---
_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publication_status: unpublished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: '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: '46540'
abstract:
- lang: eng
  text: Individual cognitive functioning declines over time. We seek to understand
    how adverse physical health shocks in older ages contribute to this development.
    By use of event-study methods and data from the USA, England and several countries
    in Continental Europe we find evidence that health shocks lead to an immediate
    and persistent decline in cognitive functioning. This robust finding holds in
    all regions representing different health insurance systems and seems to be independent
    of underlying individual demographic characteristics such as sex and age. We also
    ask whether variables that are susceptible to policy action can reduce the negative
    consequences of a health shock. Our results suggest that neither compulsory education
    nor retirement regulations moderate the effects, thus emphasizing the importance
    of maintaining good physical health in old age for cognitive functioning.
author:
- first_name: Valentin
  full_name: Schiele, Valentin
  id: '53779'
  last_name: Schiele
- first_name: Hendrik
  full_name: Schmitz, Hendrik
  id: '48879'
  last_name: Schmitz
citation:
  ama: 'Schiele V, Schmitz H. <i>Understanding Cognitive Decline in Older Ages: The
    Role of Health Shocks</i>. Vol 919. RWI - Leibniz-Institut für Wirtschaftsforschung,
    Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen;
    2021.'
  apa: 'Schiele, V., &#38; Schmitz, H. (2021). <i>Understanding cognitive decline
    in older ages: The role of health shocks</i> (Vol. 919). RWI - Leibniz-Institut
    für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University
    of Duisburg-Essen.'
  bibtex: '@book{Schiele_Schmitz_2021, series={ Ruhr Economic Papers}, title={Understanding
    cognitive decline in older ages: The role of health shocks}, volume={919}, publisher={RWI
    - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund
    University, University of Duisburg-Essen}, author={Schiele, Valentin and Schmitz,
    Hendrik}, year={2021}, collection={ Ruhr Economic Papers} }'
  chicago: 'Schiele, Valentin, and Hendrik Schmitz. <i>Understanding Cognitive Decline
    in Older Ages: The Role of Health Shocks</i>. Vol. 919.  Ruhr Economic Papers.
    RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund
    University, University of Duisburg-Essen, 2021.'
  ieee: 'V. Schiele and H. Schmitz, <i>Understanding cognitive decline in older ages:
    The role of health shocks</i>, vol. 919. RWI - Leibniz-Institut für Wirtschaftsforschung,
    Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen,
    2021.'
  mla: 'Schiele, Valentin, and Hendrik Schmitz. <i>Understanding Cognitive Decline
    in Older Ages: The Role of Health Shocks</i>. RWI - Leibniz-Institut für Wirtschaftsforschung,
    Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen,
    2021.'
  short: 'V. Schiele, H. Schmitz, Understanding Cognitive Decline in Older Ages: The
    Role of Health Shocks, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University
    Bochum, TU Dortmund University, University of Duisburg-Essen, 2021.'
date_created: 2023-08-16T10:47:00Z
date_updated: 2023-08-20T17:53:54Z
department:
- _id: '281'
- _id: '475'
intvolume: '       919'
keyword:
- Cognitive decline
- health shocks
- retirement
- education
- event study
language:
- iso: eng
publisher: RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum,
  TU Dortmund University, University of Duisburg-Essen
series_title: ' Ruhr Economic Papers'
status: public
title: 'Understanding cognitive decline in older ages: The role of health shocks'
type: working_paper
user_id: '53779'
volume: 919
year: '2021'
...
---
_id: '46537'
abstract:
- lang: eng
  text: 'We study effects of retirement on cognitive abilities (up to ten years after
    retirement) using data from 21 countries in Continental Europe, England, and the
    US, and exploiting early-retirement thresholds for identification. For this purpose,
    combines event-study estimations with the marginal treatment effect framework
    to allow for effect heterogeneity. This helps to decompose event-study estimates
    into true medium-run effects of retirement and effects driven by differential
    retirement preferences. Our results suggest considerable negative effects of retirement
    on cognitive abilities. We also detect substantial effect heterogeneity: Those
    who retire as early as possible are not affected while those who retire later
    exhibit negative effects.'
