Publications of the Research Unit Pensions and Sustainable Financial Markets

• Leichte Verbesserung der Konjunkturerwartungen
• Eurozone: Anstieg der Inflationsrate erwartet
• USA: Konjunkturerwartungen wieder im positiven Bereich
• Japan: Konjunkturlage gleitet weiter ins Minus
• Großbritannien:…

• Neutral Outlook, Absence of Growth Drivers
• International Financial Market Data — Assessments and Expectations
• CHF Expected to Depreciate against USD
• Expectations for Interest Rates in Switzerland Remain Unchanged
• A…

In summer 2011, elevated sovereign risk in Eurozone peripheral countries increased the solvency risk of Eurozone banks, precipitating a run on their short-term debt. We assess the effectiveness of different…

We analyze differences in the pricing of syndicated loans between U.S. and European loans. For credit lines, U.S. borrowers pay significantly higher spreads, but also lower fees, resulting in similar total costs…

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…

• 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…

• 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…

• 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)

• 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:…