---
_id: '59676'
author:
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
citation:
  ama: 'Uhde A. Unternehmensbewertung als Verknüpfung von Investitions- und Finanzierungsprogramm.
    In: <i>Unternehmerische Finanzierungspolitik – Eine Wertorientierte Einführung</i>.
    ; 2025.'
  apa: Uhde, A. (2025). Unternehmensbewertung als Verknüpfung von Investitions- und
    Finanzierungsprogramm. In <i>Unternehmerische Finanzierungspolitik – eine wertorientierte
    Einführung</i>.
  bibtex: '@inbook{Uhde_2025, title={Unternehmensbewertung als Verknüpfung von Investitions-
    und Finanzierungsprogramm}, booktitle={Unternehmerische Finanzierungspolitik –
    eine wertorientierte Einführung}, author={Uhde, André}, year={2025} }'
  chicago: Uhde, André. “Unternehmensbewertung Als Verknüpfung von Investitions- Und
    Finanzierungsprogramm.” In <i>Unternehmerische Finanzierungspolitik – Eine Wertorientierte
    Einführung</i>, 2025.
  ieee: A. Uhde, “Unternehmensbewertung als Verknüpfung von Investitions- und Finanzierungsprogramm,”
    in <i>Unternehmerische Finanzierungspolitik – eine wertorientierte Einführung</i>,
    2025.
  mla: Uhde, André. “Unternehmensbewertung Als Verknüpfung von Investitions- Und Finanzierungsprogramm.”
    <i>Unternehmerische Finanzierungspolitik – Eine Wertorientierte Einführung</i>,
    2025.
  short: 'A. Uhde, in: Unternehmerische Finanzierungspolitik – Eine Wertorientierte
    Einführung, 2025.'
date_created: 2025-04-25T05:53:00Z
date_updated: 2025-04-25T06:05:18Z
department:
- _id: '19'
language:
- iso: eng
publication: Unternehmerische Finanzierungspolitik – eine wertorientierte Einführung
publication_identifier:
  isbn:
  - 978-3-7910-3086-9
status: public
title: Unternehmensbewertung als Verknüpfung von Investitions- und Finanzierungsprogramm
type: book_chapter
user_id: '36049'
year: '2025'
...
---
_id: '59674'
author:
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
citation:
  ama: 'Uhde A. Ermittlung der Kosten des Eigen- und Fremdkapitals. In: <i>Unternehmerische
    Finanzierungspolitik – eine wertorientierte Einführung</i>. ; 2025.'
  apa: Uhde, A. (2025). Ermittlung der Kosten des Eigen- und Fremdkapitals. In <i>Unternehmerische
    Finanzierungspolitik – eine wertorientierte Einführung</i>.
  bibtex: '@inbook{Uhde_2025, title={Ermittlung der Kosten des Eigen- und Fremdkapitals},
    booktitle={Unternehmerische Finanzierungspolitik – eine wertorientierte Einführung},
    author={Uhde, André}, year={2025} }'
  chicago: Uhde, André. “Ermittlung der Kosten des Eigen- und Fremdkapitals.” In <i>Unternehmerische
    Finanzierungspolitik – eine wertorientierte Einführung</i>, 2025.
  ieee: A. Uhde, “Ermittlung der Kosten des Eigen- und Fremdkapitals,” in <i>Unternehmerische
    Finanzierungspolitik – eine wertorientierte Einführung</i>, 2025.
  mla: Uhde, André. “Ermittlung der Kosten des Eigen- und Fremdkapitals.” <i>Unternehmerische
    Finanzierungspolitik – eine wertorientierte Einführung</i>, 2025.
  short: 'A. Uhde, in: Unternehmerische Finanzierungspolitik – eine wertorientierte
    Einführung, 2025.'
date_created: 2025-04-25T05:50:54Z
date_updated: 2025-04-25T06:05:12Z
department:
- _id: '19'
language:
- iso: ger
publication: Unternehmerische Finanzierungspolitik – eine wertorientierte Einführung
publication_identifier:
  isbn:
  - 978-3-7910-3086-9
status: public
title: Ermittlung der Kosten des Eigen- und Fremdkapitals
type: book_chapter
user_id: '36049'
year: '2025'
...
---
_id: '59675'
author:
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
citation:
  ama: 'Uhde A. Relevanz und Wertbeitrag der Kapitalstruktur. In: <i>Unternehmerische
    Finanzierungspolitik – Eine Wertorientierte Einführung</i>. ; 2025.'
  apa: Uhde, A. (2025). Relevanz und Wertbeitrag der Kapitalstruktur. In <i>Unternehmerische
    Finanzierungspolitik – eine wertorientierte Einführung</i>.
  bibtex: '@inbook{Uhde_2025, title={Relevanz und Wertbeitrag der Kapitalstruktur},
    booktitle={Unternehmerische Finanzierungspolitik – eine wertorientierte Einführung},
    author={Uhde, André}, year={2025} }'
  chicago: Uhde, André. “Relevanz Und Wertbeitrag Der Kapitalstruktur.” In <i>Unternehmerische
    Finanzierungspolitik – Eine Wertorientierte Einführung</i>, 2025.
  ieee: A. Uhde, “Relevanz und Wertbeitrag der Kapitalstruktur,” in <i>Unternehmerische
    Finanzierungspolitik – eine wertorientierte Einführung</i>, 2025.
  mla: Uhde, André. “Relevanz Und Wertbeitrag Der Kapitalstruktur.” <i>Unternehmerische
    Finanzierungspolitik – Eine Wertorientierte Einführung</i>, 2025.
  short: 'A. Uhde, in: Unternehmerische Finanzierungspolitik – Eine Wertorientierte
    Einführung, 2025.'
date_created: 2025-04-25T05:52:00Z
date_updated: 2025-04-25T06:05:15Z
department:
- _id: '19'
language:
- iso: eng
publication: Unternehmerische Finanzierungspolitik – eine wertorientierte Einführung
publication_identifier:
  isbn:
  - 978-3-7910-3086-9
status: public
title: Relevanz und Wertbeitrag der Kapitalstruktur
type: book_chapter
user_id: '36049'
year: '2025'
...
---
_id: '59677'
author:
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
citation:
  ama: 'Uhde A. Wirtschaftswissenschaftliche Forschungsrichtungen vor der Neoklassik.
