Selected Publications

"Systemic Risk in an Interconnected Banking System with Endogenous Asset Markets" (with M. Bluhm),
forthcoming in Journal of Financial Stability

"Hold-up in multiple banking: evidence from SME lending" (with A. Brunner),
International Journal of Banking, Accounting and Finance, 5 (2013), pp.79-101.

"Subjective evaluation of delayed risky outcomes for buying and selling positions: the behavioral approach" (with U. Benzion, T. Shavit),
Annals of Finance 7 (2011), 247-265.

"An introduction to liquidity and crisis",
(chapter 1) in "Liquidity and Crises", edited by Franklin Allen, Elena Carletti, Marcel Tyrell and J.P.Krahnen, Oxford University Press 2010.

"Instabile Finanzmärkte"
(with Günter Franke),
Perspektiven der Wirtschaftspolitik 10, 2009, S. 335-366

"The future of securitization" (with Günter Franke),
in: Prudent lending restored: Securitization after the mortgage meltdown, 2009 (Eds. Fuchita Y., Herring J., Litan E.; Brookings Institution), S. 105-161

"Multiple lenders and corporate distress: Evidence on debt restructuring"
(with Antje Brunner),
Review of Economic Studies 75, 2008, S. 415-442.

"Default Risk Sharing between banks and markets: the case of collateralized debt obligation" (with Günter Franke),
Carey, M. and R. Stulz (Eds.) Risks of Financial Institutions, National Bureau of Economic Research, Chicago University Press (2007), pp. 603-634 (also: NBER working paper 11741).

"Die Stabilität von Finanzmärkten: Wie kann die Wirtschaftspolitik Vertrauen schaffen?"
in: Zeitschrift für Wirtschaftspolitik 55, 2006, S. 54-60.

"Investment performance and market share: Evidence from the German mutual fund industry" (with Frank A. Schmid and Erik Theissen),
W. Bessler (Ed.), Börsen, Banken und Kapitalmärkte -  Festschrift für Hartmut Schmidt, Berlin: Duncker & Humblot 2006, S. 471-491.

"Der Handel von Kreditrisiken: Eine neue Dimension des Kapitalmarktes"
, Perspektiven der Wirtschaftspolitik (5) 2005, pp. 499-519.

"Taking stock and looking ahead – The German financial system at the crossroads?" (with Reinhard H. Schmidt)
in "German Financial System", Oxford University Press 2004, (Eds. Krahnen, J. and R.H. Schmidt), chapter 15, pp. 485-515.

"The anatomy of a call market" (with C.H. Kehr und E. Theissen),
Journal of Financial Intermediation, 2001, Vol. 10, 249-270.

"Generally Accepted Rating Principles: A Primer" (with Martin Weber),
Journal of Banking and Finance", Vol. 25, Issue 1, (2001), pp. 2-24.

"Marketmaking in the laboratory: Does competition matter?" (with Martin Weber),
Experimental Economics (2001) Vol. 4, 55-85.

"Was leisten die Kursmakler? Eine empirische Untersuchung am Beispiel der Frankfurter Wertpapierbörse" (with T. Freihube, C.H. Kehr und E. Theissen),
Kredit und Kapital, Heft 3/1999, S. 426-460.

"Does information aggregation depend on market structure? Market makers vs. double auction" (with M. Weber),
Zeitschrift für Wirtschafts- und Sozialwissenschaften, 1999, Vol. 119, 1-22.

"Is relationship lending special? Evidence from credit file data-in Germany" (with R. Elsas),
Journal of Banking and Finance 22 (1998), S. 1283-1316.

"Inferring risk attitudes from certainty equivalents: Some lessons from an experimental study" (with C. Rieck and E. Theissen),
Journal of Economic Psychology (1997), Vol. 18, 469-486. Reprinted in: Sadrieh, A. and J. Weimann (Eds.), Experimental Economics in Germany, Austria, and Switzerland – A collection of papers in honor of Reinhard Tietz, Marburg: Metropolis (2008), 441-457.

"Agency-Theorie in den Niederungen der Praxis: Konzerninterne Steuerung durch virtuelles Unternehmertum" (with Hans-Dieter Koch, Eva Terberger),
[Agency theory in practice: Managers as virtual entreprenuers at CompuNet Computers AG], in: Elschen/Siegel/Wagner (eds.): Unternehmenstheorie und Besteuerung, Festschrift für Dieter Schneider, Wiesbaden: Gabler 1995, pp. 348-374.

"Lohn, Pension und Besteuerung: Ein Entscheidungsmodell zur betrieblichen Altersversorgung" (with Georg Meran),
[Wages and taxation in a model of corporate pension policy]; Zeitschrift für betriebswirtschaftliche Forschung, 43 (1991), pp. 119-129.

"Objektfinanzierung und Vertragsgestaltung: Eine theoretische Erklärung der Struktur langfristiger Leasingverträge",
[Project financing and the design of contracts: A theoretical explanation of the structure of long-term leasing contracts]; Zeitschrift für Betriebswirtschaft, 60 (1990), pp. 21-38.

"Über den Wert impliziter Treueprämien: Betriebliche Altersversorgung aus finanzierungstheoretischer Sicht",
[Corporate pension plans as implicit loyalty premiums]; Zeitschrift für betriebswirtschaftliche Forschung, 42 (1990), pp. 199-215.

"Why leasing? An introduction to comparative contractual analysis" (with Georg Meran)
in: Bamberg/Spremann (Eds.): Agency Theory, Information, and Incentives. Berlin (et al.): Springer 1987, pp. 255-280.

"Der ökonomische Wert von Flexibilität und Bindung" (with R.H. Schmidt and E. Terberger),
[The economic value of flexibility and commitment]; in: Ballwieser/Berger (Eds.): Information und Wirtschaftlichkeit. Wiesbaden: Gabler (1985), pp. 253-285.