1,049 research outputs found
Taxing banks : an evaluation of the German bank levy
No full textBank distress can have severe negative consequences for the stability of the financial system. Regimes for the restructuring and resolution of banks, financed by bank levies, aim at reducing these costs. This paper evaluates the German bank levy, which has been implemented since 2011. Our analysis offers three main insights. First, revenues raised through the levy were lower than expected. Second, the bulk of the payments were contributed by large commercial banks and by the central institutions of savings banks and credit unions. Third, for those banks, which were affected by the levy, we find evidence for a reduction in lending and higher deposit rates. (C) 2016 Elsevier B.V. All rights reserved.Is based on author's (TONZER, Lena) EUI PhD thesis, 201
Thou shalt not bear false witness against your customers: Cultural norms and the Volkswagen scandal
No full textThis paper investigates whether cultural norms shaped by religion drive consumer decisions after a corporate scandal. We exploit the unexpected notice of violation by the US Environmental Protection Agency in September 2015, accusing the car producer Volkswagen (VW) to have used software to manipulate car emission values during test phases. Using a difference-in-difference model, we show that new registrations of VW (diesel) cars decline significantly in German counties with a high share of Protestants following the VW scandal. Our results suggest that the enforcement culture rooted in Protestantism affects consumer decisions and penalises corporate fraud.A revised version of this paper has been published as Hasan, Iftekhar; Noth, Felix; Tonzer, Lena: Cultural Norms and Corporate Fraud: Evidence from the Volkswagen Scandal. IWH Discussion Paper 24/2020. Halle (Saale) 2020: http://hdl.handle.net/10419/22648
Lena Retamoso folio
No full textA folio of poetry by Lena Retamoso, appearing in the Spanish original and in English translation by the author, James Joseph Shay III, and Bruno Soria
Completing the European Banking Union : capital cost consequences for credit providers and corporate borrowers
No full textFunding: Lena Tonzer has benefited from funding by the European Social Fund (ESF).The bank recovery and resolution directive (BRRD) regulates the bail-in hierarchy to resolve distressed banks in the European Union (EU). Using the staggered BRRD implementation across 15 member states, we identify banks’ capital cost responses and subsequent pass-through to borrowers towards surprise elements due to national transposition details. Average bank capital costs increase heterogeneously across countries with strongest funding cost hikes observed for banks located in GIIPS and non-EMU countries. Only banks in core E(M)U countries that exhibit higher funding costs increase credit spreads for corporate borrowers and contract credit supply. Tighter credit conditions are only passed on to more levered and less profitable firms. On balance, the national implementation of BRRD appears to have strengthened financial system resilience without a pervasive hike in borrowing costs.Peer reviewe
Firm subsidies, financial intermediation, and bank risk
No full textWe study whether government subsidies can stimulate bank funding of marginal investment projects and the associated effect on financial stability. We do so by exploiting granular project-level information for the largest regional economic development programme in Germany since 1997: the Improvement of Regional Eco-nomic Structures programme (GRW). By combining the universe of subsidised firms to virtually all German local banks over the period 1998-2019, we test whether this large-scale transfer programme destabilised regional credit markets. Because GRW subsidies to firms are destabilised at the EU level, we can use it as an exogenous shock to identify bank responses. On average, firm subsidies do not affect bank lending, but reduce banks' distance to default. Average effects conflate important bank-level heterogeneity though. Conditional on various bank traits, we show that well capita-lised banks with more industry experience expand lending when being exposed to subsidised firms without exhibiting more risky financial profiles. Our results thus indicate that stable banks can act as an important facilitator of regional economic development policies. Against the backdrop of pervasive transfer payments to mitigate Covid-19 losses and in light of far-reaching transformation policies requiredto green the economy, our study bears important implications as to whether and which banks to incorporate into the design of transfer programmes.A completely revised version of this paper has been published as Kazakov, Aleksandr; Koetter, Michael; Titze, Mirko; Tonzer, Lena: Firm Subsidies, Financial Intermediation, and Bank Stability. IWH Discussion Papers 24/2022. Halle (Saale) 2022
Interpretation and performance of three orchestral compositions by Gabriela Lena Frank: Escaramuza, Elegia Andian, and Three Latin American Dances
No full textThis work presents interpretative and performance suggestions for three of Gabriela Lena Frank’s orchestral works: Escaramuza (2010), Elegia Andina (2000), and Three Latin American Dances (2004). Frank’s compositions frequently include programmatic elements that reference other well-known compositions, and she incorporates melodies, rhythms, timbres, instrumentation, and performance techniques characteristic of her Peruvian cultural heritage. Examples of these elements are presented from a lecture recital format to demonstrate how performance practice and conducting decisions—in rehearsal and performance—can be utilized to honor the composer’s expressed intent and overcome various technical ensemble and conducting challenges. An overview of the cultural contextual elements includes Harawi and Kachampa dance structures. The author also suggests methods for presenting elements that affect the timbre and instrumental scoring specific to each work, for example the Andean Zampoña. This research provides performers with a resource to deepen their score study, and seeks to inspire more people to perform the music of Gabriela Lena Frank.D. A
Enzyme-catalyzed polyester synthesis
No full textAuthor Lena Graf BScMasterarbeit Universität Linz 202
Enzyme-catalyzed polyester synthesis
No full textAuthor Lena Graf BScMasterarbeit Universität Linz 202
Cladal Divergence in Fungal Ophiognomonia (Gnomoniaceae, Diaporthales) Shows Evidence of Climatic Niche Vicariance
No full textWe used the globally widespread genus Ophiognomonia as a model system to investigate climatic niche patterns in fungi, characterizing the climatic profiles of 28 species with seven temperature and seven precipitation variables. Using a novel version of Spatial Evolutionary and Ecological Vicariance Analysis (SEEVA), designed to deal with continuous and correlated variables, we examined well-sampled phyletic splits of a multi-gene phylogeny. We evaluated the degree to which phyletic divergence has been associated with climatic niche divergence between sister lineages, permitting elucidation of climatic associations in evolutionary context. From the 14 inter-correlated climatic variables, we extracted four principal axes, accounting for 93.2% of the climatic variation, with axes broadly labeled as: polarity, tropicality, winter mildness, and aridity. We also analyzed the two single variables maximum monthly temperature and precipitation. We detected climatic associations that were compatible with both niche-conservatism and niche-divergence within the phylogeny, and different cladistic bifurcations associated with different climatic splits. As might have been anticipated, geographic separation (or lack thereof) of phylogenetic splits was correlated with climate niche divergence (or conservation). This elaborated SEEVA method provides a visual and statistically solid basis for characterizing climatic niche divergence that should prove useful for elucidation of many other taxonomic groups.Peer reviewe
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