[{"status":"public","citation":{"ama":"Mehring O, Olsson P, Sievers S, Sofilkanitsch  C, Uhde A, Eber M. <i>Co-Movement of Price and Intrinsic Value-Does Accounting Information Matter?</i> TRR; 2020.","ieee":"O. Mehring, P. Olsson, S. Sievers, C. Sofilkanitsch , A. Uhde, and M. Eber, <i>Co-movement of Price and Intrinsic Value-Does Accounting Information Matter?</i> TRR, 2020.","chicago":"Mehring, Oliver, Per Olsson, Soenke Sievers, Christian Sofilkanitsch , André Uhde, and Michael Eber. <i>Co-Movement of Price and Intrinsic Value-Does Accounting Information Matter?</i> TRR, 2020.","short":"O. Mehring, P. Olsson, S. Sievers, C. Sofilkanitsch , A. Uhde, M. Eber, Co-Movement of Price and Intrinsic Value-Does Accounting Information Matter?, TRR, 2020.","bibtex":"@book{Mehring_Olsson_Sievers_Sofilkanitsch _Uhde_Eber_2020, title={Co-movement of Price and Intrinsic Value-Does Accounting Information Matter?}, publisher={TRR}, author={Mehring, Oliver and Olsson, Per and Sievers, Soenke and Sofilkanitsch , Christian and Uhde, André and Eber, Michael}, year={2020} }","mla":"Mehring, Oliver, et al. <i>Co-Movement of Price and Intrinsic Value-Does Accounting Information Matter?</i> TRR, 2020.","apa":"Mehring, O., Olsson, P., Sievers, S., Sofilkanitsch , C., Uhde, A., &#38; Eber, M. (2020). <i>Co-movement of Price and Intrinsic Value-Does Accounting Information Matter?</i> TRR."},"year":"2020","type":"working_paper","language":[{"iso":"eng"}],"title":"Co-movement of Price and Intrinsic Value-Does Accounting Information Matter?","user_id":"26589","author":[{"first_name":"Oliver","full_name":"Mehring, Oliver","last_name":"Mehring"},{"full_name":"Olsson, Per","last_name":"Olsson","first_name":"Per"},{"last_name":"Sievers","full_name":"Sievers, Soenke","first_name":"Soenke"},{"full_name":"Sofilkanitsch , Christian","last_name":"Sofilkanitsch ","first_name":"Christian"},{"first_name":"André","orcid":"https://orcid.org/0000-0002-8058-8857","last_name":"Uhde","id":"36049","full_name":"Uhde, André"},{"first_name":"Michael","last_name":"Eber","full_name":"Eber, Michael"}],"date_created":"2022-12-20T11:53:58Z","_id":"34593","publisher":"TRR","date_updated":"2022-12-23T10:41:04Z"},{"date_updated":"2024-04-17T13:35:56Z","date_created":"2020-08-01T07:20:33Z","author":[{"first_name":"André","id":"36049","full_name":"Uhde, André","orcid":"https://orcid.org/0000-0002-8058-8857","last_name":"Uhde"}],"title":"Tax avoidance through securitization","doi":"10.1016/j.qref.2020.07.008","publication_identifier":{"issn":["1062-9769"]},"year":"2020","jel":["G21","G28","H25","H71"],"citation":{"apa":"Uhde, A. (2020). Tax avoidance through securitization. <i>The Quarterly Review of Economics and Finance</i>. <a href=\"https://doi.org/10.1016/j.qref.2020.07.008\">https://doi.org/10.1016/j.qref.2020.07.008</a>","mla":"Uhde, André. “Tax Avoidance through Securitization.” <i>The Quarterly Review of Economics and Finance</i>, 2020, doi:<a href=\"https://doi.org/10.1016/j.qref.2020.07.008\">10.1016/j.qref.2020.07.008</a>.","short":"A. Uhde, The Quarterly Review of Economics and Finance (2020).","bibtex":"@article{Uhde_2020, title={Tax avoidance through securitization}, DOI={<a href=\"https://doi.org/10.1016/j.qref.2020.07.008\">10.1016/j.qref.2020.07.008</a>}, journal={The Quarterly Review of Economics and Finance}, author={Uhde, André}, year={2020} }","chicago":"Uhde, André. “Tax Avoidance through Securitization.” <i>The Quarterly Review of Economics and Finance</i>, 2020. <a href=\"https://doi.org/10.1016/j.qref.2020.07.008\">https://doi.org/10.1016/j.qref.2020.07.008</a>.","ieee":"A. Uhde, “Tax avoidance through securitization,” <i>The Quarterly Review of Economics and Finance</i>, 2020, doi: <a href=\"https://doi.org/10.1016/j.qref.2020.07.008\">10.1016/j.qref.2020.07.008</a>.","ama":"Uhde A. Tax avoidance through securitization. <i>The Quarterly Review of Economics and Finance</i>. Published online 2020. doi:<a href=\"https://doi.org/10.1016/j.qref.2020.07.008\">10.1016/j.qref.2020.07.008</a>"},"_id":"17522","user_id":"36049","department":[{"_id":"19"}],"article_type":"original","keyword":["Securitization","Credit risk transfer","Effective tax rates","European banking"],"language":[{"iso":"eng"}],"type":"journal_article","publication":"The Quarterly Review of Economics and Finance","abstract":[{"lang":"eng","text":"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."}],"status":"public"},{"year":"2020","citation":{"bibtex":"@article{Uhde_2020, title={Tax avoidance through securitization}, journal={The Quarterly Review of Economics and Finance}, author={Uhde, André}, year={2020} }","short":"A. Uhde, The Quarterly Review of Economics and Finance (2020).","mla":"Uhde, André. “Tax Avoidance through Securitization.” <i>The Quarterly Review of Economics and Finance</i>, 2020.","apa":"Uhde, A. (2020). Tax avoidance through securitization. <i>The Quarterly Review of Economics and Finance</i>.","ieee":"A. Uhde, “Tax avoidance through securitization,” <i>The Quarterly Review of Economics and Finance</i>, 2020.","chicago":"Uhde, André. “Tax Avoidance through Securitization.” <i>The Quarterly Review of Economics and Finance</i>, 2020.","ama":"Uhde A. Tax avoidance through securitization. <i>The Quarterly Review of Economics and Finance</i>. Published online 2020."},"jel":["G21","G28","H25","H71"],"date_updated":"2024-04-17T13:36:03Z","author":[{"orcid":"https://orcid.org/0000-0002-8058-8857","last_name":"Uhde","full_name":"Uhde, André","id":"36049","first_name":"André"}],"date_created":"2020-07-20T06:29:36Z","title":"Tax avoidance through securitization","publication":"The Quarterly Review of Economics and Finance","type":"journal_article","abstract":[{"lang":"eng","text":"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."}],"status":"public","_id":"17401","department":[{"_id":"19"}],"user_id":"36049","keyword":["Securitization","credit risk transfer","effective tax rates","European banking"],"language":[{"iso":"eng"}]},{"language":[{"iso":"eng"}],"article_type":"original","keyword":["Corporate credit default swap indices","Mean-variance asset allocation","Out-of-sample portfolio optimization","Portfolio risk-diversification","Portfolio performance evaluation"],"user_id":"36049","department":[{"_id":"188"},{"_id":"186"}],"_id":"4562","status":"public","abstract":[{"lang":"eng","text":"Employing main and sector-specific investment-grade CDS indices from the North American and European CDS market and performing mean-variance out-of-sample analyses for conservative and aggressive investors over the period from 2006 to 2014, this paper analyzes portfolio benefits of adding corporate CDS indices to a traditional financial portfolio consisting of stock and sovereign bond indices. As a baseline result, we initially find an increase in portfolio (downside) risk-diversification when adding CDS indices, which is observed irrespective of both CDS markets, investor-types and different sub-periods, including the global financial crisis and European sovereign debt crisis. In addition, the analysis reveals higher portfolio excess returns and performance in CDS index portfolios, however, these effects clearly differ between markets, investor-types and sub-periods. Overall, portfolio benefits of adding CDS indices mainly result from the fact that institutional investors replace sovereign bond indices rather than stock indices by CDS indices due to better risk-return characteristics. Our baseline findings remain robust under a variety of robustness checks. Results from sensitivity analyses provide further important implications for institutional investors with a strategic focus on a long-term conservative portfolio management."