author:
- first_name: Hendrik
  full_name: Schmitz, Hendrik
  id: '48879'
  last_name: Schmitz
- first_name: Matthias
  full_name: Westphal, Matthias
  id: '64661'
  last_name: Westphal
citation:
  ama: Schmitz H, Westphal M. <i>The Dynamic and Heterogeneous Effects of Retirement
    on Cognitive Decline</i>. Vol 918. RWI - Leibniz-Institut für Wirtschaftsforschung,
    Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen;
    2021.
  apa: Schmitz, H., &#38; Westphal, M. (2021). <i>The dynamic and heterogeneous effects
    of retirement on cognitive decline</i> (Vol. 918). RWI - Leibniz-Institut für
    Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund University, University
    of Duisburg-Essen.
  bibtex: '@book{Schmitz_Westphal_2021, series={ Ruhr Economic Papers}, title={The
    dynamic and heterogeneous effects of retirement on cognitive decline}, volume={918},
    publisher={RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum,
    TU Dortmund University, University of Duisburg-Essen}, author={Schmitz, Hendrik
    and Westphal, Matthias}, year={2021}, collection={ Ruhr Economic Papers} }'
  chicago: Schmitz, Hendrik, and Matthias Westphal. <i>The Dynamic and Heterogeneous
    Effects of Retirement on Cognitive Decline</i>. Vol. 918.  Ruhr Economic Papers.
    RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum, TU Dortmund
    University, University of Duisburg-Essen, 2021.
  ieee: H. Schmitz and M. Westphal, <i>The dynamic and heterogeneous effects of retirement
    on cognitive decline</i>, vol. 918. RWI - Leibniz-Institut für Wirtschaftsforschung,
    Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen,
    2021.
  mla: Schmitz, Hendrik, and Matthias Westphal. <i>The Dynamic and Heterogeneous Effects
    of Retirement on Cognitive Decline</i>. RWI - Leibniz-Institut für Wirtschaftsforschung,
    Ruhr-University Bochum, TU Dortmund University, University of Duisburg-Essen,
    2021.
  short: H. Schmitz, M. Westphal, The Dynamic and Heterogeneous Effects of Retirement
    on Cognitive Decline, RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University
    Bochum, TU Dortmund University, University of Duisburg-Essen, 2021.
date_created: 2023-08-16T10:02:17Z
date_updated: 2023-08-20T17:54:49Z
department:
- _id: '281'
- _id: '475'
intvolume: '       918'
keyword:
- Cognitive abilities
- retirement
- event study
- marginal treatment effects
language:
- iso: eng
publisher: RWI - Leibniz-Institut für Wirtschaftsforschung, Ruhr-University Bochum,
  TU Dortmund University, University of Duisburg-Essen
series_title: ' Ruhr Economic Papers'
status: public
title: The dynamic and heterogeneous effects of retirement on cognitive decline
type: working_paper
user_id: '53779'
volume: 918
year: '2021'
...
---
_id: '17703'
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
  id: '48837'
  last_name: Wengerek
  orcid: 0000-0002-7820-3903
citation:
  ama: Wengerek ST. <i>Share Price Reactions to Tariff Imposition Announcements in
    the Trump Era - An Event Study of the Trade Conflict</i>.; 2020.
  apa: Wengerek, S. T. (2020). <i>Share price reactions to tariff imposition announcements
    in the Trump era - An event study of the trade conflict</i>.
  bibtex: '@book{Wengerek_2020, title={Share price reactions to tariff imposition
    announcements in the Trump era - An event study of the trade conflict}, author={Wengerek,
    Sascha Tobias}, year={2020} }'
  chicago: Wengerek, Sascha Tobias. <i>Share Price Reactions to Tariff Imposition
    Announcements in the Trump Era - An Event Study of the Trade Conflict</i>, 2020.
  ieee: S. T. Wengerek, <i>Share price reactions to tariff imposition announcements
    in the Trump era - An event study of the trade conflict</i>. 2020.
  mla: Wengerek, Sascha Tobias. <i>Share Price Reactions to Tariff Imposition Announcements
    in the Trump Era - An Event Study of the Trade Conflict</i>. 2020.
