---
_id: '34593'
author:
- first_name: Oliver
  full_name: Mehring, Oliver
  last_name: Mehring
- first_name: Per
  full_name: Olsson, Per
  last_name: Olsson
- first_name: Soenke
  full_name: Sievers, Soenke
  last_name: Sievers
- first_name: Christian
  full_name: Sofilkanitsch , Christian
  last_name: 'Sofilkanitsch '
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
  orcid: https://orcid.org/0000-0002-8058-8857
- first_name: Michael
  full_name: Eber, Michael
  last_name: Eber
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.
  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.
  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} }'
  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.
  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.
  mla: Mehring, Oliver, et al. <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.
date_created: 2022-12-20T11:53:58Z
date_updated: 2022-12-23T10:41:04Z
language:
- iso: eng
publisher: TRR
status: public
title: Co-movement of Price and Intrinsic Value-Does Accounting Information Matter?
type: working_paper
user_id: '26589'
year: '2020'
...
---
_id: '17522'
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.
article_type: original
author:
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
  orcid: https://orcid.org/0000-0002-8058-8857
citation:
  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>
  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>
  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>.'
  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).
date_created: 2020-08-01T07:20:33Z
date_updated: 2024-04-17T13:35:56Z
department:
- _id: '19'
doi: 10.1016/j.qref.2020.07.008
jel:
- G21
- G28
- H25
- H71
keyword:
- Securitization
- Credit risk transfer
- Effective tax rates
- European banking
language:
- iso: eng
publication: The Quarterly Review of Economics and Finance
publication_identifier:
  issn:
  - 1062-9769
status: public
title: Tax avoidance through securitization
type: journal_article
user_id: '36049'
year: '2020'
...
---
_id: '17401'
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.
author:
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
  orcid: https://orcid.org/0000-0002-8058-8857
citation:
  ama: Uhde A. Tax avoidance through securitization. <i>The Quarterly Review of Economics
    and Finance</i>. Published online 2020.
  apa: Uhde, A. (2020). Tax avoidance through securitization. <i>The Quarterly Review
    of Economics and Finance</i>.
  bibtex: '@article{Uhde_2020, title={Tax avoidance through securitization}, 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.
  ieee: A. Uhde, “Tax avoidance through securitization,” <i>The Quarterly Review of
    Economics and Finance</i>, 2020.
  mla: Uhde, André. “Tax Avoidance through Securitization.” <i>The Quarterly Review
    of Economics and Finance</i>, 2020.
  short: A. Uhde, The Quarterly Review of Economics and Finance (2020).
date_created: 2020-07-20T06:29:36Z
date_updated: 2024-04-17T13:36:03Z
department:
- _id: '19'
jel:
- G21
- G28
- H25
- H71
keyword:
- Securitization
- credit risk transfer
- effective tax rates
- European banking
language:
- iso: eng
publication: The Quarterly Review of Economics and Finance
status: public
title: Tax avoidance through securitization
type: journal_article
user_id: '36049'
year: '2020'
...
---
_id: '4562'
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.
article_type: original
author:
- first_name: Benjamin
  full_name: Hippert, Benjamin
  id: '48476'
  last_name: Hippert
- 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'
  last_name: Wengerek
  orcid: 0000-0002-7820-3903
citation:
  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>'
  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>'
  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} }'
  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>.'
  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>.'
  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.
date_created: 2018-10-01T12:17:35Z
date_updated: 2022-05-04T06:15:02Z
department:
- _id: '188'
- _id: '186'
doi: https://doi.org/10.1007/s11147-018-9148-8
intvolume: '        22'
issue: '2'
jel:
- C61
- G01
- G11
- G15
- G23
keyword:
- Corporate credit default swap indices
- Mean-variance asset allocation
- Out-of-sample portfolio optimization
- Portfolio risk-diversification
- Portfolio performance evaluation
language:
- iso: eng
page: 203-259
publication: 'Review of Derivatives Research '
publication_status: published
status: public
title: 'Portfolio Benefits of Adding Corporate Credit Default Swap Indices: Evidence
  from North America and Europe'
type: journal_article
user_id: '36049'
volume: 22
year: '2019'
...
---
_id: '36004'
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. '
author:
- first_name: Sascha Tobias
  full_name: Wengerek, Sascha Tobias
  last_name: Wengerek
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
citation:
  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.
