Publications of the Research Unit Pensions and Sustainable Financial Markets

In this paper, we study the organizational form of loan syndicates, how banks choose their syndicate partners and how this affects syndicate structure, loan pricing, and borrower performance. We develop a set of…

Using a unique dataset of more than 1 million loans made by 296 German banks, we evaluate the impact of many aspects of customer–bank relationships on loan default rates. Our research suggests a practical…

Are borrowers rewarded for repaying their loans? This paper investigates the consequences of covenant violations on subsequent loans to the same borrower using a hand-collected sample of US syndicated loans…

• Sharp Increase in Marcoeconomic Expectations: Highest Level Since the End of 2013
• China's Foreign Trade Gaining in Importance
• More Chinese Acquisitions Expected in Germany

• Economic Outlook for China Increases Substanially
• 31 analysts participated in the Juni survey, which was conducted during the period 6 till 21 June 2017

• Leichter Rückgang der Erwartungen, aber weiterhin positiver Ausblick
• Eurozone: Ausblick bessert sich erneut
• USA: Erwartungen trüben sich weiter ein
• Japan: Konjunktur erholt sich
• Großbritannien:…

• Economic Optimism Dampened Significantly: Outlook Stable in the Long Term
• 33 analysts participated in the May survey, which was conducted during the period 2 till 17 May 2017

• Konjunkturoptimismus bleibt bestehen
• Eurozone: Konjunkturerwartungen ziehen weiter an
• USA: Trumps Vertrauensvorschuss ist verspielt
• Japan: Konjunkturerwartungen gehen leicht zurück
• Großbritannien:…