Current Affiliations:
- Full Professor and DZ Bank Endowed Chair for Financial Economics at the Frankfurt School of Finance and Management, since May 2012
- Deutsche Bundesbank Research Professor, since January 2010
New Papers:
- "The Fire-Sale Channels of Universal Banks in the European Sovereign Debt Crisis" (with Giulio Bagattini and Patrick Weber), mimeo.
- "Fear, Deposit Insurance Schemes, and Deposit Reallocation in the German Banking System" (Stefan Thum and Patrick Weber), mimeo.
- "Are Some Banks Structurally Prone to Borrow from the Euro Area's Overnight Lender-of-The-Last-Resort Facility?" (with Patrick Weber), mimeo.
- "Strains on money market makers and money market liquidity" (with Stefan Reitz and Patrick Weber), mimeo.
- "Collateral, Central Bank Repos, and Systemic Arbitrage" (with Kjell Nyborg, Jörg Rocholl, and Jiri Woschitz), mimeo.
- "A Theory of the Boundaries of Banks with Implications For Financial Integration and Regulation" (with Roman Inderst and Sebastian Pfeil), mimeo.
Recent Publications:
- "Is proprietary trading detrimental to retail investors?" (with Andreas Hackethal and Yigitcan Karabulut), Journal of Finance, forthcoming.
- "Variation in Market Liquidity and the Intraday Interest Rate" (with Puriya Abbassi and Johannes Tischer), Journal of Money, Credit, and Banking, forthcoming.
- "Relationship Lending in the Interbank Market and the Price of Liquidity" (with Falk Bräuning), Review of Finance, 2017, Vol. 21, No. 1, pp. 33-75.
- "The dark and the bright side of liquidity risks: Evidence from open-end real estate funds in Germany” (with Michael Wedow), Journal of Financial Intermediation, 2014, Vol. 23, No. 3, pp. 376-399.
- "Financial Integration, Specialization, and Systemic Risk" (with Hans Peter Grüner and Philipp Hartmann), Journal of International Economics, 2012, Vol. 88, pp. 150-161.
- "The Price of Liquidity: The Effects of Market Conditions and Bank Characteristics" (with Kjell Nyborg and Jörg Rocholl), Journal of Financial Economics, 2011, Vol. 102, No. 2, pp. 344-362.
- "Should ECB End This Crisis Fighting Policy?", article in WSJ, 17.6.2015.
- "Harsche Kritik an EZB-Sicherheitenregeln", article in Börsenzeitung, 11.6.2015, drawing on a recent study "Collateral, Central Bank Repos, and Systemic Arbitrage" with Kjell Nyborg, Jörg Rocholl, and Jiri Woschitz.
- "Die EZB steht sich selbst im Weg", article in NZZ, 15.4.2015, putting my recent research on interbank markets and monetary policy instruments in perspective.
- "Banken sollen Anlegern Aktien angedreht haben", an article in FAZ, 11.9.2013, covering our recent study "Is Proprietary Trading Detrimental to Retail Investors?" with A. Hackethal and Y. Karabulut.
- "Banken laden unliebsame Aktien bei ihren Kunden ab", another article in Süddeutsche Zeitung, 11.9.2013, on our study.
- "Banken jubeln Kunden unbeliebte Aktien unter", an article in Wirtschaftswoche, 13.9.2013, also featuring our study "Is Proprietary Trading Detrimental to Retail Investors?" with A. Hackethal and Y. Karabulut.
- "Trau Deiner Bank nicht!", another article in FAS, 15.9.2013, about our study on "Is Proprietary Trading Detrimental to Retail Investors?".
- "Ökonom will die Banken vom Tropf der EZB trennen", an article in WSJ Germany, 7.3.2013, based on an interview I gave on recent interbank market developments and monetary policy implementation.
Research Interests:
- Theory of Financial Intermediation and Microeconomics of Banking
- Liquidity Crises and Liquidity Provision
- Open Market Operations and Interbank Markets
- Economics of Payment Systems
- Financial Regulation and Bail Out Policies
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