Syndication increases the overlap of bank loan portfolios and makes them more vulnerable to contagious effects. We develop a novel measure of bank interconnectedness using syndicated corporate loans.…
This paper analyzes the effect of the removal of government guarantees on bank risk taking. We exploit the removal of guarantees for German Landesbanken which results in lower credit ratings, higher funding…
More than 80% of U.S. syndicated loans contain at least one fee type and contracts typically specify a menu of spreads and fee types. We test the predictions of existing theories on the main purposes of fees and…
The existing theoretical literature on fiscal competition has to a large extent ignored the role of government debt as a determinant of taxes and productive public spending. We develop a simple model of fiscal…
Most countries show a residency discount in rents for sitting tenants. In the wake of strong rent increases and housing shortages, Germany implemented a reform in 2001 to curtail rent increases. Based on linked…
This paper analyses the effect of training participation on employees’ retention in the training company. It for the first time empirically combines the human capital and the monopsony theory by jointly…
Das Zentrum für Europäische Wirtschaftsforschung (ZEW) erhebt seit 1993 im Auftrag des Bundesministeriums für Bildung und Forschung (BMBF) und in Kooperation mit dem Fraunhofer-Institut für System- und…
This paper aims at characterizing the conditions of wind power deployment in order to infer a carbon price level that would provide wind power with comparable advantage over fossil fuel technologies as effective…
