Alexander Conrad, Doris Neuberger, Maria Schneider-Reißig
{"title":"Geographic and Demographic Bank Outreach: Evidence from Germany's Three-Pillar Banking System","authors":"Alexander Conrad, Doris Neuberger, Maria Schneider-Reißig","doi":"10.3790/KUK.42.3.377","DOIUrl":"https://doi.org/10.3790/KUK.42.3.377","url":null,"abstract":"This paper investigates the performance of Germany's three-pillar banking system in providing financial services nationwide, regarding different outreach indicators. At the federal state level, bank outreach shows South-North and West-East gaps. Combining regional and bank data at the district level for 2005, we examine the determinants of geographic and demographic branch penetration of the regional savings and cooperative banks. Both banking groups provide a larger branch penetration in more wealthy regions, but maintain a larger number of branches per inhabitant in less densely populated regions, easing access to retail banking services. With their comparatively large branch penetration in less wealthy regions, public savings banks help to reduce regional economic disparities. The branch penetration of both banking groups increases with the share of elder people and bank size in a region. Because of their public mission to serve all regions, public savings banks foster competition.","PeriodicalId":443519,"journal":{"name":"Thuenen-Series of Applied Economic Theory","volume":"38 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"2009-07-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"124516819","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":"Published stock recommendations as institutional investor sentiment in the near-term stock market","authors":"Nico Singer, Frank Dreher, Saskia Laser","doi":"10.2139/ssrn.1927801","DOIUrl":"https://doi.org/10.2139/ssrn.1927801","url":null,"abstract":"This paper investigates the role of published stock recommendations in print and online media as investor sentiment in the near-term German stock market. In line with extant literature on other sentiment measures, vector autoregressions reveal that past stock returns drive today's sentiment, but not the other way around, and that sentiment is a powerful predictor of itself. In particular, sentiment based on printed analyst recommendations follows reversals, that is, when analysts face a stock market downturn, they see a buying opportunity and become optimistic.","PeriodicalId":443519,"journal":{"name":"Thuenen-Series of Applied Economic Theory","volume":"12 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"115019727","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":"Systemic Usury and the European Consumer Credit Directive","authors":"Doris Neuberger, U. Reifner","doi":"10.3790/vjh.89.1.115","DOIUrl":"https://doi.org/10.3790/vjh.89.1.115","url":null,"abstract":"Usury is a frequent occurrence in consumer credit markets and particularly affects low-income households. Although the term usury conjures images of a greedy individual consciously acting to exploit the weak bargaining position of another by deceitful and even fraudulent means, we consider it as a systemic issue: as a problem of social discrimination, where belonging to a group which is statistically discriminated against leads to entrapment in a chain of usurious credit and financial contracts. This paper reviews the economic rationale for usury legislation and evaluates the European Consumer Credit Directive 2008/48/EC in this context. It identifies systemic usury as the product of market failure: the most powerful explanations for which are monopoly power, where the consumer is locked in a bilateral credit relationship; discrimination through risk-based pricing, and negative externalities. Contrary to the main focus of the European Consumer Credit Directive, improved disclosure of contract terms and other relevant information to consumers at the point of contracting cannot address systemic usury in credit markets. Even fully informed consumers can be discriminated against and become trapped in a situation of bilateral monopoly. As a consequence, the Directive is found to be ineffective: it implicitly acknowledges usurious practices and products as legal and undermines the national fight against usury. The Directive must be reformed.","PeriodicalId":443519,"journal":{"name":"Thuenen-Series of Applied Economic Theory","volume":"18 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"127460269","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":"Wieviel Phantasie braucht die Fußballaktie","authors":"E. Lehmann, Jürgen Weigand","doi":"10.1007/978-3-322-86606-6_5","DOIUrl":"https://doi.org/10.1007/978-3-322-86606-6_5","url":null,"abstract":"","PeriodicalId":443519,"journal":{"name":"Thuenen-Series of Applied Economic Theory","volume":"27 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"123928363","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":"Age, Human Capital and the Geography of Innovation","authors":"K. Frosch, Thusnelda Tivig","doi":"10.1007/978-3-531-91478-7_7","DOIUrl":"https://doi.org/10.1007/978-3-531-91478-7_7","url":null,"abstract":"","PeriodicalId":443519,"journal":{"name":"Thuenen-Series of Applied Economic Theory","volume":"9 1","pages":"0"},"PeriodicalIF":0.0,"publicationDate":"1900-01-01","publicationTypes":"Journal Article","fieldsOfStudy":null,"isOpenAccess":false,"openAccessPdf":"","citationCount":null,"resultStr":null,"platform":"Semanticscholar","paperid":"132109365","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}