@inbook{59676,
  author       = {{Uhde, André}},
  booktitle    = {{Unternehmerische Finanzierungspolitik – eine wertorientierte Einführung}},
  isbn         = {{978-3-7910-3086-9}},
  title        = {{{Unternehmensbewertung als Verknüpfung von Investitions- und Finanzierungsprogramm}}},
  year         = {{2025}},
}

@inbook{59674,
  author       = {{Uhde, André}},
  booktitle    = {{Unternehmerische Finanzierungspolitik – eine wertorientierte Einführung}},
  isbn         = {{978-3-7910-3086-9}},
  title        = {{{Ermittlung der Kosten des Eigen- und Fremdkapitals}}},
  year         = {{2025}},
}

@inbook{59675,
  author       = {{Uhde, André}},
  booktitle    = {{Unternehmerische Finanzierungspolitik – eine wertorientierte Einführung}},
  isbn         = {{978-3-7910-3086-9}},
  title        = {{{Relevanz und Wertbeitrag der Kapitalstruktur}}},
  year         = {{2025}},
}

@inbook{59677,
  author       = {{Uhde, André}},
  booktitle    = {{Institutionenökonomie und Betriebswirtschaftslehre}},
  isbn         = {{3800632128}},
  title        = {{{Wirtschaftswissenschaftliche Forschungsrichtungen vor der Neoklassik}}},
  year         = {{2025}},
}

@inbook{59678,
  author       = {{Uhde, André}},
  booktitle    = {{Institutionenökonomie und Betriebswirtschaftslehre}},
  isbn         = {{3800632128}},
  title        = {{{Grundlagen der Principal-Agent-Theorie}}},
  year         = {{2025}},
}

@book{59681,
  editor       = {{Uhde, André and Paul, Stephan and Horsch, Andreas and Kaltofen, Daniel and Weiß, Gregor}},
  isbn         = {{978-3-7910-3086-9}},
  title        = {{{Unternehmerische Finanzierungspolitik - Eine wertorientierte Einführung}}},
  year         = {{2025}},
}

@article{34802,
  abstract     = {{Purpose
Academic research has intensively analyzed the relationship between market concentration or market power and banking stability but provides ambiguous results, which are summarized under the concentration-stability/fragility view. We provide empirical evidence that the mixed results are due to the difficulty of identifying reliable variables to measure concentration and market power.

Design/methodology/approach
Using data from 3,943 banks operating in the European Union (EU)-15 between 2013 and 2020, we employ linear regression models on panel data. Banking market concentration is measured by the Herfindahl–Hirschman Index (HHI), and market power is estimated by the product-specific Lerner Indices for the loan and deposit market, respectively.

Findings
Our analysis reveals a significantly stability-decreasing impact of market concentration (HHI) and a significantly stability-increasing effect of market power (Lerner Indices). In addition, we provide evidence for a weak (or even absent) empirical relationship between the (non)structural measures, challenging the validity of the structure-conduct-performance (SCP) paradigm. Our baseline findings remain robust, especially when controlling for a likely reverse causality.

Originality/value
Our results suggest that the HHI may reflect other factors beyond market power that influence banking stability. Thus, banking supervisors and competition authorities should investigate market concentration and market power simultaneously while considering their joint impact on banking stability.}},
  author       = {{Herwald, Sarah and Voigt, Simone and Uhde, André}},
  journal      = {{Journal of Risk Finance}},
  keywords     = {{market concentration, market power, banking stability, European banking}},
  number       = {{3}},
  pages        = {{510 -- 536}},
  title        = {{{The conditional impact of market consolidation and market power on banking stability – Evidence from Europe}}},
  doi          = {{https://doi.org/10.1108/JRF-03-2023-0075}},
  volume       = {{25}},
  year         = {{2024}},
}

@inbook{59679,
  author       = {{Uhde, André}},
  booktitle    = {{Bankpolitik - Eine marktorientierte Einführung}},
  isbn         = {{978-3-7910-4633-4}},
  title        = {{{Zentrale Regulierungs- und Aufsichtsnormen für Bankrisiken}}},
  year         = {{2024}},
}

@book{59680,
  editor       = {{Uhde, André and Paul, Stephan and Horsch, Andreas and Weiß, Gregor and Kaltofen, Daniel}},
  isbn         = {{978-3-7910-4633-4}},
  title        = {{{Bankpolitik - Eine marktorientierte Einführung}}},
  year         = {{2024}},
}

