@book{3378, abstract = {{Nach der Finanzkrise sind die Modellwelten der Finanzierungstheorie, vor allem diejenigen, die auf vollkommenen Märkten spielen, nicht mehr zeitgemäß. Heute muss die Lehre zu Theorie und Praxis der Finanzierungspolitik beide Sphären miteinander verbinden - wie es das Konzept dieses neuen Lehrbuchs verfolgt: Aus der strategischen Sicht des Finanzleiters werden die zentralen Themen der unternehmerischen Finanzierungspolitik aufgezeigt: Investitionsrechnung, Nutzung von Finanzmärkten, -intermediären und -instrumenten, Finanzielles Risikomanagement, Finanzkommunikation, Gestaltung von Unternehmensstruktur und -kontrolle. Mit vielen Anwendungsbeispielen und Einblicken in die Praxis.}}, author = {{Paul, Stephan and Horsch, Andreas and Kaltofen, Daniel and Uhde, André and Weiß, Gregor}}, isbn = {{ 978-3-7910-3086-9}}, keywords = {{Investitionsrechnung, finanzielles Risikomanagement, Finanzkommunikation}}, pages = {{760}}, publisher = {{Schäffer Poeschel}}, title = {{{Unternehmerische Finanzierungspolitik}}}, volume = {{1}}, year = {{2017}}, } @techreport{5171, abstract = {{Employing a unique and hand-collected sample of 648 true sale loan securitization transactions issued by 57 stock-listed banks across the EU-12 plus Switzerland over the period from 1997 to 2010, this paper empirically analyzes the relationship between true sale loan securitization and the issuing banks' non-performing loan to total assets ratios (NPLRs). We provide evidence for an NPLR-reducing effect during the boom phase of securitizations in Europe suggesting that banks in our sample may (partly) securitize NPLs as the most risky junior tranche and do not (fully) retain NPLs as a reputation and quality signal towards less informed investors in imperfect capital markets. In contrast, we fi nd the reverse effect during the crises period in Europe indicating that issuing banks provided credit enhancement and demonstrated `skin in the game'. Our baseline result remains robust when controlling for endogeneity concerns and a potential persistence in the time series of the NPL data. Moreover, results from a variety of sensitivity analysis reveal that the NPLR-reducing effect is stronger for opaque securitization transactions, for issuing banks exhibiting higher average levels of NPLRs and for banks operating from non-PIIGS countries. In addition, a reduction of NPLRs through securitization is observed for issued collateralized debt obligations, residential mortgage-backed securities, consumer and other unspeci ed loans as well as for non-frequently issuing, systemically less important and worse-rated banks. Our analysis offers essential insights into the loan risk allocation process through securitization and provides important implications for the vital debate on reducing NPL exposures and the process of revitalizing and regulating the European securitization market.}}, author = {{Uhde, André and Wengerek, Sascha Tobias}}, keywords = {{European Banking, Non-performing Loans, Risk Allocation, Securitization}}, title = {{{The relationship between credit risk transfer and non-performing loans. Evidence from European banks}}}, year = {{2017}}, } @article{3376, abstract = {{Employing compensation data provided by 63 banks from 16 European countries for the period from 2000 to 2010 this paper empirically investigates the impact of excess variable compensation on bank risk. As a main finding, we provide evidence for a risk-increasing impact of excess variable pay for both executive variable cash-based and variable equity-based compensation. This baseline finding holds under various robustness checks, in particular when controlling for likely reverse causality between bank risk and variable compensation by employing Granger-causality tests and instrumental variable regressions. In addition, results from a large number of sensitivity analyses including board and banking characteristics as well as the financial crisis period and the quality of a country's regulatory framework provide further important implications for banking regulators and politicians in Europe.