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Snow and Leverage
This paper examines whether reducing a debt overhang improves borrowers' operating performance using a sample of distressed and highly overleveraged Austrian ski hotels undergoing debtExpand
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Credit risk and corporate finance
Die vorliegende Dissertation umfasst drei empirische Aufsatze in den Bereichen Kreditrisiko und Corporate Finance. Der erste Aufsatz vergleicht zwei verschiedene Moglichkeiten im Umgang mit einerExpand
Equilibrium Policy Portfolios When Some Assets are Non-Tradable
Asset managers usually define a policy portfolio to provide a long-term benchmark. According to the CAPM, the policy portfolio should be the value weighted market portfolio of all assets. However,Expand
Making Parametric Portfolio Policies Work
The implementation of parametric portfolio policies as introduced by Brandt, Santa Clara and Valkanov (RFS 2009) may run into empirical problems. For example, expected utility based on monthlyExpand
(Sozio-)ökonomische Bildung im inklusiven Kontext
Den Beitrag der okonomischen Bildung zur Bewaltigung von Lebenssituationen und der Befahigung von Schuler*innen zu mundigen Wirtschaftsburger*innen steht auser Frage. Zahlreiche Studien und BeitrageExpand
Inklusive Berufsorientierung und kulturelle Passungsproblematiken
Berufsorientierung als Themenfeld sozialwissenschaftlicher Unterrichtsfacher betrifft die Frage nach personlicher Entfaltung und selbstbestimmter Lebensgestaltung. Dabei stellt ein inklusives SettingExpand
Selection vs. Averaging of Logistic Credit Risk Models
We evaluate the relative performance of logistic credit risk models that were selected by means of standard stepwise model selection methods and average" models obtained by Bayesian model averagingExpand
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Snow and Leverage
Using a sample of highly (over-)leveraged Austrian ski hotels undergoing debt restructurings, we show that reducing a debt overhang leads to a significant improvement in operating performance (returnExpand
Online-Appendix to: Making Parametric Portfolio Policies Work
TLDR
We provide examples of pitfalls for parametric portfolio policies as introduced by Brandt, Santa Clara and Valkanov. Expand
The Cross-Section and Time Series of Corporate Bond Returns
What are the cross-sectional and time-series characteristics of corporate bond returns? Do corporate bond risk premia vary over time and are these time-variations predictable? And if yes, is it aExpand
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