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Research - Ernst Ludwig von Thadden

You can access my discussion papers on my URL at the Social Science Research Network (SSRN)

Journal Publications

  • "On the Efficiency of the Market for Corporate Control", Kyklos 43, 1990, 635-658.

  • "Optimal Pricing Against a Simple Learning Rule", Games and Economic Behavior 4, 1992, 627-649.

  • "Short-Term vs Long-Term Interests: Capital Structure with Multiple Investors" (with E. Berglöf), Quarterly Journal of Economics 109, 1994, 1055-1084. Reprinted in : M. White (ed.), Financial Distress and Bankruptcy: Economic Issues, Stockholm: Nerenius & Santerus Publishers, 1997.

  • "Long-Term Contracts, Short-Term Investment and Monitoring", Review of Economic Studies 62, 1995, 557-575. Reprinted in: A. Boot, S. Bhattacharya, A. Thakor (eds.): Credit, Intermediation and the Macroeconomy, Oxford University Press, 2004.

  • "A Noncooperative Analysis of Hotelling's Location Game" (with H. Bester, A. de Palma, W. Leininger, and J. Thomas), Games and Economic Behavior 12, 1996, 165-186.

  • "The Term Structure of Investment and the Banks' Insurance Function", European Economic Review 41, 1997, 1355-1374.

  • "Blocks, Liquidity, and Corporate Control" (with P. Bolton), Journal of Finance 53, 1998, 1-25.

  • "Liquidity and Control: A Dynamic Theory of Corporate Ownership Structure" (with P. Bolton), Journal of Institutional and Theoretical Economics 154, 1998, 177-211.

  • "Intermediated versus Direct Investment: Optimal Liquidity Provision and Dynamic Incentive Compatibility", Journal of Financial Intermediation 7, 1998, S. 177-197.

  • "Liquidity Provision through Banks and Markets: Limited Market Access and Multiple Insurance", European Economic Review 43, 1999, 991-1006.

  • "The Changing Corporate Governance Paradigm: Implications for Transition and Developing Countries" (with E. Berglöf), ABCDE Proceedings, World Bank, 2000,  1-30.

  • "Liquidity Creation through Banks and Markets: A Theoretical Perspective on Securitisation", Economic Notes 29, 2000, 375-391.

  • "An Incentive Problem in the Dynamic Theory of Banking", Journal of Mathematical Economics 38, 2002. + figure 1 and 2, 271-292.

  • "Strategic Transparency and Informed Trading: Will Capital Market Integration Force Convergence of Corporate Governance?" (with E. Perotti), Journal of Financial and Quantitative Analysis 38, 2003, S. 61-86.

  • "Asymmetric Information, Bank Lending, and Implicit Contracts: The Winner's Curse", Finance Research Letters 1, 2004, 11-23.

  • "The European Bond Markets under EMU" (with M. Pagano), Oxford Review of Economic Policy 20, 2004, 531-554. Reprinted in X. Freixas, Ph. Hartmann, C. Mayer (eds.), Handbook of European Financial Markets and Institutions, Oxford University Press 2008.



Non-refereed articles

  • "A Macroeconomic Investment Model With Non-Linear Saving Behavior", in: M.Faber (ed.), Studies in Austrian Capital Theory, Investment and Time, Berlin, Heidelberg: Springer Verlag, 1987.
  • "Taking Control: The 1980s Takeover Boom", Economic and Financial Prospects 4, 1989.

  • "Centralized Decentralization: Corporate Governance in the East German Transition", in: M. Aoki and H. Kim (eds.), Corporate Governance in Transition Economies, Washington, D.C: World Bank Press, 1995.

  • "Managementkontrolle in markt- und bankenorientierten Finanzsystemen", in: F. Hengsbach SJ and B. Emunds (eds.), Verfügungsrechte auf Finanzmärkten, Frankfurt: Oswald von Nell-Breuning Institut, 1995.

  • "Long-Term Investment and Monitoring in Financial Relationships", in J.E. Roemer (ed.), Property Relations, Incentives, and Welfare, London: Macmillan, 1997.

  • "L'impact de l'UME sur les marchés financiers européens", Revue d'Economie Financière, 62, 2001.

  • "Dominant Investors and Strategic Transparency: On the Role of Corporate Governance for Product Market Competition" (with E. Perotti), in: J. McCaherty, L. Renneboog (eds.): The New Corporate Governance Paradigm, Oxford University Press, 2002, 363-385.

  • "European Financial Markets after EMU: A First Assessment" (with F. Giavazzi and J.P. Danthine), in Ch. Wyplosz (ed.): EMU: Its Impact on Europe and the World, Oxford University Press, 2002, 225-268 (also: NBER Working Paper 8044, Washington, D.C.).

  • "Liquidity", in A. Boot, S. Bhattacharya, and A. Thakor (eds.): Credit, Intermediation, and the Macroeconomy, Oxford University Press, 2004.

  • "Bank Capital Adequacy Regulation under the new Basel Accord", Journal of Financial Intermediation 13, 2004.
  • "Credit Risk Transfer and Bank Regulation", Journal of Financial Intermediation 17, 2008.





Books and Reports

The Future of European Banking (with J.-P. Danthine, F. Giavazzi, and X. Vives), Center for Economic Policy Research, London, 1999.

European Corporate Bond Markets: Transparency, Liquidity, Efficiency (with B. Biais, F. Declerck, J. Dow and R. Portes), Center for Economic Policy Research, London 2006.


Working papers