    In: <i>Institutionenökonomie Und Betriebswirtschaftslehre</i>. ; 2025.'
  apa: Uhde, A. (2025). Wirtschaftswissenschaftliche Forschungsrichtungen vor der
    Neoklassik. In <i>Institutionenökonomie und Betriebswirtschaftslehre</i>.
  bibtex: '@inbook{Uhde_2025, title={Wirtschaftswissenschaftliche Forschungsrichtungen
    vor der Neoklassik}, booktitle={Institutionenökonomie und Betriebswirtschaftslehre},
    author={Uhde, André}, year={2025} }'
  chicago: Uhde, André. “Wirtschaftswissenschaftliche Forschungsrichtungen Vor Der
    Neoklassik.” In <i>Institutionenökonomie Und Betriebswirtschaftslehre</i>, 2025.
  ieee: A. Uhde, “Wirtschaftswissenschaftliche Forschungsrichtungen vor der Neoklassik,”
    in <i>Institutionenökonomie und Betriebswirtschaftslehre</i>, 2025.
  mla: Uhde, André. “Wirtschaftswissenschaftliche Forschungsrichtungen Vor Der Neoklassik.”
    <i>Institutionenökonomie Und Betriebswirtschaftslehre</i>, 2025.
  short: 'A. Uhde, in: Institutionenökonomie Und Betriebswirtschaftslehre, 2025.'
date_created: 2025-04-25T05:55:44Z
date_updated: 2025-04-25T06:05:38Z
department:
- _id: '19'
language:
- iso: eng
publication: Institutionenökonomie und Betriebswirtschaftslehre
publication_identifier:
  isbn:
  - '3800632128'
status: public
title: Wirtschaftswissenschaftliche Forschungsrichtungen vor der Neoklassik
type: book_chapter
user_id: '36049'
year: '2025'
...
---
_id: '59678'
author:
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
citation:
  ama: 'Uhde A. Grundlagen der Principal-Agent-Theorie. In: <i>Institutionenökonomie
    Und Betriebswirtschaftslehre</i>. ; 2025.'
  apa: Uhde, A. (2025). Grundlagen der Principal-Agent-Theorie. In <i>Institutionenökonomie
    und Betriebswirtschaftslehre</i>.
  bibtex: '@inbook{Uhde_2025, title={Grundlagen der Principal-Agent-Theorie}, booktitle={Institutionenökonomie
    und Betriebswirtschaftslehre}, author={Uhde, André}, year={2025} }'
  chicago: Uhde, André. “Grundlagen Der Principal-Agent-Theorie.” In <i>Institutionenökonomie
    Und Betriebswirtschaftslehre</i>, 2025.
  ieee: A. Uhde, “Grundlagen der Principal-Agent-Theorie,” in <i>Institutionenökonomie
    und Betriebswirtschaftslehre</i>, 2025.
  mla: Uhde, André. “Grundlagen Der Principal-Agent-Theorie.” <i>Institutionenökonomie
    Und Betriebswirtschaftslehre</i>, 2025.
  short: 'A. Uhde, in: Institutionenökonomie Und Betriebswirtschaftslehre, 2025.'
date_created: 2025-04-25T05:56:40Z
date_updated: 2025-04-25T06:05:21Z
department:
- _id: '19'
language:
- iso: eng
publication: Institutionenökonomie und Betriebswirtschaftslehre
publication_identifier:
  isbn:
  - '3800632128'
status: public
title: Grundlagen der Principal-Agent-Theorie
type: book_chapter
user_id: '36049'
year: '2025'
...
---
_id: '59681'
citation:
  ama: Uhde A, Paul S, Horsch A, Kaltofen D, Weiß G, eds. <i>Unternehmerische Finanzierungspolitik
    - Eine Wertorientierte Einführung</i>.; 2025.
  apa: Uhde, A., Paul, S., Horsch, A., Kaltofen, D., &#38; Weiß, G. (Eds.). (2025).
    <i>Unternehmerische Finanzierungspolitik - Eine wertorientierte Einführung</i>.
  bibtex: '@book{Uhde_Paul_Horsch_Kaltofen_Weiß_2025, title={Unternehmerische Finanzierungspolitik
    - Eine wertorientierte Einführung}, year={2025} }'
  chicago: Uhde, André, Stephan Paul, Andreas Horsch, Daniel Kaltofen, and Gregor
    Weiß, eds. <i>Unternehmerische Finanzierungspolitik - Eine Wertorientierte Einführung</i>,
    2025.
  ieee: A. Uhde, S. Paul, A. Horsch, D. Kaltofen, and G. Weiß, Eds., <i>Unternehmerische
    Finanzierungspolitik - Eine wertorientierte Einführung</i>. 2025.
  mla: Uhde, André, et al., editors. <i>Unternehmerische Finanzierungspolitik - Eine
    Wertorientierte Einführung</i>. 2025.
  short: A. Uhde, S. Paul, A. Horsch, D. Kaltofen, G. Weiß, eds., Unternehmerische
    Finanzierungspolitik - Eine Wertorientierte Einführung, 2025.
date_created: 2025-04-25T06:03:39Z
date_updated: 2025-04-25T06:05:26Z
department:
- _id: '19'
editor:
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
- 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: Gregor
  full_name: Weiß, Gregor
  last_name: Weiß
language:
- iso: eng
publication_identifier:
  isbn:
  - 978-3-7910-3086-9
status: public
title: Unternehmerische Finanzierungspolitik - Eine wertorientierte Einführung
type: book_editor
user_id: '36049'
year: '2025'
...
---
_id: '34802'
abstract:
- lang: eng
  text: "Purpose\r\nAcademic research has intensively analyzed the relationship between
    market concentration or market power and banking stability but provides ambiguous
    results, which are summarized under the concentration-stability/fragility view.
    We provide empirical evidence that the mixed results are due to the difficulty
    of identifying reliable variables to measure concentration and market power.\r\n\r\nDesign/methodology/approach\r\nUsing
    data from 3,943 banks operating in the European Union (EU)-15 between 2013 and
    2020, we employ linear regression models on panel data. Banking market concentration
    is measured by the Herfindahl–Hirschman Index (HHI), and market power is estimated
    by the product-specific Lerner Indices for the loan and deposit market, respectively.\r\n\r\nFindings\r\nOur
    analysis reveals a significantly stability-decreasing impact of market concentration
    (HHI) and a significantly stability-increasing effect of market power (Lerner
    Indices). In addition, we provide evidence for a weak (or even absent) empirical
    relationship between the (non)structural measures, challenging the validity of
    the structure-conduct-performance (SCP) paradigm. Our baseline findings remain
    robust, especially when controlling for a likely reverse causality.\r\n\r\nOriginality/value\r\nOur
    results suggest that the HHI may reflect other factors beyond market power that
    influence banking stability. Thus, banking supervisors and competition authorities
    should investigate market concentration and market power simultaneously while
    considering their joint impact on banking stability."