}}, author = {{Uhde, André}}, journal = {{The Quarterly Review of Economics and Finance}}, keywords = {{Banking, Executive compensation, Risk-taking, Financial stability}}, number = {{5}}, pages = {{12--28}}, publisher = {{Elsevier}}, title = {{{Risk-taking incentives through excess variable compensation: Evidence from European banks}}}, doi = {{https://doi.org/10.1016/j.qref.2015.11.009}}, volume = {{60}}, year = {{2016}}, } @article{4396, abstract = {{Analyzing 75 securitizing and non-securitizing stock-listed banks in the EU-13 plus Switzerland over the period from 1997 to 2010, this paper provides empirical evidence that loan securitization in Europe is a composite decision based on bank-specific as well as market- and country-specific determinants. In addition, we find that these determinants remarkably change when separately investigating securitization transactions during the pre-crisis and crisis period. Moreover, results from several subsample regressions reveal that determinants of loan securitizations in Europe depend on the transaction type, the underlying asset portfolio and the regulatory and institutional environment under which banks operate.}}, author = {{Farruggio, Christian and Uhde, André}}, journal = {{Journal of Banking and Finance}}, keywords = {{Securitization, Determinants, European banking}}, pages = {{12--27}}, title = {{{Determinants of loan securitization in European banking}}}, doi = {{10.1016/j.jbankfin.2015.01.015 }}, volume = {{56}}, year = {{2015}}, } @article{4398, abstract = {{Employing a Hausman–Taylor instrument variable (HT–IV) estimator to data from 558 microfinance institutions (MFIs) in 80 developing countries for the period from 2002 to 2007, this paper provides empirical evidence for a positive impact of a country's external governance quality and outcome on local microbanks' economic success in terms of profitability and sustainability. Evidence as well suggests a negative relationship between external governance and the microbanks' social success measured by the depth of outreach. In this context, our analysis reveals that a country's political stability, governance effectiveness, regulatory quality and rule of law are significant key elements of external governance affecting the MFIs' functional performance. Moreover, results from sensitivity analyses indicate that the relationship between external governance quality and microfinance functional performance significantly depends on the microbanks' business concepts, their lending methodologies and sources of funding.}}, author = {{Uhde, André and Müller, Oliver}}, issn = {{1752-0487}}, journal = {{ International Journal of Monetary Economics and Finance }}, keywords = {{microfinance, external governance, economic success, social success, developing countries, profitability, sustainability, microbanks, outreach, political stability, governance effectiveness, regulatory quality, rule of law, governance quality, lending methodologies, funding sources}}, number = {{2/3}}, pages = {{116--149}}, title = {{{External governance outcome and microfinance success}}}, doi = {{https://doi.org/10.1504/IJMEF.2013.056394}}, volume = {{6}}, year = {{2013}}, } @article{4397, abstract = {{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 = {{Farruggio, Christian and Michalak, Tobias C. and Uhde, André}}, journal = {{Journal of Banking and Finance}}, keywords = {{Financial crisis, TARP, Market efficiency, Event study}}, number = {{5}}, pages = {{2586--2604}}, title = {{{The light and dark side of TARP}}}, doi = {{10.1016/j.jbankfin.2013.02.020}}, volume = {{32}}, year = {{2013}}, } @article{4399, abstract = {{Using a unique sample of 749 cash and synthetic securitization transactions issued by 60 stock-listed bank holdings in the EU-13 plus Switzerland over the period from 1997 to 2007 this paper provides empirical evidence that credit risk securitization has a negative impact on the issuing banks’ financial soundness. Baseline findings hold even when controlling for likely reverse causality by employing instrumental variable techniques and substituting the accounting-based z-score ratio by market-based indicators of bank risk. Moreover, investigating the relationship between credit risk securitization and single z-score components in order to evaluate significant transmission channels proposed by relevant theoretical literature, we find a negative impact of securitization on bank profitability and capital environment as well as a positive relationship between securitization and the issuing bank's return volatility. Against the background of our empirical results we underline that the decision by the Basel Committee to enhance the new Basel III framework in the field of securitization is a step in the right direction.