}],"type":"journal_article","publication":"Review of Derivatives Research ","doi":"https://doi.org/10.1007/s11147-018-9148-8","title":"Portfolio Benefits of Adding Corporate Credit Default Swap Indices: Evidence from North America and Europe","date_created":"2018-10-01T12:17:35Z","author":[{"id":"48476","full_name":"Hippert, Benjamin","last_name":"Hippert","first_name":"Benjamin"},{"full_name":"Uhde, André","id":"36049","last_name":"Uhde","orcid":"https://orcid.org/0000-0002-8058-8857","first_name":"André"},{"first_name":"Sascha Tobias","last_name":"Wengerek","orcid":"0000-0002-7820-3903","id":"48837","full_name":"Wengerek, Sascha Tobias"}],"volume":22,"date_updated":"2022-05-04T06:15:02Z","jel":["C61","G01","G11","G15","G23"],"citation":{"bibtex":"@article{Hippert_Uhde_Wengerek_2019, title={Portfolio Benefits of Adding Corporate Credit Default Swap Indices: Evidence from North America and Europe}, volume={22}, DOI={<a href=\"https://doi.org/10.1007/s11147-018-9148-8\">https://doi.org/10.1007/s11147-018-9148-8</a>}, number={2}, journal={Review of Derivatives Research }, author={Hippert, Benjamin and Uhde, André and Wengerek, Sascha Tobias}, year={2019}, pages={203–259} }","mla":"Hippert, Benjamin, et al. “Portfolio Benefits of Adding Corporate Credit Default Swap Indices: Evidence from North America and Europe.” <i>Review of Derivatives Research </i>, vol. 22, no. 2, 2019, pp. 203–59, doi:<a href=\"https://doi.org/10.1007/s11147-018-9148-8\">https://doi.org/10.1007/s11147-018-9148-8</a>.","short":"B. Hippert, A. Uhde, S.T. Wengerek, Review of Derivatives Research  22 (2019) 203–259.","apa":"Hippert, B., Uhde, A., &#38; Wengerek, S. T. (2019). Portfolio Benefits of Adding Corporate Credit Default Swap Indices: Evidence from North America and Europe. <i>Review of Derivatives Research </i>, <i>22</i>(2), 203–259. <a href=\"https://doi.org/10.1007/s11147-018-9148-8\">https://doi.org/10.1007/s11147-018-9148-8</a>","ama":"Hippert B, Uhde A, Wengerek ST. Portfolio Benefits of Adding Corporate Credit Default Swap Indices: Evidence from North America and Europe. <i>Review of Derivatives Research </i>. 2019;22(2):203-259. doi:<a href=\"https://doi.org/10.1007/s11147-018-9148-8\">https://doi.org/10.1007/s11147-018-9148-8</a>","ieee":"B. Hippert, A. Uhde, and S. T. Wengerek, “Portfolio Benefits of Adding Corporate Credit Default Swap Indices: Evidence from North America and Europe,” <i>Review of Derivatives Research </i>, vol. 22, no. 2, pp. 203–259, 2019, doi: <a href=\"https://doi.org/10.1007/s11147-018-9148-8\">https://doi.org/10.1007/s11147-018-9148-8</a>.","chicago":"Hippert, Benjamin, André Uhde, and Sascha Tobias Wengerek. “Portfolio Benefits of Adding Corporate Credit Default Swap Indices: Evidence from North America and Europe.” <i>Review of Derivatives Research </i> 22, no. 2 (2019): 203–59. <a href=\"https://doi.org/10.1007/s11147-018-9148-8\">https://doi.org/10.1007/s11147-018-9148-8</a>."},"page":"203-259","intvolume":"        22","year":"2019","issue":"2","publication_status":"published"},{"year":"2019","citation":{"ieee":"S. T. Wengerek and A. Uhde, <i>Share price reactions to tariff imposition announcements in the Trump era – An event study of the trade conflict</i>. Paderborn University, 2019.","chicago":"Wengerek, Sascha Tobias, and André Uhde. <i>Share Price Reactions to Tariff Imposition Announcements in the Trump Era – An Event Study of the Trade Conflict</i>. Paderborn University, 2019.","ama":"Wengerek ST, Uhde A. <i>Share Price Reactions to Tariff Imposition Announcements in the Trump Era – An Event Study of the Trade Conflict</i>. Paderborn University; 2019.","bibtex":"@book{Wengerek_Uhde_2019, title={Share price reactions to tariff imposition announcements in the Trump era – An event study of the trade conflict}, publisher={Paderborn University}, author={Wengerek, Sascha Tobias and Uhde, André}, year={2019} }","short":"S.T. Wengerek, A. Uhde, Share Price Reactions to Tariff Imposition Announcements in the Trump Era – An Event Study of the Trade Conflict, Paderborn University, 2019.","mla":"Wengerek, Sascha Tobias, and André Uhde. <i>Share Price Reactions to Tariff Imposition Announcements in the Trump Era – An Event Study of the Trade Conflict</i>. Paderborn University, 2019.","apa":"Wengerek, S. T., &#38; Uhde, A. (2019). <i>Share price reactions to tariff imposition announcements in the Trump era – An event study of the trade conflict</i>. Paderborn University."},"jel":["F14","F18","F23","F51"],"publication_status":"published","title":"Share price reactions to tariff imposition announcements in the Trump era – An event study of the trade conflict","publisher":"Paderborn University","date_updated":"2023-01-11T11:05:30Z","date_created":"2023-01-11T10:57:04Z","author":[{"first_name":"Sascha Tobias","full_name":"Wengerek, Sascha Tobias","last_name":"Wengerek"},{"first_name":"André","id":"36049","full_name":"Uhde, André","last_name":"Uhde"}],"abstract":[{"lang":"eng","text":"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. "}],"status":"public","type":"working_paper","keyword":["event study","international relations","protectionism","strategic trade policy","tariffs","trade conflict"],"language":[{"iso":"eng"}],"_id":"36004","user_id":"21810","department":[{"_id":"186"},{"_id":"188"}]},{"language":[{"iso":"eng"}],"keyword":["banking","outstanding CDS net notional","determinants of bank CDS trading"],"user_id":"21810","department":[{"_id":"186"},{"_id":"19"}],"_id":"29314","status":"public","abstract":[{"text":"Employing credit default swap (CDS) data for a sample of 52 major banks across 18 countries from 2008 to 2016, this paper investigates determinants of the outstanding net notional amount of CDS which are written on banks. We extend the current literature dealing with CDS trading by analyzing further CDS trading-specific, fundamental bank-specific as well as macroeconomic and institutional determinants with a focus on bank CDS trading. We find that, next to well-discussed determinants for corporate firms in the literature, especially a bank's tail risk, capital adequacy, loan portfolio and business model affect a bank's outstanding CDS net notional. This finding indicates that investors in the bank CDS market partly have a recourse to a fundamental analysis for their investment decision. Our study fills an important gap since empirical studies have solely focused on sovereign and corporate CDS yet. In addition, the analysis at hand provides important implications for both academics and practitioners since understanding the trading motives of bank CDS investors gives deeper insights into the still opaque CDS market.","lang":"eng"}],"type":"working_paper","title":"Determinants of CDS trading on major banks","date_created":"2022-01-13T11:12:03Z","author":[{"first_name":"Benjamin","full_name":"Hippert, Benjamin","last_name":"Hippert"},{"full_name":"Uhde, André","id":"36049","last_name":"Uhde","orcid":"https://orcid.org/0000-0002-8058-8857","first_name":"André"},{"last_name":"Wengerek","full_name":"Wengerek, Sascha Tobias","first_name":"Sascha Tobias"}],"date_updated":"2024-04-17T13:35:25Z","jel":["G10","G12","G21"],"citation":{"apa":"Hippert, B., Uhde, A., &#38; Wengerek, S. T. (2019). <i>Determinants of CDS trading on major banks</i>.","bibtex":"@book{Hippert_Uhde_Wengerek_2019, title={Determinants of CDS trading on major banks}, author={Hippert, Benjamin and Uhde, André and Wengerek, Sascha Tobias}, year={2019} }","mla":"Hippert, Benjamin, et al. <i>Determinants of CDS Trading on Major Banks</i>. 2019.","short":"B. Hippert, A. Uhde, S.T. Wengerek, Determinants of CDS Trading on Major Banks, 2019.","chicago":"Hippert, Benjamin, André Uhde, and Sascha Tobias Wengerek. <i>Determinants of CDS Trading on Major Banks</i>, 2019.","ieee":"B. Hippert, A. Uhde, and S. T. Wengerek, <i>Determinants of CDS trading on major banks</i>. 2019.","ama":"Hippert B, Uhde A, Wengerek ST. <i>Determinants of CDS Trading on Major Banks</i>.; 2019."},"year":"2019"},{"year":"2019","place":"Working Papers Dissertations from Paderborn University, Faculty of Business Administration and Economics","jel":["G10","G12","G21"],"citation":{"ieee":"B. Hippert, A. Uhde, and S. T. Wengerek, <i>Determinants of CDS trading on major banks</i>. Working Papers Dissertations from Paderborn University, Faculty of Business Administration and Economics, 2019.","chicago":"Hippert, Benjamin, André Uhde, and Sascha Tobias Wengerek. <i>Determinants of CDS Trading on Major Banks</i>. No 51. Working Papers Dissertations from Paderborn University, Faculty of Business Administration and Economics, 2019.","ama":"Hippert B, Uhde A, Wengerek ST. <i>Determinants of CDS Trading on Major Banks</i>.; 2019.","apa":"Hippert, B., Uhde, A., &#38; Wengerek, S. T. (2019). <i>Determinants of CDS trading on major banks</i>.","mla":"Hippert, Benjamin, et al. <i>Determinants of CDS Trading on Major Banks</i>. 