Research
Publications
(with F. Hoffmann) Journal of Financial Economics, 2021, Vol. 142, 954-974
AFA 2015 Meetings Paper
A Simple Macroeconomic Model with Extreme Financial Frictions
(with N. Klimenko and J.C. Rochet) Journal of Mathematical Economics, 2017, Vol. 86, 92-102
Securitization and Compensation in Financial Institutions
(with R. Inderst) Review of Finance, 2013, Vol. 17, 1232-1364
Coverage in German newspaper "Frankfurter Allgemeine Sonntagszeitung" (December 13th 2009): "Reguliert die Boni nicht"
Reward for Luck in a Dynamic Agency Model
(with F. Hoffmann) Review of Financial Studies, 2010, Vol. 23 (9), 3329-3345
Working Papers
The Importance of Being Slow - The Benefits of Phasing-In Regulatory Reforms, R&R Journal of Money, Credit and Banking
(with N. Klimenko, J.C. Rochet and G. DeNicoló)
Calibrating Compensation for Overconfident CEOs: Separating Optimism from Miscalibration (with I. Dittmann)
Dividend Regulation and Risk-Taking in a Dynamic Model of Banking (with F. Hoffmann)
A Theory of the Boundaries of Banks with Implications for Financial Integration and Regulation, R&R Financial Management
(with R. Inderst and F. Fecht)
An "Image Theory" of RPM (retired)
(with R. Inderst)
Work in Progress
The Dynamics of Environmental Regulation (with F. Hoffmann)
Endogenous Minsky Moments (with S. Gryglewicz and A. Rivera)
The Dynamics of Becoming Green – Subsidies vs. Regulation (with S. Gryglewicz and W. Verwer)