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Working Papers on Finance

From University of St. Gallen, School of Finance
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1516: Asset Pricing of Financial Insitutions: The Cross-Section of Expected Stock Returns in the Property/Liability Insurance Industry Downloads
Semir Ben Ammar, Martin Eling and Andreas Milidonis
1515: Conflicts of Interest and the Role of Financial Advisors in M&A Transactions: Empirical Evidence from the Private Equity Industry Downloads
Stefan Morkoetter and Thomas Wetzer
1514: The Value of Creditor Governance: Debt Renegotiations In and Outside Distress Downloads
Marc Arnold and Ramona Westermann
1513: Multivariate Dynamic Copula Models: Parameter Estimation and Forecast Evaluation Downloads
Matthias D. Aepli, Karl Frauendorfer, Roland Fuess and Florentina Paraschiv
1512: Electricity Market Coupling and the Pricing of Transmission Rights: An Option-based Approach Downloads
Steffen Mahringer, Roland Fuess and Marcel Prokopczuk
1511: Do CEOs Matter? Corporate Performance and the CEO Life Cycle Downloads
Peter Limbach, Markus Schmid and Meik Scholz
1510: Competing with Superstars Downloads
Manuel Ammann, Philipp Horsch and David Oesch
1509: The Exposure of Mortgage Borrowers to Interest Rate Risk, Income Risk and House Price Risk – Evidence from Swiss Loan Application Data Downloads
Martin Brown and Benjamin Guin
1508: Tail Risk in Hedge Funds: A Unique View from Portfolio Holdings Downloads
Vikas Agarwal, Stefan Ruenzi and Florian Weigert
1507: Sharing a Director with a Peer Downloads
Tatjana Berg, Philipp Horsch and Markus Schmid
1506: The Exposure of Microfinance Institutions to Financial Risk Downloads
Thomas Gietzen
1505: Competition in the Credit Rating Industry: Benefits for Investors and Issuers Downloads
Stefan Morkoetter, Roman Stebler and Simone Westerfeld
1504: Internal Control and Strategic Communication within Firms – Evidence from Bank Lending Downloads
Martin Brown, Matthias Schaller, Simone Westerfeld and Markus Heusler
1503: Insurability of Cyber Risk: An Empirical Analysis Downloads
Christian Biener, Martin Eling and Jan Wirfs
1502: The Determinants of Efficiency and Productivity in the Swiss Insurance Industry Downloads
Christian Biener, Martin Eling and Jan Wirfs
1501: Does Female Management Influence Firm Performance? Evidence from Luxembourg Banks Downloads
Regina M. Reinert, Florian Weigert and Christoph H. Winnefeld
1423: Sovereign Risk and the Pricing of Corporate Credit Default Swaps Downloads
Matthias Haerri, Stefan Morkoetter and Simone Westerfeld
1422: Sophisticated vs. Simple Systemic Risk Measures Downloads
David Pankoke
1421: Systemic Risk in the Insurance Sector: Review and Directions for Future Research Downloads
Martin Eling and David Pankoke
1420: Costs and Benefits of Financial Regulation – An Empirical Assessment for Insurance Companies Downloads
Martin Eling and David Pankoke
1419: The Impact of Financial Advice on Trade Performance and Behavioral Biases Downloads
Daniel Hoechle, Stefan Ruenzi, Nic Schaub and Markus Schmid
1418: Ambiguity and Reality Downloads
Fabio Trojani, Christian Wiehenkamp and Jan Wrampelmeyer
1417: Non-Interest Income and Bank Performance: Does Ring-Fencing Reduce Bank Risk? Downloads
Anthony Saunders, Markus Schmid and Ingo Walter
1416: Shareholder Voting and Merger Returns Downloads
Laura Henning
1415: Do Mutual Funds Outperform During Recessions? International (Counter-) Evidence Downloads
Christopher Fink, Katharina Raatz and Florian Weigert
1414: Credit Booms and Busts in Emerging Markets: The Role of Bank Governance and Risk Managment Downloads
Alin Marius Andries and Martin Brown