2019.","bibtex":"@book{Hippert_Uhde_Wengerek_2019, place={Working Papers Dissertations from Paderborn University, Faculty of Business Administration and Economics}, series={No 51}, title={Determinants of CDS trading on major banks}, author={Hippert, Benjamin and Uhde, André and Wengerek, Sascha Tobias}, year={2019}, collection={No 51} }","short":"B. Hippert, A. Uhde, S.T. Wengerek, Determinants of CDS Trading on Major Banks, Working Papers Dissertations from Paderborn University, Faculty of Business Administration and Economics, 2019."},"date_updated":"2024-04-17T13:35:52Z","author":[{"first_name":"Benjamin","last_name":"Hippert","full_name":"Hippert, Benjamin","id":"48476"},{"orcid":"https://orcid.org/0000-0002-8058-8857","last_name":"Uhde","id":"36049","full_name":"Uhde, André","first_name":"André"},{"orcid":"0000-0002-7820-3903","last_name":"Wengerek","id":"48837","full_name":"Wengerek, Sascha Tobias","first_name":"Sascha Tobias"}],"date_created":"2019-09-06T07:46:50Z","title":"Determinants of CDS trading on major banks","type":"working_paper","abstract":[{"text":"Employing credit default swap (CDS) data for a sample of 52 major banks across 18 countries from 2008 to 2016, this paper investigates determinants of the outstanding net notional amount of CDS which are written on banks. We extend the current literature dealing with CDS trading by analyzing further CDS trading-specific, fundamental bank-specific as well as macroeconomic and institutional determinants with a focus on bank CDS trading. We find that, next to well-discussed determinants for corporate firms in the literature, especially a bank's tail risk, capital adequacy, loan portfolio and business model affect a bank's outstanding CDS net notional. This finding indicates that investors in the bank CDS market partly have a recourse to a fundamental analysis for their investment decision. Our study fills an important gap since empirical studies have solely focused on sovereign and corporate CDS yet. In addition, the analysis at hand provides important implications for both academics and practitioners since understanding the trading motives of bank CDS investors gives deeper insights into the still opaque CDS market. ","lang":"eng"}],"status":"public","_id":"13145","department":[{"_id":"186"},{"_id":"188"}],"series_title":"No 51","user_id":"36049","keyword":["banking","outstanding CDS net notional","determinants of bank CDS trading"],"language":[{"iso":"eng"}]},{"publication_status":"submitted","jel":["G10","G12","G21"],"citation":{"chicago":"Hippert, Benjamin, and André Uhde. <i>Determinants of CDS Trading on Major Banks</i>, n.d.","ieee":"B. Hippert and A. Uhde, <i>Determinants of CDS trading on major banks</i>. .","ama":"Hippert B, Uhde A. <i>Determinants of CDS Trading on Major Banks</i>.","short":"B. Hippert, A. Uhde, Determinants of CDS Trading on Major Banks, n.d.","mla":"Hippert, Benjamin, and André Uhde. <i>Determinants of CDS Trading on Major Banks</i>.","bibtex":"@book{Hippert_Uhde, title={Determinants of CDS trading on major banks}, author={Hippert, Benjamin and Uhde, André} }","apa":"Hippert, B., &#38; Uhde, A. (n.d.). <i>Determinants of CDS trading on major banks</i>."},"year":"2019","date_created":"2018-10-31T10:05:47Z","author":[{"full_name":"Hippert, Benjamin","id":"48476","last_name":"Hippert","first_name":"Benjamin"},{"first_name":"André","last_name":"Uhde","orcid":"https://orcid.org/0000-0002-8058-8857","full_name":"Uhde, André","id":"36049"}],"date_updated":"2024-04-17T13:35:47Z","title":"Determinants of CDS trading on major banks","type":"working_paper","status":"public","abstract":[{"lang":"eng","text":"Employing credit default swap (CDS) data for a sample of 52 major banks across 18\r\ncountries from 2008 to 2016, this paper investigates determinants of the outstanding\r\nnet notional amount of CDS which are written on banks. We extend the current\r\nliterature dealing with CDS trading by analyzing further CDS trading-specifi\fc,\r\nfundamental bank-speci\ffic as well as macroeconomic and institutional determinants\r\nwith a focus on bank CDS trading. We fi\fnd that, next to well-discussed determinants\r\nfor corporate \ffirms in the literature, especially a bank's tail risk, capital adequacy,\r\nloan portfolio and business model affect a bank's outstanding CDS net notional.\r\nThis \ffinding indicates that investors in the bank CDS market partly have a recourse\r\nto a fundamental analysis for their investment decision. Our study \ffills an important\r\ngap since empirical studies have solely focused on sovereign and corporate CDS yet.\r\nIn addition, the analysis at hand provides important implications for both academics\r\nand practitioners since understanding the trading motives of bank CDS investors\r\ngives deeper insights into the still opaque CDS market."}],"user_id":"36049","department":[{"_id":"186"},{"_id":"188"}],"_id":"5170","language":[{"iso":"eng"}],"keyword":["banking","outstanding CDS net notional","determinants of bank CDS trading"]},{"citation":{"chicago":"Uhde, André, and Benjamin Hippert. <i>The Relationship between Announcements of Complete Mergers and Acquisitions and Acquirers’ Abnormal CDS-Spread Changes</i>, 2019.","ieee":"A. Uhde and B. Hippert, <i>The relationship between announcements of complete mergers and acquisitions and acquirers’ abnormal CDS-Spread changes</i>. 2019.","ama":"Uhde A, Hippert B. <i>The Relationship between Announcements of Complete Mergers and Acquisitions and Acquirers’ Abnormal CDS-Spread Changes</i>.; 2019.","mla":"Uhde, André, and Benjamin Hippert. <i>The Relationship between Announcements of Complete Mergers and Acquisitions and Acquirers’ Abnormal CDS-Spread Changes</i>. 2019.","bibtex":"@book{Uhde_Hippert_2019, title={The relationship between announcements of complete mergers and acquisitions and acquirers’ abnormal CDS-Spread changes}, author={Uhde, André and Hippert, Benjamin}, year={2019} }","short":"A. Uhde, B. Hippert, The Relationship between Announcements of Complete Mergers and Acquisitions and Acquirers’ Abnormal CDS-Spread Changes, 2019.","apa":"Uhde, A., &#38; Hippert, B. (2019). <i>The relationship between announcements of complete mergers and acquisitions and acquirers’ abnormal CDS-Spread changes</i>."},"jel":["G14","G34"],"year":"2019","title":"The relationship between announcements of complete mergers and acquisitions and acquirers' abnormal CDS-Spread changes","author":[{"full_name":"Uhde, André","id":"36049","orcid":"https://orcid.org/0000-0002-8058-8857","last_name":"Uhde","first_name":"André"},{"first_name":"Benjamin","last_name":"Hippert","id":"48476","full_name":"Hippert, Benjamin"}],"date_created":"2019-12-18T15:53:47Z","date_updated":"2024-04-17T13:35:41Z","status":"public","abstract":[{"text":"Employing a sample of 492 merger and acquisition (M&A) announcements from\r\n284 acquirers across North America and Europe between 2005 and 2018, this study\r\nanalyzes the impact of M&A announcements on an acquirers abnormal CDS spread\r\nchanges. We \fnd that spreads from CDS which are written on acquirers increase\r\nby 310 bps during a symmetric \fve-day event window suggesting that investors\r\nexpect an increase in the acquirers credit risk exposure due to M&As. Next to\r\nthis baseline \fnding, we conduct a large variety of sensitivity analyses to gain more\r\ninsight into the driving factors of the rising risk perception of CDS investors due to\r\nM&A announcements.","lang":"eng"}],"type":"working_paper","language":[{"iso":"eng"}],"keyword":["credit default swaps","risk perception of CDS investors","mergers and acquisitions","event study"],"department":[{"_id":"19"},{"_id":"186"}],"user_id":"36049","_id":"15392"},{"article_type":"original","language":[{"iso":"ger"}],"_id":"4874","department":[{"_id":"275"}],"user_id":"36049","abstract":[{"text":"Restrukturierungen werden sowohl durch die Digitalisierung, aber auch durch klassische Themen – beispielsweise\r\ndie Notwendigkeit von Umsatz- und Kostensynergien in kompetitiven Märkten – verstärkt vorangetrieben.