André Uhde

Paderborn University | UPB · Department 2: Taxation, Accounting and Finance

Academic research has intensively analyzed the relationship between market concentration or market power and banking stability but provides ambiguous results, which are summarized under the concentration-stability/fragility view. We provide empirical evidence that the mixed results are due to the difficulty of identifying reliable variables to meas...

Employing data on 3,943 banks from the EU-15 between 2013 and 2020, this paper empirically analyzes the relationship between banking market consolidation, market power and banking stability, separately for the loan and deposit market. We initially find that European banks follow a loss-leader pricing strategy and cross-subsidize between both market...

In this paper new semiparametric generalized autoregressive conditional heteroscedasticity (GARCH) models with long memory are introduced. A multiplicative decomposition of the volatility into a conditional component and an unconditional component is assumed. The estimation of the latter is carried out by means of a data-driven local polynomial smo...

In this paper new semiparametric generalized autoregressive conditional heteroscedasticity (GARCH) models with long memory are introduced. A multiplicative decomposition of the volatility into a conditional component and an unconditional component is assumed. The estimation of the latter is carried out by means of a data-driven local polynomial smo...

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 loans to total assets ratios....

Merging a sample of 492 merger and acquisition (M&A) announcements from 284 acquiring firms across Europe and North America with data from 5-year single-name credit default swaps (CDSs) written on stock-listed acquiring firms between 2005 and 2018, the paper at hand empirically analyzes the CDS investors’ risk perceptions of M&A announcements using...

Employing credit default swap (CDS) data for a sample of 52 major banks across 18 countries from 2008 to 2016, this paper investigates determinants of the outstanding net notional amount of CDS which are written on banks. We extend the current literature dealing with CDS trading by analyzing further CDS trading-specific, fundamental bank-specific a...

Employing a unique hand-collected sample of 956 credit risk securitization transactions issued by 64 stock-listed European banks across the EU-13 plus Switzerland over the period from 1997 to 2010, this paper empirically analyzes the impact of securitization on the issuing banks’ effective tax rates. Our analysis reveals that banks may reduce their...

Employing credit default swap (CDS) data for a sample of 52 major banks across 18 countries from 2008 to 2016, this paper investigates determinants of the outstanding net notional amount of CDS which are written on banks. We extend the current literature dealing with CDS trading by analyzing further CDS trading-specific, fundamental bank-specific a...

Employing main and sector-specific investment-grade CDS indices from the North American and European CDS market and performing mean-variance out-of-sample analyses for conservative and aggressive investors over the period from 2006 to 2014, this paper analyzes portfolio benefits of adding corporate CDS indices to a traditional financial portfolio c...

Employing a unique sample of 2,849 tariff imposition announcements by and against the United States (U.S.) over the period from 2018 to 2019, this study analyzes the impact of recent tariff announcements on share prices from 859 U.S. companies. We provide evidence for negative (cumulative) average abnormal stock returns due to tariff announcements...

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 loans to total assets ratios...

see 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 Finanzlei...

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 equit...

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...

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...

This contribution presents and discusses main results of a new survey on the assessment of supervisory quality among German banks. 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 f...

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 c...

Employing data on bank claims from 13 OECD countries vis-à-vis 51 emerging markets between 1993 and 2007 this study provides empirical evidence that monopolistic banks from OECD countries tend to ration credit to emerging markets whereas increasing competitive pressure may spur cross-border bank lending. Furthermore, empirical results indicate that...

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...

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 Expect...

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 coe...

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 w...

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!“ ver...

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...

Using data on 558 MFIs in 80 countries for the period from 2002 to 2007, this paper provides empirical evidence that the quality of a country’s external governance system positively affects the local microbanks’ economic success in terms of ROA and operational self-sufficiency. In contrast, increasing external governance quality has a negative impa...

Published in: Risk Management in Financial Institutions, Vol. 2(1), pp. 69-87 . The successful implementation of a harmonised regulatory framework for the global banking system is still a long way off. This mainly results from (a) different traditions in banking regulation and supervision at the national level, (b) different national emphases on re...

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 ökonomische...

Zusammenfassung Die Liberalisierung netzgebundener Industrien muss regelmäßig über die Kontrolle der Marktmacht der früheren Monopolunternehmen erfolgen. Dies kann zumindest theoretisch nicht nur durch eine Ex-ante-Regulierung einer auf eine begrenzte Anzahl von Sektoren spezialisierten Institution wie die Bundesnetzagentur erfolgen, sondern auch d...

Die in den letzten 25 Jahren weltweit und in Europa in den letzten zehn Jahren forcierte Liberalisierung der Telekommunikationsbranche stellt ein bemerkenswertes Beispiel für den erfolgreichen Wandel ordnungspolitischer Rahmenbedingungen dar. Die Erfolge dieser Reformprozesse sowie die daraus resultierenden institutionellen Lernprozesse waren auch...

One of the major success stories for microeconomists involves the fundament forms that have taken place in nehvork industries within the last 20 years. In many countries, the institutional framework under which utility and other network industries operate has changed significantly, involving aspects of privatisation, liberalisation eralisation and...

Die Preise für wissenschaftliche, technische und medizinische (WTM) Fachzeitschriften sind in den letzten 20 Jahren dramatisch gestiegen. Die unterschiedlichen Preisentwicklungen zwischen kommerziellen und nichtkommerziellen Verlagen ist dabei nicht durch unterschiedliche Kostenentwicklungen zu erklären. Vielmehr haben die forschungsorientierten To...