author:
- first_name: Sarah
  full_name: Herwald, Sarah
  last_name: Herwald
- first_name: Simone
  full_name: Voigt, Simone
  last_name: Voigt
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
  orcid: https://orcid.org/0000-0002-8058-8857
citation:
  ama: Herwald S, Voigt S, Uhde A. The conditional impact of market consolidation
    and market power on banking stability – Evidence from Europe. <i>Journal of Risk
    Finance</i>. 2024;25(3):510-536. doi:<a href="https://doi.org/10.1108/JRF-03-2023-0075">https://doi.org/10.1108/JRF-03-2023-0075</a>
  apa: Herwald, S., Voigt, S., &#38; Uhde, A. (2024). The conditional impact of market
    consolidation and market power on banking stability – Evidence from Europe. <i>Journal
    of Risk Finance</i>, <i>25</i>(3), 510–536. <a href="https://doi.org/10.1108/JRF-03-2023-0075">https://doi.org/10.1108/JRF-03-2023-0075</a>
  bibtex: '@article{Herwald_Voigt_Uhde_2024, title={The conditional impact of market
    consolidation and market power on banking stability – Evidence from Europe}, volume={25},
    DOI={<a href="https://doi.org/10.1108/JRF-03-2023-0075">https://doi.org/10.1108/JRF-03-2023-0075</a>},
    number={3}, journal={Journal of Risk Finance}, author={Herwald, Sarah and Voigt,
    Simone and Uhde, André}, year={2024}, pages={510–536} }'
  chicago: 'Herwald, Sarah, Simone Voigt, and André Uhde. “The Conditional Impact
    of Market Consolidation and Market Power on Banking Stability – Evidence from
    Europe.” <i>Journal of Risk Finance</i> 25, no. 3 (2024): 510–36. <a href="https://doi.org/10.1108/JRF-03-2023-0075">https://doi.org/10.1108/JRF-03-2023-0075</a>.'
  ieee: 'S. Herwald, S. Voigt, and A. Uhde, “The conditional impact of market consolidation
    and market power on banking stability – Evidence from Europe,” <i>Journal of Risk
    Finance</i>, vol. 25, no. 3, pp. 510–536, 2024, doi: <a href="https://doi.org/10.1108/JRF-03-2023-0075">https://doi.org/10.1108/JRF-03-2023-0075</a>.'
  mla: Herwald, Sarah, et al. “The Conditional Impact of Market Consolidation and
    Market Power on Banking Stability – Evidence from Europe.” <i>Journal of Risk
    Finance</i>, vol. 25, no. 3, 2024, pp. 510–36, doi:<a href="https://doi.org/10.1108/JRF-03-2023-0075">https://doi.org/10.1108/JRF-03-2023-0075</a>.
  short: S. Herwald, S. Voigt, A. Uhde, Journal of Risk Finance 25 (2024) 510–536.
date_created: 2022-12-22T07:28:25Z
date_updated: 2024-05-14T12:13:51Z
department:
- _id: '186'
- _id: '188'
doi: https://doi.org/10.1108/JRF-03-2023-0075
intvolume: '        25'
issue: '3'
jel:
- G15
- G21
- G38
keyword:
- market concentration
- market power
- banking stability
- European banking
language:
- iso: eng
page: 510 - 536
publication: Journal of Risk Finance
publication_status: published
status: public
title: The conditional impact of market consolidation and market power on banking
  stability – Evidence from Europe
type: journal_article
user_id: '36049'
volume: 25
year: '2024'
...
---
_id: '59679'
author:
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
citation:
  ama: 'Uhde A. Zentrale Regulierungs- und Aufsichtsnormen für Bankrisiken. In: <i>Bankpolitik
    - Eine Marktorientierte Einführung</i>. ; 2024.'
  apa: Uhde, A. (2024). Zentrale Regulierungs- und Aufsichtsnormen für Bankrisiken.
    In <i>Bankpolitik - Eine marktorientierte Einführung</i>.
  bibtex: '@inbook{Uhde_2024, title={Zentrale Regulierungs- und Aufsichtsnormen für
    Bankrisiken}, booktitle={Bankpolitik - Eine marktorientierte Einführung}, author={Uhde,
    André}, year={2024} }'
  chicago: Uhde, André. “Zentrale Regulierungs- Und Aufsichtsnormen Für Bankrisiken.”
    In <i>Bankpolitik - Eine Marktorientierte Einführung</i>, 2024.
  ieee: A. Uhde, “Zentrale Regulierungs- und Aufsichtsnormen für Bankrisiken,” in
    <i>Bankpolitik - Eine marktorientierte Einführung</i>, 2024.
  mla: Uhde, André. “Zentrale Regulierungs- Und Aufsichtsnormen Für Bankrisiken.”
    <i>Bankpolitik - Eine Marktorientierte Einführung</i>, 2024.
  short: 'A. Uhde, in: Bankpolitik - Eine Marktorientierte Einführung, 2024.'
date_created: 2025-04-25T05:58:56Z
date_updated: 2025-04-25T06:05:34Z
department:
- _id: '19'
language:
- iso: eng
publication: Bankpolitik - Eine marktorientierte Einführung
publication_identifier:
  isbn:
  - 978-3-7910-4633-4
status: public
title: Zentrale Regulierungs- und Aufsichtsnormen für Bankrisiken
type: book_chapter
user_id: '36049'
year: '2024'
...
---
_id: '59680'
citation:
  ama: Uhde A, Paul S, Horsch A, Weiß G, Kaltofen D, eds. <i>Bankpolitik - Eine Marktorientierte
    Einführung</i>.; 2024.
  apa: Uhde, A., Paul, S., Horsch, A., Weiß, G., &#38; Kaltofen, D. (Eds.). (2024).
    <i>Bankpolitik - Eine marktorientierte Einführung</i>.
  bibtex: '@book{Uhde_Paul_Horsch_Weiß_Kaltofen_2024, title={Bankpolitik - Eine marktorientierte
    Einführung}, year={2024} }'
  chicago: Uhde, André, Stephan Paul, Andreas Horsch, Gregor Weiß, and Daniel Kaltofen,
    eds. <i>Bankpolitik - Eine Marktorientierte Einführung</i>, 2024.
  ieee: A. Uhde, S. Paul, A. Horsch, G. Weiß, and D. Kaltofen, Eds., <i>Bankpolitik
    - Eine marktorientierte Einführung</i>. 2024.
  mla: Uhde, André, et al., editors. <i>Bankpolitik - Eine Marktorientierte Einführung</i>.
