Survey, Policy and Shorter Papers

European Banking and Capital Markets Union

  • The Importance of a Banking Union and Fiscal Union for a Capital Markets Union.
    Prepared for European Commission, Directorate-General for Economic and Financial Affairs, 2017
    Co-authored with V. Acharya
    > Paper

  • Feasibility Check: Transition to a New Regime for Bank Sovereign Exposure? 
    In-Depth Analysis, provided at the request of the Economic and Monetary Affairs Committee,
    European Parliament, 2017
    Co-authored with Y. Schneider
    ​> Paper 

  • Country Report – Germany
    In “European Banking Supervision: The First Eighteen Months”, 2016
    Edited by Nicolas Veron and Dirk Schoenmaker.
    > Paper

  • Capital Markets Union – Why Other Unions Must Lead the Way
    Swiss Journal of Economics and Statistics, 2016, Vol. 152 (4), 319-329.
    Co-authored with V. Acharya
    ​> Paper

  • Capital Shortfalls in SSM Banks: How much progress has been made?
    In-Depth Analysis, provided at the request of the Economic and Monetary Affairs Committee,
    European Parliament, 2015
    > Paper

  • Is the Banking Union Stable and Resilient as it Looks?
    Prepared for Allen, F., E. Carletti (edts), The New Financial Architecture, 2015
    Co-authored with V. Acharya
    > Paper

  • Did emergency liquidity assistance (ELA) of the ECB delay the bankruptcy of Greek banks?
    SAFE Policy Brief, 2015
    Co-authored with M. Goetz, R. Haselmann, and J. Krahnen
    > Paper

 Stress Testing and Systemic Risk

  • Capital Shortfalls of European Banks following the 2018 Stress Test​
    2018
    Co-authored with D. Pierret
    ​
  • Have European Banks Become Safer?
    2018
    Co-authored with D. Pierret

  • High Time to Tell European Banks:  No Dividends
    Turning of the Dividend Spigot, Project Syndicate, Sept. 2016
    Co-authored  with V. Acharya, and D. Pierret

  • Introducing the “Leverage Ratio” in Assessing the Capital Adequacy of European Banks.
    2016
    Co-authored  with V. Acharya, and D. Pierret
    Coverage in Financial Times (2x), Wall Street Journal, Bloomberg (among others)

  • Capital Shortfalls of European Banks since the Start of the Banking Union.
    2016
    Co-authored  with V. Acharya, and D. Pierret

  • Funktionsweise und Einschätzung des “Comprehensive Assessment”
    zfbf Kontaktstudium (in German), 2015
    with L. Steinruecke

  • Benchmarking the European Central Bank's Asset Quality Review and Stress Test – A Tale of Two Leverage Ratios.
    Center of European Policy Studies Working Paper Series, 2014
    ​Co-authored with V. Acharya
    • Coverage in NY Times, Financial Times, Telegraph (among others
    • FT Letter to the editor: “Why should ECB have produced results so different from our?” with Viral V. Acharya and Robert Engle

  • Making Sense of the Comprehensive Assessment
    VoxEU.org October 2013
    Co-authored with V. Acharya
    > Paper
    • Reprinted in “Stress Testing and Macroprudential Regulation – A Transatlantic Assessment” edited by Ronal W. Anderson, CEPR Press, SRC, FMG, May 2016.

  • Robustness, validity and significance of the ECB’s asset quality review and stress test exercise. 
    In-Depth Analysis, provided at the request of the Economic and Monetary Affairs Committee,
    European Parliament, 2014
    > Paper

  • Falling Short of Expectations? Stress-Testing the European Banking System.
    Center of European Policy Studies Working Paper Series, 2014
    Co-authored with V. Acharya

  • Wie wirkt sich der Wegfall staatlicher Garantien auf die Risikoübernahme von Banken aus?
    ifo Schnelldienst 65 (18), 2012, 17-21
    Co-authored with M. Fischer, C. Hainz,  and J. Rocholl

  • How much capital do European banks need? Some estimates
    VoxEU.org, 2011
    Co-authored with V. Acharya, and D. Schoenmaker
    > Paper

  • Measuring systemic risk of the European banking sector
    VoxEU.org, 2011
    > Paper

Banking

  • The banking crisis as a giant carry trade gone wrong
    VoxEU.org May 2013
    > Paper

  • Exit strategies of buyout investments: An empirical analysis.
    Journal of Alternative Investments, 2014, 12(4): 58–84
    Co-authored with D. Schmidt and F. Szabo
    > Paper

  • Exit strategien von buyout-investments
    Absolut|report, 2014, 26–31

Monographs and Book Chapters

  • Analyzing systemic risk of the European banking sector
    Handbook on systemic risk, 2014
    Ed. J.-P. Fouque and J. Langsam, Cambridge, UK: Cambridge University Press.
    Co-authored with V. Acharya
    > Paper

  • Thesen zur Reform des Einlagensicherungssystems
    Beck, 2011
    Co-authored with M. Weber
    > Paper

  • Funktionen und Einsatz von Finanzderivaten.
    Außerbörsliche (OTC) Finanzderivate: Rechtshandbuch, 2008/2009/2010
    Ed. J.-C. Zerey. München: Nomos
    Co-authored with U. Schuewer, U.

  • The role of private information in financial contracting: Evidence from the syndicated loan market.
    Dissertation, 2008