https://www.sascha-steffen.de/updates daily 0.75 2026-03-30 https://www.sascha-steffen.de/updates/nachfolgekrise-finanzierung monthly 0.5 2026-03-31 https://images.squarespace-cdn.com/content/v1/60f02ca7138f3902d7a39744/a3bb15bf-664a-4495-b24a-6098dadae701/linkedin_post_nachfolge_1.png Updates - Was die Nachfolge-Krise im deutschen Mittelstand für die Unternehmensfinanzierung bedeutet - Make it stand out Whatever it is, the way you tell your story online can make all the difference. https://www.sascha-steffen.de/updates/valuation-of-leveraged-loans-implications-for-private-credit monthly 0.5 2026-03-31 https://images.squarespace-cdn.com/content/v1/60f02ca7138f3902d7a39744/7c70365d-3f39-4883-82db-5c38105f343f/ccc_bb_bid_diff_2013.png Updates - Valuation of Leveraged Loans - Implications for Private Credit - Bid price differential of CCC - BB leveraged loans Among the riskier loans the best (BB) minus the worst (CCC) https://images.squarespace-cdn.com/content/v1/60f02ca7138f3902d7a39744/d798a9ec-b0a0-40c8-aa3f-7d33f7f3d2b0/avg_bid_from_2013.png Updates - Valuation of Leveraged Loans - Implications for Private Credit - Bid price itself For all BB-, B-, and CCC-rated US leveraged loans https://www.sascha-steffen.de/updates/private-credit-stress-march-2026 monthly 0.5 2026-03-14 https://www.sascha-steffen.de/updates/how-committed-is-committed-capital-three-structural-shifts-reshaping-private-credit-in-2026 monthly 0.5 2026-01-17 https://www.sascha-steffen.de/updates/-2 monthly 0.5 2026-01-04 https://www.sascha-steffen.de/updates/-1 monthly 0.5 2025-12-27 https://www.sascha-steffen.de/updates/germanys-ceos-are-turning-more-cautious-on-investment-right-when-berlin-is-signalling-a-big-public-investment-push monthly 0.5 2025-12-21 https://images.squarespace-cdn.com/content/v1/60f02ca7138f3902d7a39744/f31bae5c-ee2a-4623-bdcd-f59d0b042b38/investment_score_timeseries_4.1mini.png Updates - Germany’s CEOs are turning more cautious on investment in 2026 - Make it stand out Figure 1. Aggregate CapEx Investment Score (Source: CfET) https://images.squarespace-cdn.com/content/v1/60f02ca7138f3902d7a39744/b5186e86-cb76-461f-95c6-993b5fd70cdc/investment_score_by_sector_timeseries_4.1mini.png Updates - Germany’s CEOs are turning more cautious on investment in 2026 - Make it stand out Figure 2. CapEx Investment Score by Sector (Source: CfET) https://images.squarespace-cdn.com/content/v1/60f02ca7138f3902d7a39744/64f8a3e2-ab43-429c-b22f-1680722e2a05/manufacturing_investment_vs_ifo.png Updates - Germany’s CEOs are turning more cautious on investment in 2026 - Make it stand out Figure 3: Manufacturing CapEx Investment Score vs IfO Business Climate Index https://www.sascha-steffen.de/updates/private-credit-is-having-a-momentagain monthly 0.5 2025-12-20 https://www.sascha-steffen.de/updates/private-credits-identity-crisis-convergence-regulation-and-the-erosion-of-differentiation monthly 0.5 2025-12-13 https://www.sascha-steffen.de/updates/private-credits-day-of-reckoning-what-the-latest-data-reveals-about-a-17-trillion-market-under-stress monthly 0.5 2025-12-01 https://www.sascha-steffen.de/updates/when-hidden-leverage-becomes-a-systemic-risk monthly 0.5 2025-10-19 https://www.sascha-steffen.de/updates/bankruptcy-case-of-first-brands-group-llc monthly 0.5 2025-10-04 https://images.squarespace-cdn.com/content/v1/60f02ca7138f3902d7a39744/993705ae-d13c-47df-9556-e4aece40f6ab/first_brands_secondary.png Updates - Bankruptcy of First Brands Group, LLC - Make it stand out Figure 1. Secondary Market Price of First Brands LLC (Source: BDC Collateral) https://images.squarespace-cdn.com/content/v1/60f02ca7138f3902d7a39744/fc41422b-9316-46a3-85a2-4df9ed568833/dispersion_with_secondary_overlay.png Updates - Bankruptcy of First Brands Group, LLC - Make it stand out Figure 2. Valuation Dispersion https://www.sascha-steffen.de/updates/fragile-financing-how-corporate-reliance-on-shadow-banking-affects-their-access-to-bank-liquidity monthly 0.5 2025-05-18 https://images.squarespace-cdn.com/content/v1/60f02ca7138f3902d7a39744/440a096e-a52d-4993-a9b3-0c7da81945be/Screenshot+2025-05-17+at+21.40.22.png Updates - Fragile Financing? How Corporate Reliance on Shadow Banking Affects their Access to Bank Liquidity - Make it stand out Figure 1. Growth of nonbank lending