    2024.
  short: A. Uhde, S. Paul, A. Horsch, G. Weiß, D. Kaltofen, eds., Bankpolitik - Eine
    Marktorientierte Einführung, 2024.
date_created: 2025-04-25T06:02:00Z
date_updated: 2025-04-25T06:05:30Z
department:
- _id: '19'
editor:
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
- first_name: Stephan
  full_name: Paul, Stephan
  last_name: Paul
- first_name: Andreas
  full_name: Horsch, Andreas
  last_name: Horsch
- first_name: Gregor
  full_name: Weiß, Gregor
  last_name: Weiß
- first_name: Daniel
  full_name: Kaltofen, Daniel
  last_name: Kaltofen
language:
- iso: eng
publication_identifier:
  isbn:
  - 978-3-7910-4633-4
status: public
title: Bankpolitik - Eine marktorientierte Einführung
type: book_editor
user_id: '36049'
year: '2024'
...
---
_id: '62999'
abstract:
- lang: eng
  text: <jats:sec><jats:title content-type="abstract-subheading">Purpose</jats:title><jats:p>Academic
    research has intensively analyzed the relationship between market concentration
    or market power and banking stability but provides ambiguous results, which are
    summarized under the concentration-stability/fragility view. We provide empirical
    evidence that the mixed results are due to the difficulty of identifying reliable
    variables to measure concentration and market power.</jats:p></jats:sec><jats:sec><jats:title
    content-type="abstract-subheading">Design/methodology/approach</jats:title><jats:p>Using
    data from 3,943 banks operating in the European Union (EU)-15 between 2013 and
    2020, we employ linear regression models on panel data. Banking market concentration
    is measured by the Herfindahl–Hirschman Index (HHI), and market power is estimated
    by the product-specific Lerner Indices for the loan and deposit market, respectively.</jats:p></jats:sec><jats:sec><jats:title
    content-type="abstract-subheading">Findings</jats:title><jats:p>Our analysis reveals
    a significantly stability-decreasing impact of market concentration (HHI) and
    a significantly stability-increasing effect of market power (Lerner Indices).
    In addition, we provide evidence for a weak (or even absent) empirical relationship
    between the (non)structural measures, challenging the validity of the structure-conduct-performance
    (SCP) paradigm. Our baseline findings remain robust, especially when controlling
    for a likely reverse causality.</jats:p></jats:sec><jats:sec><jats:title content-type="abstract-subheading">Originality/value</jats:title><jats:p>Our
    results suggest that the HHI may reflect other factors beyond market power that
    influence banking stability. Thus, banking supervisors and competition authorities
    should investigate market concentration and market power simultaneously while
    considering their joint impact on banking stability.</jats:p></jats:sec>
author:
- first_name: Sarah
  full_name: Herwald, Sarah
  id: '51867'
  last_name: Herwald
- first_name: Simone
  full_name: Voigt, Simone
  id: '50109'
  last_name: Voigt
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
citation:
  ama: Herwald S, Voigt S, Uhde A. The impact of market concentration and market power
    on banking stability – evidence from Europe. <i>The Journal of Risk Finance</i>.
    2024;25(3):510-536. doi:<a href="https://doi.org/10.1108/jrf-03-2023-0075">10.1108/jrf-03-2023-0075</a>
  apa: Herwald, S., Voigt, S., &#38; Uhde, A. (2024). The impact of market concentration
    and market power on banking stability – evidence from Europe. <i>The Journal of
    Risk Finance</i>, <i>25</i>(3), 510–536. <a href="https://doi.org/10.1108/jrf-03-2023-0075">https://doi.org/10.1108/jrf-03-2023-0075</a>
  bibtex: '@article{Herwald_Voigt_Uhde_2024, title={The impact of market concentration
    and market power on banking stability – evidence from Europe}, volume={25}, DOI={<a
    href="https://doi.org/10.1108/jrf-03-2023-0075">10.1108/jrf-03-2023-0075</a>},
    number={3}, journal={The Journal of Risk Finance}, publisher={Emerald}, author={Herwald,
    Sarah and Voigt, Simone and Uhde, André}, year={2024}, pages={510–536} }'
  chicago: 'Herwald, Sarah, Simone Voigt, and André Uhde. “The Impact of Market Concentration
    and Market Power on Banking Stability – Evidence from Europe.” <i>The Journal
    of Risk Finance</i> 25, no. 3 (2024): 510–36. <a href="https://doi.org/10.1108/jrf-03-2023-0075">https://doi.org/10.1108/jrf-03-2023-0075</a>.'
  ieee: 'S. Herwald, S. Voigt, and A. Uhde, “The impact of market concentration and
    market power on banking stability – evidence from Europe,” <i>The Journal of Risk
    Finance</i>, vol. 25, no. 3, pp. 510–536, 2024, doi: <a href="https://doi.org/10.1108/jrf-03-2023-0075">10.1108/jrf-03-2023-0075</a>.'
  mla: Herwald, Sarah, et al. “The Impact of Market Concentration and Market Power
    on Banking Stability – Evidence from Europe.” <i>The Journal of Risk Finance</i>,
    vol. 25, no. 3, Emerald, 2024, pp. 510–36, doi:<a href="https://doi.org/10.1108/jrf-03-2023-0075">10.1108/jrf-03-2023-0075</a>.
  short: S. Herwald, S. Voigt, A. Uhde, The Journal of Risk Finance 25 (2024) 510–536.
date_created: 2025-12-09T14:42:44Z
date_updated: 2025-12-09T14:48:50Z
department:
- _id: '19'
doi: 10.1108/jrf-03-2023-0075
intvolume: '        25'
issue: '3'
language:
- iso: eng
page: 510-536
publication: The Journal of Risk Finance
publication_identifier:
  issn:
  - 1526-5943
publication_status: published
publisher: Emerald
status: public
title: The impact of market concentration and market power on banking stability –
  evidence from Europe
type: journal_article
user_id: '50109'
volume: 25
year: '2024'
...
