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Department of Finance, Goethe University Frankfurt am Main

Working Paper Series: Finance and Accounting

Contact information of Department of Finance, Goethe University Frankfurt am Main:
Postal: Senckenberganlage 31, 60054 Frankfurt
Phone: 0049-69-798-28269
Fax: 0049-69-798-28272
Web page: http://www.finance.uni-frankfurt.de
More information through EDIRC

For technical questions regarding this series, please contact (Reinhard H. Schmidt)
Series handle: repec:fra:franaf

2009

205 Financial constraints and the decision to lease – Evidence from German SME
by Constantin F. Slotty [Downloadable!]
204 Does IT standardization help to boost cost and profit efficiency? Empirical evidence from German savings banks
by Felix Noth & Constantin F. Slotty & Andreas Hackethal [Downloadable!]
203 CDOs and Systematic Risk: Why bond ratings are inadequate
by Jan Pieter Krahnen & Christian Wilde [Downloadable!]
202 Investment, Income, and Incompleteness
by Björn Bick & Holger Kraft & Claus Munk [Downloadable!]
201 Does Size Matter? Economies of Scale in the German Mutual Fund Industry
by Raimond Maurer & Alexander Schaefer [Downloadable!]
200 Manipulation des Börsenkurses durch gezielte Informationspolitik im Rahmen von Squeeze-Outs? – Eine empirische Untersuchung am deutschen Kapitalmarkt
by Moritz Bassemir & Felix F. Fischer & Holger Daske [Downloadable!]
199 Gauging Risk with Higher Moments: Handrails in Measuring and Optimising Conditional Value at Risk
by Raimond Maurer & Gyöngyi Bugár & Huy Thanh Vo [Downloadable!]
198 What is the Impact of Stock Market Contagion on an Investor's Portfolio Choice?
by Nicole Branger & Holger Kraft & Christoph Meinerding [Downloadable!]
197 Optimal Housing, Consumption, and Investment Decisions Over the Life-Cycle
by Holger Kraft & Claus Munk [Downloadable!]
196 Foundations of Continuous-time Recrusive Utility: Differentiability and Normalization of Certainty Equivalents
by Holger Kraft & Frank Seifried [Downloadable!]
194 Microfinance, Commercialisation and Ethics
by Reinhard H. Schmidt [Downloadable!]
181 Board Committees, CEO Compensation, and Earnings Management
by Christian Laux & Volker Laux [Downloadable!]
176 How unobservable Bond Positions in Retirement Accounts affect Asset Allocation
by Marcel Marekwica & Raimond Maurer [Downloadable!]

2008

193 The Effects of Bank Mergers on Small Business Lending in Germany
by Thomas Bloch [Downloadable!]
192 Dissynergies of Mergers among Local Banks
by Thomas Bloch [Downloadable!]
191 How Politics Influence State-owned Banks - the Case of German Savings Banks
by Oliver Vins [Downloadable!]
190 The Quiet Life Hypothesis in Banking - Evidence from German Savings Banks
by Oliver Vins & Michael Koetter [Downloadable!]
189 The Effects of Size on Local Banks' Funding Costs
by Oliver Vins & Thomas Bloch [Downloadable!]
188 Do we measure what we get?
by Jennifer Kunz [Downloadable!]
187 Risk Transfer with CDOs
by Jan Pieter Krahnen & Christian Wilde [Downloadable!]
186 Der Einfluss von Diversifikationsstrategien auf den Aktienkurs deutscher Unternehmen
by Michael H. Grote & Marc Rustige [Downloadable!]
185 Financial Locations: Frankfurt's place and perspectives
by Hans-Helmut Kotz & Reinhard H. Schmidt [Downloadable!]
184 The Economics of Rating Watchlists: Evidence from Rating Changes
by Christina E. Bannier & Christian Hirsch [Downloadable!]
174 Optimal Gradual Annuitization: Quantifying the Costs of Switching to Annuities
by Wolfram Horneff & Raimond Maurer & Michael Stamos [Downloadable!]
172 „Home, sweet home“ – Die Entwicklung des Handelsvolumens deutscher Aktien im Ausland
by Michael H. Grote & Florian Kube & Michael Küchen [Downloadable!]
165 Open-End Real Estate Funds in Germany - Genesis and Crisis
by Christina E. Bannier & Falko Fecht & Marcel Tyrell [Downloadable!]
157 Demutualization, Outsider Ownership and Stock Exchange Performance - Empirical Evidence
by Baris Serifsoy [Downloadable!]
136 Can Tests Based on Option Hedging Errors Correctly Identify Volatility Risk Premia?
by Nicole Branger & Christian Schlag [Downloadable!]
74 Structural positions and risk budgeting - Quantifying the impact of structural positions and deriving implications for active portfolio management
by Ulf Herold & Raimond Maurer [Downloadable!]