  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.
  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} }'
  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.
  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.
  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.
  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.
date_created: 2023-01-11T10:57:04Z
date_updated: 2023-01-11T11:05:30Z
department:
- _id: '186'
- _id: '188'
jel:
- F14
- F18
- F23
- F51
keyword:
- event study
- international relations
- protectionism
- strategic trade policy
- tariffs
- trade conflict
language:
- iso: eng
publication_status: published
publisher: Paderborn University
status: public
title: Share price reactions to tariff imposition announcements in the Trump era –
  An event study of the trade conflict
type: working_paper
user_id: '21810'
year: '2019'
...
---
_id: '29314'
abstract:
- lang: eng
  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.
author:
- first_name: Benjamin
  full_name: Hippert, Benjamin
  last_name: Hippert
- 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
  last_name: Wengerek
citation:
  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>.
  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} }'
  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.
  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.
date_created: 2022-01-13T11:12:03Z
date_updated: 2024-04-17T13:35:25Z
department:
- _id: '186'
- _id: '19'
jel:
- G10
- G12
- G21
keyword:
- banking
- outstanding CDS net notional
- determinants of bank CDS trading
language:
- iso: eng
status: public
title: Determinants of CDS trading on major banks
type: working_paper
user_id: '21810'
year: '2019'
...
---
_id: '13145'
abstract:
- lang: eng
  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. '
author:
- first_name: Benjamin
  full_name: Hippert, Benjamin
  id: '48476'
  last_name: Hippert
- 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'
  last_name: Wengerek
  orcid: 0000-0002-7820-3903
citation:
  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>.
  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}
    }'
  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.
  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.
  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, Working Papers Dissertations from Paderborn University, Faculty of Business
    Administration and Economics, 2019.
date_created: 2019-09-06T07:46:50Z
date_updated: 2024-04-17T13:35:52Z
department:
- _id: '186'
- _id: '188'
jel:
- G10
- G12
- G21
keyword:
- banking
- outstanding CDS net notional
- determinants of bank CDS trading
language:
- iso: eng
place: Working Papers Dissertations from Paderborn University, Faculty of Business
  Administration and Economics
series_title: No 51
status: public
title: Determinants of CDS trading on major banks
type: working_paper
user_id: '36049'
year: '2019'
...
---
_id: '5170'
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."
author:
- first_name: Benjamin
  full_name: Hippert, Benjamin
  id: '48476'
  last_name: Hippert
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
  orcid: https://orcid.org/0000-0002-8058-8857
citation:
  ama: Hippert B, Uhde A. <i>Determinants of CDS Trading on Major Banks</i>.
  apa: Hippert, B., &#38; Uhde, A. (n.d.). <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} }'
  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>.
    .
  mla: Hippert, Benjamin, and André Uhde. <i>Determinants of CDS Trading on Major
    Banks</i>.
  short: B. Hippert, A. Uhde, Determinants of CDS Trading on Major Banks, n.d.
date_created: 2018-10-31T10:05:47Z
date_updated: 2024-04-17T13:35:47Z
department:
- _id: '186'
- _id: '188'
jel:
- G10
- G12
- G21
keyword:
- banking
- outstanding CDS net notional
- determinants of bank CDS trading
language:
- iso: eng
publication_status: submitted
status: public
title: Determinants of CDS trading on major banks
type: working_paper
user_id: '36049'
year: '2019'
...
---
_id: '15392'
abstract:
- lang: eng
  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."
author:
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
  orcid: https://orcid.org/0000-0002-8058-8857
- first_name: Benjamin
  full_name: Hippert, Benjamin
  id: '48476'
  last_name: Hippert
citation:
  ama: Uhde A, Hippert B. <i>The Relationship between Announcements of Complete Mergers
    and Acquisitions and Acquirers’ Abnormal CDS-Spread Changes</i>.; 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>.
  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} }'
  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.
  mla: Uhde, André, and Benjamin Hippert. <i>The Relationship between Announcements
    of Complete Mergers and Acquisitions and Acquirers’ Abnormal CDS-Spread Changes</i>.