---
_id: '34798'
author:
- first_name: Sarah
  full_name: Herwald, Sarah
  last_name: Herwald
- first_name: Simone
  full_name: Voigt, Simone
  last_name: Voigt
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
  orcid: https://orcid.org/0000-0002-8058-8857
citation:
  ama: Herwald S, Voigt S, Uhde A. <i>The Conditional Impact of Market Consolidation
    and Market Power on Banking Stability – Evidence from Europe</i>.
  apa: Herwald, S., Voigt, S., &#38; Uhde, A. (n.d.). <i>The conditional impact of
    market consolidation and market power on banking stability – Evidence from Europe</i>.
  bibtex: '@book{Herwald_Voigt_Uhde, title={The conditional impact of market consolidation
    and market power on banking stability – Evidence from Europe}, author={Herwald,
    Sarah and Voigt, Simone and Uhde, André} }'
  chicago: Herwald, Sarah, Simone Voigt, and André Uhde. <i>The Conditional Impact
    of Market Consolidation and Market Power on Banking Stability – Evidence from
    Europe</i>, n.d.
  ieee: S. Herwald, S. Voigt, and A. Uhde, <i>The conditional impact of market consolidation
    and market power on banking stability – Evidence from Europe</i>. .
  mla: Herwald, Sarah, et al. <i>The Conditional Impact of Market Consolidation and
    Market Power on Banking Stability – Evidence from Europe</i>.
  short: S. Herwald, S. Voigt, A. Uhde, The Conditional Impact of Market Consolidation
    and Market Power on Banking Stability – Evidence from Europe, n.d.
date_created: 2022-12-22T06:08:24Z
date_updated: 2024-04-17T13:35:00Z
department:
- _id: '186'
- _id: '188'
language:
- iso: eng
publication_status: unpublished
status: public
title: The conditional impact of market consolidation and market power on banking
  stability – Evidence from Europe
type: working_paper
user_id: '36049'
year: '2023'
...
---
_id: '13147'
abstract:
- lang: eng
  text: Employing a unique and hand-collected sample of 648 true sale loan securitization
    transactions issued by 57 stock-listed banks across the EU-12 plus Switzerland
    over the period from 1997 to 2010, this paper empirically analyzes the relationship
    between true sale loan securitization and the issuing banks’ non-performing loans
    to total assets ratios. Overall, we provide evidence for a negative impact of
    securitization on NPL exposures suggesting that banks predominantly used securitization
    as an instrument of credit risk transfer and diversification. In addition, the
    analysis at hand reveals a time-sensitive relationship between securitization
    and NPL exposures. While we observe an even stronger NPL-reducing effect through
    securitization during the non-crisis periods, the effect reverses during and after
    the global financial crisis suggesting that banks were forced to provide credit
    enhancement and employ securitization as a funding management tool. Along with
    the results from a variety of sensitivity analyses our study provides important
    implications for the recent debate on reducing NPL exposures of European banks
    by revitalizing the European securitization market.
article_type: original
author:
- first_name: Sascha Tobias
  full_name: Wengerek, Sascha Tobias
  id: '48837'
  last_name: Wengerek
  orcid: 0000-0002-7820-3903
- 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: Wengerek ST, Hippert B, Uhde A. Risk allocation through securitization – Evidence
    from non-performing loans. <i>The Quarterly Review of Economics and Finance</i>.
    2022;Vol. 86 (11):48-64. doi:<a href="https://doi.org/10.1016/j.qref.2022.06.005">https://doi.org/10.1016/j.qref.2022.06.005</a>
  apa: Wengerek, S. T., Hippert, B., &#38; Uhde, A. (2022). Risk allocation through
    securitization – Evidence from non-performing loans. <i>The Quarterly Review of
    Economics and Finance</i>, <i>Vol. 86 (11)</i>, 48–64. <a href="https://doi.org/10.1016/j.qref.2022.06.005">https://doi.org/10.1016/j.qref.2022.06.005</a>
  bibtex: '@article{Wengerek_Hippert_Uhde_2022, title={Risk allocation through securitization
    – Evidence from non-performing loans}, volume={Vol. 86 (11)}, DOI={<a href="https://doi.org/10.1016/j.qref.2022.06.005">https://doi.org/10.1016/j.qref.2022.06.005</a>},
    journal={The Quarterly Review of Economics and Finance}, publisher={Elsevier},
    author={Wengerek, Sascha Tobias and Hippert, Benjamin and Uhde, André}, year={2022},
    pages={48–64} }'
  chicago: 'Wengerek, Sascha Tobias, Benjamin Hippert, and André Uhde. “Risk Allocation
    through Securitization – Evidence from Non-Performing Loans.” <i>The Quarterly
    Review of Economics and Finance</i> Vol. 86 (11) (2022): 48–64. <a href="https://doi.org/10.1016/j.qref.2022.06.005">https://doi.org/10.1016/j.qref.2022.06.005</a>.'
  ieee: 'S. T. Wengerek, B. Hippert, and A. Uhde, “Risk allocation through securitization
    – Evidence from non-performing loans,” <i>The Quarterly Review of Economics and
    Finance</i>, vol. Vol. 86 (11), pp. 48–64, 2022, doi: <a href="https://doi.org/10.1016/j.qref.2022.06.005">https://doi.org/10.1016/j.qref.2022.06.005</a>.'
  mla: Wengerek, Sascha Tobias, et al. “Risk Allocation through Securitization – Evidence
    from Non-Performing Loans.” <i>The Quarterly Review of Economics and Finance</i>,
    vol. Vol. 86 (11), Elsevier, 2022, pp. 48–64, doi:<a href="https://doi.org/10.1016/j.qref.2022.06.005">https://doi.org/10.1016/j.qref.2022.06.005</a>.
  short: S.T. Wengerek, B. Hippert, A. Uhde, The Quarterly Review of Economics and
    Finance Vol. 86 (11) (2022) 48–64.
date_created: 2019-09-06T08:59:28Z
date_updated: 2022-12-23T11:27:53Z
department:
- _id: '186'
- _id: '188'
doi: https://doi.org/10.1016/j.qref.2022.06.005
jel:
- G21
- G28
- G32
keyword:
- European Banking
- Non-performing Loans
- Securitization
language:
- iso: eng
page: 48-64
publication: The Quarterly Review of Economics and Finance
publication_status: published
publisher: Elsevier
status: public
title: Risk allocation through securitization – Evidence from non-performing loans
type: journal_article
user_id: '36049'
volume: Vol. 86 (11)
year: '2022'
...