}}, author = {{Michalak, Tobias C. and Uhde, André}}, journal = {{Quarterly Review of Economics and Finance}}, keywords = {{Credit risk securitization Bank soundness European banking}}, number = {{3}}, pages = {{272--285}}, title = {{{ Credit risk securitization and bank soundness: Evidence from the microlevel for Europe}}}, doi = {{https://doi.org/10.1016/j.qref.2012.04.008}}, volume = {{52}}, year = {{2012}}, } @article{4401, abstract = {{Employing data on foreign bank claims from 13 OECD countries on 51 emerging markets between 1993 and 2007, this study investigates specific characteristics of OECD banking markets and lending banks as new important determinants of cross-border lending. We initially provide empirical evidence that in addition to well-accepted “gravity measures”, characteristics of OECD banking markets as well as lending banks’ attributes may describe further important determinants of cross-border bank lending with regard to our sample. Building subsamples of more-developed emerging markets vs. frontier markets, addressing (non) common lender relationships and analyzing cross border lending flows during different time periods, our analysis additionally reveals that both the determinants’ explanatory power and their direction of impact notably vary with respective subsamples.}}, author = {{Müller, Oliver and Uhde, André}}, journal = {{Journal of International Financial Markets, Institutions & Money}}, keywords = {{Foreign bank claims, Gravity measures, OECD banking markets’ characteristics, Lending banks’ characteristics}}, pages = {{136--162}}, title = {{{Cross-border bank lending - Empirical evidence on further determinants from OECD banking markets}}}, doi = {{DOI: 10.1016/j.intfin.2012.09.004 }}, volume = {{23}}, year = {{2012}}, } @article{4403, abstract = {{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 = {{Farruggio, Christian and Michalak, Tobias C. and Uhde, André}}, journal = {{Journal of Business Finance and Accounting}}, keywords = {{wealth effects, credit risk securitization, Europe, event study}}, number = {{1&2}}, pages = {{193--228}}, title = {{{Wealth effects of credit risk securitization in European Banking}}}, doi = {{https://doi.org/10.1111/j.1468-5957.2012.02273.x}}, volume = {{39}}, year = {{2012}}, } @article{4402, abstract = {{This contribution presents and discusses main results of a new survey on the assessment of supervisory quality among German banks in 2010. In particular, it is analyzed if and how supervised banks’ perception of the quality of supervisory authorities and their instruments has changed due to the financial crisis starting in mid-2007. Subsequently, results from the recent survey are compared with findings provided by a former study carried out by the authors in 2006 (Paul, Stein and Uhde, 2008). }}, author = {{Paul, Stephan and Stein, Stefan and Uhde, André}}, journal = {{Journal of Governance and Regulation}}, keywords = {{banking supervision, quality, assessment, banking sector}}, number = {{3}}, pages = {{96--109}}, title = {{{Measuring the quality of banking supervision revisited - Assessments by German banks before and during the financial crisis}}}, doi = {{http://dx.doi.org/10.2139/ssrn.1946120 }}, volume = {{1}}, year = {{2012}}, } @techreport{36015, abstract = {{Employing time series of single-name CDS market spreads from 29 European banks located in the EU-12 plus Switzerland and the UK over the period from January 2004 through September 2010 this paper analyses the relationship between increasing sovereign risk and bank-specific CDS pricing. Results from calculating relative CDS spread deviations (model minus market spreads) initially reveal a price bubble in the European CDS market until the beginning of the financial crisis in mid-2007. From this point in time the gap narrows remarkably during the financial crisis and sovereign debt crisis period. Corresponding to these findings, the empirical analysis reveals a negative