\r\nDieser Beitrag beleuchtet vor allem die Motive und Folgen aus wissenschaftlicher Perspektive, indem großzahlige\r\nempirische Befunde zu den Themen Beschäftigung, Finanzkennzahlen und Kapitalerhöhungen sowie steuerliche\r\nMotive prägnant zusammengefasst und im Kontext des geplanten Joint Ventures von thyssenkrupp und Tata\r\nSteel diskutiert werden.","lang":"ger"}],"status":"public","publication":"Die Wirtschaftsprüfung","type":"journal_article","title":"Restrukturierungen: operative und finanzielle Wertbeiträge. Eine Betrachtung vor dem Hintergrund der Entwicklungen bei thyssenkrupp","main_file_link":[{"url":"https://www.idw.de/blob/108664/22a8a20e1240f553a0e6794daf8541c4/down-2018-09-data.pdf"}],"date_updated":"2024-04-17T13:34:51Z","volume":71,"date_created":"2018-10-26T07:22:22Z","author":[{"first_name":"Sönke","last_name":"Sievers","full_name":"Sievers, Sönke","id":"46447"},{"first_name":"Caren","last_name":"Sureth-Sloane","orcid":" 0000-0002-8183-5901","full_name":"Sureth-Sloane, Caren","id":"530"},{"full_name":"Uhde, André","id":"36049","orcid":"https://orcid.org/0000-0002-8058-8857","last_name":"Uhde","first_name":"André"}],"year":"2018","page":"569-575","intvolume":"        71","citation":{"mla":"Sievers, Sönke, et al. “Restrukturierungen: operative und finanzielle Wertbeiträge. Eine Betrachtung vor dem Hintergrund der Entwicklungen bei thyssenkrupp.” <i>Die Wirtschaftsprüfung</i>, vol. 71, no. 9, 2018, pp. 569–75.","bibtex":"@article{Sievers_Sureth-Sloane_Uhde_2018, title={Restrukturierungen: operative und finanzielle Wertbeiträge. Eine Betrachtung vor dem Hintergrund der Entwicklungen bei thyssenkrupp}, volume={71}, number={9}, journal={Die Wirtschaftsprüfung}, author={Sievers, Sönke and Sureth-Sloane, Caren and Uhde, André}, year={2018}, pages={569–575} }","short":"S. Sievers, C. Sureth-Sloane, A. Uhde, Die Wirtschaftsprüfung 71 (2018) 569–575.","apa":"Sievers, S., Sureth-Sloane, C., &#38; Uhde, A. (2018). Restrukturierungen: operative und finanzielle Wertbeiträge. Eine Betrachtung vor dem Hintergrund der Entwicklungen bei thyssenkrupp. <i>Die Wirtschaftsprüfung</i>, <i>71</i>(9), 569–575.","chicago":"Sievers, Sönke, Caren Sureth-Sloane, and André Uhde. “Restrukturierungen: operative und finanzielle Wertbeiträge. Eine Betrachtung vor dem Hintergrund der Entwicklungen bei thyssenkrupp.” <i>Die Wirtschaftsprüfung</i> 71, no. 9 (2018): 569–75.","ieee":"S. Sievers, C. Sureth-Sloane, and A. Uhde, “Restrukturierungen: operative und finanzielle Wertbeiträge. Eine Betrachtung vor dem Hintergrund der Entwicklungen bei thyssenkrupp,” <i>Die Wirtschaftsprüfung</i>, vol. 71, no. 9, pp. 569–575, 2018.","ama":"Sievers S, Sureth-Sloane C, Uhde A. Restrukturierungen: operative und finanzielle Wertbeiträge. Eine Betrachtung vor dem Hintergrund der Entwicklungen bei thyssenkrupp. <i>Die Wirtschaftsprüfung</i>. 2018;71(9):569-575."},"publication_status":"published","issue":"9"},{"year":"2017","citation":{"ama":"Paul S, Horsch A, Kaltofen D, Uhde A, Weiß G. <i>Unternehmerische Finanzierungspolitik</i>. Vol 1. 1st ed. Schäffer Poeschel; 2017.","chicago":"Paul, Stephan, Andreas Horsch, Daniel Kaltofen, André Uhde, and Gregor Weiß. <i>Unternehmerische Finanzierungspolitik</i>. 1st ed. Vol. 1. Eine wertorientierte Einführung. Schäffer Poeschel, 2017.","ieee":"S. Paul, A. Horsch, D. Kaltofen, A. Uhde, and G. Weiß, <i>Unternehmerische Finanzierungspolitik</i>, 1st ed., vol. 1. Schäffer Poeschel, 2017.","apa":"Paul, S., Horsch, A., Kaltofen, D., Uhde, A., &#38; Weiß, G. (2017). <i>Unternehmerische Finanzierungspolitik</i> (1st ed., Vol. 1). Schäffer Poeschel.","mla":"Paul, Stephan, et al. <i>Unternehmerische Finanzierungspolitik</i>. 1st ed., vol. 1, Schäffer Poeschel, 2017.","short":"S. Paul, A. Horsch, D. Kaltofen, A. Uhde, G. Weiß, Unternehmerische Finanzierungspolitik, 1st ed., Schäffer Poeschel, 2017.","bibtex":"@book{Paul_Horsch_Kaltofen_Uhde_Weiß_2017, edition={1}, series={Eine wertorientierte Einführung}, title={Unternehmerische Finanzierungspolitik}, volume={1}, publisher={Schäffer Poeschel}, author={Paul, Stephan and Horsch, Andreas and Kaltofen, Daniel and Uhde, André and Weiß, Gregor}, year={2017}, collection={Eine wertorientierte Einführung} }"},"intvolume":"         1","page":"760","publication_status":"published","publication_identifier":{"isbn":[" 978-3-7910-3086-9"]},"edition":"1","title":"Unternehmerische Finanzierungspolitik","date_updated":"2023-01-10T09:38:15Z","publisher":"Schäffer Poeschel","author":[{"last_name":"Paul","full_name":"Paul, Stephan","first_name":"Stephan"},{"first_name":"Andreas","last_name":"Horsch","full_name":"Horsch, Andreas"},{"first_name":"Daniel","full_name":"Kaltofen, Daniel","last_name":"Kaltofen"},{"id":"36049","full_name":"Uhde, André","last_name":"Uhde","orcid":"https://orcid.org/0000-0002-8058-8857","first_name":"André"},{"full_name":"Weiß, Gregor","last_name":"Weiß","first_name":"Gregor"}],"date_created":"2018-06-27T12:30:27Z","volume":1,"abstract":[{"lang":"ger","text":"Nach der Finanzkrise sind die Modellwelten der Finanzierungstheorie, vor allem diejenigen, die auf vollkommenen Märkten spielen, nicht mehr zeitgemäß. Heute muss die Lehre zu Theorie und Praxis der Finanzierungspolitik beide Sphären miteinander verbinden - wie es das Konzept dieses neuen Lehrbuchs verfolgt: Aus der strategischen Sicht des Finanzleiters werden die zentralen Themen der unternehmerischen Finanzierungspolitik aufgezeigt:\r\nInvestitionsrechnung, Nutzung von Finanzmärkten, -intermediären und -instrumenten, Finanzielles Risikomanagement, Finanzkommunikation, Gestaltung von Unternehmensstruktur und -kontrolle.\r\n\r\nMit vielen Anwendungsbeispielen und Einblicken in die Praxis."}],"status":"public","type":"book","keyword":["Investitionsrechnung","finanzielles Risikomanagement","Finanzkommunikation"],"language":[{"iso":"ger"}],"_id":"3378","user_id":"21810","series_title":"Eine wertorientierte Einführung","department":[{"_id":"186"},{"_id":"188"}]},{"user_id":"36049","department":[{"_id":"186"},{"_id":"188"}],"_id":"5171","language":[{"iso":"eng"}],"keyword":["European Banking","Non-performing Loans","Risk Allocation","Securitization"],"type":"working_paper","status":"public","abstract":[{"text":"Employing a unique and hand-collected sample of 648 true sale loan securitization\r\ntransactions issued by 57 stock-listed banks across the EU-12 plus Switzerland\r\nover the period from 1997 to 2010, this paper empirically analyzes the relationship\r\nbetween true sale loan securitization and the issuing banks' non-performing loan\r\nto total assets ratios (NPLRs). We provide evidence for an NPLR-reducing effect\r\nduring the boom phase of securitizations in Europe suggesting that banks in our\r\nsample may (partly) securitize NPLs as the most risky junior tranche and do not\r\n(fully) retain NPLs as a reputation and quality signal towards less informed investors\r\nin imperfect capital markets. In contrast, we fi\fnd the reverse effect during the\r\ncrises period in Europe indicating that issuing banks provided credit enhancement\r\nand demonstrated `skin in the game'. Our baseline result remains robust when\r\ncontrolling for endogeneity concerns and a potential persistence in the time series\r\nof the NPL data. Moreover, results from a variety of sensitivity analysis reveal\r\nthat the NPLR-reducing effect is stronger for opaque securitization transactions,\r\nfor issuing banks exhibiting higher average levels of NPLRs and for banks operating\r\nfrom non-PIIGS countries. In addition, a reduction of NPLRs through securitization\r\nis observed for issued collateralized debt obligations, residential mortgage-backed\r\nsecurities, consumer and other unspeci\fed loans as well as for non-frequently issuing,\r\nsystemically less important and worse-rated banks. Our