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Do Bondholder Relations Efforts Pay Off for German Firms? An Em-pirical Approach 德国企业与债券持有人关系的努力有回报吗?实证方法
Kredit Und Kapital Pub Date : 2016-03-01 DOI: 10.3790/CCM.49.1.127
Steve Janner
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引用次数: 0
Monetary dialogue 2009–2014 : Looking backward, looking forward 2009-2014年货币对话:回顾，展望
Kredit Und Kapital Pub Date : 2015-03-09 DOI: 10.3790/CCM.48.1.1
S. Eijffinger
{"title":"Monetary dialogue 2009–2014 : Looking backward, looking forward","authors":"S. Eijffinger","doi":"10.3790/CCM.48.1.1","DOIUrl":"https://doi.org/10.3790/CCM.48.1.1","url":null,"abstract":"When comparing the transparency of the ECB now with the transparency of the ECB about one decade ago, we notice that transparency still can be improved in a few ways. In particular the disclosure related to the ways decisions are reached and the disclosure on its policy (what is the envisioned path of policy?) could be improved. We call for action and in particular we suggest to release minutes and voting records, while also engaging in more explicit and concrete forward guidance. At the same time, we call for a reflection on the institutional setup of the ECB. This is less urgent than the reform with respect to transparency, but in the medium term a necessary exercise. We believe that also in the 8th term of the European Parliament, the Monetary Dialogue will have a role in spurring the debate and possibly influencing the ECB, as it has done in the past.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"68 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2015-03-09","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123707317","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Elektronische Kreditmarktplätze: Funktionsweise, Gestaltung und Erkenntnisstand bei dieser Form des „Peer-to-Peer Lending“ 电子信贷市场:“点对点操办”的方法在运作、设计和知识状态下
Kredit Und Kapital Pub Date : 2012-11-02 DOI: 10.3790/KUK.45.3.289
S. Berger, Bernd Skiera
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引用次数: 3
Zur Rendite-Risiko-Beziehung am deutschen Aktienmarkt Eine empirische Analyse der Beziehung zwischen dem Deutschen Aktienindex DAX und dem Volatilitätsindex VDAX 关于德国股市回报风险关系，我们对德国股市DAX指数和波动指数VDAX之间的关系进行了实证分析
Kredit Und Kapital Pub Date : 2012-11-02 DOI: 10.3790/KUK.45.3.373
H. Dichtl, Wolfgang Drobetz
{"title":"Zur Rendite-Risiko-Beziehung am deutschen Aktienmarkt Eine empirische Analyse der Beziehung zwischen dem Deutschen Aktienindex DAX und dem Volatilitätsindex VDAX","authors":"H. Dichtl, Wolfgang Drobetz","doi":"10.3790/KUK.45.3.373","DOIUrl":"https://doi.org/10.3790/KUK.45.3.373","url":null,"abstract":"This study examines the empirical relationship between the volatility indices VDAX as well as VDAX-New and the stock market index DAX. Extending prior international evidence, we document a negative relationship between the implied volatility indexes and the stock market index for the German stock market. This negative relationship is asymmetric, i. e., it is more pronounced for negative stock returns than for positive ones. In contrast, we are unable to uncover additional quadratic effects, which could be interpreted as investor panic or exuberance. These findings are robust with regards to the selected volatility index, data frequency, and sample period. Overall, our empirical results are consistent with loss aversion and prospect theory. Finally, we document weak predictability of daily volatility index returns using lagged stock market returns, and this relationship is strongest in bear market periods. These observations could be explained with the leverage effect hypothesis.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"43 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-11-02","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115663178","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Interest Rate Rules and Money as an Indicator Variable 利率规则与货币作为指标变量
Kredit Und Kapital Pub Date : 2012-10-01 DOI: 10.3790/KUK.45.4.501
Christina Gerberding, F. Seitz, Andreas Worms