impact of sovereign risk on calculated CDS spread differentials indicating a spill-over effect between sovereign risk and bank risk and hence, a positive effect on bank-specific CDS pricing. Further analyses reveal that the perception of sovereign risk is not crisis- but country-dependent suggesting that bank-specific CDS market spreads may already include a premium to cover sovereign risk from PIIGS countries during the pre-crisis period in Europe. }}, author = {{Meine, Christian and Michalak, Tobias C. and Uhde, André}}, keywords = {{Sovereign risk, Structural credit risk models, bank-specific CDS pricing}}, publisher = {{Paderborn University}}, title = {{{Sovereign Risk and Bank-Specific CDS Pricing}}}, year = {{2012}}, } @techreport{34909, abstract = {{Employing time series of single-name CDS market spreads from 29 European banks located in the EU-12 plus Switzerland and the UK over the period from January 2004 through September 2010 this paper analyses the relationship between increasing sovereign risk and bank-specific CDS pricing. Results from calculating relative CDS spread deviations (model minus market spreads) initially reveal a price bubble in the European CDS market until the beginning of the financial crisis in mid-2007. From this point in time the gap narrows remarkably during the financial crisis and sovereign debt crisis period. Corresponding to these findings, the empirical analysis reveals a negative impact of sovereign risk on calculated CDS spread differentials indicating a spill-over effect between sovereign risk and bank risk and hence, a positive effect on bank-specific CDS pricing. Further analyses reveal that the perception of sovereign risk is not crisis- but country-dependent suggesting that bank-specific CDS market spreads may already include a premium to cover sovereign risk from PIIGS countries during the pre-crisis period in Europe.}}, author = {{Uhde, André and Michalak, Tobias and Meine, Christian}}, title = {{{Sovereign risk and bank-specific CDS pricing}}}, year = {{2012}}, } @inbook{5173, abstract = {{Im Zuge der in den USA durch die exzessive Vergabe von Subprime-Krediten und deren Verbriefung ausgelöste Finanzkrise und der daraus folgenden weltweiten Wirtschaftskrise hat sich gezeigt, dass das bisherige System der Regulierung bzw. Überwachung von Finanzinstitutionen nicht ausreichend ist. Sowohl in den USA als auch in der Europäischen Union wird deshalb intensiv über ein neues System zur Regulierung von Finanzinstituten nachgedacht. Es ist zwar offen-sichtlich, dass eine wesentliche Ursache der Finanzkrise in den USA die Ermunterung der Finanzinstitute durch den Staat zur Vergabe von Immobilienkrediten an nicht ausreichend solvente Konsumenten war. Die vorhandenen Regulierungsinstrumente konnten die Krise jedoch nicht verhindern bzw. ausreichen abmildern. Das vorliegende Papier setzt sich zum Ziel, die Vorschläge zur Reform der Bankenregulierung zu evaluieren und insbesondere auf ihre potenziellen Wirkungen im Hinblick auf den Wettbewerb im Bankensektor zu überprüfen. Im Zuge der Diskussion über mögliche Lösungen existieren verschiedenste Vorschläge, die von Änderungen in Rechnungslegungsvorschriften über die Neuordnung der nationalen bzw. internationalen Finanzaufsicht bis hin zu einer stärkeren Berücksichtigung systemischer Risiken gehen. Die Auswirkungen der Finanzkrise haben gezeigt, dass die Abkehr von herkömmlichen Rechnungslegungssystemen hin zu Regeln der internationalen Rechnungslegung unter dem Schlagwort „Fair Value Accounting“ durchaus Gefahren in sich bergen kann. Die Debatte dreht sich insbesondere um die Frage, ob die neuen Rechnungslegungsvorschriften maßgeblich dazu beitragen, das regulatorische Eigenkapital einer Bank in Boomphasen zu erhöhen und in konjunkturellen Schwächephasen dagegen zu senken. In der Literatur ist in Hinblick auf diese Frage bislang keine einhellige Auffassung zu identifizieren. Pellens et al. (2009) gelangen zu dem Ergebnis, dass bankenaufsichtsrechtliche Normen an das IFRS-Zahlenwerk gebunden sind und dies für regulatorische Entscheidungen als besonders kritisch zu sehen ist. Durch das Konzept des Fair-Value-Accounting wurde das regulatorische Eigenkapital im Zeitraum von 2003 bis 2007 systematisch erhöht, woraus ein gestiegener