analysis offers essential\r\ninsights into the loan risk allocation process through securitization and provides\r\nimportant implications for the vital debate on reducing NPL exposures and the\r\nprocess of revitalizing and regulating the European securitization market.","lang":"eng"}],"author":[{"first_name":"André","full_name":"Uhde, André","id":"36049","last_name":"Uhde","orcid":"https://orcid.org/0000-0002-8058-8857"},{"first_name":"Sascha Tobias","full_name":"Wengerek, Sascha Tobias","id":"48837","orcid":"0000-0002-7820-3903","last_name":"Wengerek"}],"date_created":"2018-10-31T10:07:26Z","date_updated":"2024-04-17T13:34:47Z","title":"The relationship between credit risk transfer and non-performing loans. Evidence from European banks","publication_status":"submitted","citation":{"ama":"Uhde A, Wengerek ST. <i>The Relationship between Credit Risk Transfer and Non-Performing Loans. Evidence from European Banks</i>.","chicago":"Uhde, André, and Sascha Tobias Wengerek. <i>The Relationship between Credit Risk Transfer and Non-Performing Loans. Evidence from European Banks</i>, n.d.","ieee":"A. Uhde and S. T. Wengerek, <i>The relationship between credit risk transfer and non-performing loans. Evidence from European banks</i>. .","short":"A. Uhde, S.T. Wengerek, The Relationship between Credit Risk Transfer and Non-Performing Loans. Evidence from European Banks, n.d.","mla":"Uhde, André, and Sascha Tobias Wengerek. <i>The Relationship between Credit Risk Transfer and Non-Performing Loans. Evidence from European Banks</i>.","bibtex":"@book{Uhde_Wengerek, title={The relationship between credit risk transfer and non-performing loans. Evidence from European banks}, author={Uhde, André and Wengerek, Sascha Tobias} }","apa":"Uhde, A., &#38; Wengerek, S. T. (n.d.). <i>The relationship between credit risk transfer and non-performing loans. Evidence from European banks</i>."},"jel":["G21","G28","G32"],"year":"2017"},{"language":[{"iso":"eng"}],"keyword":["Banking","Executive compensation","Risk-taking","Financial stability"],"abstract":[{"lang":"eng","text":"Employing compensation data provided by 63 banks from 16 European countries for the period from 2000 to 2010 this paper empirically investigates the impact of excess variable compensation on bank risk. As a main finding, we provide evidence for a risk-increasing impact of excess variable pay for both executive variable cash-based and variable equity-based compensation. This baseline finding holds under various robustness checks, in particular when controlling for likely reverse causality between bank risk and variable compensation by employing Granger-causality tests and instrumental variable regressions. In addition, results from a large number of sensitivity analyses including board and banking characteristics as well as the financial crisis period and the quality of a country's regulatory framework provide further important implications for banking regulators and politicians in Europe."}],"publication":"The Quarterly Review of Economics and Finance","title":"Risk-taking incentives through excess variable compensation: Evidence from European banks","date_created":"2018-06-27T12:16:57Z","publisher":"Elsevier","year":"2016","issue":"5","department":[{"_id":"186"},{"_id":"188"}],"user_id":"21810","_id":"3376","status":"public","type":"journal_article","doi":"https://doi.org/10.1016/j.qref.2015.11.009","volume":60,"author":[{"first_name":"André","last_name":"Uhde","orcid":"https://orcid.org/0000-0002-8058-8857","full_name":"Uhde, André","id":"36049"}],"date_updated":"2023-01-10T09:38:37Z","intvolume":"        60","page":"12-28","jel":["G21","G28","G32","J33"],"citation":{"apa":"Uhde, A. (2016). Risk-taking incentives through excess variable compensation: Evidence from European banks. <i>The Quarterly Review of Economics and Finance</i>, <i>60</i>(5), 12–28. <a href=\"https://doi.org/10.1016/j.qref.2015.11.009\">https://doi.org/10.1016/j.qref.2015.11.009</a>","bibtex":"@article{Uhde_2016, title={Risk-taking incentives through excess variable compensation: Evidence from European banks}, volume={60}, DOI={<a href=\"https://doi.org/10.1016/j.qref.2015.11.009\">https://doi.org/10.1016/j.qref.2015.11.009</a>}, number={5}, journal={The Quarterly Review of Economics and Finance}, publisher={Elsevier}, author={Uhde, André}, year={2016}, pages={12–28} }","short":"A. Uhde, The Quarterly Review of Economics and Finance 60 (2016) 12–28.","mla":"Uhde, André. “Risk-Taking Incentives through Excess Variable Compensation: Evidence from European Banks.” <i>The Quarterly Review of Economics and Finance</i>, vol. 60, no. 5, Elsevier, 2016, pp. 12–28, doi:<a href=\"https://doi.org/10.1016/j.qref.2015.11.009\">https://doi.org/10.1016/j.qref.2015.11.009</a>.","ama":"Uhde A. Risk-taking incentives through excess variable compensation: Evidence from European banks. <i>The Quarterly Review of Economics and Finance</i>. 2016;60(5):12-28. doi:<a href=\"https://doi.org/10.1016/j.qref.2015.11.009\">https://doi.org/10.1016/j.qref.2015.11.009</a>","ieee":"A. Uhde, “Risk-taking incentives through excess variable compensation: Evidence from European banks,” <i>The Quarterly Review of Economics and Finance</i>, vol. 60, no. 5, pp. 12–28, 2016, doi: <a href=\"https://doi.org/10.1016/j.qref.2015.11.009\">https://doi.org/10.1016/j.qref.2015.11.009</a>.","chicago":"Uhde, André. “Risk-Taking Incentives through Excess Variable Compensation: Evidence from European Banks.” <i>The Quarterly Review of Economics and Finance</i> 60, no. 5 (2016): 12–28. <a href=\"https://doi.org/10.1016/j.qref.2015.11.009\">https://doi.org/10.1016/j.qref.2015.11.009</a>."},"publication_status":"published"},{"publication_status":"published","year":"2015","jel":["G21","G28"],"citation":{"mla":"Farruggio, Christian, and André Uhde. “Determinants of Loan Securitization in European Banking.” <i>Journal of Banking and Finance</i>, vol. 56, 2015, pp. 12–27, doi:<a href=\"https://doi.org/10.1016/j.jbankfin.2015.01.015 \">10.1016/j.jbankfin.2015.01.015 </a>.","bibtex":"@article{Farruggio_Uhde_2015, title={Determinants of loan securitization in European banking}, volume={56}, DOI={<a href=\"https://doi.org/10.1016/j.jbankfin.2015.01.015 \">10.1016/j.jbankfin.2015.01.015 </a>}, journal={Journal of Banking and Finance}, author={Farruggio, Christian and Uhde, André}, year={2015}, pages={12–27} }","short":"C. Farruggio, A. Uhde, Journal of Banking and Finance 56 (2015) 12–27.","apa":"Farruggio, C., &#38; Uhde, A. (2015). Determinants of loan securitization in European banking. <i>Journal of Banking and Finance</i>, <i>56</i>, 12–27. <a href=\"https://doi.org/10.1016/j.jbankfin.2015.01.015 \">https://doi.org/10.1016/j.jbankfin.2015.01.015 </a>","ama":"Farruggio C, Uhde A. Determinants of loan securitization in European banking. <i>Journal of Banking and Finance</i>. 2015;56:12-27. doi:<a href=\"https://doi.org/10.1016/j.jbankfin.2015.01.015 \">10.1016/j.jbankfin.2015.01.015 </a>","chicago":"Farruggio, Christian, and André Uhde. “Determinants of Loan Securitization in European Banking.” <i>Journal of Banking and Finance</i> 56 (2015): 12–27. <a href=\"https://doi.org/10.1016/j.jbankfin.2015.01.015 \">https://doi.org/10.1016/j.jbankfin.2015.01.015 </a>.","ieee":"C. Farruggio and A. Uhde, “Determinants of loan securitization in European banking,” <i>Journal of Banking and Finance</i>, vol. 56, pp. 12–27, 2015, doi: <a href=\"https://doi.org/10.1016/j.jbankfin.2015.01.015 \">10.1016/j.jbankfin.2015.01.015 </a>."