Publications of the Research Unit Pensions and Sustainable Financial Markets

  1. ZEW Discussion Paper No. 16-017 // 2016

    The Total Costs of Corporate Borrowing in the Loan Market: Don’t Ignore the Fees

    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…

  2. Stock Option Watch // 2016

    May 2004

    • Not only Material Incentives Enhance Managers' Motivation
    • How to Improve Market Value-Related Compensation in Diversified Companies
    • Option Programmes For Top Managers and Scandals on the Stock Exchange
    • The Taxation…
  3. Stock Option Watch // 2016

    July 2003

    • Stock Options, Incentive Compatible Remuneration and Corporate Governance
    • Stock Option Programmes Need to Be More Transparent and Performance-Oriented
    • When Do Stock Option Plans Have no Effect?
    • IASB-Draft Regarding…
  4. Stock Option Watch // 2016

    January/February 2006

    • Implied Option Contracts and Risk Incentives for Mutual Fund Managers
    • Mutual Fund Games
    • Stock Options and the Use of Inside Information
    • Controlling Agency Costs in Mutual Financial Intermediaries (Part 2)
  5. Stock Option Watch // 2016

    August 2004

    • Takeover Battles and "Golden Parachutes"
    • Do Employer-Provided Stock Options Reduce Compensation Costs?
    • Facts About Stock Options Accounting for Readers of Financial Statements
    • Expensing Stock Option Plans:…
  6. Stock Option Watch // 2016

    June 2005

    • Rational or Irrational Behaviour: How Employees Exercise Stock Options
    • Why Employee Stock Options Could Be Worth Much More To The Manager
    • Controlling Agency Costs in Mutual Financial Intermediaries (Part 1)
    • 401(K)…
  7. Stock Option Watch // 2016

    March 2005

    • The Evaluation of Stock Option Programmes
    • Stock Option-Tuning
    • Long-term Incentives in Germany
    • Directors' Dealings in Europe: Monitoring Remains Nearly Impossible
  8. Stock Option Watch // 2016

    January/February 2007

    • Accounting for Stock Option Plans: An Update for DAX30 Companies
    • Accounting for Stock Option Programmes under IFRS 2
    • Cost Effects of Stock Option Programmes for Euro Stoxx 50 Companies
    • Stock Option Programmes and…
  9. Stock Option Watch // 2016

    February 2009

    • Performance-Oriented Compensation Models for Executives
    • Opting Out Helps to Avoid Unwelcome Transparency of Executives' Pay
    • Incentive Systems for Credit Portfolio Managers and Executives
    • Does the Market Value…

Further Publications

ZEW Financial Market Survey

German Real Estate Finance Index (DIFI Report)