2007

183 Private Equity im Mittelstand - Mythos und Realität
by Michael H. Grote [Downloadable!]
182 Acquiring foreign firms far away might be hazardous to your share price: evidence from Germany
by Michael H. Grote & Fabian Rücker [Downloadable!]
179 Trade Credit Defaults and Liquidity Provision by Firms
by Frederic Boissay & Reint Gropp [Downloadable!]
175 Cross-Border Bank Contagion in Europe
by Reint Gropp & Marco Lo Duca & Jukka Vesala [Downloadable!]
173 Stale information, shocks and volatility
by Reint Gropp & Arjan Kadareja [Downloadable!]
158 Stock Exchange Business Models and Their Operative Performance - Empirical Evidence
by Baris Serifsoy [Downloadable!]
155 The Adjustment of Credit Ratings in Advance of Defaults
by André Güttler & Mark Wahrenburg [Downloadable!]
151 Settling for Efficiency - A Framework for the European Securities Transactions Industry
by Baris Serifsoy & Marco Weiß [Downloadable!]
109 Hedging the Exchange Rate Risk in International Portfolio Diversification: Currency Forwards versus Currency Options
by Raimond Maurer & Shohreh Valiani [Downloadable!]

2006

171 Determinants of banks' engagement in loan securitization
by Christina E. Bannier & Dennis N. Hänsel [Downloadable!]
169 Asset Meltdown - Fact or Fiction?
by Marcel Marekwica & Raimond Maurer & Steffen Sebastian [Downloadable!]
168 Open-end real estate funds: danger or diamond?
by Steffen Sebastian & Marcel Tyrell [Downloadable!]
167 Rentenreform in Russland – heutiger Stand und Entwicklungsperspektiven im internationalen Vergleich
by Grigory Feiguine [Downloadable!]
166 Mutual Fund Investing – One of the Main Ways of Saving for Retirement in Russia
by Tatjana Sedash [Downloadable!]
164 Die Stabilität von Finanzmärkten: Wie kann die Wirtschaftspolitik Vertrauen schaffen?
by Jan Pieter Krahnen [Downloadable!]
161 Home biased? A spatial analysis of the domestic merging behavior of US firms
by Michael H. Grote & Marc Umber [Downloadable!]
150 Was ist und was braucht ein bedeutender Finanzplatz?
by Reinhard H. Schmidt & Michael H. Grote [Downloadable!]
135 Tractable Hedging - An Implementation of Robust Hedging Strategies
by Nicole Branger & Antje Mahayni [Downloadable!]
94 Portfolio Choice and Estimation Risk: A Comparison of Bayesian to Heuristic Approaches
by Ulf Herold & Raimond Maurer [Downloadable!]

