Bernd, Rudolph
Kreditrisikotransfer - Abbau alter gegen den Aufbau neuer Risiken?
Buhl, Hans Ulrich and Faisst, Ulrich and Pfaller, Ralph
Allokation der Ausfälle von Studiengebührendarlehen
Hempell, Hannah Sabine
Credit Constraints in the Euro Area? - Bankers' Perceptions. Analysis of First Results from the Bank Lending Survey of the Eurosystem
Bessler, Wolfgang and Stanzel, Matthias
Qualität und Effizienz der Gewinnprognosen von Analysten. Eine empirische Untersuchung für den deutschen Kapitalmarkt
Bigus, Jochen
Die ökonomischen Kosten von Kreditsicherheiten im Zweigläubigerfall
Calza, Alessandro and Sousa, Joao
Why has Broad Money Demand been More Stable in the Euro Area than Other Economies? A Literature Review
Luchtmeier, Hendrik
Dollarisierung und Euroisierung (Bernd Kempa)
Buhl, Hans Ulrich and Faisst, Ulrich and Pfaller, Ralph
âAllocation of Defaulted Loans to Finance University Tuition Feesâ
About 1.5 million students will have to pay university tuition fees in Germany in the near future, since eight of the federal Länder have thus far decided to collect such fees. In accordance with a Federal Constitutional Court (Bundesverfassungsgericht) decision, the governments of the federal Länder are obligated, when charging university tuition fees, to create socially acceptable loan facilities for students. However, substantial losses must be expected to occur in the repayment of such loans which the universities will presumably have to take themselves. The question arises what axiomatic demands must be made to ensure a fair sharing of such losses among the universities and how pertinent models could be shaped. Possible methods for solving this problem would range from a âmarket-based approachâ under which each university would have to take individually all the losses arising under its student-loan arrangements to a âsocialism-based approachâ under which losses would be evenly shared among all the universities participating in the system and which would, thus, be fully borne collectively. Finally, this article presents an axiomatically founded fair redistribution function based on what we have called a âguidance modelâ which permits a market-based system to be combined with a socialism-based one. This article is addressed to business administrators at the academic and the business levels as well as to policy-makers.
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Hempell, Hannah Sabine
âCredit Constraints in the Euro Area? - Bankers' Perceptions. Analysis of First Results from the Bank Lending Survey of the Eurosystemâ
Subdued loan growth marked the beginning of this decade in the euro area and still prevails for Germany going along with the unavoidable regular emergence of the demon âcredit crunchâ - not only - in the press. New information on potential credit constraints are offered by the quarterly bank lending survey (BLS) of the euro system. From the micro data of this survey, we extract common driving factors impacting on changes in credit standards and in the demand for loans. Our findings do not support the aforementioned demon, however, we do find some indications for credit constraints. (JEL C20, E51, G21)
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Bessler, Wolfgang and Stanzel, Matthias
âQuality and Efficiency of Earnings Forecasts of Analysts - An Empirical Study for the German Stock Marketâ
This study analyzes the quality of earnings forecasts of individual analysts as well as the efficiency of these forecasts relative to a naive random walk forecast model. The sample consists of 171.281 earnings forecasts for firms listed on the German stock exchange. The empirical results for the period from 1995 to 2004 indicate that financial analysts provide earnings forecasts that are only partially superior to the naïve forecast model. On average, earnings forecasts of financial analysts are inaccurate and biased. However, the forecasts are at least superior up to a forecast horizon of approximately 12 to 15 months. In general, analysts for the German stock market are overoptimistic and overreact to new information. In addition, we observe a significant impact on the results from specific factors such as the forecast horizon, the calendar and fiscal year as well as the industry. Moreover, a change in company earnings affects the results significantly. Moreover, we observe an earnings game between analyst and the management of the firm. Although forecast of the analysts are to some extent of higher quality than the ones derived from a naive forecast model, they must be characterized as conditionally inefficient. This means that financial analysts do not include all information available from the naive model in their earnings forecasts.
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Bigus, Jochen
âThe Cost of Collateral in the Two Creditors Caseâ
The literature emphasizes the benefits of collateral in mitigating problems of adverse selection or moral hazard. This paper shows, however, that collateral may also induce agency problems, if there are heterogeneous creditors, such as banks and suppliers, for instance. A special incentive problem might occur prior to bankruptcy if the bank loan is secured by external collateral. In order to save her private fortune, the entrepreneur may be tempted to repay the bank by liquidating the firm's assets before bank debt becomes due. Even the bank might benefit. The unsecured supplier will lose and might not be willing to lend in the first place. This might induce underinvestment.
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Calza, Alessandro and Sousa, Joao
âWhy has Broad Money Demand been More Stable in the Euro Area than Other Economies? A Literature Reviewâ
Based on a literature survey, this paper reviews the factors that may explain why broad money demand has usually been found to be more stable in the euro area than in other large economies, such as Japan, the US and the UK. The paper concludes that there are three main explanations for this fact. First, some of the sources of instabilities in money demand outside the euro area were country-specific. Second, financial innovation appears to have had a weaker impact on money demand in the euro area than in other economies. A third explanation is that there are gains in terms of stability in aggregating the money demand of the individual euro area countries. (JEL E41, C22, C32)
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