Kreditvergabespielraum resultierte. Demgegenüber kommen Laux und Leuz (2009) im Rahmen einer empirischen Studie anhand von Mikrodaten aus den USA zu dem Ergebnis, dass Fair-Value-Accounting nur zum geringen Teil zu den Problemen der US Banken beigetragen hat und es im Rahmen ihrer Studie keine Evidenz für wesentliche Effekte dieses Rechnungslegungsverfahrens auf die massiven Abschreibungen der US Banken gibt. Beide Studien betonen aber auch, dass weitere empirische Forschung notwendig ist, bevor diese Frage abschließend geklärt werden kann. Die Frage des adäquaten Rechnungslegungssystems zeigt, wie vielfältig die Ursachen der gegenwärtigen Finanzkrise sind und wie schwer tatsächliche kausale Effekte zu identifizieren sind. Im folgenden Abschnitt werden zunächst die ordnungspolitischen Rahmenbedingungen einer angemessenen Bankenregulierung dargestellt. Der dritte Abschnitt umfasst einen kurzen Überblick über den Verlauf der Finanzkrise. In Abschnitt 4 diskutieren wir die wesentlichen Vorschläge zur Optimierung der Regulierung von Finanzinstituten. Abschnitt 5 evaluiert diese Vorschläge auch aus einer wettbewerbsökonomischen Perspektive. Diese Perspektive ist aus unserer Sicht vor allen Dingen notwendig, weil eine großer Teil der Reformdebatte aus Sicht der Finanzmarktstabilität geführt wird und infolgedessen Wettbewerbseffekte vernachlässigt werden. Das Fazit in Abschnitt 6 fasst unsere Ergebnisse zusammen und gibt einen Ausblick auf weiteren Forschungsbedarf aus Sicht der Wettbewerbsökonomie.}}, author = {{Haucap, Justus and Heimeshoff, Ulrich and Uhde, André}}, booktitle = {{Die aktuelle Finanzkrise: Bestandsaufnahme und Lehren für die Zukunft, Schriften zur Ordnungsfragen der Wirtschaft}}, editor = {{Michler, Albrecht F. and Smeets, Heinz D.}}, isbn = {{978-3828205383}}, pages = {{185--208}}, publisher = {{De Gruyter Oldenbourg}}, title = {{{Zur Neuregulierung des Bankensektors nach der Finanzkrise: Bewertung der Reformvorhaben der EU aus ordnungspolitischer Sicht}}}, volume = {{93}}, year = {{2011}}, } @techreport{36021, abstract = {{Using a sample of stock-listed bank holding companies located in Western Europe over the period from 1997 to 2008 this paper provides empirical evidence that an increase in short-term interest rates as well as an extended period of expansionary monetary policy has a negative impact on European stock-listed banks’ soundness as measured by the Expected Default Frequency. Against this background and in order to evaluate interactions between the risk-taking channel of monetary policy and the competitiveness of a country’s banking market we find a negative impact of an increase in competition in the loan market – proxied by the Boone-indicator – on financial soundness. Referring to the structural-conduct performance (SCP) paradigm, this paper provides further evidence that an increase in concentration in the banking market spurs financial soundness. }}, author = {{Michalak, Tobias C. and Uhde, André}}, keywords = {{risk-taking channel, competition, concentration, bank soundness, European banking}}, publisher = {{Paderborn University}}, title = {{{The Nexus between Monetary Policy, Banking Market Structure and Bank Risk Taking}}}, year = {{2011}}, } @techreport{34914, author = {{Uhde, André and Haucap, Justus and Heimeshoff, Ulrich}}, title = {{{Ökonomische Möglichkeiten und Auswirkungen von Wettbewerb bei Zentralverwahrern für Bundeswertpapiere. Gutachten im Auftrag des Bundesministeriums für Finanzen (BMF). Gutachten fg 1/10 }}}, year = {{2011}}, } @techreport{34910, abstract = {{Using a sample of stock-listed bank holding companies located in Western Europe over the period from 1997 to 2008 this paper provides empirical evidence that an increase in short-term interest rates as well as an extended period of expansionary monetary policy has a negative impact on European stock-listed banks’ soundness as measured by the Expected Default Frequency. Against this background and in order to evaluate interactions between the risk-taking channel of monetary policy and the competitiveness of a country’s banking market we find a negative impact of an increase in competition in the loan market – proxied by the Boone-indicator – on financial soundness. Referring to the structural-conduct performance (SCP) paradigm, this paper provides further evidence that an increase in concentration in the banking market spurs financial soundness.