2005

160 Modelling the role of credit rating agencies - Do they spark off a virtuous circle?
by Christina E. Bannier & Marcel Tyrell [Downloadable!]
156 The German Insurance Industry: Market Overview and Trends
by Raimond Maurer & Barbara Kaschützke (geb. Somova) [Downloadable!]
152 Der Handel von Kreditrisiken: Eine neue Dimension des Kapitalmarktes
by Jan Pieter Krahnen [Downloadable!]
149 Heterogeneous Multiple Bank Financing Under Uncertainty: Does it Reduce Inefficient Credit Decisions?
by Christina E. Bannier [Downloadable!]
146 Banks and German Corporate Governance: On the Way to a Capital Market-Based System?
by Andreas Hackethal & Reinhard H. Schmidt & Marcel Tyrell [Downloadable!]
144 Die Altersvorsorge in Russland - Theoretische Analyse, aktuelle Rahmenbedingungen und ihre Umsetzung
by Ekaterina Losovskaja [Downloadable!]
142 Information Theory and the Role of Intermediaries in Corporate Governance
by Reinhard H. Schmidt & Marcel Tyrell [Downloadable!]
126 Networks of MSE banks for financial sector development - a case-study in private-public partnership
by Reinhard H. Schmidt & J. D. von Pischke [Downloadable!]
78 Internationally Cross-Listed Stock Prices During Overlapping Trading Hours: Price Discovery and Exchange Rate Effects
by Joachim Grammig & Michael Melvin & Christian Schlag [Downloadable!]

2004

143 Wer den Kodex nicht einhält, den bestraft der Kapitalmarkt?
by Till Mahr & Eric Nowak & Roland Rott [Downloadable!]
141 Multiple but Asymmetric Bank Financing: The Case of Relationship Lending
by Ralf Elsas & Frank Heinemann & Marcel Tyrell [Downloadable!]
140 Is Jump Risk Priced? - What We Can (and Cannot) Learn From Option Hedging Errors
by Nicole Branger & Christian Schlag [Downloadable!]
139 Preemptive Distress Resolution through Bank Mergers
by Ralf Elsas [Downloadable!]
138 When Are Static Superhedging Strategies Optimal?
by Nicole Branger & Angelika Esser & Christian Schlag [Downloadable!]
134 Zukunftsorientierte Bestimmung von Kapitalkosten für die Unternehmensbewertung
by Günther Gebhardt & Holger Daske [Downloadable!]
131 Economic Benefits of Adopting IFRS or US-GAAP – Have the Expected Costs of Equity Capital really decreased?
by Holger Daske [Downloadable!]
130 EU Financial Integration: Is There a ’Core Europe’? - Evidence from a Cluster-Based Approach
by Thomas Kiehlborn & Mark Mietzner [Downloadable!]
129 Multi-Bank Loan Pool Contracts: Enhancing the Profitability of Small Commercial Banks
by Andreas Gintschel & Andreas Hackethal [Downloadable!]
128 Share Buy-Backs in Germany - Overreaction to Weak Signals?
by Andreas Hackethal & Alexandre Zdantchouk [Downloadable!]
127 Value Based Management auf Basis von ERIC
by Louis John Velthuis [Downloadable!]
125 Financing Patterns: Measurement Concepts and Empirical Results
by Andreas Hackethal & Reinhard H. Schmidt [Downloadable!]
124 Estimating the Expected Cost of Equity Capital Using Consensus Forecasts
by Günther Gebhardt & Holger Daske & Stefan Klein [Downloadable!]
118 Corporate Governance in Germany: An Economic Perspective
by Reinhard H. Schmidt [Downloadable!]
114 Return and Risk of German Open-End Real Estate Funds
by Raimond Maurer & Frank Reiner & Ralph Rogalla [Downloadable!]
111 What Constitutes a Financial System in General and the German Financial System in Particular?
by Reinhard H. Schmidt & Marcel Tyrell [Downloadable!]
108 Characteristics of German Real Estate Return Distributions: Evidence from Germany and Comparison to the U.S. and U.K
by Raimond Maurer & Frank Reiner & Steffen Sebastian [Downloadable!]
106 German Banks and Banking Structure
by Andreas Hackethal [Downloadable!]
68 Construction of a Transaction-Based Real Estate Index for the Paris Housing Market
by Raimond Maurer & Martin Pitzer & Steffen Sebastian [Downloadable!]

