Hans-Peter Burghof, Achim Fecker, Patrick Jaquart, Benedikt Notheisen
{"title":"Retail Investor Behavior, Cryptocurrencies, and Financial Market Innovation – Insights from the 5th European Retail Investment Conference (ERIC)","authors":"Hans-Peter Burghof, Achim Fecker, Patrick Jaquart, Benedikt Notheisen","doi":"10.3790/ccm.53.2.273","DOIUrl":"https://doi.org/10.3790/ccm.53.2.273","url":null,"abstract":"Abstract\u0000 The 5th European Retail Investment Conference was hosted at Börse Stuttgart, Germany, from April 10th to 12th 2019. The conference chairs invited academics and practitioners to participate and discuss empirical and theoretical research focusing on retail investor products and services, the impact of technology on retail investors, investors’ decision-making, investor protection schemes, and market microstructure. Albert Menkveld, Professor of Finance at Vrije Universiteit Amsterdam and Fellow at the Tinbergen Institute, held the keynote about the fundamental value of bitcoin.\u0000","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"85308032","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}
{"title":"Credit and Capital Markets – Kredit und Kapital: Volume 53, Issue 2","authors":"","doi":"10.3790/ccm.53.2","DOIUrl":"https://doi.org/10.3790/ccm.53.2","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"48710121","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}
{"title":"Transformation Needed","authors":"Simone Westerfeld, Beatrix Wullschleger","doi":"10.3790/ccm.53.2.285","DOIUrl":"https://doi.org/10.3790/ccm.53.2.285","url":null,"abstract":"Abstract\u0000 For the sixth time, international academics and practitioners met for a successful credit risk conference. Keynote speeches and academic sessions highlighted current developments and necessary improvements in areas such as fintech, regulation, credit ratings and risk analysis. Digitization also leaves its mark in this area and requires, to varying degrees, a transformation of affected persons as well as applied systems or models.\u0000 JEL classification: G210, G280","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":"59 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-04-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"77007979","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}
{"title":"Credit and Capital Markets – Kredit und Kapital: Volume 53, Issue 1","authors":"","doi":"10.3790/ccm.53.1","DOIUrl":"https://doi.org/10.3790/ccm.53.1","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":"1 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2020-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"46574399","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}
{"title":"Credit and Capital Markets – Kredit und Kapital: Volume 52, Issue 4","authors":"","doi":"10.3790/ccm.52.4","DOIUrl":"https://doi.org/10.3790/ccm.52.4","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"47769678","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}
{"title":"Optimal Monetary Policy with Staggered Wage and Price Contracts","authors":"J. Christopher, W. H. Dale","doi":"10.3790/CCM.52.4.537","DOIUrl":"https://doi.org/10.3790/CCM.52.4.537","url":null,"abstract":"Abstract\u0000 We formulate an optimizing-agent model in which both labor and product markets exhibit monopolistic competition and staggered nominal contracts. The unconditional expectation of average household utility can be expressed in terms of the unconditional variances of the output gap, price inflation, and wage inflation. Monetary policy cannot achieve the Pareto-optimal equilibrium that would occur under completely flexible wages and prices; that is, the model exhibits a tradeoff in stabilizing the output gap, price inflation, and wage inflation. We characterize the optimal policy rule for reasonable calibrations of the model. We also find that strict price inflation targeting generates relatively large welfare losses, whereas several other simple policy rules perform nearly as well as the optimal rule.\u0000 JEL Classification: E31; E32; E52","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":"18 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79010048","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}
{"title":"Introduction: 50 Years of Konstanz Seminars on Monetary Theory and Policy","authors":"Jürgen von Hagen, Keith Kuester","doi":"10.3790/ccm.52.4.451","DOIUrl":"https://doi.org/10.3790/ccm.52.4.451","url":null,"abstract":"<jats:p />","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":"8 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"84197291","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}
{"title":"50. Konstanzer Seminar zur Geldtheorie und Geldpolitik 2019","authors":"Dähne Lisa","doi":"10.3790/ccm.52.4.619","DOIUrl":"https://doi.org/10.3790/ccm.52.4.619","url":null,"abstract":"<jats:p />","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":"55 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-10-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"79650878","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}
{"title":"A Capital User’s Perspective on Crowdfunding Efficiency","authors":"O. Chuprinin, M. Hu, C. Kang","doi":"10.2139/ssrn.2824988","DOIUrl":"https://doi.org/10.2139/ssrn.2824988","url":null,"abstract":"Using bid-level data from a large U.S. peer-to-peer lending platform, we document that an average lender has strong herding tendencies: capital flow to a listing increases exponentially as the listing attracts more capital. However, loans funded in explosive bidding auctions do not show superior performance, suggesting that herding does not improve capital allocation efficiency. Rather, herders amplify the effect of random early bidding on the listing's funding success and skew capital allocation in the cross-section of listings. In particular, all else equal, listings started at times of exogenously lower lender activity on the platform are less likely to be funded. In investor heterogeneity analysis, we find that propensity to follow or lead is a persistent investor characteristic and that leaders realize better performance. Overall, this study highlights an important non-fundamental factor of capital allocation in transparent credit markets.","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":"48 1","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-08-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"88613350","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}
{"title":"Credit and Capital Markets – Kredit und Kapital: Volume 52, Issue 3","authors":"","doi":"10.3790/ccm.52.3","DOIUrl":"https://doi.org/10.3790/ccm.52.3","url":null,"abstract":"","PeriodicalId":36966,"journal":{"name":"Credit and Capital Markets","volume":" ","pages":""},"PeriodicalIF":0.0,"publicationDate":"2019-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"45900074","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}