@article{62999,
  abstract     = {{<jats:sec><jats:title content-type="abstract-subheading">Purpose</jats:title><jats:p>Academic research has intensively analyzed the relationship between market concentration or market power and banking stability but provides ambiguous results, which are summarized under the concentration-stability/fragility view. We provide empirical evidence that the mixed results are due to the difficulty of identifying reliable variables to measure concentration and market power.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Design/methodology/approach</jats:title><jats:p>Using data from 3,943 banks operating in the European Union (EU)-15 between 2013 and 2020, we employ linear regression models on panel data. Banking market concentration is measured by the Herfindahl–Hirschman Index (HHI), and market power is estimated by the product-specific Lerner Indices for the loan and deposit market, respectively.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Findings</jats:title><jats:p>Our analysis reveals a significantly stability-decreasing impact of market concentration (HHI) and a significantly stability-increasing effect of market power (Lerner Indices). In addition, we provide evidence for a weak (or even absent) empirical relationship between the (non)structural measures, challenging the validity of the structure-conduct-performance (SCP) paradigm. Our baseline findings remain robust, especially when controlling for a likely reverse causality.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Originality/value</jats:title><jats:p>Our results suggest that the HHI may reflect other factors beyond market power that influence banking stability. Thus, banking supervisors and competition authorities should investigate market concentration and market power simultaneously while considering their joint impact on banking stability.</jats:p></jats:sec>}},
  author       = {{Herwald, Sarah and Voigt, Simone and Uhde, André}},
  issn         = {{1526-5943}},
  journal      = {{The Journal of Risk Finance}},
  number       = {{3}},
  pages        = {{510--536}},
  publisher    = {{Emerald}},
  title        = {{{The impact of market concentration and market power on banking stability – evidence from Europe}}},
  doi          = {{10.1108/jrf-03-2023-0075}},
  volume       = {{25}},
  year         = {{2024}},
}

@techreport{34798,
  author       = {{Herwald, Sarah and Voigt, Simone and Uhde, André}},
  title        = {{{The conditional impact of market consolidation and market power on banking stability – Evidence from Europe}}},
  year         = {{2023}},
}

@article{13147,
  abstract     = {{Employing a unique and hand-collected sample of 648 true sale loan securitization transactions issued by 57 stock-listed banks across the EU-12 plus Switzerland over the period from 1997 to 2010, this paper empirically analyzes the relationship between true sale loan securitization and the issuing banks’ non-performing loans to total assets ratios. Overall, we provide evidence for a negative impact of securitization on NPL exposures suggesting that banks predominantly used securitization as an instrument of credit risk transfer and diversification. In addition, the analysis at hand reveals a time-sensitive relationship between securitization and NPL exposures. While we observe an even stronger NPL-reducing effect through securitization during the non-crisis periods, the effect reverses during and after the global financial crisis suggesting that banks were forced to provide credit enhancement and employ securitization as a funding management tool. Along with the results from a variety of sensitivity analyses our study provides important implications for the recent debate on reducing NPL exposures of European banks by revitalizing the European securitization market.}},
  author       = {{Wengerek, Sascha Tobias and Hippert, Benjamin and Uhde, André}},
  journal      = {{The Quarterly Review of Economics and Finance}},
  keywords     = {{European Banking, Non-performing Loans, Securitization}},
  pages        = {{48--64}},
  publisher    = {{Elsevier}},
  title        = {{{Risk allocation through securitization – Evidence from non-performing loans}}},
  doi          = {{https://doi.org/10.1016/j.qref.2022.06.005}},
  volume       = {{Vol. 86 (11)}},
  year         = {{2022}},
}

