CFS Working Paper Series

From Center for Financial Studies (CFS)
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613: Demographics and FDI: Lessons from China's one-child policy

John B. Donaldson, Christos Koulovatianos, Jian Li and Rajnish Mehra

612: Contingent contracts in banking: Insurance or risk magnification?

Hans Gersbach

611: Evidence-based policymaking: Promise, challenges and opportunities for accounting and financial markets research

Christian Leuz

610: The death of a regulator: Strict supervision, bank lending and business activity

Christian Leuz and João Granja

609: Who falls prey to the Wolf of Wall Street? Investor participation in market manipulation

Christian Leuz, Steffen Meyer, Maximilian Muhn, Eugene Soltes and Andreas Hackethal

608: On the economics of audit partner tenure and rotation: Evidence from PCAOB data

Brandon Gipper, Luzi Hail and Christian Leuz

607: Putting the pension back in 401(k) retirement plans: Optimal versus default longevity income annuities

Vanya Horneff, Raimond Maurer and Olivia Mitchell

606: The propagation of regional shocks in housing markets: Evidence from oil price shocks in Canada

Lutz Kilian and Xiaoqing Zhou

605: Plädoyer für einen "Rentenfonds Deutschland": Warum ein kapitalgedeckter Investitionsfonds ein wichtiger Beitrag zu mehr Generationengerechtigkeit sein könnte

Volker Brühl

604: "Finance and growth" re-loaded

Lizethe Mendez Heras and Steven Ongena

603: Talent discovery, layoff risk and unemployment insurance

Marco Pagano and Luca Picariello

602: Career risk and market discipline in asset management

Andrew Ellul, Marco Pagano and Annalisa Scognamiglio

601: Leaning against housing prices as robustly optimal monetary policy

Klaus Adam and Michael Woodford

600: Do survey expectations of stock returns reflect risk-adjustments?

Klaus Adam, Dmitry Matveev and Stefan Nagel

599: The subsidy to infrastructure as an asset class

Aleksandar Andonov, Roman Kräussl and Joshua Rauh

598: The performance of marketplace lenders: Evidence from lending club payment data

Roman Kräussl, Zsofia Kräussl, Joshua Pollet and Kalle Rinne

597: Signaling or marketing? The role of discount control mechanisms in closed-end funds

Roman Kräussl, Joshua Pollet and Denitsa Stefanova

596: Predictable biases in macroeconomic forecasts and their impact across asset classes

Luiz Félix, Roman Kräussl and Philip Stork

595: Is gender in the eye of the beholder? Identifying cultural attitudes with art auction prices

Renee Adams, Roman Kräussl, Marco Navone and Patrick Verwijmeren

594: Blockchain, fractional ownership, and the future of creative work

Amy Whitaker and Roman Kräussl

593: Reliability and relevance of fair values: Private equity investments and investee fundamentals

Petrus Ferreira, Roman Kräussl, Wayne R. Landsman, Maria Nykyforovych and Peter F. Pope

592: The clearing of euro OTC derivatives post Brexit: Why a uniform regulation and supervision of CCPs is essential for European financial stability

Volker Brühl

591: Comparability and predictive ability of loan loss allowances: The role of accounting regulation versus bank supervision

Günther Gebhardt and Zoltán Novotny-Farkas

590: Economic policy uncertainty and stock market participation

Eniko Gabor-Toth and Dimitris Georgarakos

589: Market fragility and the paradox of the recent stock-bond dissonance

Christos Koulovatianos, Jian Li and Fabienne Weber

588e: Clearing of euro OTC derivatives post Brexit: An analysis of the present cost estimates

Volker Brühl

588: Das Clearing von Euro-OTC-Derivaten post Brexit: Eine Analyse der vorliegenden Kostenschätzungen

Volker Brühl

587: Loanable funds vs money creation in banking: A benchmark result

Salomon A. Faure and Hans Gersbach

586: The agency of CoCo: Why do banks issue contingent convertible bonds?

Roman Goncharenko, Steven Ongena and Asad Rauf

583: CEO-speeches and stock returns

Christina Bannier, Thomas Pauls and Andreas Walter

582: Large-scale portfolio allocation under transaction costs and model uncertainty

Nikolaus Hautsch and Stefan Voigt

581: Counterparty credit limits: An effective tool for mitigating counterparty risk?

Martin D. Gould, Nikolaus Hautsch, Sam D. Howison and Mason A. Porter

580: The ambivalent role of high-frequency trading in turbulent market periods

Nikolaus Hautsch, Michael Noé and S. Sarah Zhang

579: Optimal trend inflation

Klaus Adam and Henning Weber

578: Communication of monetary policy in unconventional times

Günter Coenen, Michael Ehrmann, Gaetano Gaballo, Peter Hoffmann, Anton Nakov, Stefano Nardelli, Eric Persson and Georg Strasser

577: Real-time forecast evaluation of DSGE models with stochastic volatility

Francis Diebold, Frank Schorfheide and Minchul Shin

575: Commodity connectedness

Francis Diebold, Laura Liu and Kamil Yilmaz

574: Debt and financial vulnerability on the verge of retirement

Annamaria Lusardi, Olivia Mitchell and Noemi Oggero

573: Simplifying choices in defined contribution retirement plan design: A case study

Olivia Mitchell and Donald B. Keim

572: A two-step indirect inference approach to estimate the long-run risk asset pricing model

Joachim Grammig and Eva-Maria Küchlin

571: How effective are trading pauses?

Nikolaus Hautsch and Akos Horvath

570: Buffer-stock saving and households' response to income shocks

Giulio Fella, Serafin Frache and Winfried Koeniger

569: Volatility, information feedback and market microstructure noise: A tale of two regimes

Torben Andersen, Gökhan Cebiroglu and Nikolaus Hautsch

568: Evaluating how child allowances and daycare subsidies affect fertility

Joshua R. Goldstein, Christos Koulovatianos, Jian Li and Carsten Schröder

567: The European sovereign debt crisis: What have we learned?

Roman Kräussl, Thorsten Lehnert and Denitsa Stefanova

566: Single stock call options as lottery tickets

Luiz Felix, Roman Kräussl and Philip Stork

565: Implied volatility sentiment: A tale of two tails

Luiz Felix, Roman Kräussl and Philip Stork

564: The winner's curse on art markets

Roman Kräussl and Elizaveta Mirgorodskaya

563: Did the renewable fuel standard shift market expectations of the price of ethanol?

Christiane Baumeister, Reinhard Ellwanger and Lutz Kilian

562: Product mix and firm productivity responses to trade competition

Thierry Mayer, Marc Melitz and Gianmarco Ottaviano