    2019.
  short: A. Uhde, B. Hippert, The Relationship between Announcements of Complete Mergers
    and Acquisitions and Acquirers’ Abnormal CDS-Spread Changes, 2019.
date_created: 2019-12-18T15:53:47Z
date_updated: 2024-04-17T13:35:41Z
department:
- _id: '19'
- _id: '186'
jel:
- G14
- G34
keyword:
- credit default swaps
- risk perception of CDS investors
- mergers and acquisitions
- event study
language:
- iso: eng
status: public
title: The relationship between announcements of complete mergers and acquisitions
  and acquirers' abnormal CDS-Spread changes
type: working_paper
user_id: '36049'
year: '2019'
...
---
_id: '4874'
abstract:
- lang: ger
  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."
article_type: original
author:
- first_name: Sönke
  full_name: Sievers, Sönke
  id: '46447'
  last_name: Sievers
- first_name: Caren
  full_name: Sureth-Sloane, Caren
  id: '530'
  last_name: Sureth-Sloane
  orcid: ' 0000-0002-8183-5901'
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
  orcid: https://orcid.org/0000-0002-8058-8857
citation:
  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.'
  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.'
  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} }'
  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.'
  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.'
  short: S. Sievers, C. Sureth-Sloane, A. Uhde, Die Wirtschaftsprüfung 71 (2018) 569–575.
date_created: 2018-10-26T07:22:22Z
date_updated: 2024-04-17T13:34:51Z
department:
- _id: '275'
intvolume: '        71'
issue: '9'
language:
- iso: ger
main_file_link:
- url: https://www.idw.de/blob/108664/22a8a20e1240f553a0e6794daf8541c4/down-2018-09-data.pdf
page: 569-575
publication: Die Wirtschaftsprüfung
publication_status: published
status: public
title: 'Restrukturierungen: operative und finanzielle Wertbeiträge. Eine Betrachtung
  vor dem Hintergrund der Entwicklungen bei thyssenkrupp'
type: journal_article
user_id: '36049'
volume: 71
year: '2018'
...
---
_id: '3378'
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."
author:
- first_name: Stephan
  full_name: Paul, Stephan
  last_name: Paul
- first_name: Andreas
  full_name: Horsch, Andreas
  last_name: Horsch
- first_name: Daniel
  full_name: Kaltofen, Daniel
  last_name: Kaltofen
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
  orcid: https://orcid.org/0000-0002-8058-8857
- first_name: Gregor
  full_name: Weiß, Gregor
  last_name: Weiß
citation:
  ama: Paul S, Horsch A, Kaltofen D, Uhde A, Weiß G. <i>Unternehmerische Finanzierungspolitik</i>.
    Vol 1. 1st ed. 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.
  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}
    }'
  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.
  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.
date_created: 2018-06-27T12:30:27Z
date_updated: 2023-01-10T09:38:15Z
department:
- _id: '186'
- _id: '188'
edition: '1'
intvolume: '         1'
keyword:
- Investitionsrechnung
- finanzielles Risikomanagement
- Finanzkommunikation
language:
- iso: ger
page: '760'
publication_identifier:
  isbn:
  - ' 978-3-7910-3086-9'
publication_status: published
publisher: Schäffer Poeschel
series_title: Eine wertorientierte Einführung
status: public
title: Unternehmerische Finanzierungspolitik
type: book
user_id: '21810'
volume: 1
year: '2017'
...
---
_id: '5171'
abstract:
- lang: eng
  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."
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'
  last_name: Wengerek
  orcid: 0000-0002-7820-3903
citation:
  ama: Uhde A, Wengerek ST. <i>The Relationship between Credit Risk Transfer and Non-Performing
    Loans. Evidence from European Banks</i>.
  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>.
  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} }'
  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>. .
  mla: Uhde, André, and Sascha Tobias 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.
date_created: 2018-10-31T10:07:26Z
date_updated: 2024-04-17T13:34:47Z
department:
- _id: '186'
- _id: '188'
jel:
- G21
- G28
- G32
keyword:
- European Banking
- Non-performing Loans
- Risk Allocation
- Securitization
language:
- iso: eng
publication_status: submitted
status: public
title: The relationship between credit risk transfer and non-performing loans. Evidence
  from European banks
type: working_paper
user_id: '36049'
year: '2017'
...
---
_id: '3376'
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.
author:
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
  orcid: https://orcid.org/0000-0002-8058-8857
citation:
  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>'
  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} }'
  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>.'