---
_id: '35992'
abstract:
- lang: eng
  text: 'In this paper new semiparametric generalized autoregressive conditional heteroscedasticity
    (GARCH) models with long memory are introduced. A multiplicative decomposition
    of the volatility into a conditional component and an unconditional component
    is assumed. The estimation of the latter is carried out by means of a data-driven
    local polynomial smoother. According to the revised recommendations by the Basel
    Committee on Banking Supervision to measure market risk in the banks’ trading
    books, these new semiparametric GARCH models are applied to obtain rolling one-step
    ahead forecasts for the value-at-risk and expected shortfall (ES) for market risk
    assets. Standard regulatory traffic-light tests and a newly introduced traffic-light
    test for the ES are carried out for all models. In addition, model performance
    is assessed via a recently introduced model selection criterion. The practical
    relevance of our proposal is demonstrated by a comparative study. Our results
    indicate that semiparametric long-memory GARCH models are a meaningful substitute
    for their conventional, parametric counterparts. '
article_type: original
author:
- first_name: Sebastian
  full_name: Letmathe, Sebastian
  id: '23991'
  last_name: Letmathe
- first_name: Yuanhua
  full_name: Feng, Yuanhua
  id: '20760'
  last_name: Feng
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
citation:
  ama: Letmathe S, Feng Y, Uhde A. Semiparametric GARCH models with long memory applied
    to Value at Risk and Expected Shortfall. <i>Journal of Risk</i>. 25(2).
  apa: Letmathe, S., Feng, Y., &#38; Uhde, A. (n.d.). Semiparametric GARCH models
    with long memory applied to Value at Risk and Expected Shortfall. <i>Journal of
    Risk</i>, <i>25</i>(2).
  bibtex: '@article{Letmathe_Feng_Uhde, title={Semiparametric GARCH models with long
    memory applied to Value at Risk and Expected Shortfall}, volume={25}, number={2},
    journal={Journal of Risk}, author={Letmathe, Sebastian and Feng, Yuanhua and Uhde,
    André} }'
  chicago: Letmathe, Sebastian, Yuanhua Feng, and André Uhde. “Semiparametric GARCH
    Models with Long Memory Applied to Value at Risk and Expected Shortfall.” <i>Journal
    of Risk</i> 25, no. 2 (n.d.).
  ieee: S. Letmathe, Y. Feng, and A. Uhde, “Semiparametric GARCH models with long
    memory applied to Value at Risk and Expected Shortfall,” <i>Journal of Risk</i>,
    vol. 25, no. 2.
  mla: Letmathe, Sebastian, et al. “Semiparametric GARCH Models with Long Memory Applied
    to Value at Risk and Expected Shortfall.” <i>Journal of Risk</i>, vol. 25, no.
    2.
  short: S. Letmathe, Y. Feng, A. Uhde, Journal of Risk 25 (n.d.).
date_created: 2023-01-11T10:50:27Z
date_updated: 2023-11-17T10:26:36Z
department:
- _id: '186'
- _id: '188'
intvolume: '        25'
issue: '2'
keyword:
- long memory
- generalized autoregressive conditional heteroscedasticity (GARCH) models
- value-at-risk (VaR)
- expected shortfall (ES)
- traffic-light test
- backtesting
language:
- iso: eng
publication: Journal of Risk
publication_status: inpress
status: public
title: Semiparametric GARCH models with long memory applied to Value at Risk and Expected
  Shortfall
type: journal_article
user_id: '36049'
volume: 25
year: '2022'
...
---
_id: '29317'
abstract:
- lang: eng
  text: In this paper new semiparametric GARCH models with long memory are in- troduced.
    The estimation of the nonparametric scale function is carried out by an adapted
    version of the SEMIFAR algorithm (Beran et al., 2002). Recurring on the revised
    recommendations by the Basel Committee to measure market risk in the banks' trading
    books (Basel Committee on Banking Supervision, 2013), the semi- parametric GARCH
    models are applied to obtain rolling one-step ahead forecasts for the Value at
    Risk (VaR) and Expected Shortfall (ES) for market risk assets. In addition, standard
    regulatory traffic light tests (Basel Committee on Banking Supervision, 1996)
    and a newly introduced traffic light test for the ES are carried out for all models.
    The practical relevance of our proposal is demonstrated by a comparative study.
    Our results indicate that semiparametric long memory GARCH models are an attractive
    alternative to their conventional, parametric counterparts.
author:
- first_name: Sebastian
  full_name: Letmathe, Sebastian
  id: '23991'
  last_name: Letmathe
- first_name: Yuanhua
  full_name: Feng, Yuanhua
  id: '20760'
  last_name: Feng
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
  orcid: https://orcid.org/0000-0002-8058-8857
citation:
  ama: Letmathe S, Feng Y, Uhde A. Semiparametric GARCH models with long memory applied
    to Value at Risk and Expected Shortfall. <i>Journal of Risk</i>. doi:<a href="https://doi.org/10.21314/JOR.2022.044">10.21314/JOR.2022.044</a>
  apa: Letmathe, S., Feng, Y., &#38; Uhde, A. (n.d.). Semiparametric GARCH models
    with long memory applied to Value at Risk and Expected Shortfall. <i>Journal of
    Risk</i>. <a href="https://doi.org/10.21314/JOR.2022.044">https://doi.org/10.21314/JOR.2022.044</a>
  bibtex: '@article{Letmathe_Feng_Uhde, title={Semiparametric GARCH models with long
    memory applied to Value at Risk and Expected Shortfall}, DOI={<a href="https://doi.org/10.21314/JOR.2022.044">10.21314/JOR.2022.044</a>},
    journal={Journal of Risk}, author={Letmathe, Sebastian and Feng, Yuanhua and Uhde,
    André} }'
  chicago: Letmathe, Sebastian, Yuanhua Feng, and André Uhde. “Semiparametric GARCH
    Models with Long Memory Applied to Value at Risk and Expected Shortfall.” <i>Journal
    of Risk</i>, n.d. <a href="https://doi.org/10.21314/JOR.2022.044">https://doi.org/10.21314/JOR.2022.044</a>.
  ieee: 'S. Letmathe, Y. Feng, and A. Uhde, “Semiparametric GARCH models with long
    memory applied to Value at Risk and Expected Shortfall,” <i>Journal of Risk</i>,
    doi: <a href="https://doi.org/10.21314/JOR.2022.044">10.21314/JOR.2022.044</a>.'
  mla: Letmathe, Sebastian, et al. “Semiparametric GARCH Models with Long Memory Applied
    to Value at Risk and Expected Shortfall.” <i>Journal of Risk</i>, doi:<a href="https://doi.org/10.21314/JOR.2022.044">10.21314/JOR.2022.044</a>.
  short: S. Letmathe, Y. Feng, A. Uhde, Journal of Risk (n.d.).
date_created: 2022-01-13T11:23:02Z
date_updated: 2024-04-17T13:34:54Z
department:
- _id: '186'
- _id: '19'
doi: 10.21314/JOR.2022.044
jel:
- C14
- C51
- C52
- G17
- G32
keyword:
- Semiparametric
- long memory
- GARCH models
- forecasting
- Value at Risk
- Expected Shortfall
- traffic light test
- Basel Committee on Banking Supervision
language:
- iso: eng
publication: Journal of Risk
publication_status: inpress
status: public
title: Semiparametric GARCH models with long memory applied to Value at Risk and Expected
  Shortfall
type: journal_article
user_id: '36049'
year: '2022'
...
