Academic articles
Practitioner articles
Working papers
Books
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Subject(s)
Finance, accounting and corporate governance
Keyword(s)
Government guarantees, exits, risk taking, franchise value, financial crisis, loans
JEL Code(s)
G20, G21, G28
This paper analyzes the effect of the removal of government guarantees on bank risk taking. We exploit the removal of guarantees for German Landesbanken which results in lower credit ratings, higher funding costs, and a loss in franchise value. This removal was announced in 2001, but Landesbanken were allowed to issue guaranteed bonds until 2005. We find that Landesbanken lend to riskier borrowers after 2001. This effect is most pronounced for Landesbanken with the highest expected decrease in franchise value. Landesbanken also significantly increased their off-balance sheet exposure to the global ABCP market. Our results provide implications for the debate on how to remove guarantees.
View all ESMT Working Papers in the ESMT Working Paper Series here. ESMT Working Papers are also available via SSRN, RePEc, EconStor, and the German National Library (DNB).
Pages
55
ISSN (Print)
1866–3494
Subject(s)
Ethics and social responsibility
Subject(s)
Marketing
Keyword(s)
Marketing, strategy, positioning, branding, heritage, tradition, family business, entrepreneurship, succession planning, consumer, Berlin, food
Secondary Title
Managing change
Edition
6th ed.,
Pages
301–302
ISBN
978-0-273-77896-7
Subject(s)
Ethics and social responsibility; Strategy and general management
Keyword(s)
Electricity supply industry, innovation, research, sustainability, productivity, ranking, R&D, climate performance, renewables, security of supply, patents, investment activities, transformation leaders, research leaders, dissemination leaders, hesitants, CEZ, Electricité de France (EDF), GDF-Suez, E.ON, RWE, Enel, Dong, Fortum, Statkraft Vattenfall, Iberdrola, Energias de Portugal (EDP), Axpo, Scottish and Southern Energy (SSE)
The ESMT innovation index 2012 – Electricity supply industry measures innovation activities of 16 major European utilities. In addition to expenses on research and development (R&D), patents and research areas, it also takes indicators for process innovation into account, in particular the utilities’ performance regarding productivity and sustainability.
Pages
32
ISSN (Print)
1866–4024
Subject(s)
Economics, politics and business environment; Finance, accounting and corporate governance
Subject(s)
Ethics and social responsibility
Secondary Title
Strategy to leverage CSR for competitive advantage
Pages
34–41
Subject(s)
Finance, accounting and corporate governance
Keyword(s)
AQR, stress tests, banking union, bail-out
JEL Code(s)
G01, G21, G28, G14, G15, F3
Subject(s)
Economics, politics and business environment
Keyword(s)
Labor contracts, incentives, behavioral economics, plantations
JEL Code(s)
D23, J33, L25
ISSN (Print)
0898-2937
Subject(s)
Human resources management/organizational behavior
Keyword(s)
Boards, crisis, diversity
A quarterly chat around the conference table between the chair and the old boy’s network (i.e., board members) no longer suffices, especially given market and stakeholder expectations, not to mention increasing efforts at mandating board diversity. So, what does the boardroom of the future look like? What are the challenges and strategies for effective functioning in that changing context? This symposium addresses what is actually happening in the current practice of board functioning as well as the state of current research, and seeks to build a picture of the functioning of boards of the future. Our panelists are seasoned academics, consultants and practitioners, and represent multiple perspectives on and experiences with boards across the US and Europe (and beyond) and will engage the audience—and each other—in a lively debate and discussion.
With permission of the Academy of Management
Volume
2014
ISSN (Online)
2151-6561
ISSN (Print)
0065-0668