388 research outputs found
Loan supply in Germany during the financial crisis
No full textDistinguishing pure supply effects from other determinants of price and quantity in the market for loans is a notoriously difficult problem. Using German data, we employ Bayesian vector autoregressive models with sign restrictions on the impulse response functions in order to enquire the role of loan supply and monetary policy shocks for the dynamics of loans to non-financial corporations. For the three quarters following the Lehman collapse, we find very strong negative loan supply shocks, while monetary policy was essentially neutral. Nevertheless, the historical decomposition shows a cumulated negative impact of loan supply shocks and monetary policy shocks on loans to non-financial corporations, due to the lagged effects of past loan supply and monetary policy shocks. However, these negative effects on loans to non-financial corporations are overcompensated by positive other shocks, which implies that loans developed more favorably than implied by the model, over the past few quarters. --Loan supply,Bayesian VAR,sign restrictions
Trend and cycle features in German residential investment before and after reunification
No full textReal residential investment in Germany is found to be cointegrated with population, real national income per capita and real house prices. This evidence is consistent with a model where the trend in housing demand is determined by demographic factors and economic well-being to which supply adjusts so slowly that real house prices are affected persistently. Reunification seems to have induced two structural changes in the empirical housing market model. First, the speed of equilibrium adjustment via residential investment slowed down substantially and real house prices lost the capacity to contribute to the adjustment process. Second, the degree of persistence in the error correction term increased a lot. The changing features are key to explain significant differences in alternative trend-cycle decompositions of residential investment. --Residential investment,vector autoregression,trend-cycle decomposition,Germany
Performance and regulatory effects of non-compliant loans in German synthetic mortgage-backed securities transactions
No full textOver the term of a securitization transaction, the concept of non-compliance allows a securitizing bank to classify a securitized loan as materially non-compliant with certain transaction requirements. Such a loan becomes unqualified for loss allocation. Therefore, non-compliant loans can directly affect transaction performance and the extent of risk transfer achieved with the transaction. The concept of non-compliance is incorporated in many securitizations independent of the underlying assets or structure. In Germany, there are currently no specific regulations regarding this concept. However, a bank can use discretion when classifying a loan as non-compliant and could thus report non-compliant loans strategically. This hypothesis is tested and confirmed based on a unique data set. --Non-compliance,risk transfer,securitization
Will the imaginary active consumers please stand up? Case note to Walbusch Walter Busch (C-430/17)
No full textThis is the author accepted manuscript. The final version is available from SAGE Publications via the DOI in this recordThe questions posed to the Court of Justice of the EU in the recent case of Walbusch Walter Busch asked what qualifies as the means of communication with a limited space or time to display the information and how detailed the disclosure on the right of withdrawal needs to be on such a medium. The judgment in this case had to strike a balance between not limiting traders’ opportunities to use technological advances to reach consumers and one of the main objectives of consumer protection: ensuring consumers have a chance to make fully informed transactional decisions
Correction: Need for ICU and outcome of critically ill patients with COVID-19 and haematological malignancies: results from the EPICOVIDEHA survey (Infection, (2024), 52, 3, (1125-1141), 10.1007/s15010-023-02169-7)
No full textAcknowledgements Members of the EPICOVIDEHA registry: Joseph Meletiadis, Florian Reizine, Jan Novák, Summiya Nizamuddin, Roberta Di Blasi, Alexandra Serris, Pavel Jindra, Sylvain Lamure, François Danion, Maria Chiara Tisi, Mario Virgilio Papa, Nurettin Erben, ľuboš DrgoňA, Nathan C. Bahr, Murtadha Al-Khabori, Ayten Shirinova, Jörg Schubert, Lisset Lorenzo De La Peña, José-Ángel Hernández-Rivas, Elena Busch, Josip Batinić, Giuseppe Sapienza, Mohammad Reza Salehi, Reham Abdelaziz Khedr, Nina Khanna, Baerbel Hoell-Neugebauer, Ana Groh, Eleni Gavriilaki, Rita Fazzi, Rémy Duléry, Roberta Della Pepa, Mario Delia, Nicola Coppola, Maria Calbacho, Darko Antić, Hossein Zarrinfer, Ayel Yahia, Vivien Wai-Man, Ana Torres-TIenza, Alina Daniela Tanasa, Andrés Soto-Silva, Laura Serrano, Enrico Schalk, Ikhwan Rinaldi, Gaëtan Plantefeve, Monica Piedimonte, Maria Enza Mitra, Carolina Miranda-Castillo, Jorge Loureiro-Amigo, Ira Lacej, Martin Kolditz, María-Josefa Jiménez-Lorenzo, Guillemette Fouquet, Omar-Francisco Coronel-Ayala, Mathias Brehon, Panagiotis Tsirigotis, Anastasia Antoniadou, Gina Varricchio, Maria Vehreschild, Agostino Tafuri, José-María Ribera-Santa Susana, Joyce Marques De Almeida, María Fernández-Galán, Avinash Aujayeb, Athanasios Tragiannidis, Malgorzata Mikulska, Sein Win, Elizabeth De Kort, Hans-Beier Ommen, Donald C. Vinh, Hans Martin Orth, Sandra Malak, Przemyslaw Zdziarski, Modar Saleh, Chi Shan Kho, Fabio Guolo, M. Mansour Ceesay, Christopher H. Heath, Sergey Gerasymchuk, Monica Fung, Maximilian Desole, Erik De Cabo, Tania Cushion, Fazle Rabbi Chowdhury, Louis Yi Ann Chai, Fevzi Altuntaş, Charlotte Flasshove. The original article has been updated
Systematic risk of CDOs and CDO arbitrage