  short: S.T. Wengerek, Share Price Reactions to Tariff Imposition Announcements in
    the Trump Era - An Event Study of the Trade Conflict, 2020.
date_created: 2020-08-07T09:34:29Z
date_updated: 2022-01-06T06:53:17Z
department:
- _id: '186'
jel:
- F14
- F18
- F23
- F51
keyword:
- event study
- international relations
- protectionism
- strategic trade policy
- tariffs
- trade conflict
language:
- iso: eng
main_file_link:
- url: https://ideas.repec.org/p/pdn/dispap/59.html
page: '63'
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: '48837'
year: '2020'
...
---
_id: '16249'
abstract:
- lang: eng
  text: Timing plays a crucial role in the context of information security investments.
    We regard timing in two dimensions, namely the time of announcement in relation
    to the time of investment and the time of announcement in relation to the time
    of a fundamental security incident. The financial value of information security
    investments is assessed by examining the relationship between the investment announcements
    and their stock market reaction focusing on the two time dimensions. Using an
    event study methodology, we found that both dimensions influence the stock market
    return of the investing organization. Our results indicate that (1) after fundamental
    security incidents in a given industry, the stock price will react more positively
    to a firm’s announcement of actual information security investments than to announcements
    of the intention to invest; (2) the stock price will react more positively to
    a firm’s announcements of the intention to invest after the fundamental security
    incident compared to before; and (3) the stock price will react more positively
    to a firm’s announcements of actual information security investments after the
    fundamental security incident compared to before. Overall, the lowest abnormal
    return can be expected when the intention to invest is announced before a fundamental
    information security incident and the highest return when actual investing after
    a fundamental information security incident in the respective industry.
author:
- first_name: Eva
  full_name: Szubartowicz, Eva
  last_name: Szubartowicz
- first_name: Guido
  full_name: Schryen, Guido
  id: '72850'
  last_name: Schryen
citation:
  ama: 'Szubartowicz E, Schryen G. Timing in Information Security: An Event Study
    on the Impact of Information Security Investment Announcements. <i>Journal of
    Information System Security</i>. 2020;16(1):3-31.'
  apa: 'Szubartowicz, E., &#38; Schryen, G. (2020). Timing in Information Security:
    An Event Study on the Impact of Information Security Investment Announcements.
    <i>Journal of Information System Security</i>, <i>16</i>(1), 3–31.'
  bibtex: '@article{Szubartowicz_Schryen_2020, title={Timing in Information Security:
    An Event Study on the Impact of Information Security Investment Announcements},
    volume={16}, number={1}, journal={Journal of Information System Security}, publisher={Information
    Institute Publishing, Washington DC, USA}, author={Szubartowicz, Eva and Schryen,
    Guido}, year={2020}, pages={3–31} }'
  chicago: 'Szubartowicz, Eva, and Guido Schryen. “Timing in Information Security:
    An Event Study on the Impact of Information Security Investment Announcements.”
    <i>Journal of Information System Security</i> 16, no. 1 (2020): 3–31.'
  ieee: 'E. Szubartowicz and G. Schryen, “Timing in Information Security: An Event
    Study on the Impact of Information Security Investment Announcements,” <i>Journal
    of Information System Security</i>, vol. 16, no. 1, pp. 3–31, 2020.'
  mla: 'Szubartowicz, Eva, and Guido Schryen. “Timing in Information Security: An
    Event Study on the Impact of Information Security Investment Announcements.” <i>Journal
    of Information System Security</i>, vol. 16, no. 1, Information Institute Publishing,
    Washington DC, USA, 2020, pp. 3–31.'
  short: E. Szubartowicz, G. Schryen, Journal of Information System Security 16 (2020)
    3–31.