{"title":"Interest Rate Rules and Money as an Indicator Variable","authors":"Christina Gerberding, F. Seitz, Andreas Worms","doi":"10.3790/KUK.45.4.501","DOIUrl":"https://doi.org/10.3790/KUK.45.4.501","url":null,"abstract":"The paper derives the monetary policy reaction function implied by using money as an indicator variable. It consists of an interest rate response to deviations of the inflation rate from target, to the change in the output gap, to money demand shocks and to the lagged interest rate. We show that this type of inertial interest rate rule characterises the Bundesbank’s monetary policy from 1979 to 1998 quite well. This result is robust to the use of real-time or ex post data. The main lesson is that, in addition to anchoring long-term inflation expectations, money introduces inertia and history-dependence into the monetary policy rule. This is advantageous when private agents have forward-looking expectations and when the level of the output gap is subject to persistent measurement errors.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"3 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"130969786","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Produktspezifische Risiken von europäischen Exchange Traded Funds und Ansätze zur Risikominimierung 欧洲的交易基金和最小化风险的方法所产生的特定风险
Kredit Und Kapital Pub Date : 2012-10-01 DOI: 10.3790/KUK.45.4.545
Harald Kinateder
{"title":"Produktspezifische Risiken von europäischen Exchange Traded Funds und Ansätze zur Risikominimierung","authors":"Harald Kinateder","doi":"10.3790/KUK.45.4.545","DOIUrl":"https://doi.org/10.3790/KUK.45.4.545","url":null,"abstract":"Summary/Zusammenfassung Produktspezifische Risiken von europaischen Exchange Traded Funds und Ansatze zur Risikominimierung In diesem Artikel werden die produktspezifischen Risiken von europaischen Exchange Traded Funds (ETFs) naher betrachtet und Ansatze zur Risikominimierung vorgestellt. Da das in ETFs investierte Vermogen von den Kapitalanlagegesellschaften als Sondervermogen ausgewiesen wird, werden ETFs haufig als sehr risikoarme Anlageformen dargestellt. Trotz der Klassifizierung als Sondervermogen konnen Investoren durch die Konstruktion des ETFs dennoch Risiken entstehen. Bei der Analyse der produktspezifischen Risikoquellen unter Einbeziehung des europaischen Fondsrechtsrahmens OGAW und empirischer Daten europaischer ETF Emittenten wird eine Differenzierung hinsichtlich der Nachbildung (physisch vs. synthetisch) des zugrundeliegenden Index vorgenommen. Als zentrales Ergebnis kann festgehalten werden, dass physische ETFs grundsatzlich als risikoarmer einzustufen sind, falls die Wertpapiere des ETF...","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"37 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"131584325","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
Defizite und Perspektiven der Bankenregulierung in der Europäischen Union 赤字以及欧盟银行监管的观点
Kredit Und Kapital Pub Date : 2012-10-01 DOI: 10.3790/KUK.45.4.447
B. Rudolph
{"title":"Defizite und Perspektiven der Bankenregulierung in der Europäischen Union","authors":"B. Rudolph","doi":"10.3790/KUK.45.4.447","DOIUrl":"https://doi.org/10.3790/KUK.45.4.447","url":null,"abstract":"Ausbruch und Verlauf der internationalen Finanzkrise haben zahlreiche Defizite in der Bankenregulierung und Bankenaufsicht zu Tage gefordert. Obwohl die Institute des Finanzsektors seit langem zu den besonders intensiv regulierten und uberwachten Unternehmen gehoren, sind horrende Verluste eingetreten, die in den letzten Jahren zur Vermeidung eines Flachenbrandes massive Rettungsmasnahmen fur einzelne Banken erforderlich gemacht haben. Die Rettungsgelder haben nicht nur die Steuerzahler belastet, sondern in Europa auch dazu beigetragen, dass fur die angeschlagenen Staaten in der Peripherie des EU-Raums Notkredite und Garantien bereitgestellt werden mussten.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"48 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"126782777","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Bank Profitability, Globalisation and Barriers to Entrepreneurship. A Panel Data Analysis for Europe and the United States (1999-2007) 银行盈利能力、全球化和创业障碍。欧洲和美国的面板数据分析(1999-2007)
Kredit Und Kapital Pub Date : 2012-10-01 DOI: 10.3790/KUK.45.4.531
M. Georgiou, Nicholas C. Kyriazis