},"page":"12-27","intvolume":"        56","date_updated":"2023-01-10T09:37:18Z","author":[{"full_name":"Farruggio, Christian","last_name":"Farruggio","first_name":"Christian"},{"first_name":"André","full_name":"Uhde, André","id":"36049","last_name":"Uhde","orcid":"https://orcid.org/0000-0002-8058-8857"}],"date_created":"2018-09-14T11:26:52Z","volume":56,"title":"Determinants of loan securitization in European banking","doi":"10.1016/j.jbankfin.2015.01.015 ","type":"journal_article","publication":"Journal of Banking and Finance","abstract":[{"text":"Analyzing 75 securitizing and non-securitizing stock-listed banks in the EU-13 plus Switzerland over the period from 1997 to 2010, this paper provides empirical evidence that loan securitization in Europe is a composite decision based on bank-specific as well as market- and country-specific determinants. In addition, we find that these determinants remarkably change when separately investigating securitization transactions during the pre-crisis and crisis period. Moreover, results from several subsample regressions reveal that determinants of loan securitizations in Europe depend on the transaction type, the underlying asset portfolio and the regulatory and institutional environment under which banks operate.","lang":"eng"}],"status":"public","_id":"4396","user_id":"21810","department":[{"_id":"186"},{"_id":"188"}],"keyword":["Securitization","Determinants","European banking"],"language":[{"iso":"eng"}]},{"keyword":["microfinance","external governance","economic success","social success","developing countries","profitability","sustainability","microbanks","outreach","political stability","governance effectiveness","regulatory quality","rule of law","governance quality","lending methodologies","funding sources"],"alternative_title":["The impact of external governance quality on the economic and social success of microfinance institutions "],"language":[{"iso":"eng"}],"_id":"4398","user_id":"21810","department":[{"_id":"186"},{"_id":"188"}],"abstract":[{"lang":"eng","text":"Employing a Hausman–Taylor instrument variable (HT–IV) estimator to data from 558 microfinance institutions (MFIs) in 80 developing countries for the period from 2002 to 2007, this paper provides empirical evidence for a positive impact of a country's external governance quality and outcome on local microbanks' economic success in terms of profitability and sustainability. Evidence as well suggests a negative relationship between external governance and the microbanks' social success measured by the depth of outreach. In this context, our analysis reveals that a country's political stability, governance effectiveness, regulatory quality and rule of law are significant key elements of external governance affecting the MFIs' functional performance. Moreover, results from sensitivity analyses indicate that the relationship between external governance quality and microfinance functional performance significantly depends on the microbanks' business concepts, their lending methodologies and sources of funding."}],"status":"public","type":"journal_article","publication":" International Journal of Monetary Economics and Finance ","title":"External governance outcome and microfinance success","doi":"https://doi.org/10.1504/IJMEF.2013.056394","date_updated":"2023-01-10T09:38:58Z","author":[{"orcid":"https://orcid.org/0000-0002-8058-8857","last_name":"Uhde","full_name":"Uhde, André","id":"36049","first_name":"André"},{"first_name":"Oliver","full_name":"Müller, Oliver","last_name":"Müller"}],"date_created":"2018-09-14T11:53:25Z","volume":6,"year":"2013","citation":{"chicago":"Uhde, André, and Oliver Müller. “External Governance Outcome and Microfinance Success.” <i> International Journal of Monetary Economics and Finance </i> 6, no. 2/3 (2013): 116–49. <a href=\"https://doi.org/10.1504/IJMEF.2013.056394\">https://doi.org/10.1504/IJMEF.2013.056394</a>.","ieee":"A. Uhde and O. Müller, “External governance outcome and microfinance success,” <i> International Journal of Monetary Economics and Finance </i>, vol. 6, no. 2/3, pp. 116–149, 2013, doi: <a href=\"https://doi.org/10.1504/IJMEF.2013.056394\">https://doi.org/10.1504/IJMEF.2013.056394</a>.","ama":"Uhde A, Müller O. External governance outcome and microfinance success. <i> International Journal of Monetary Economics and Finance </i>. 2013;6(2/3):116-149. doi:<a href=\"https://doi.org/10.1504/IJMEF.2013.056394\">https://doi.org/10.1504/IJMEF.2013.056394</a>","short":"A. Uhde, O. Müller,  International Journal of Monetary Economics and Finance  6 (2013) 116–149.","mla":"Uhde, André, and Oliver Müller. “External Governance Outcome and Microfinance Success.” <i> International Journal of Monetary Economics and Finance </i>, vol. 6, no. 2/3, 2013, pp. 116–49, doi:<a href=\"https://doi.org/10.1504/IJMEF.2013.056394\">https://doi.org/10.1504/IJMEF.2013.056394</a>.","bibtex":"@article{Uhde_Müller_2013, title={External governance outcome and microfinance success}, volume={6}, DOI={<a href=\"https://doi.org/10.1504/IJMEF.2013.056394\">https://doi.org/10.1504/IJMEF.2013.056394</a>}, number={2/3}, journal={ International Journal of Monetary Economics and Finance }, author={Uhde, André and Müller, Oliver}, year={2013}, pages={116–149} }","apa":"Uhde, A., &#38; Müller, O. (2013). External governance outcome and microfinance success. <i> International Journal of Monetary Economics and Finance </i>, <i>6</i>(2/3), 116–149. <a href=\"https://doi.org/10.1504/IJMEF.2013.056394\">https://doi.org/10.1504/IJMEF.2013.056394</a>"},"jel":["G21","G28"],"intvolume":"         6","page":"116-149","publication_status":"published","publication_identifier":{"eissn":["1752-0487"]},"issue":"2/3"},{"abstract":[{"text":"Employing four event dates of the U.S. “Troubled Asset Relief Program” (TARP) this paper empirically investigates the impact of the first announcement of TARP (September 19, 2008), the announcement of revised TARP (October 14, 2008), respective capital infusions under TARP-CPP and capital repayments on changes in shareholder value and risk exposure of 125 supported U.S. banks as perceived by the capital market through share price reactions for an entire sample period from September 19, 2008 to June 16, 2010. Our analysis reveals a light and a dark side of TARP. While announcements as well as capital repayments may restore market confidence and financial stability, equity capital injections to banks are observed to be a severe impediment to an increase in bank shareholder value and financial soundness. ","lang":"eng"}],"status":"public","publication":"Journal of Banking and Finance","type":"journal_article","keyword":["Financial crisis","TARP","Market efficiency","Event study"],"language":[{"iso":"eng"}],"_id":"4397","department":[{"_id":"186"},{"_id":"188"}],"user_id":"21810","year":"2013","intvolume":"        32","page":"2586-2604","citation":{"bibtex":"@article{Farruggio_Michalak_Uhde_2013, title={The light and dark side of TARP}, volume={32}, DOI={<a href=\"https://doi.org/10.1016/j.jbankfin.2013.02.020\">10.1016/j.jbankfin.2013.02.020</a>}, number={5}, journal={Journal of Banking and Finance}, author={Farruggio, Christian and Michalak, Tobias C. and Uhde, André}, year={2013}, pages={2586–2604} }","short":"C. Farruggio, T.C. Michalak, A. Uhde, Journal of Banking and Finance 32 (2013) 2586–2604.","mla":"Farruggio, Christian, et al. “The Light and Dark Side of TARP.” <i>Journal of Banking and Finance</i>, vol. 32, no. 5, 2013, pp. 2586–604, doi:<a href=\"https://doi.org/10.1016/j.jbankfin.2013.02.020\">10.1016/j.jbankfin.2013.02.020</a>.","apa":"Farruggio, C., Michalak, T. C., &#38; Uhde, A. (2013). The light and dark side of TARP. <i>Journal of Banking and Finance</i>, <i>32</i>(5), 2586–2604. <a href=\"https://doi.org/10.1016/j.jbankfin.2013.02.020\">https://doi.org/10.1016/j.jbankfin.2013.02.020</a>","ieee":"C. Farruggio, T. C. Michalak, and A. Uhde, “The light and dark side of TARP,” <i>Journal of Banking and Finance</i>, vol. 32, no. 5, pp. 2586–2604, 2013, doi: <a href=\"https://doi.org/10.1016/j.jbankfin.2013.02.020\">10.1016/j.jbankfin.2013.02.020</a>.","chicago":"Farruggio, Christian, Tobias C. Michalak, and André Uhde. “The Light and Dark Side of TARP.” <i>Journal of Banking and Finance</i> 32, no. 5 (2013): 2586–2604. <a href=\"https://doi.org/10.1016/j.jbankfin.2013.02.020\">https://doi.org/10.1016/j.jbankfin.2013.02.020</a>.","ama":"Farruggio C, Michalak TC, Uhde A. The light and dark side of TARP. <i>Journal of Banking and Finance</i>. 