No full text“Arbitrage CDOs” have recorded an explosive growth during the years before the outbreak of the financial crisis. In the present paper we discuss potential sources of such arbitrage opportunities, in particular arbitrage gains due to mispricing. For this purpose we examine the risk profiles of Collateralized Debt Obligations (CDOs) in some detail. The analyses reveal significant differences in the risk profile between CDO tranches and corporate bonds, in particular concerning the considerably increased sensitivity to systematic risks. This has farreaching consequences for risk management, pricing and regulatory capital requirements. A simple analytical valuation model based on the CAPM and the single-factor Merton model is used in order to keep the model framework simple. Then, the conditional expected loss curve (EL profile) is studied in some detail. In the next step, the asset correlation associated with a CDO tranche is estimated treating the structured instrument as a single-name credit instrument (i.e., a loan equivalent). While tractable, the loan-equivalent approach requires appropriate parameterization to achieve a reasonable approximation of the tranche´s risk profile. We consider the tranche as a “virtual” borrower or bond for which a single-factor model holds. Then, the correlation parameter is calculated via a non-linear optimization. This “bond representation” allows to approximate the risk profile (expressed by the EL profile) using a single-factor model and to express the dependence on the systematic risk factor via the corresponding asset correlation. It turns out that the resulting asset correlation is many times higher than that of straight bonds. Then, the Merton type valuation model for the corresponding bond representations is applied for valuation of the CDO tranches. Using a sample CDO portfolio, some opportunities for “CDO arbitrage” are described where it is assumed that investors are guided solely by the tranches’ rating and ignore the increased systematic risk for pricing. In the next section we discuss how tranches with high systematic risk can be generated and how CDO arrangers can exploit this to their advantage. It comes as no surprise that precisely these types of structures featured in many of the CDOs issued prior to the outbreak of the financial crisis. --Collateralized debt obligations (CDO),arbitrage CDOs,credit rating,expected loss profile,bond representation,systematic risk of CDO tranches,CDO pricing
Testing lateral resolution and field of view in imaging and small area analysis: reference materials and standardization
No full textThe certified reference material BAM-L200, a nanoscale stripe pattern for length calibration and specification of lateral resolution, is described. BAM-L200 is prepared from a cross-sectioned epitaxially grown layer stack of AlxGa1-xAs and InxGa1 xAs on a GaAs substrate. The surface of BAM-L200 provides a flat pattern with stripe widths ranging down to 1 nm. Calibration distances, grating periods and stripe widths have been certified by TEM with traceability to the length unit. The combination of gratings, isolated narrow stripes and sharp edges of wide stripes offers a plenty of options for the determination of lateral resolution, sharpness and calibration of length scale at selected settings of imaging surface analytical instruments. The feasibility of the reference material for an analysis of the lateral resolution is demonstrated in detail by evaluation of ToF-SIMS, AES and EDX images. Other applications developed in the community are summarized, too.
BAM-L200 fully supports the implementation of the revised International Standard ISO 18516 (in preparation) which is based on knowledge outlined in the Technical Report ISO/TR 19319:2013
Poetisches Tierleben
No full textThis little book, about 3 x 4, gives good testimony to the proximity of fable and joke. It is one of those little books that appear on counters of bookstores and used book shops. And so it appeared at Quadrat on my first afternoon in Mannheim on this trip. An illustration of a crow from Speckter/Hey is on the cover. As the T of C on 137-40 shows, there is a lovely mixture here of anecdote, joke, and fable. Illustrations are few; they include old woodcuts (e.g., 12) and simple designs (e.g., 62). There are also several advertisements for Bisolvomycin (e.g., 56), which claims to help people's breathing. Offerings range from Busch to Brecht, with Pfeffel, Gellert, and Rilke appearing along the way. Lessing's Der Tanzbär (35) is an example of a strong traditional fable. One Euro can still buy something worthwhile!Language note: Germa
Palmbaum Texte, Kulturgeschichte #26
No full textMy mouth waters to see the authors and subjects contained in this report of the second international Menantes-Konferenz in Wandersleben in June of 2009. In the first of four sections, Reinhard Dithmar, Michael Schilling, and Jan Mohr write on fable tradition; their treatments touch, respectively, on theology, on Steinhöwel, and on Waldis. Four papers follow on fable theory: Andreas Seidler, Katja Barthel, Peter Hasubek, and Gisbert Ter-Nedden. Gellert, Lichtwer, and Lessing all get attention in this section. The third section on European fable touches on Samaniego, Iriarte, and Krasicki and on fables in Hungary and the Netherlands. The final section on fable perspectives addresses Wilhelm Busch, Lessing, and Max Ernst. As the beginning T of C points out, there are introductory comments by Bernd Kramer and Dirk Rose. There are occasional black-and-white illustrations. I look forward to the rainy day when I can sit down with this book!Language note: German1. AuflageHerausgegeben von Dirk Ros
Genetic Polymorphisms as Risk Stratification Tool in Primary Preventive ICD Therapy
No full textMore and more implantable cardioverter-defibrillators (ICDs) are implanted as primary prevention of sudden cardiac death (SCD). However, major problem in practice is to identify high-risk patients for SCD. Different methods for noninvasive risk stratification do not have a sufficient positive or negative predictive value. Since current approaches lead to implantation of ICDs in a large number of patients who will never suffer an arrhythmic event and simultaneously patients still die of SCD who currently did not seem eligible for primary preventive ICD implantation, there is a need for additional tools for risk stratification.
Epidemiological studies point to a hereditary risk of SCD. Different susceptibility of each person concerning arrhythmogenic events might be explained by genetic polymorphisms. By obtaining an individual “pattern” of polymorphisms of genes encoding for proteins which are important in arrhythmogenesis in one patient, risk stratification in primary prevention of SCD might by improved.</jats:p
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