Publications of the Research Unit Pensions and Sustainable Financial Markets

This paper studies the maturity structure of sovereign debt in the euro area and the penetration of the sovereign debt stock with a new type of collective action clauses (CACs), labeled Creditor Participation…

Prices and returns are alternative ways to present financial market information and to elicit financial market expectations. But do investors make sense of prices and returns in the same way? Also, do they state…

• European Banks Under Stress – Crisis Scenario Reveals Huge Capital Shortfalls
• Digitisation in the Electricity Industry Proceeds at Too Slow a Pace
• State Aid for Companies in Financial Straits Realised Desired…

• Goodbye Privacy? – Every Second Free App Has Access to Sensitive Data
• Crowdworking – Currently Only a Marginal Form of Employment in Germany
• Among Businesses, Trademarks See More Use Than Patents for Tax Planning
• …

• New ZEW President Achim Wambach Establishes Research Group "Market Design"
• Childhood Is a Decisive Factor in Income Disparities in the UK and the US
• Still Room for Improvement as EU Fibre-Optic Networks Expand
• Unil…

We examine how the geographical proximity to a microfinance bank affects financial inclusion. We study the expansion of the branch network of ProCredit banks in South-East Europe between 2006 and 2010. We report…

I study credit rationing in small firm-bank relationships by using a unique data set of matched loan applications and contracts. I establish the degree of credit rationing by relating a firm’s requested loan…