date_created: 2020-03-05T10:29:00Z
date_updated: 2022-01-06T06:52:47Z
ddc:
- '000'
department:
- _id: '277'
file:
- access_level: open_access
  content_type: application/pdf
  creator: hsiemes
  date_created: 2020-03-05T10:26:11Z
  date_updated: 2020-03-05T10:35:49Z
  file_id: '16250'
  file_name: Timing in Information Security - JISSEC format PREPUBLICATION.pdf
  file_size: 478056
  relation: main_file
file_date_updated: 2020-03-05T10:35:49Z
has_accepted_license: '1'
intvolume: '        16'
issue: '1'
keyword:
- Event Study
- Information Security
- Investment Announcements
- Stock Price Reaction
- Value of Information Security Investments
language:
- iso: eng
oa: '1'
page: 3 - 31
publication: Journal of Information System Security
publisher: Information Institute Publishing, Washington DC, USA
status: public
title: 'Timing in Information Security: An Event Study on the Impact of Information
  Security Investment Announcements'
type: journal_article
user_id: '61579'
volume: 16
year: '2020'
...
---
_id: '13146'
abstract:
- lang: eng
  text: Employing a sample of 492 merger and acquisition (M&A) announcements from
    284 acquirers across North America and Europe between 2005 and 2018, this study
    analyzes the impact of M&A announcements on an acquirers abnormal CDS spread changes.
    We find that spreads from CDS which are written on acquirers increase by 310 bps
    during a symmetric five-day event window suggesting that investors expect an increase
    in the acquirers credit risk exposure due to M&As. Next to this baseline finding,
    we conduct a large variety of sensitivity analyses to gain more insight into the
    driving factors of the rising risk perception of CDS investors due to M&A announcements.
author:
- first_name: Benjamin
  full_name: Hippert, Benjamin
  id: '48476'
  last_name: Hippert
citation:
  ama: Hippert B. <i>The Relationship between Announcements of Complete Mergers and
    Acquisitions and Acquirers’ Abnormal CDS Spread Changes</i>. Working Papers Dissertations
    from Paderborn University, Faculty of Business Administration and Economics; 2019.
  apa: Hippert, B. (2019). <i>The relationship between announcements of complete mergers
    and acquisitions and acquirers’ abnormal CDS spread changes</i>. Working Papers
    Dissertations from Paderborn University, Faculty of Business Administration and
    Economics.
  bibtex: '@book{Hippert_2019, place={Working Papers Dissertations from Paderborn
    University, Faculty of Business Administration and Economics}, series={No 52},
    title={The relationship between announcements of complete mergers and acquisitions
    and acquirers’ abnormal CDS spread changes}, author={Hippert, Benjamin}, year={2019},
    collection={No 52} }'
  chicago: Hippert, Benjamin. <i>The Relationship between Announcements of Complete
    Mergers and Acquisitions and Acquirers’ Abnormal CDS Spread Changes</i>. No 52.
    Working Papers Dissertations from Paderborn University, Faculty of Business Administration
    and Economics, 2019.
  ieee: B. Hippert, <i>The relationship between announcements of complete mergers
    and acquisitions and acquirers’ abnormal CDS spread changes</i>. Working Papers
    Dissertations from Paderborn University, Faculty of Business Administration and
    Economics, 2019.
  mla: Hippert, Benjamin. <i>The Relationship between Announcements of Complete Mergers
    and Acquisitions and Acquirers’ Abnormal CDS Spread Changes</i>. 2019.
  short: B. Hippert, The Relationship between Announcements of Complete Mergers and
    Acquisitions and Acquirers’ Abnormal CDS Spread Changes, Working Papers Dissertations
    from Paderborn University, Faculty of Business Administration and Economics, 2019.
date_created: 2019-09-06T08:56:48Z
date_updated: 2022-01-06T06:51:29Z
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
place: Working Papers Dissertations from Paderborn University, Faculty of Business
  Administration and Economics
series_title: No 52
status: public
title: The relationship between announcements of complete mergers and acquisitions
  and acquirers' abnormal CDS spread changes
type: working_paper
user_id: '21810'
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: '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: '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: '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: '4404'
abstract:
- lang: eng
  text: Using a unique dataset of 592 cash and synthetic securitizations issued by
    54 banks from the EU-15 plus Switzerland over the period from 1997 to 2007 this
    paper provides empirical evidence that credit risk securitization has a positive
    impact on the increase of European banks’ systematic risk. Baseline results hold
    when comparing estimated beta coefficients with a control group of similar non-securitizing
    banks. Building several sub-samples we additionally find that (a) the increase
    in systematic risk is more relevant for larger banks that repeatedly engage in
    securitization, (b) securitization is more important for small and medium financial
    institutions, (c) banks have a higher incentive to retain the larger part of credit
    risk as a quality signal at the beginning of the securitization business in Europe,
    and (d) the overall risk-shifting effect due to securitization is more distinct
    when the pre-event systematic risk is low.