@article{35992,
  abstract     = {{In this paper new semiparametric generalized autoregressive conditional heteroscedasticity (GARCH) models with long memory are introduced. A multiplicative decomposition of the volatility into a conditional component and an unconditional component is assumed. The estimation of the latter is carried out by means of a data-driven local polynomial smoother. According to the revised recommendations by the Basel Committee on Banking Supervision to measure market risk in the banks’ trading books, these new semiparametric GARCH models are applied to obtain rolling one-step ahead forecasts for the value-at-risk and expected shortfall (ES) for market risk assets. Standard regulatory traffic-light tests and a newly introduced traffic-light test for the ES are carried out for all models. In addition, model performance is assessed via a recently introduced model selection criterion. The practical relevance of our proposal is demonstrated by a comparative study. Our results indicate that semiparametric long-memory GARCH models are a meaningful substitute for their conventional, parametric counterparts. }},
  author       = {{Letmathe, Sebastian and Feng, Yuanhua and Uhde, André}},
  journal      = {{Journal of Risk}},
  keywords     = {{long memory, generalized autoregressive conditional heteroscedasticity (GARCH) models, value-at-risk (VaR), expected shortfall (ES), traffic-light test, backtesting}},
  number       = {{2}},
  title        = {{{Semiparametric GARCH models with long memory applied to Value at Risk and Expected Shortfall}}},
  volume       = {{25}},
  year         = {{2022}},
}

@article{29317,
  abstract     = {{In this paper new semiparametric GARCH models with long memory are in- troduced. The estimation of the nonparametric scale function is carried out by an adapted version of the SEMIFAR algorithm (Beran et al., 2002). Recurring on the revised recommendations by the Basel Committee to measure market risk in the banks' trading books (Basel Committee on Banking Supervision, 2013), the semi- parametric GARCH models are applied to obtain rolling one-step ahead forecasts for the Value at Risk (VaR) and Expected Shortfall (ES) for market risk assets. In addition, standard regulatory traffic light tests (Basel Committee on Banking Supervision, 1996) and a newly introduced traffic light test for the ES are carried out for all models. The practical relevance of our proposal is demonstrated by a comparative study. Our results indicate that semiparametric long memory GARCH models are an attractive alternative to their conventional, parametric counterparts.}},
  author       = {{Letmathe, Sebastian and Feng, Yuanhua and Uhde, André}},
  journal      = {{Journal of Risk}},
  keywords     = {{Semiparametric, long memory, GARCH models, forecasting, Value at Risk, Expected Shortfall, traffic light test, Basel Committee on Banking Supervision}},
  title        = {{{Semiparametric GARCH models with long memory applied to Value at Risk and Expected Shortfall}}},
  doi          = {{10.21314/JOR.2022.044}},
  year         = {{2022}},
}

@article{5163,
  abstract     = {{Employing a unique hand-collected sample of 956 credit risk securitization transactions issued by 64 stock-listed
European banks across the EU-13 plus Switzerland over the period from 1997 to 2010, this paper empirically analyzes
the impact of securitization on the issuing banks’ effective tax rates. Our analysis reveals that banks may reduce their
tax expense through securitization via a direct and indirect channel suggesting that tax avoidance may be a further
motive for banks to engage in the securitization business. These baseline findings remain robust under various
robustness checks, especially when implementing structural equation models and controlling for a reverse causality
between the banks’ tax burden and their incentive to securitize. Finally, various sensitivity analyses provide further
important results and implications for tax policies, banking regulation and the ongoing process of revitalizing the
European securitization market.}},
  author       = {{Uhde, André}},
  journal      = {{The Quarterly Review of Economics and Finance}},
  keywords     = {{Securitization, Credit risk transfer, Effective tax rates, European banking}},
  pages        = {{411--421}},
  title        = {{{Tax avoidance through securitization}}},
  doi          = {{10.1016/j.qref.2020.07.008}},
  volume       = {{79}},
  year         = {{2021}},
}

@techreport{36060,
  abstract     = {{Merging a sample of 492 merger and acquisition (M&A) announcements from 284 acquiring firms across Europe and North America with data from 5-year single-name credit default swaps (CDSs) written on stock-listed acquiring firms between 2005 and 2018, the paper at hand empirically analyzes the CDS investors’ risk perceptions of M&A announcements using event study methodologies. As a baseline result, we provide evidence for significantly positive cumulative average abnormal CDS spread changes for both, European and North American acquirers suggesting that CDS investors perceive an increase in the acquiring firms’ credit risk exposures due to M&A announcements. Our baseline finding holds under several robustness checks, especially when controlling for the robustness of the empirical design. Moreover, results from a large variety of sensitivity analyses reveal a number of deal and firm characteristics that may explain why CDS investors from our sample expect an increase in the acquirers’ credit risk exposures due to forthcoming M&A transactions. }},
  author       = {{Hippert, Benjamin and Uhde, André}},
  keywords     = {{credit default swaps, risk perception of CDS investors, mergers and acquisitions, event study}},
  title        = {{{CDS Investors’ Risk Perceptions of M&A Announcements}}},
  year         = {{2021}},
}