2003

123 The Cost of Employee Stock Options
by Peter Raupach [Downloadable!]
122 The Valuation of Employee Stock Options - How Good Is the Standard?
by Peter Raupach [Downloadable!]
121 European Securitisation: A GARCH Model of CDO, MBS and Pfandbrief Spreads
by Andreas A. Jobst [Downloadable!]
120 Efficient Systems for the Securities Transaction Industry- A Framework for the European Union
by Baris Serifsoy & Marco Weiß [Downloadable!]
119 Verbriefung und ihre Auswirkung auf die Finanzmarktstabilität
by Andreas A. Jobst [Downloadable!]
115 Evaluating internal credit rating systems depending on bank size
by Hergen Frerichs & Mark Wahrenburg [Downloadable!]
113 Der deutsche Hypothekenbankenmarkt: Ergebnisse einer empirischen Untersuchung
by Patrick Behr & André Güttler & Thomas Kiehlborn [Downloadable!]
110 On the Stability of Different Financial Systems
by Falko Fecht [Downloadable!]
105 The long term impact of microfinance on income, wages and the sectoral distribution of economic activity
by Ingo E. Tschach [Downloadable!]
104 Shareholder vs. Stakeholder: Ökonomische Fragestellungen
by Reinhard H. Schmidt & Marco Weiß [Downloadable!]
103 The Theoretical Derivation of Credit Market Segmentation as the Result of a Free Market Process
by Ingo E. Tschach [Downloadable!]
102 Open Source as a Signalling Device - An Economic Analysis
by Samuel Lee & Nina Moisa & Marco Weiß [Downloadable!]
92 Bayesian Asset Allocation and U.S. Domestic Bias
by Ulf Herold & Raimond Maurer [Downloadable!]
87 Microfinance als Geflecht von Anreizproblemen
by Reinhard H. Schmidt & Ingo E. Tschach [Downloadable!]

2002

100 Erklärungsfaktoren für den Einsatz von Währungsderivaten bei deutschen Unternehmen - eine empirische Logit-Analyse
by Günther Gebhardt & Oliver Ruß [Downloadable!]
97 Avoiding the rating bounce: Why rating agencies are slow to react to new information
by Gunter Löffler [Downloadable!]
96 Collateralized Loan Obligations (CLOs) – A Primer
by Andreas A. Jobst [Downloadable!]
95 Accounting for Financial Instruments in the Banking Industry
by Günther Gebhardt & Rolf Reichardt & Carsten Wittenbrink [Downloadable!]
89 Stock Options as Incentive Contract and Dividend Policy
by Robert M. Gillenkirch & Markus C. Arnold [Downloadable!]
87 Microfinance as a Nexus of Incentives
by Reinhard H. Schmidt & Ingo E. Tschach [Downloadable!]
76 A Note on Forward and Backward Partial Differential Equations for Derivative Contracts with Forwards as Underlyings
by Angelika Esser & Christian Schlag [Downloadable!]
67 International Equity Portfolios and Currency Hedging: The Viewpoint of German and Hungarian Investors
by Gyöngyi Bugár & Raimond Maurer [Downloadable!]
52 Immobilienindizes im Portfolio-Management
by Raimond Maurer & Steffen Sebastian & Thomas G. Stephan [Downloadable!]
51 Inflation Risk Analysis of European Real Estate Securities
by Raimond Maurer & Steffen Sebastian [Downloadable!]
27 Path Dependence, Corporate Governance and Complementarity
by Reinhard H. Schmidt & Gerald Spindler [Downloadable!]