https://images.squarespace-cdn.com/content/v1/60f02ca7138f3902d7a39744/02ccbfe1-9a92-412e-acd6-8b9a839d3ce6/Screenshot+2025-05-17+at+20.40.44.png Updates - Fragile Financing? How Corporate Reliance on Shadow Banking Affects their Access to Bank Liquidity - Make it stand out Figure 2. Nonbank dependence https://images.squarespace-cdn.com/content/v1/60f02ca7138f3902d7a39744/2a7fffb3-b627-4d8d-80d8-9a2aa2c1afb1/Screenshot+2025-05-17+at+20.46.31.png Updates - Fragile Financing? How Corporate Reliance on Shadow Banking Affects their Access to Bank Liquidity - Make it stand out Figure 3. Volume of credit lines vs. nonbank dependence https://images.squarespace-cdn.com/content/v1/60f02ca7138f3902d7a39744/5f170d45-8f14-40a9-9809-0875a84d48bc/Screenshot+2025-05-17+at+21.33.35.png Updates - Fragile Financing? How Corporate Reliance on Shadow Banking Affects their Access to Bank Liquidity - Make it stand out Figure 4. Borrower term loans and credit line access https://www.sascha-steffen.de/updates/- monthly 0.5 2025-04-28 https://www.sascha-steffen.de/updates/7je7ygt6hxtttyxl77fn5nm8hfigsu monthly 0.5 2025-02-11 https://www.sascha-steffen.de/updates/zuversicht-als-kompass-fr-die-zukunft monthly 0.5 2025-01-01 https://www.sascha-steffen.de/updates/how-can-we-leverage-large-language-models-llm-to-foster-innovation-and-growth monthly 0.5 2024-11-14 https://www.sascha-steffen.de/updates/fu4vzwa13cak3oxmd68gy1242j2yq6 monthly 0.5 2024-10-19 https://www.sascha-steffen.de/updates/john-hopkins-carey-finance-2024-conference-oct-17-182024 monthly 0.5 2024-10-19 https://images.squarespace-cdn.com/content/v1/60f02ca7138f3902d7a39744/1729286468374-84CYSCYD8C3XRK147LP8/Screenshot+2024-10-18+at+5.20.51%E2%80%AFPM.png Updates - John Hopkins’ Carey Finance 2024 Conference (Oct 17-18,2024) https://images.squarespace-cdn.com/content/v1/60f02ca7138f3902d7a39744/1729286259427-N1QLR5IENO2OV7PTZO8W/IMG_8407.png Updates - John Hopkins’ Carey Finance 2024 Conference (Oct 17-18,2024) https://images.squarespace-cdn.com/content/v1/60f02ca7138f3902d7a39744/1729286268037-7YJ6XGEP975EF3ESS3OM/IMG_8404.png Updates - John Hopkins’ Carey Finance 2024 Conference (Oct 17-18,2024) https://images.squarespace-cdn.com/content/v1/60f02ca7138f3902d7a39744/1729286260818-LHWN1TN3T50J1JYB5YAK/IMG_8409.png Updates - John Hopkins’ Carey Finance 2024 Conference (Oct 17-18,2024) https://www.sascha-steffen.de/updates/can-europe-achieve-transformation-while-propping-up-zombie-firms monthly 0.5 2024-09-04 https://www.sascha-steffen.de/updates/interested-in-a-post-doc-position monthly 0.5 2024-08-18 https://www.sascha-steffen.de/updates/postdoctoral-fellowships-academic-and-policy-track monthly 0.5 2024-09-01 https://www.sascha-steffen.de/updates/why-do-banks-fail monthly 0.5 2024-09-13 https://www.sascha-steffen.de/updates/inaugural-conference-centre-for-european-transformation-on-march-11-2024 monthly 0.5 2024-03-01 https://www.sascha-steffen.de/updates/monetary-policy-in-the-age-of-social-media-a-twitter-based-inflation-analysis monthly 0.5 2024-09-13 https://images.squarespace-cdn.com/content/v1/60f02ca7138f3902d7a39744/b08f49ed-19d7-4071-9c23-ce82aa33475b/Screenshot+2023-09-10+at+8.31.02+AM.jpg Updates - Monetary Policy in the Age of Social Media: A Twitter-Based Inflation Analysis - Make it stand out Figure 1: Twitter-based inflation index (Jan 2007 - May 2023) https://www.sascha-steffen.de/updates/a-data-science-journey-that-started-9-months-ago monthly 0.5 2025-05-31 https://www.sascha-steffen.de/updates/financing-the-european-transition-the-importance-of-a-capital-markets-union-and-how-to-get-there monthly 0.5 2024-09-13 https://www.sascha-steffen.de/updates/estimating-german-bank-climate-risk-exposure-using-the-eu-emissions-trading-system monthly 0.5 2024-09-13 https://www.sascha-steffen.de/updates/why-shrinking-central-bank-balance-sheets-might-be-an-uphill-task monthly 0.5 2024-09-13 https://www.sascha-steffen.de/updates/why-do-private-firms-have-higher-cost-of-debt monthly 0.5 2022-08-23 https://www.sascha-steffen.de/updates/conference-regulating-financial-markets monthly 0.5 2022-08-19 https://www.sascha-steffen.de/updates/are-firms-too-highly-levered monthly 0.5 2022-05-12 https://images.squarespace-cdn.com/content/v1/60f02ca7138f3902d7a39744/922efaa3-88b8-45e8-b8dd-68dca144ca44/Bildschirmfoto+2022-05-12+um+15.20.48.png Updates - 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