2013;32(5):2586-2604. doi:<a href=\"https://doi.org/10.1016/j.jbankfin.2013.02.020\">10.1016/j.jbankfin.2013.02.020</a>"},"jel":["G14","G21","G28"],"publication_status":"published","issue":"5","title":"The light and dark side of TARP","doi":"10.1016/j.jbankfin.2013.02.020","date_updated":"2023-01-10T09:37:43Z","volume":32,"author":[{"last_name":"Farruggio","full_name":"Farruggio, Christian","first_name":"Christian"},{"last_name":"Michalak","full_name":"Michalak, Tobias C.","first_name":"Tobias C."},{"first_name":"André","full_name":"Uhde, André","id":"36049","orcid":"https://orcid.org/0000-0002-8058-8857","last_name":"Uhde"}],"date_created":"2018-09-14T11:40:31Z"},{"type":"journal_article","status":"public","department":[{"_id":"186"},{"_id":"188"}],"user_id":"21810","_id":"4399","publication_status":"published","page":"272-285","intvolume":"        52","jel":["G21","G28"],"citation":{"chicago":"Michalak, Tobias C., and André Uhde. “ Credit Risk Securitization and Bank Soundness: Evidence from the Microlevel for Europe.” <i>Quarterly Review of Economics and Finance</i> 52, no. 3 (2012): 272–85. <a href=\"https://doi.org/10.1016/j.qref.2012.04.008\">https://doi.org/10.1016/j.qref.2012.04.008</a>.","ieee":"T. C. Michalak and A. Uhde, “ Credit risk securitization and bank soundness: Evidence from the microlevel for Europe,” <i>Quarterly Review of Economics and Finance</i>, vol. 52, no. 3, pp. 272–285, 2012, doi: <a href=\"https://doi.org/10.1016/j.qref.2012.04.008\">https://doi.org/10.1016/j.qref.2012.04.008</a>.","ama":"Michalak TC, Uhde A.  Credit risk securitization and bank soundness: Evidence from the microlevel for Europe. <i>Quarterly Review of Economics and Finance</i>. 2012;52(3):272-285. doi:<a href=\"https://doi.org/10.1016/j.qref.2012.04.008\">https://doi.org/10.1016/j.qref.2012.04.008</a>","apa":"Michalak, T. C., &#38; Uhde, A. (2012).  Credit risk securitization and bank soundness: Evidence from the microlevel for Europe. <i>Quarterly Review of Economics and Finance</i>, <i>52</i>(3), 272–285. <a href=\"https://doi.org/10.1016/j.qref.2012.04.008\">https://doi.org/10.1016/j.qref.2012.04.008</a>","short":"T.C. Michalak, A. Uhde, Quarterly Review of Economics and Finance 52 (2012) 272–285.","mla":"Michalak, Tobias C., and André Uhde. “ Credit Risk Securitization and Bank Soundness: Evidence from the Microlevel for Europe.” <i>Quarterly Review of Economics and Finance</i>, vol. 52, no. 3, 2012, pp. 272–85, doi:<a href=\"https://doi.org/10.1016/j.qref.2012.04.008\">https://doi.org/10.1016/j.qref.2012.04.008</a>.","bibtex":"@article{Michalak_Uhde_2012, title={ Credit risk securitization and bank soundness: Evidence from the microlevel for Europe}, volume={52}, DOI={<a href=\"https://doi.org/10.1016/j.qref.2012.04.008\">https://doi.org/10.1016/j.qref.2012.04.008</a>}, number={3}, journal={Quarterly Review of Economics and Finance}, author={Michalak, Tobias C. and Uhde, André}, year={2012}, pages={272–285} }"},"volume":52,"author":[{"full_name":"Michalak, Tobias C.","last_name":"Michalak","first_name":"Tobias C."},{"id":"36049","full_name":"Uhde, André","orcid":"https://orcid.org/0000-0002-8058-8857","last_name":"Uhde","first_name":"André"}],"date_updated":"2023-01-10T09:32:07Z","doi":"https://doi.org/10.1016/j.qref.2012.04.008","publication":"Quarterly Review of Economics and Finance","abstract":[{"text":"Using a unique sample of 749 cash and synthetic securitization transactions issued by 60 stock-listed bank holdings in the EU-13 plus Switzerland over the period from 1997 to 2007 this paper provides empirical evidence that credit risk securitization has a negative impact on the issuing banks’ financial soundness. Baseline findings hold even when controlling for likely reverse causality by employing instrumental variable techniques and substituting the accounting-based z-score ratio by market-based indicators of bank risk. Moreover, investigating the relationship between credit risk securitization and single z-score components in order to evaluate significant transmission channels proposed by relevant theoretical literature, we find a negative impact of securitization on bank profitability and capital environment as well as a positive relationship between securitization and the issuing bank's return volatility. Against the background of our empirical results we underline that the decision by the Basel Committee to enhance the new Basel III framework in the field of securitization is a step in the right direction.","lang":"eng"}],"language":[{"iso":"eng"}],"keyword":["Credit risk securitization Bank soundness European banking"],"issue":"3","year":"2012","date_created":"2018-09-14T11:59:26Z","title":" Credit risk securitization and bank soundness: Evidence from the microlevel for Europe"},{"type":"journal_article","status":"public","_id":"4401","department":[{"_id":"186"},{"_id":"188"}],"user_id":"21810","extern":"1","publication_status":"published","intvolume":"        23","page":"136-162","jel":["F","G"],"citation":{"mla":"Müller, Oliver, and André Uhde. “Cross-Border Bank Lending - Empirical Evidence on Further Determinants from OECD Banking Markets.” <i>Journal of International Financial Markets, Institutions &#38; Money</i>, vol. 23, 2012, pp. 136–62, doi:<a href=\"https://doi.org/DOI: 10.1016/j.intfin.2012.09.004 \">DOI: 10.1016/j.intfin.2012.09.004 </a>.","bibtex":"@article{Müller_Uhde_2012, title={Cross-border bank lending - Empirical evidence on further determinants from OECD banking markets}, volume={23}, DOI={<a href=\"https://doi.org/DOI: 10.1016/j.intfin.2012.09.004 \">DOI: 10.1016/j.intfin.2012.09.004 </a>}, journal={Journal of International Financial Markets, Institutions &#38; Money}, author={Müller, Oliver and Uhde, André}, year={2012}, pages={136–162} }","short":"O. Müller, A. Uhde, Journal of International Financial Markets, Institutions &#38; Money 23 (2012) 136–162.","apa":"Müller, O., &#38; Uhde, A. (2012). Cross-border bank lending - Empirical evidence on further determinants from OECD banking markets. <i>Journal of International Financial Markets, Institutions &#38; Money</i>, <i>23</i>, 136–162. <a href=\"https://doi.org/DOI: 10.1016/j.intfin.2012.09.004 \">https://doi.org/DOI: 10.1016/j.intfin.2012.09.004 </a>","ama":"Müller O, Uhde A. Cross-border bank lending - Empirical evidence on further determinants from OECD banking markets. <i>Journal of International Financial Markets, Institutions &#38; Money</i>. 2012;23:136-162. doi:<a href=\"https://doi.org/DOI: 10.1016/j.intfin.2012.09.004 \">DOI: 10.1016/j.intfin.2012.09.004 </a>","ieee":"O. Müller and A. Uhde, “Cross-border bank lending - Empirical evidence on further determinants from OECD banking markets,” <i>Journal of International Financial Markets, Institutions &#38; Money</i>, vol. 23, pp. 136–162, 2012, doi: <a href=\"https://doi.org/DOI: 10.1016/j.intfin.2012.09.004 \">DOI: 10.1016/j.intfin.2012.09.004 </a>.","chicago":"Müller, Oliver, and André Uhde. “Cross-Border Bank Lending - Empirical Evidence on Further Determinants from OECD Banking Markets.” <i>Journal of International Financial Markets, Institutions &#38; Money</i> 23 (2012): 136–62. <a href=\"https://doi.org/DOI: 10.1016/j.intfin.2012.09.004 \">https://doi.org/DOI: 10.1016/j.intfin.2012.09.004 </a>."