2001

86 Equity Carve-Outs and Corporate Control in Germany
by Yvonne Löffler & Ralf Elsas [Downloadable!]
85 Determinants of Capital Market Reactions to Seasoned Equity Offers by German Corporations
by Günther Gebhardt & Stefan Heiden & Holger Daske [Downloadable!]
84 Evaluating credit risk models: A critique and a proposal
by Hergen Frerichs & Gunter Löffler [Downloadable!]
80 Bedingungen der Anreizkompatibilität, Fundierung von Unternehmenszielen und Anreize für deren Umsetzung
by Helmut Laux [Downloadable!]
73 Mängel bei der Abschlußprüfung: Tatsachenberichte und Analysen aus betriebswirtschaftlicher Sicht
by Jens Wüstemann [Downloadable!]
72 The Future of Banking in Europe
by Reinhard H. Schmidt [Downloadable!]
71 Wie global sind Japans Banken? Die Veränderung institutioneller Bedingungen und ihre Auswirkungen auf die internationale Präsenz japanischer Kreditinstitute
by Michael H. Grote & Britta Klagge [Downloadable!]
70 Publizitätspflichten börsennotierter Aktiengesellschaften im Spannungsfeld zwischen Regelberichterstattung und Ad-hoc-Publizität - Überlegungen zu einer gesetzeskonformen und kapitalmarktorientierten Umsetzung
by Stefan Feinendegen & Eric Nowak [Downloadable!]
69 The Demand for Homeowners Insurance with Bundled Catastrophe Coverages
by Martin F. Grace & Robert W. Klein & Paul R. Kleindorfer [Downloadable!]
66 Portfolio-aspects in real options management
by Rainer Brosch [Downloadable!]
65 Pension Systems and Financial Systems in Europe: A Comparison from the Point of View of Complementarity
by Reinhard H. Schmidt & Marcel Tyrell [Downloadable!]
64 Competition for Order Flow as a Coordination Game
by Jutta Dönges & Frank Heinemann [Downloadable!]
60 How Unique are US Banks? - The Role of Banks in Five Major Financial Systems
by Andreas Hackethal [Downloadable!]
57 A Multiple Factor Model for European Stocks
by Thomas G. Stephan & Raimond Maurer & Martin Dürr [Downloadable!]
35 Differences between Financial Systems in Europe: Consequences for EMU
by Reinhard H. Schmidt [Downloadable!]
4 Marketmaking in the Laboratory: Does Competition Matter?
by Jan Pieter Krahnen & Martin Weber [Downloadable!]

2000

63 Ist der Ablauf der Lock-up-Frist bei Neuemissionen ein kursrelevantes Ereignis
by Eric Nowak & Alexandra Gropp [Downloadable!]
62 Einfache ökonometrische Verfahren für die Kreditrisikomessung: Verweildauermodelle
by Ulrich Kaiser & Andrea Szczesny [Downloadable!]
59 Zur Quantifizierung von Risikoprämien deutscher Versicherungsaktien im Kontext von Multifaktorenmodellen
by Rolf Elgeti & Raimond Maurer [Downloadable!]
58 Towards a regulatory agenda for banking in Europe
by Reinhard H. Schmidt & Harald Benink [Downloadable!]
56 Catastrophe Index-Linked Securities and Reinsurance as Substituties
by Martin Nell & Andreas Richter [Downloadable!]
55 Four short papers on Development Finance
by Reinhard H. Schmidt & Eva Terberger & Ingo E. Tschach & Marcel Tyrell [Downloadable!]
54 Vermögensanlagevorschriften für deutsche Versicherungsunternehmen: Status Quo und finanzwirtschaftliche Bewertungen
by Raimond Maurer & Thomas G. Stephan [Downloadable!]
50 Finanzsysteme und Komplementarität
by Andreas Hackethal & Reinhard H. Schmidt [Downloadable!]
49 Vergleichende Analyse alternativer Kreditrisikomodelle
by Mark Wahrenburg & Susanne Niethen [Downloadable!]
48 IAS versus US GAAP: A "New Market" Based Comparison
by Christian Leuz [Downloadable!]
25 Recht, internationale Unternehmensstrategien und Standortwettbewerb
by Jens Massmann & Reinhard H. Schmidt [Downloadable!]