---
_id: '5163'
abstract:
- lang: eng
  text: "Employing a unique hand-collected sample of 956 credit risk securitization
    transactions issued by 64 stock-listed\r\nEuropean banks across the EU-13 plus
    Switzerland over the period from 1997 to 2010, this paper empirically analyzes\r\nthe
    impact of securitization on the issuing banks’ effective tax rates. Our analysis
    reveals that banks may reduce their\r\ntax expense through securitization via
    a direct and indirect channel suggesting that tax avoidance may be a further\r\nmotive
    for banks to engage in the securitization business. These baseline findings remain
    robust under various\r\nrobustness checks, especially when implementing structural
    equation models and controlling for a reverse causality\r\nbetween the banks’
    tax burden and their incentive to securitize. Finally, various sensitivity analyses
    provide further\r\nimportant results and implications for tax policies, banking
    regulation and the ongoing process of revitalizing the\r\nEuropean 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>. 2021;79:411-421. doi:<a href="https://doi.org/10.1016/j.qref.2020.07.008">10.1016/j.qref.2020.07.008</a>
  apa: Uhde, A. (2021). Tax avoidance through securitization. <i>The Quarterly Review
    of Economics and Finance</i>, <i>79</i>, 411–421. <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_2021, title={Tax avoidance through securitization}, volume={79},
    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={2021}, pages={411–421} }'
  chicago: 'Uhde, André. “Tax Avoidance through Securitization.” <i>The Quarterly
    Review of Economics and Finance</i> 79 (2021): 411–21. <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>, vol. 79, pp. 411–421, 2021.
  mla: Uhde, André. “Tax Avoidance through Securitization.” <i>The Quarterly Review
    of Economics and Finance</i>, vol. 79, 2021, pp. 411–21, 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 79 (2021) 411–421.
date_created: 2018-10-31T09:55:40Z
date_updated: 2022-01-06T07:01:40Z
department:
- _id: '186'
- _id: '188'
doi: 10.1016/j.qref.2020.07.008
intvolume: '        79'
jel:
- G21
- G28
- H25
- H71
keyword:
- Securitization
- Credit risk transfer
- Effective tax rates
- European banking
language:
- iso: eng
page: 411-421
publication: The Quarterly Review of Economics and Finance
status: public
title: Tax avoidance through securitization
type: journal_article
user_id: '81176'
volume: 79
year: '2021'
...
---
_id: '36060'
abstract:
- lang: eng
  text: 'Merging a sample of 492 merger and acquisition (M&A) announcements from 284
    acquiring firms across Europe and North America with data from 5-year single-name
    credit default swaps (CDSs) written on stock-listed acquiring firms between 2005
    and 2018, the paper at hand empirically analyzes the CDS investors’ risk perceptions
    of M&A announcements using event study methodologies. As a baseline result, we
    provide evidence for significantly positive cumulative average abnormal CDS spread
    changes for both, European and North American acquirers suggesting that CDS investors
    perceive an increase in the acquiring firms’ credit risk exposures due to M&A
    announcements. Our baseline finding holds under several robustness checks, especially
    when controlling for the robustness of the empirical design. Moreover, results
    from a large variety of sensitivity analyses reveal a number of deal and firm
    characteristics that may explain why CDS investors from our sample expect an increase
    in the acquirers’ credit risk exposures due to forthcoming M&A transactions. '
author:
- first_name: Benjamin
  full_name: Hippert, Benjamin
  last_name: Hippert
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
citation:
  ama: Hippert B, Uhde A. <i>CDS Investors’ Risk Perceptions of M&#38;A Announcements</i>.
  apa: Hippert, B., &#38; Uhde, A. (n.d.). <i>CDS Investors’ Risk Perceptions of M&#38;A
    Announcements</i>.
  bibtex: '@book{Hippert_Uhde, title={CDS Investors’ Risk Perceptions of M&#38;A Announcements},
    author={Hippert, Benjamin and Uhde, André} }'
  chicago: Hippert, Benjamin, and André Uhde. <i>CDS Investors’ Risk Perceptions of
    M&#38;A Announcements</i>, n.d.
  ieee: B. Hippert and A. Uhde, <i>CDS Investors’ Risk Perceptions of M&#38;A Announcements</i>.
    .
  mla: Hippert, Benjamin, and André Uhde. <i>CDS Investors’ Risk Perceptions of M&#38;A
    Announcements</i>.
  short: B. Hippert, A. Uhde, CDS Investors’ Risk Perceptions of M&#38;A Announcements,
    n.d.
date_created: 2023-01-11T11:31:54Z
date_updated: 2023-11-17T10:23:54Z
department:
- _id: '186'
- _id: '188'
jel:
- G14
- G34
keyword:
- credit default swaps
- risk perception of CDS investors
- mergers and acquisitions
- event study
language:
- iso: eng
publication_status: unpublished
status: public
title: CDS Investors’ Risk Perceptions of M&A Announcements
type: working_paper
user_id: '36049'
year: '2021'
...
---
_id: '36063'
abstract:
- lang: eng
  text: "This paper empirically investigates determinants of the outstanding net notional
    amount\r\nof credit default swaps (CDSs) contracts written on banks. We extend
    and complement the\r\nprevious literature dealing with CDS trading by analyzing
    a comprehensive set of CDS tradingspecific,\r\nbank-fundamental, macroeconomic
    and bank-institutional determinants. We find that\r\nrisk hedging clearly dominates
    an investor’s speculation and arbitrage motive, while the latter,\r\nhowever,
    exhibits the strongest impact on the outstanding net notional amount of bank CDSs.\r\nFurthermore,
    being classified as a G-SIB, being a constituent of the main CDS index and the\r\nequity
    trading volume may significantly explain changes in the outstanding CDS net notional
    on\r\nbanks. The analysis at hand provides important implications for both academics
    and practitioners,\r\nsince understanding the trading motives of bank CDS investors
    provides a deeper insight into the\r\nopaque 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
- 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>.
  apa: Hippert, B., Uhde, A., &#38; Wengerek, S. T. (n.d.). <i>Determinants of CDS
    Trading on Major Banks</i>.
  bibtex: '@book{Hippert_Uhde_Wengerek, title={Determinants of CDS Trading on Major
    Banks}, author={Hippert, Benjamin and Uhde, André and Wengerek, Sascha Tobias}
    }'
  chicago: Hippert, Benjamin, André Uhde, and Sascha Tobias Wengerek. <i>Determinants
    of CDS Trading on Major Banks</i>, n.d.
  ieee: B. Hippert, A. Uhde, and S. T. Wengerek, <i>Determinants of CDS Trading on
    Major Banks</i>. .
  mla: Hippert, Benjamin, et al. <i>Determinants of CDS Trading on Major Banks</i>.
  short: B. Hippert, A. Uhde, S.T. Wengerek, Determinants of CDS Trading on Major
    Banks, n.d.
date_created: 2023-01-11T11:34:17Z
date_updated: 2023-11-17T10:23:44Z
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: unpublished
status: public
title: Determinants of CDS Trading on Major Banks
type: working_paper
user_id: '36049'
year: '2021'
...