},"date_updated":"2023-01-10T09:34:19Z","volume":23,"author":[{"last_name":"Müller","full_name":"Müller, Oliver","first_name":"Oliver"},{"first_name":"André","full_name":"Uhde, André","id":"36049","last_name":"Uhde","orcid":"https://orcid.org/0000-0002-8058-8857"}],"doi":"DOI: 10.1016/j.intfin.2012.09.004 ","publication":"Journal of International Financial Markets, Institutions & Money","abstract":[{"text":"Employing data on foreign bank claims from 13 OECD countries on 51 emerging markets between 1993 and 2007, this study investigates specific characteristics of OECD banking markets and lending banks as new important determinants of cross-border lending. We initially provide empirical evidence that in addition to well-accepted “gravity measures”, characteristics of OECD banking markets as well as lending banks’ attributes may describe further important determinants of cross-border bank lending with regard to our sample. Building subsamples of more-developed emerging markets vs. frontier markets, addressing (non) common lender relationships and analyzing cross border lending flows during different time periods, our analysis additionally reveals that both the determinants’ explanatory power and their direction of impact notably vary with respective subsamples.","lang":"eng"}],"keyword":["Foreign bank claims","Gravity measures","OECD banking markets’ characteristics","Lending banks’ characteristics"],"language":[{"iso":"eng"}],"year":"2012","date_created":"2018-09-14T12:32:57Z","title":"Cross-border bank lending - Empirical evidence on further determinants from OECD banking markets"},{"date_created":"2018-09-14T12:44:33Z","title":"Wealth effects of credit risk securitization in European Banking","issue":"1&2","year":"2012","keyword":["wealth effects","credit risk securitization","Europe","event study"],"language":[{"iso":"eng"}],"publication":"Journal of Business Finance and Accounting","abstract":[{"lang":"eng","text":"Using a unique cross‐sectional dataset of 381 cash and synthetic securitizations issued by 53 banks from the EU‐15 plus Switzerland between 1997 and 2007, this paper provides empirical evidence for time‐dependent negative wealth effects of credit risk securitization announcements in European banking. Baseline results hold when comparing estimated wealth effects with a control group of similar but non‐securitizing banks for the relevant time period. Moreover, building several sub samples we find that the nexus between credit risk securitization, the issuing banks’ overall risk exposure and wealth effects is associated with a variety of transaction‐ and bank‐specific factors. "}],"date_updated":"2023-01-10T09:35:34Z","volume":39,"author":[{"full_name":"Farruggio, Christian","last_name":"Farruggio","first_name":"Christian"},{"first_name":"Tobias C.","last_name":"Michalak","full_name":"Michalak, Tobias C."},{"orcid":"https://orcid.org/0000-0002-8058-8857","last_name":"Uhde","full_name":"Uhde, André","id":"36049","first_name":"André"}],"doi":"https://doi.org/10.1111/j.1468-5957.2012.02273.x","publication_status":"published","intvolume":"        39","page":"193-228","jel":["G","F"],"citation":{"bibtex":"@article{Farruggio_Michalak_Uhde_2012, title={Wealth effects of credit risk securitization in European Banking}, volume={39}, DOI={<a href=\"https://doi.org/10.1111/j.1468-5957.2012.02273.x\">https://doi.org/10.1111/j.1468-5957.2012.02273.x</a>}, number={1 &#38; 2}, journal={Journal of Business Finance and Accounting}, author={Farruggio, Christian and Michalak, Tobias C. and Uhde, André}, year={2012}, pages={193–228} }","mla":"Farruggio, Christian, et al. “Wealth Effects of Credit Risk Securitization in European Banking.” <i>Journal of Business Finance and Accounting</i>, vol. 39, no. 1 &#38; 2, 2012, pp. 193–228, doi:<a href=\"https://doi.org/10.1111/j.1468-5957.2012.02273.x\">https://doi.org/10.1111/j.1468-5957.2012.02273.x</a>.","short":"C. Farruggio, T.C. Michalak, A. Uhde, Journal of Business Finance and Accounting 39 (2012) 193–228.","apa":"Farruggio, C., Michalak, T. C., &#38; Uhde, A. (2012). Wealth effects of credit risk securitization in European Banking. <i>Journal of Business Finance and Accounting</i>, <i>39</i>(1 &#38; 2), 193–228. <a href=\"https://doi.org/10.1111/j.1468-5957.2012.02273.x\">https://doi.org/10.1111/j.1468-5957.2012.02273.x</a>","ama":"Farruggio C, Michalak TC, Uhde A. Wealth effects of credit risk securitization in European Banking. <i>Journal of Business Finance and Accounting</i>. 2012;39(1 &#38; 2):193-228. doi:<a href=\"https://doi.org/10.1111/j.1468-5957.2012.02273.x\">https://doi.org/10.1111/j.1468-5957.2012.02273.x</a>","ieee":"C. Farruggio, T. C. Michalak, and A. Uhde, “Wealth effects of credit risk securitization in European Banking,” <i>Journal of Business Finance and Accounting</i>, vol. 39, no. 1 &#38; 2, pp. 193–228, 2012, doi: <a href=\"https://doi.org/10.1111/j.1468-5957.2012.02273.x\">https://doi.org/10.1111/j.1468-5957.2012.02273.x</a>.","chicago":"Farruggio, Christian, Tobias C. Michalak, and André Uhde. “Wealth Effects of Credit Risk Securitization in European Banking.” <i>Journal of Business Finance and Accounting</i> 39, no. 1 &#38; 2 (2012): 193–228. <a href=\"https://doi.org/10.1111/j.1468-5957.2012.02273.x\">https://doi.org/10.1111/j.1468-5957.2012.02273.x</a>."},"_id":"4403","department":[{"_id":"186"},{"_id":"188"}],"user_id":"21810","extern":"1","type":"journal_article","status":"public"},{"publication_status":"published","citation":{"ieee":"S. Paul, S. Stein, and A. Uhde, “Measuring the quality of banking supervision revisited - Assessments by German banks before and during the financial crisis,” <i>Journal of Governance and Regulation</i>, vol. 1, no. 3, pp. 96–109, 2012, doi: <a href=\"http://dx.doi.org/10.2139/ssrn.1946120 \">http://dx.doi.org/10.2139/ssrn.1946120 </a>.","chicago":"Paul, Stephan, Stefan Stein, and André Uhde. “Measuring the Quality of Banking Supervision Revisited - Assessments by German Banks before and during the Financial Crisis.” <i>Journal of Governance and Regulation</i> 1, no. 3 (2012): 96–109. <a href=\"http://dx.doi.org/10.2139/ssrn.1946120 \">http://dx.doi.org/10.2139/ssrn.1946120 </a>.","ama":"Paul S, Stein S, Uhde A. Measuring the quality of banking supervision revisited - Assessments by German banks before and during the financial crisis. <i>Journal of Governance and Regulation</i>. 2012;1(3):96-109. doi:<a href=\"http://dx.doi.org/10.2139/ssrn.1946120 \">http://dx.doi.org/10.2139/ssrn.1946120 </a>","bibtex":"@article{Paul_Stein_Uhde_2012, title={Measuring the quality of banking supervision revisited - Assessments by German banks before and during the financial crisis}, volume={1}, DOI={<a href=\"http://dx.doi.org/10.2139/ssrn.1946120 \">http://dx.doi.org/10.2139/ssrn.1946120 </a>}, number={3}, journal={Journal of Governance and Regulation}, author={Paul, Stephan and Stein, Stefan and Uhde, André}, year={2012}, pages={96–109} }","short":"S. Paul, S. Stein, A. Uhde, Journal of Governance and Regulation 1 (2012) 96–109.","mla":"Paul, Stephan, et al. “Measuring the Quality of Banking Supervision Revisited - Assessments by German Banks before and during the Financial Crisis.” <i>Journal of Governance and Regulation</i>, vol. 1, no. 3, 2012, pp. 96–109, doi:<a href=\"http://dx.doi.org/10.2139/ssrn.1946120 \">http://dx.doi.org/10.2139/ssrn.1946120 </a>.","apa":"Paul, S., Stein, S., &#38; Uhde, A. (2012). Measuring the quality of banking supervision revisited - Assessments by German banks before and during the financial crisis. <i>Journal of Governance and Regulation</i>, <i>1</i>(3), 96–109. <a href=\"http://dx.doi.org/10.2139/ssrn.1946120 \">http://dx.doi.org/10.2139/ssrn.1946120 </a>"},"jel":["G21","G28"],"page":"96-109","intvolume":"         1","date_updated":"2023-01-10T09:35:07Z","author":[{"last_name":"Paul","full_name":"Paul, Stephan","first_name":"Stephan"},{"first_name":"Stefan","full_name":"Stein, Stefan","last_name":"Stein"},{"id":"36049","full_name":"Uhde, André","orcid":"https://orcid.org/0000-0002-8058-8857","last_name":"Uhde","first_name":"André"}],"volume":1,"doi":"http://dx.doi.org/10.2139/ssrn.1946120 ","type":"journal_article","status":"public","_id":"4402","user_id":"21810","department":[{"_id":"186"},{"_id":"188"}],"extern":"1","issue":"3","year":"2012","date_created":"2018-09-14T12:37:30Z","title":"Measuring the quality of banking supervision revisited - Assessments by German banks before and during the financial crisis","publication":"Journal of Governance and Regulation","abstract":[{"lang":"eng","text":"This contribution presents and discusses main results of a new survey on the assessment of supervisory quality among German banks in 2010. In particular, it is analyzed if and how supervised banks’ perception of the quality of supervisory authorities and their instruments has changed due to the financial crisis starting in mid-2007. Subsequently, results from the recent survey are compared with findings provided by a former study carried out by the authors in 2006 (Paul, Stein and Uhde, 2008). "}],"keyword":["banking supervision","quality","assessment","banking sector"],"language":[{"iso":"eng"}]}]