Publications of the Research Unit Pensions and Sustainable Financial Markets

• 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)…

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

• 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…

• 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…

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

• Swiss Economic Outlook Remains Muted
• International Financial Market Data — Assessments and Expectations
• Interest-Rate Cuts in Europe not Ruled out
• Stable USD/CHF Exchange Rate Expected
• Stock-Price Expectations…

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…