Publications of the Research Unit Pensions and Sustainable Financial Markets

In summer 2011, elevated sovereign risk in Eurozone peripheral countries increased the solvency risk of Eurozone banks, precipitating a run on their short-term debt. We assess the effectiveness of different…

We analyze differences in the pricing of syndicated loans between U.S. and European loans. For credit lines, U.S. borrowers pay significantly higher spreads, but also lower fees, resulting in similar total costs…

More than 80% of US syndicated loans contain at least one fee type and contracts typically specify a menu of spread and different types of fees. We test the predictions of existing theories about the main…

• Konjunkturerwartungen weiter rückläufig
• Eurozone: Zinserwartungen sinken deutlich
• USA: Konjunktureller Pessimismus nimmt zu
• Japan: Konjunkturausblick trübt sich weiter ein
• Großbritannien: Deutlicher Rückgang der…

• Why and How There Should Be More Europe in Asylum Policies
• Personal Contact with Tax Authority Increases Tax Compliance of Businesses
• German Businesses Maintain High Level of Innovation Expenditures
• Financially…

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…

This article addresses one of the drawbacks of survey-based measures of expectations, the fact that updates are relatively infrequent, due to the monthly or quarterly frequency of survey waves. To obtain a more…