{"title":"Bank Profitability, Globalisation and Barriers to Entrepreneurship. A Panel Data Analysis for Europe and the United States (1999-2007)","authors":"M. Georgiou, Nicholas C. Kyriazis","doi":"10.3790/KUK.45.4.531","DOIUrl":"https://doi.org/10.3790/KUK.45.4.531","url":null,"abstract":"The crux of the present article is that if corporations (as bank clients) are profitable in a globalised economic environment and there are no barriers to entrepreneurship, banks (as lenders to these corporations) are expected to be profitable too. Thus, our proposed model is a link between globalisation, barriers to corporate entrepreneurship and bank profitability. In the present paper it is empirically shown that a reduction in barriers to corporate entrepreneurship definitely has a positive impact on banking profitability, but globalisation (measured by the “trade to GDP” index) can have either a positive impact on banking profitability under certain assumptions concerning the estimation method, or no impact at all under certain assumptions concerning the estimation method. Finally, it is shown that the other two globalisation indices – geographical concentration (trade of goods) as well as FDI – do not matter as far as banking profitability is concerned. In short, the empirical evidence shows that barriers to corporate entrepreneurship seem to be the most crucial factor for banking profitability, while globalisation measured by three different indices does not always play an important role regarding banking profitability determination. The sample covers many European countries, as well as the United States. The econometric model estimation using panel data is made feasible through the Eviews software package. It should be noted that although the present model launches an interesting discussion on the links between globalisation, barriers to entrepreneurship and bank profitability, it cannot provide conclusive evidence, since either globalisation indices are not perfect or (and) estimated regression coefficients depend on the method of estimation. However, the present paper triggers further research on this topic.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"2 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"121112337","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 1
Nachruf: Professor Dr. Werner Ehrlicher Nachruf: Werner Ehrlicher教授
Kredit Und Kapital Pub Date : 2012-08-15 DOI: 10.3790/KUK.45.2.III
Hans-Hermann Francke
{"title":"Nachruf: Professor Dr. Werner Ehrlicher","authors":"Hans-Hermann Francke","doi":"10.3790/KUK.45.2.III","DOIUrl":"https://doi.org/10.3790/KUK.45.2.III","url":null,"abstract":"","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"16 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115003689","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 0
TARGET2 and the European Sovereign Debt Crisis TARGET2和欧洲主权债务危机
Kredit Und Kapital Pub Date : 2012-08-15 DOI: 10.3790/KUK.45.2.135
U. Bindseil, P. König
{"title":"TARGET2 and the European Sovereign Debt Crisis","authors":"U. Bindseil, P. König","doi":"10.3790/KUK.45.2.135","DOIUrl":"https://doi.org/10.3790/KUK.45.2.135","url":null,"abstract":"The TARGET2 (T2) positions on the balance sheets of euro area national central banks (NCBs) have increased unprecedentedly since the beginning of the financial crisis. Currently only four euro area NCBs record T2 claims, while the remaining NCBs are T2 debtors. During the last twelve months, these developments were accompanied by a large public debate. The present article adds to the bulk of existing literature on this topic as it explains the origins and development of T2 positions by means of a stylized framework of financial accounts. It is stressed throughout the article that T2 positions constitute merely a reflex of underlying adverse developments in financial markets and respective counteracting measures of the Eurosystem that are necessary to maintain the financial stability of the euro area. Furthermore, the financial risks behind T2 positions, and the relationship to the monetary base, the euro area’s liquidity deficit and intra-euro-area current account deficits are discussed in greater detail. Finally, we discuss recent proposals to limit T2 positions and we provide several superior measures of how to re-balance T2 positions.","PeriodicalId":280048,"journal":{"name":"Kredit Und Kapital","volume":"49 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2012-08-15","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"122777089","PeriodicalName":null,"FirstCategoryId":null,"ListUrlMain":null,"RegionNum":0,"RegionCategory":"","ArticlePicture":[],"TitleCN":null,"AbstractTextCN":null,"PMCID":"","EPubDate":null,"PubModel":null,"JCR":null,"JCRName":null,"Score":null,"Total":0}
引用次数: 59
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