  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>.'
  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>.'
  short: A. Uhde, The Quarterly Review of Economics and Finance 60 (2016) 12–28.
date_created: 2018-06-27T12:16:57Z
date_updated: 2023-01-10T09:38:37Z
department:
- _id: '186'
- _id: '188'
doi: https://doi.org/10.1016/j.qref.2015.11.009
intvolume: '        60'
issue: '5'
jel:
- G21
- G28
- G32
- J33
keyword:
- Banking
- Executive compensation
- Risk-taking
- Financial stability
language:
- iso: eng
page: 12-28
publication: The Quarterly Review of Economics and Finance
publication_status: published
publisher: Elsevier
status: public
title: 'Risk-taking incentives through excess variable compensation: Evidence from
  European banks'
type: journal_article
user_id: '21810'
volume: 60
year: '2016'
...
---
_id: '4396'
abstract:
- lang: eng
  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.
author:
- first_name: Christian
  full_name: Farruggio, Christian
  last_name: Farruggio
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
  orcid: https://orcid.org/0000-0002-8058-8857
citation:
  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>
  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>
  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} }'
  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>.'
  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>.
  short: C. Farruggio, A. Uhde, Journal of Banking and Finance 56 (2015) 12–27.
date_created: 2018-09-14T11:26:52Z
date_updated: 2023-01-10T09:37:18Z
department:
- _id: '186'
- _id: '188'
doi: '10.1016/j.jbankfin.2015.01.015 '
intvolume: '        56'
jel:
- G21
- G28
keyword:
- Securitization
- Determinants
- European banking
language:
- iso: eng
page: 12-27
publication: Journal of Banking and Finance
publication_status: published
status: public
title: Determinants of loan securitization in European banking
type: journal_article
user_id: '21810'
volume: 56
year: '2015'
...
---
_id: '4398'
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.
alternative_title:
- 'The impact of external governance quality on the economic and social success of
  microfinance institutions '
author:
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
  orcid: https://orcid.org/0000-0002-8058-8857
- first_name: Oliver
  full_name: Müller, Oliver
  last_name: Müller
citation:
  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>
  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>
  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} }'
  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>.'
  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>.
  short: A. Uhde, O. Müller,  International Journal of Monetary Economics and Finance  6
    (2013) 116–149.
date_created: 2018-09-14T11:53:25Z
date_updated: 2023-01-10T09:38:58Z
department:
- _id: '186'
- _id: '188'
doi: https://doi.org/10.1504/IJMEF.2013.056394
intvolume: '         6'
issue: 2/3
jel:
- G21
- G28
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
language:
- iso: eng
page: 116-149
publication: ' International Journal of Monetary Economics and Finance '
publication_identifier:
  eissn:
  - 1752-0487
publication_status: published
status: public
title: External governance outcome and microfinance success
type: journal_article
user_id: '21810'
volume: 6
year: '2013'
...
---
_id: '4397'
abstract:
- lang: eng
  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. '
author:
- first_name: Christian
  full_name: Farruggio, Christian
  last_name: Farruggio
- first_name: Tobias C.
  full_name: Michalak, Tobias C.
  last_name: Michalak
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
  orcid: https://orcid.org/0000-0002-8058-8857
citation:
  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>
  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>
  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} }'
  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>.'
  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>.'
  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>.
  short: C. Farruggio, T.C. Michalak, A. Uhde, Journal of Banking and Finance 32 (2013)
    2586–2604.
date_created: 2018-09-14T11:40:31Z
date_updated: 2023-01-10T09:37:43Z
department:
- _id: '186'
- _id: '188'
doi: 10.1016/j.jbankfin.2013.02.020
intvolume: '        32'
issue: '5'
jel:
- G14
- G21
- G28
keyword:
- Financial crisis
- TARP
- Market efficiency
- Event study
language:
- iso: eng
page: 2586-2604
publication: Journal of Banking and Finance
publication_status: published
status: public
title: The light and dark side of TARP
type: journal_article
user_id: '21810'
volume: 32
year: '2013'
...
---
_id: '4399'
abstract:
- lang: eng
  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.
author:
- first_name: Tobias C.
  full_name: Michalak, Tobias C.
  last_name: Michalak
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
  orcid: https://orcid.org/0000-0002-8058-8857
citation:
  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>'
  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} }'
  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>.'