1999

45 Building Financial Institutions in Developing Countries
by Reinhard H. Schmidt & Adalbert Winkler [Downloadable!]
44 Arbitragetheorie bei vagen Erwartungen der Marktteilnehmer
by Heinrich Rommelfanger & Kai D. Leifert & Konstantin Korolev [Downloadable!]
43 Angleichung der Unternehmensverfassung in Europa – ein Forschungsprogramm
by Reinhard H. Schmidt & Stefanie Grohs [Downloadable!]
42 Optionspreistheorie bei vagen Daten
by Konstantin Korolev & Kai D. Leifert & Heinrich Rommelfanger [Downloadable!]
41 The Economic Consequences of Increased Disclosure
by Robert E. Verrecchia & Christian Leuz [Downloadable!]
40 The Development of Voluntary Cash Flow Statements in Germany and the Influence of International Reporting Standards
by Christian Leuz [Downloadable!]
39 Quasirenten, Prüferwechsel und rationale Adressaten
by Ulrike Stefani [Downloadable!]
38 An Empirical Comparison of Alternative Stochastic Volatility Models
by Michael Belledin & Christian Schlag [Downloadable!]
37 Internationale Rechnungslegungsnormen und Neue Institutionenökonomik
by Jens Wüstemann [Downloadable!]
36 Die Bedeutung der Periodenerfolgsrechnung für die Investitionssteuerung. Der Fall ungleicher Zeitpräferenzen
by Robert M. Gillenkirch & Matthias M. Schabel [Downloadable!]
34 Banken, bankeigene Kapitalanlagegesellschaften und Aktienemissionen
by Theodor Baums & Erik Theissen [Downloadable!]
32 Executive compensation and the susceptibility of firms to hostile takeovers. An empirical investigation of the U.S. oil industry
by Eric Nowak & Michael H. Haid [Downloadable!]
31 Drei Mißverständnisse zum Thema "Shareholder Value"
by Reinhard H. Schmidt & Jens Maßmann [Downloadable!]
30 Credit Scoring and Incentives for Loan Officers in a Principal Agent Model
by Eberhard Feess & Michael Schieble [Downloadable!]
14 Liquiditätsmessung auf experimentellen Aktienmärkten#
by Erik Theissen [Downloadable!]
11 Complementarity and Financial Systems
by Andreas Hackethal & Marcel Tyrell [Downloadable!]
10 Disintermediation and the Role of Banks in Europe: An International Comparison
by Reinhard H. Schmidt & Andreas Hackethal & Marcel Tyrell [Downloadable!]
1 Insider Trading and Portfolio Structure in Experimental Asset Markets with a Long Lived Asset
by Jan Pieter Krahnen & Christian Rieck & Erik Theissen [Downloadable!]

1998

24 The Manager and the Auditor in a Double Moral Hazard Setting: Efficiency through Contingent Fees and Insurance Contracts
by Eberhard Feess & Martin Nell [Downloadable!]
22 Non-voting shares in France: An empirical analysis of the voting premium
by Christian Muus [Downloadable!]
21 Voluntary Disclosure of Cash Flow Statements and Segment Data in Germany
by Christian Leuz [Downloadable!]
19 Marktwertmaximierung und CAPM im Ein- und Mehrperioden-Fall
by Helmut Laux [Downloadable!]
17 An Investigation into the Capital Market Reaction on Accounting Standards Enforcement
by Hanne Böckem [Downloadable!]
16 Der Neue Markt: Eine Bestandsaufnahme#
by Erik Theissen [Downloadable!]
15 Finanzierungstheorie: Ein selektiver Überblick
by Jan Pieter Krahnen [Downloadable!]
12 Financial Development, Economic Growth and Corporate Governance
by Adalbert Winkler [Downloadable!]
5 Performance deutscher Rentenfonds
by Erik Theissen & Mario Greifzu [Downloadable!]

1997

3 Corporate Governance: The Role of Other Constituencies
by Reinhard H. Schmidt [Downloadable!]
9 Einflußfaktoren für Kursreaktionen auf die Ankündigung von Kapitalerhöhungen deutscher Aktiengesellschaften
by Günther Gebhardt & Stefan Heiden & Irmelin Burkhardt [Downloadable!]
7 Anreizwirkungen und Bewertung von Erfolgsbeteiligungen im Portefeuillemanagement
by Robert M. Gillenkirch [Downloadable!]
3 Corporate Governance: The Role of Other Constituencies
by Reinhard H. Schmidt [Downloadable!]

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This page was last updated on 2009-11-2.

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