}}, author = {{Uhde, André and Michalak, Tobias}}, title = {{{The nexus between monetary policy, banking market structures and bank risk-taking}}}, year = {{2011}}, } @article{4405, abstract = {{Die schwerste Finanz- und Wirtschaftskrise nach dem Zweiten Weltkrieg befindet sich nun schon in ihrem dritten Jahr und wird in weiten Teilen der Öffentlichkeit als Paradebeispiel für ein gravierendes Marktversagen eingestuft. Dies hat über die unmittelbaren staatlichen Rettungsmaßnahmen hinaus den Ruf nach "Mehr Staat in der Kreditwirtschaft!" verstärkt und vielfältige Vorschläge zur Ausweitung und Verschärfung der Beaufsichtigung der Banken hervorgerufen (zuletzt im September 2009 beim Finanzgipfel in Pittsburgh). Noch lässt sich nicht präzise genug abschätzen, welche staatlichen Hilfen für die Kreditwirtschaft erforderlich sein werden und welche Veränderungen in der Bankenregulierung noch vorgenommen werden müssen. Dennoch wird in diesem Beitrag der Versuch einer Skizze möglicher Auswirkungen auf die Wettbewerbssituation des europäischen und deutschen Bankenmarktes speziell im Retail-Segment unternommen. Um die durch die Finanzkrise hervorgerufenen Veränderungen einschätzen zu können, ist jedoch zunächst ein kurzer Blick auf die wichtigsten Etappen und Ergebnisse der europäischen Finanzmarktintegration erforderlich.}}, author = {{Paul, Stephan and Uhde, André}}, issn = {{0043-6275}}, journal = {{Wirtschaftsdienst}}, keywords = {{Finanz- und Wirtschaftskrise, Bankenmarkt}}, pages = {{26--34}}, publisher = {{Springer Verlag}}, title = {{{Einheitlicher europäischer Bankenmarkt? Eine Einschätzung der Wettbewerbssituation vor und nach der Finanzkrise}}}, doi = {{https://doi.org/10.1007/s10273-010-1031-7}}, volume = {{Heft 13}}, year = {{2010}}, } @article{4404, abstract = {{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 = {{Uhde, André and Michalak, Tobias C.}}, journal = {{Journal of Banking & Finance}}, keywords = {{Credit risk transfer, Securitization, Systematic risk, Event study}}, number = {{12}}, pages = {{3061--3077}}, title = {{{Securitization and systematic risk in European banking: Empirical evidence}}}, doi = {{https://doi.org/10.1016/j.jbankfin.2010.07.012}}, volume = {{34}}, year = {{2010}}, } @article{4406, abstract = {{Using aggregate balance sheet data from banks across the EU-25 over the period from 1997 to 2005 we provide empirical evidence that national banking market concentration has a negative impact on European banks’ financial soundness as measured by the Z-score technique while controlling for macroeconomic, bank-specific, regulatory, and institutional factors. Furthermore, our analysis reveals that Eastern European banking markets exhibiting a lower level of competitive pressure, fewer diversification opportunities and a higher fraction of government-owned banks are more prone to financial fragility whereas capital regulations have supported financial stability across the entire European Union.}}, author = {{Uhde, André and Heimeshoff, Ulrich}}, journal = {{Journal of Banking & Finance}}, keywords = {{Market structure, Financial stability, Banking regulation}}, number = {{7}}, pages = {{1299--1311}}, title = {{{Consolidation in banking and financial stability in Europe: Empirical evidence}}}, doi = {{https://doi.org/10.1016/j.jbankfin.2009.01.006}}, volume = {{33}}, year = {{2009}}, } @inbook{5177, abstract = {{Die Trennung von Netz und Betrieb steht nicht nur im Zentrum der politischen Debatte der Energiewirtschaft. Auch im Bahnsektor ist die Privatisierung mit oder ohne Netz ein heiß diskutiertes Thema. Und selbst in der Telekommunikation strebt die EU-Kommission eine weitgehende Entflechtung an. Der vorliegende Beitrag entwickelt anhand von ökonomischen Kriterien ein ideologiefreies Prüfschema, wann eine Entflechtung von Netz und Betrieb gesamtwirtschaftlich vorteilhaft ist und wann nicht. }}, author = {{Haucap, Justus and Heimeshoff, Ulrich and Uhde, André}}, booktitle = {{BDI-Bundesnetzagentur-Regulierungskonferenz 2008}}, pages = {{15--21}}, title = {{{Trennung von Netz und Betrieb als Königsweg? Pfadabhängigkeiten der Regulierung}}}, year = {{2008}}, }