  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>.'
  short: T.C. Michalak, A. Uhde, Quarterly Review of Economics and Finance 52 (2012)
    272–285.
date_created: 2018-09-14T11:59:26Z
date_updated: 2023-01-10T09:32:07Z
department:
- _id: '186'
- _id: '188'
doi: https://doi.org/10.1016/j.qref.2012.04.008
intvolume: '        52'
issue: '3'
jel:
- G21
- G28
keyword:
- Credit risk securitization Bank soundness European banking
language:
- iso: eng
page: 272-285
publication: Quarterly Review of Economics and Finance
publication_status: published
status: public
title: ' Credit risk securitization and bank soundness: Evidence from the microlevel
  for Europe'
type: journal_article
user_id: '21810'
volume: 52
year: '2012'
...
---
_id: '4401'
abstract:
- lang: eng
  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.
author:
- first_name: Oliver
  full_name: Müller, Oliver
  last_name: Müller
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
  orcid: https://orcid.org/0000-0002-8058-8857
citation:
  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>'
  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>'
  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}
    }'
  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>.'
  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>.'
  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>.'
  short: O. Müller, A. Uhde, Journal of International Financial Markets, Institutions
    &#38; Money 23 (2012) 136–162.
date_created: 2018-09-14T12:32:57Z
date_updated: 2023-01-10T09:34:19Z
department:
- _id: '186'
- _id: '188'
doi: 'DOI: 10.1016/j.intfin.2012.09.004 '
extern: '1'
intvolume: '        23'
jel:
- F
- G
keyword:
- Foreign bank claims
- Gravity measures
- OECD banking markets’ characteristics
- Lending banks’ characteristics
language:
- iso: eng
page: 136-162
publication: Journal of International Financial Markets, Institutions & Money
publication_status: published
status: public
title: Cross-border bank lending - Empirical evidence on further determinants from
  OECD banking markets
type: journal_article
user_id: '21810'
volume: 23
year: '2012'
...
---
_id: '4403'
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. '
author:
- first_name: Christian
  full_name: Farruggio, Christian
  last_name: Farruggio
- first_name: Tobias C.
  full_name: Michalak, Tobias C.
  last_name: Michalak
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
  orcid: https://orcid.org/0000-0002-8058-8857
citation:
  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>
  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>
  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}
    }'
  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>.'
  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>.'
  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.
date_created: 2018-09-14T12:44:33Z
date_updated: 2023-01-10T09:35:34Z
department:
- _id: '186'
- _id: '188'
doi: https://doi.org/10.1111/j.1468-5957.2012.02273.x
extern: '1'
intvolume: '        39'
issue: 1&2
jel:
- G
- F
keyword:
- wealth effects
- credit risk securitization
- Europe
- event study
language:
- iso: eng
page: 193-228
publication: Journal of Business Finance and Accounting
publication_status: published
status: public
title: Wealth effects of credit risk securitization in European Banking
type: journal_article
user_id: '21810'
volume: 39
year: '2012'
...
---
_id: '4402'
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). '
author:
- first_name: Stephan
  full_name: Paul, Stephan
  last_name: Paul
- first_name: Stefan
  full_name: Stein, Stefan
  last_name: Stein
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
  orcid: https://orcid.org/0000-0002-8058-8857
citation:
  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>
  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>
  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} }'
  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>.'
  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>.'
  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>.
  short: S. Paul, S. Stein, A. Uhde, Journal of Governance and Regulation 1 (2012)
    96–109.
date_created: 2018-09-14T12:37:30Z
date_updated: 2023-01-10T09:35:07Z
department:
- _id: '186'
- _id: '188'
doi: 'http://dx.doi.org/10.2139/ssrn.1946120 '
extern: '1'
intvolume: '         1'
issue: '3'
jel:
- G21
- G28
keyword:
- banking supervision
- quality
- assessment
- banking sector
language:
- iso: eng
page: 96-109
publication: Journal of Governance and Regulation
publication_status: published
status: public
title: Measuring the quality of banking supervision revisited - Assessments by German
  banks before and during the financial crisis
type: journal_article
user_id: '21810'
volume: 1
year: '2012'
...