@techreport{36063,
  abstract     = {{This paper empirically investigates determinants of the outstanding net notional amount
of credit default swaps (CDSs) contracts written on banks. We extend and complement the
previous literature dealing with CDS trading by analyzing a comprehensive set of CDS tradingspecific,
bank-fundamental, macroeconomic and bank-institutional determinants. We find that
risk hedging clearly dominates an investor’s speculation and arbitrage motive, while the latter,
however, exhibits the strongest impact on the outstanding net notional amount of bank CDSs.
Furthermore, being classified as a G-SIB, being a constituent of the main CDS index and the
equity trading volume may significantly explain changes in the outstanding CDS net notional on
banks. The analysis at hand provides important implications for both academics and practitioners,
since understanding the trading motives of bank CDS investors provides a deeper insight into the
opaque CDS market. }},
  author       = {{Hippert, Benjamin and Uhde, André and Wengerek, Sascha Tobias}},
  keywords     = {{banking, outstanding CDS net notional, determinants of bank CDS trading}},
  title        = {{{Determinants of CDS Trading on Major Banks}}},
  year         = {{2021}},
}

@techreport{29313,
  abstract     = {{Employing a unique sample of 2,849 tariff imposition announcements by and against the United States (U.S.) over the period from 2018 to 2019, this study analyzes the impact of recent tariff announcements on share prices from 859 U.S. companies. We provide evidence for negative (cumulative) average abnormal stock returns due to tariff announcements during a symmetric three-day event window. We suggest that stock market investors expect adverse impacts of tariff impositions, e.g. a decrease in the companies’ future cash flows and a threat of retaliation. The negative wealth effects are observed irrespective of whether the Trump administration announces safeguard tariffs to protect domestic firms or a retaliation is declared by foreign countries. Moreover, building several subsamples, we find that the adverse impact is mostly driven by announcements involving China and is associated with a variety of sector, tariff, trade and firm characteristics. }},
  author       = {{Wengerek, Sascha Tobias and Uhde, André}},
  keywords     = {{event study, international relations, protectionism, strategic trade policy, tariffs, trade conflict}},
  title        = {{{Share Price Reactions to Tariff Imposition Announcements in the Trump Era – an Event Study of the Trade Conflict}}},
  year         = {{2021}},
}

@techreport{29315,
  abstract     = {{We merge a sample of 492 merger and acquisition (M&A) announcements from 284 acquiring firms across North America and Europe with data from 5-year single-name credit default swaps (CDSs) that are written on stock-listed acquiring firms between 2005 and 2018. Subsequently, we empirically analyze the CDS investors’ risk perception of M&A announcements using event study methodologies. As a baseline finding, we provide evidence for significantly positive cumulative average abnormal CDS spread changes suggesting that CDS investors perceive an increase in the acquiring firms’ credit risk exposures due to M&A announcements. Our baseline finding holds under several robustness checks, especially when controlling for the robustness of the empirical design as well as regional and sectoral differences. Moreover, results from a large variety of sensitivity analyses including deal and firm characteristics provide a deeper insight into the driving factors of CDS investors’ risk perceptions of M&A announcements.}},
  author       = {{Hippert, Benjamin and Uhde, André}},
  title        = {{{CDS investors’ risk perceptions of M&A announcements}}},
  year         = {{2021}},
}

@techreport{29316,
  abstract     = {{Employing a unique and hand-collected dataset of securitization transactions by European banks, this paper analyzes the relationship between true sale loan securitization and the issuing banks’ non-performing loans to total assets ratios (NPLRs). We provide evidence for an NPLR-reducing effect during the boom phase of securitizations suggesting that banks (partly) securitized NPLs as the most risky junior tranche. In contrast, we find the reverse effect during the crises period indicating that issuing banks demonstrated `skin in the game'. A variety of sensitivity analyses provides further important implications for the vital debate on reducing NPL exposures and regulating securitization markets.}},
  author       = {{Hippert, Benjamin and Uhde, André and Wengerek, Sascha Tobias}},
  keywords     = {{European Banking, Non-performing Loans, Risk Allocation, Securitization}},
  title        = {{{Risk allocation through securitization - Evidence from non-performing loans}}},
  year         = {{2021}},
}