---
_id: '29313'
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
  orcid: https://orcid.org/0000-0002-8058-8857
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>.; 2021.
  apa: Wengerek, S. T., &#38; Uhde, A. (2021). <i>Share Price Reactions to Tariff Imposition
    Announcements in the Trump Era – an Event Study of the Trade Conflict</i>.
  bibtex: '@book{Wengerek_Uhde_2021, title={Share Price Reactions to Tariff Imposition
    Announcements in the Trump Era – an Event Study of the Trade Conflict}, author={Wengerek,
    Sascha Tobias and Uhde, André}, year={2021} }'
  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>,
    2021.
  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>. 2021.
  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>.
    2021.
  short: S.T. Wengerek, A. Uhde, Share Price Reactions to Tariff Imposition Announcements
    in the Trump Era – an Event Study of the Trade Conflict, 2021.
date_created: 2022-01-13T11:06:25Z
date_updated: 2024-04-17T13:35:20Z
department:
- _id: '186'
- _id: '19'
jel:
- F14
- F18
- F23
- F51
keyword:
- event study
- international relations
- protectionism
- strategic trade policy
- tariffs
- trade conflict
language:
- iso: eng
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: '2021'
...
---
_id: '29315'
abstract:
- lang: eng
  text: We merge a sample of 492 merger and acquisition (M&A) announcements from 284
    acquiring firms across North America and Europe with data from 5-year single-name
    credit default swaps (CDSs) that are written on stock-listed acquiring firms between
    2005 and 2018. Subsequently, we empirically analyze the CDS investors’ risk perception
    of M&A announcements using event study methodologies. As a baseline finding, we
    provide evidence for significantly positive cumulative average abnormal CDS spread
    changes suggesting that CDS investors perceive an increase in the acquiring firms’
    credit risk exposures due to M&A announcements. Our baseline finding holds under
    several robustness checks, especially when controlling for the robustness of the
    empirical design as well as regional and sectoral differences. Moreover, results
    from a large variety of sensitivity analyses including deal and firm characteristics
    provide a deeper insight into the driving factors of CDS investors’ risk perceptions
    of M&A announcements.
author:
- 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
citation:
  ama: Hippert B, Uhde A. <i>CDS Investors’ Risk Perceptions of M&#38;A Announcements</i>.;
    2021.
  apa: Hippert, B., &#38; Uhde, A. (2021). <i>CDS investors’ risk perceptions of M&#38;A
    announcements</i>.
  bibtex: '@book{Hippert_Uhde_2021, title={CDS investors’ risk perceptions of M&#38;A
    announcements}, author={Hippert, Benjamin and Uhde, André}, year={2021} }'
  chicago: Hippert, Benjamin, and André Uhde. <i>CDS Investors’ Risk Perceptions of
    M&#38;A Announcements</i>, 2021.
  ieee: B. Hippert and A. Uhde, <i>CDS investors’ risk perceptions of M&#38;A announcements</i>.
    2021.
  mla: Hippert, Benjamin, and André Uhde. <i>CDS Investors’ Risk Perceptions of M&#38;A
    Announcements</i>. 2021.
  short: B. Hippert, A. Uhde, CDS Investors’ Risk Perceptions of M&#38;A Announcements,
    2021.
date_created: 2022-01-13T11:15:12Z
date_updated: 2024-04-17T13:35:29Z
department:
- _id: '186'
- _id: '19'
language:
- iso: eng
status: public
title: CDS investors’ risk perceptions of M&A announcements
type: working_paper
user_id: '21810'
year: '2021'
...
---
_id: '29316'
abstract:
- lang: eng
  text: Employing a unique and hand-collected dataset of securitization transactions
    by European banks, this paper analyzes the relationship between true sale loan
    securitization and the issuing banks’ non-performing loans to total assets ratios
    (NPLRs). We provide evidence for an NPLR-reducing effect during the boom phase
    of securitizations suggesting that banks (partly) securitized NPLs as the most
    risky junior tranche. In contrast, we find the reverse effect during the crises
    period indicating that issuing banks demonstrated `skin in the game'. A variety
    of sensitivity analyses provides further important implications for the vital
    debate on reducing NPL exposures and regulating securitization markets.
author:
- 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>Risk Allocation through Securitization -
    Evidence from Non-Performing Loans</i>.; 2021.
  apa: Hippert, B., Uhde, A., &#38; Wengerek, S. T. (2021). <i>Risk allocation through
    securitization - Evidence from non-performing loans</i>.
  bibtex: '@book{Hippert_Uhde_Wengerek_2021, title={Risk allocation through securitization
    - Evidence from non-performing loans}, author={Hippert, Benjamin and Uhde, André
    and Wengerek, Sascha Tobias}, year={2021} }'
  chicago: Hippert, Benjamin, André Uhde, and Sascha Tobias Wengerek. <i>Risk Allocation
    through Securitization - Evidence from Non-Performing Loans</i>, 2021.
  ieee: B. Hippert, A. Uhde, and S. T. Wengerek, <i>Risk allocation through securitization
    - Evidence from non-performing loans</i>. 2021.
  mla: Hippert, Benjamin, et al. <i>Risk Allocation through Securitization - Evidence
    from Non-Performing Loans</i>. 2021.
  short: B. Hippert, A. Uhde, S.T. Wengerek, Risk Allocation through Securitization
    - Evidence from Non-Performing Loans, 2021.
date_created: 2022-01-13T11:19:28Z
date_updated: 2024-04-17T13:36:05Z
department:
- _id: '186'
jel:
- G21
- G28
- G32
keyword:
- European Banking
- Non-performing Loans
- Risk Allocation
- Securitization
language:
- iso: eng
status: public
title: Risk allocation through securitization - Evidence from non-performing loans
type: working_paper
user_id: '36049'
year: '2021'
...