J. W. B. Bos

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Wilhelm Stekel, one of Freud's earliest followers , was expelled from the psychoanalytic movement in 1912 ostensibly because he did not know how to behave himself. Although he remained active as a psychoanalyst, his post-1912 work was mostly neglected, and consequently his historic import is seriously undervalued. The author reviews recent literature,(More)
Discussion Papers represent the authors' personal opinions and do not necessarily reflect the views of the Deutsche Bundesbank or its staff. Abstract The inability of most bank merger studies to control for hidden bailouts may lead to biased results. In this study, we employ a unique data set of approximately 1,000 mergers to analyze the determinants of(More)
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Discussion Papers represent the authors' personal opinions and do not necessarily reflect the views of the Deutsche Bundesbank or its staff. Abstract In this paper, we show the importance of accounting for heterogeneity among sample firms in stochastic frontier analysis. For a fairly homogenous sample of German savings and cooperative banks, we analyze how(More)
— The microfinance sector has room for pure for-profit microfinance institutions (MFIs), non-profit organizations, and " social " for-profit firms that aim to pursue a double bottom line. Depending on their business model, these institutions target different types of borrowers, change the size of their loans and adjust their loan pricing. We introduce a(More)
a r t i c l e i n f o a b s t r a c t According to the international arbitrage pricing theory (IAPT) posited by Solnik (1983), currency movements affect assets' factor loadings and associated risk premiums. Based on a novel universal return decomposition, we propose an empirical model to test this proposition and perform tests using U.S. stock returns in(More)
The value of debt tax shields in foundational valuation models by Nobel Laureates Modigliani and Miller (MM) continues to be a controversial issue that is central to our understanding of corporate finance. This paper contributes to this pivotal debate by proposing that the appropriate discount rate to value interest tax deductions available to levered(More)
According to the international arbitrage pricing theory (IAPT) posited by Solnik (1983), home currency movements affect factor loadings and associated risk premiums. We propose an empirical model to test this proposition and perform tests using U.S. stock returns in the period 1975-2008. Our results confirm that currency movements significantly affect the(More)