Das Zentrum für Europäische Wirtschaftsforschung GmbH (ZEW) wurde vom Bundesministerium der Finanzen damit beauftragt, die aktuell geltenden Vorschriften für die Bemessung kalkulatorischer Zinsen im Rahmen der…
The paper analyses the potential impact of stock market developments on lending behaviour from different perspectives. First we scrutinize the impact of stock market movements on the banks’ and on the…
As a group, market forecasters are egregiously overconfident. In conformity to the dynamic model of overconfidence of Gervais and Odean (2001), successful forecasters become more overconfident. What’s more, more…
Syndication, which is a joint realization of one project/one investment by several capital providers, is a long existing phenomenon that plays a central role in many financial market segments. Within this paper…
In this analysis, the informational content of central bank rhetoric is assessed based on the experience with the ECB since 1999. Among the ECB’s communication channels we focus on the monthly press conferences.…