author:
- first_name: André
  full_name: Uhde, André
  id: '36049'
  last_name: Uhde
  orcid: https://orcid.org/0000-0002-8058-8857
- first_name: Tobias C.
  full_name: Michalak, Tobias C.
  last_name: Michalak
citation:
  ama: 'Uhde A, Michalak TC. Securitization and systematic risk in European banking:
    Empirical evidence. <i>Journal of Banking &#38; Finance</i>. 2010;34(12):3061-3077.
    doi:<a href="https://doi.org/10.1016/j.jbankfin.2010.07.012">https://doi.org/10.1016/j.jbankfin.2010.07.012</a>'
  apa: 'Uhde, A., &#38; Michalak, T. C. (2010). Securitization and systematic risk
    in European banking: Empirical evidence. <i>Journal of Banking &#38; Finance</i>,
    <i>34</i>(12), 3061–3077. <a href="https://doi.org/10.1016/j.jbankfin.2010.07.012">https://doi.org/10.1016/j.jbankfin.2010.07.012</a>'
  bibtex: '@article{Uhde_Michalak_2010, title={Securitization and systematic risk
    in European banking: Empirical evidence}, volume={34}, DOI={<a href="https://doi.org/10.1016/j.jbankfin.2010.07.012">https://doi.org/10.1016/j.jbankfin.2010.07.012</a>},
    number={12}, journal={Journal of Banking &#38; Finance}, author={Uhde, André and
    Michalak, Tobias C.}, year={2010}, pages={3061–3077} }'
  chicago: 'Uhde, André, and Tobias C. Michalak. “Securitization and Systematic Risk
    in European Banking: Empirical Evidence.” <i>Journal of Banking &#38; Finance</i>
    34, no. 12 (2010): 3061–77. <a href="https://doi.org/10.1016/j.jbankfin.2010.07.012">https://doi.org/10.1016/j.jbankfin.2010.07.012</a>.'
  ieee: 'A. Uhde and T. C. Michalak, “Securitization and systematic risk in European
    banking: Empirical evidence,” <i>Journal of Banking &#38; Finance</i>, vol. 34,
    no. 12, pp. 3061–3077, 2010, doi: <a href="https://doi.org/10.1016/j.jbankfin.2010.07.012">https://doi.org/10.1016/j.jbankfin.2010.07.012</a>.'
  mla: 'Uhde, André, and Tobias C. Michalak. “Securitization and Systematic Risk in
    European Banking: Empirical Evidence.” <i>Journal of Banking &#38; Finance</i>,
    vol. 34, no. 12, 2010, pp. 3061–77, doi:<a href="https://doi.org/10.1016/j.jbankfin.2010.07.012">https://doi.org/10.1016/j.jbankfin.2010.07.012</a>.'
  short: A. Uhde, T.C. Michalak, Journal of Banking &#38; Finance 34 (2010) 3061–3077.
date_created: 2018-09-14T12:48:35Z
date_updated: 2023-01-10T09:35:58Z
department:
- _id: '186'
- _id: '188'
doi: https://doi.org/10.1016/j.jbankfin.2010.07.012
extern: '1'
intvolume: '        34'
issue: '12'
jel:
- G14
- G21
- G28
- G32
keyword:
- Credit risk transfer
- Securitization
- Systematic risk
- Event study
language:
- iso: eng
page: 3061-3077
publication: Journal of Banking & Finance
status: public
title: 'Securitization and systematic risk in European banking: Empirical evidence'
type: journal_article
user_id: '21810'
volume: 34
year: '2010'
...