Sascha Steffen
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​Sascha Steffen

Professor of Finance, Frankfurt School of Finance & Management

Research Interests:
Financial Intermediation, Banking, Corporate Debt Markets, Regulation of Financial Intermediaries
​
I am an empirical researcher in the area of banking and financial intermediation. In my recent work, I analyze the implications of central bank and regulatory interventions for firms’ financing and investment opportunities. Spillovers from interventions to the real economy are usually mediated through the banking sector and the question is when they benefit or hurt the economy.  [...]
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New Research Initiative: Research on AI & Monetary Policy 

Frankfurt School received a grant of €2.3 million from the German Federal Ministry for Economic Affairs and Energy. Being part of the Financial Big Data Cluster (FBDC) is a great opportunity to anchor AI in research on monetary policy, financial markets and sustainable finance at Frankfurt School. The AI-based Monetary Policy project will be implemented by the Financial Intermediaries and the Real Economy (FIRE) Center and is part of the Center's "AI in Finance Initiative" to develop tools and datasets together with partners to promote data-driven research and decision making in financial markets. Project Duration: 2021-2023

Government bank bailouts in Europe *** NEW DATA ***

Kicking the can down the road: government interventions in the European banking sector    *** revised version ***
Review of Financial Studies, forthcoming
Co-authored with V. Acharya, L. Borchert and M. Jager​

[
NBER Working Paper No. 27537]  [SSRN]

We manually collect all government interventions into eurozone banks during the 2007 to 2018 period. Overall, this dataset includes more than 80 variables related to the timing, depth and scope of these interventions. All banks are already matched to Bankscope (including the identifiers). We make the data available for all researcher. The data can be downloaded here: 
Government Bailout Data (xls)

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Upcoming talks & conferences (selected)

  • Columbia University 2021 / SIPA Bank Regulation Research Conference (NY, 12 Feb 2021) - online
  • Seminar (Durham, 24 Feb 2021) - online
  • FDIC (Washington, 23 March 2021) - online

New working papers

What explains the crash of bank stock prices during COVID-19?
Co-authored with V. Acharya and R. Engle

Are risky banks rationed by corporate depositors?
Co-authored with B. Imbierowicz, and A. Saunders
[Paper on SSRN]

Corporate loan spreads and economic activity (NEW)
​Co-authored with A. Saunders, A. Spina and D. Streitz
[Paper on SSRN] [Presentation (Nov 2020)]

​Trends in Corporate Borrowing
Annual Review of Financial Economics, 2020, forthcoming
Co-authored with T. Berg and A. Saunders
​[Paper SSRN]