose financial conditions forecast high output growth and low output volatility up to six quarters into the future, generating time-varying downside risk to the output gap, which we measure by GDP-at-Risk (GaR). This finding is robust across countries, conditioning variables, and time periods....

"This book provides a comprehensive overview of the emerging field of cultural finance. It summarizes research results of cultural differences in financial decision making and on financial markets. Many of the results have been published in leading academic journals over the last ten years but...

This paper develops a theoretical framework to study the impact of bonus caps on banks' risk taking. In the model, labor market price adjustments can offset the direct effects of bonus caps. The calibrated model suggests that bonus caps are only effective when bank executives' mobility is...

We study how low interest rates in the United States affect risk taking in the market of crossborder leveraged corporate loans. To the extent that actions of the Federal Reserve affect U.S. interest rates, our analysis provides evidence of a cross-border spillover effect of monetary policy. We...

Using modified versions of the Domain-Specific Risk-Taking (DOSPERT) scale, we conduct surveys among German and Chinese university students. Our tests confirm previous findings that risk taking is indeed domain-specific. More importantly, our results show that differences in risk behavior are...

Die vorliegende Dissertation verwendet empirische Methoden zur Untersuchung von Problemen in den Bereichen Makroökonomie, internationaler Handel, Politische Ökonomie und Verhaltensökonomie. Kapitel 1 besteht aus einer Zusammenfassung der Literatur zur Frage, welche Faktoren die...

This paper develops a theoretical framework to study the impact of bonus caps on banks' risk taking. In the model, labor market price adjustments can offset the direct effects of bonus caps. The calibrated model suggests that bonus caps are only effective when bank executives' mobility is...

Incentive schemes that reward participants based on their relative performance are often thought to be particularly risk-inducing. Using a novel, real-effort task experiment in the laboratory, we find that the relationship between incentives and risk-taking is more nuanced and depends critically...

This paper investigates how risk attitudes change over the life course. We study the age trajectory of risk attitudes all the way from early adulthood until old age, in large representative panel data sets from the Netherlands and Germany. Age patterns are generally difficult to identify...

Einsatzorganisationen stellen aufgrund ihrer strukturellen Merkmale eine besondere Organisationsform dar. Der Sammelband widmet sich dieser Thematik multiperspektivisch, indem er übergeordnete Charakteristika ziviler und militärischer Einsatzorganisationen durch wissenschaftlich fundierte...

Optionen als Vergütungsinstrument -- Steuergesetzgebung und Rechtsprechung zu derivativen Vergütungsinstrumenten -- Die optimale Ausübungsstrategie in Abhängigkeit von Steuersystem und Risikoneigung -- Experimentelle Untersuchung des Ausübungsverhaltens.

Contents: Introduction -- 1. Convenience case of navy commander -- 2. Convenience case of chief executive officer -- 3. Convenience case of corruption blame -- 4. Convenience case of investment fraud -- 5. Rich and mighty on the shoreline -- 6. Corruption among friends -- 7. Germany: Thomas...