1413: Financialization in Commodity Markets: A Passing Trend or the New Normal? Downloads
Zeno Adams and Thorsten Glueck
1412: The Euroization of Bank Deposits in Eastern Europe Downloads
Martin Brown and Helmut Stix
1411: Trade credit use as firms approach default: A supplier's hold-up story Downloads
Emilia Garcia-Appendini and Judit Montoriol-Garriga
1410: Idiosyncratic Shocks and Industry Contagion: Evidence from a Quasi-experiment Downloads
Emilia Garcia-Appendini
1409: Precious Metals Under the Microscope: A High-Frequency Analysis Downloads
Massimiliano Caporin, Angelo Ranaldo and Gabriel G. Velo
1408: Individual Investor Activity and Performance Downloads
Magnus Dahlquist, Jose Vincente Martinez and Paul Söderlind
1407: The Threat of Exclusion and Implicit Contracting Downloads
Martin Brown and Marta Serra-Garcia
1406: Neglected Risk: Evidence from Structured Product Counterparty Exposure Downloads
Marc Arnold, Dustin Schuette and Alexander Wagner
1405: Real Effects of Investment Banking Relationships: Evidence from the Financial Crisis Downloads
David Oesch, Dustin Schuette and Ingo Walter
1404: Corporate Transparency and Bond Liquidity Downloads
Falko Fecht, Roland Füss and Philipp B. Rindler
1403: Between-Group Adverse Selection: Evidence from Group Critical Illness Insurance Downloads
Martin Eling, Ruo Jia and Yi Yao
1402: Banks’ Loan Screening Incentives with Credit Risk Transfer: An Alternative to Risk Retention Downloads
Marc Arnold
1401: Board Industry Experience, Firm Value, and Investment Behavior Downloads
Wolfgang Drobetz, Felix von Meyerinck, David Oesch and Markus Schmid
1329: Management Influence on Investors: Evidence from Shareholder Votes on the Frequency of Say on Pay Downloads
Fabrizio Ferri and David Oesch
1328: Hysteresis in Potential Output and Monetary Policy Downloads
Daniel Kienzler and Kai Schmid
1327: Regional Inflation and Financial Dollarization Downloads
Martin Brown, Ralph De Haas and Vladimir Sokolov
1326: Extreme Downside Liquidity Risk Downloads
Stefan Ruenzi, Michael Ungeheuer and Florian Weigert
1325: Crash Aversion and the Cross-Section of Expected Stock Returns Worldwide Downloads
Florian Weigert
1324: Crash Sensitivity and the Cross-Section of Expected Stock Returns Downloads
Fousseni Chabi-Yo, Stefan Ruenzi and Florian Weigert
1323: Electricity Spot and Derivatives Pricing when Markets are Interconnected Downloads
Roland Füss, Steffen Mahringer and Marcel Prokopczuk
1322: Monetary Policy Effects on Long-term Rates and Stock Prices Downloads
Angelo Ranaldo and Samuel Reynard
1321: This article analyzes the impact of the introduction of centrally cleared credit risk transfer on a loan originating bank's lending discipline in the primary loan market. Under Basel III, a bank can transfer credit risk via central clearing at favorable regulatory conditions. Central clearing, however, reduces the lending discipline because the fact that only standardized contracts can be centrally cleared allows the originating bank to profitably grant and hedge a low quality loan. The impact on the lending discipline crucially depends on the regulatory design of central clearing such as capital requirements, disclosure standards, risk retention, and access to uncleared credit risk transfer. I also show that the lending discipline is an important determinant of the impact of central clearing on system risk Downloads
Marc Arnold
1320: Financing Asset Sales and Business Cycles Downloads
Marc Arnold, Dirk Hackbarth and Tatjana-Xenia Puhan
1319: Deposit Withdrawals from Distressed Commercial Banks: The Importance of Switching Costs Downloads
Martin Brown, Benjamin Guin and Stefan Morkoetter
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