Thomas Hartmann-Wendels

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This paper investigates the impact of the economic cycle on the loss given default (LGD) of mobile leases. Our data set, which was provided by two major German leasing companies, contains 53,944 defaulted contracts and covers the period between 1993 and 2004. The underlying assets are segmented into three classes: vehicles, ICT equipment, and machinery.(More)
This paper offers the first empirical analysis connecting the timing of general partner compensation to private equity fund performance. Using detailed information on limited partnership agreements (LPAs) between private equity limited and general partners, we find that “GP-friendly” contracts—agreements that pay general partners on a deal-by-deal basis(More)
Banks face a 'behavioralization' of their balance sheets since deposit funding increasingly consists of non-maturing deposits with uncertain cash flows exposing them to asset liability (ALM) risk. Thus, this study examines the behavior of banks' retail customers regarding non-maturing deposits. Our unique sample comprises the contract and cash flow data for(More)
Banks face a 'behavioralization' of their balance sheets since deposit funding increasingly consists of non-maturing deposits with uncertain cash flows exposing banks to asset liability (ALM) risk. Thus, this study examines the behavior of banks’ retail customers regarding non-maturing deposits. Our unique sample comprises the contract and cash flow data(More)
This paper provides new evidence that taxes affect capital structure choice, using a unique and comprehensive panel data set which covers 86,173 German non-financial firms over the years 1973–2008. Following the Graham methodology to simulate marginal tax rates, we find a statistically and economically significant positive relationship between the marginal(More)
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