Publications

Duisenberg school of finance Policy Papers Series

• Paper no 19: Banking Supervision and Resolution: The European Dimension, Dirk Schoenmaker, download here
• Paper no 18: Europe: After the Crisis, Charles Goodhart, download here
• Paper no 17: Sustainable Investments: Between the Faithful Servant and the Intuitive Mind, Timo Busch, download here
• Paper no 16: Foresight Driver Review - Electronic Trading and Market Structure, Albert Menkveld, download here
• Paper no 15: The Sovereign Behind the Euro, Jaap Hoeksma and Dirk Schoenmaker, download here
• Paper no 14: The Financial Crisis: Does Good Corporate Governance Matter and How to Achieve it?, Jaap Winter, download here
• Paper no 13: Macroprudential Policy: The Need for a Coherent Policy Framework, Dirk Schoenmaker and Peter Wierts, download here
• Paper no 12: The European Banking Landscape after the Crisis, Dirk Schoenmaker, download here
• Paper no 11: Coco Design as a Risk Preventive Tool, Mark Flannery and Enrico Perotti, download here
• Paper no 10: Simple Analytics of Systemic Liquidity Risk Regulation, Enrico Perotti and Javier Suarez, download here
• Paper no 9: Regulating Private Equity, Peter Morris and Ludovic Phalippou, download here
• Paper no 8: Systemic Liquidity Risk and Bankruptcy Exceptions, Enrico Perotti, download here
• Paper no 7: Venture Capital Beyond the Financial Crisis, Joseph McCahery and Erik Vermeulen, download here
• Paper no 6: Burden sharing: From theory to practice, Dirk Schoenmaker, download here
• Paper no 5: Corporate Governance Going Astray: Executive Remuneration Built to Fail, UPDATED, Jaap Winter, download here
• Paper no 4: Living Wills as a Catalyst for Action, Emilios Avgouleas, Charles Goodhart and Dirk Schoenmaker, download here
• Paper no 3: Empowering ECB to Supervise Banks, Gerard Hertig, Ruben Lee and Joseph McCahery, download here
• Paper no 2: In Banking, is Small Beautiful?, Jean Dermine and Dirk Schoenmaker, download here
• Paper no 1: Liquidity Risk Charges, Enrico Perotti and Javier Suarez, download here

Duisenberg school of finance Policy Briefs

• Brief no 12: Towards a Safer Banking System: Is Splitting Retail and Investment Banking the Answer?, Dirk Schoenmaker and Casper de Vries, download here
• Brief no 11: Systemic liquidity risk: An European approach, Enrico Perotti, download here 
• Brief no 10: Eurobonds are likely to increase the risk of joint defaults in the Eurozone, Wolf Wagner, download here
• Brief no 9: The Political Endgame for the Euro-Crisis, Charles Goodhart and Dirk Schoenmaker, download here
• Brief no 8: Financial Transaction Tax, Albert J. Menkveld, download here
• Brief no 7: A Euro Portfolio of Collateralized Liquidity, Casper de Vries, download here
• Brief no 6: How Much Capital do European Banks Need? Some Estimates, Viral Acharya, Dirk Schoenmaker and Sascha Steffen, download here
• Brief no 5: The Macro Costs and Benefits of a Sovereign Greek Default, Jon Danielsson and Casper de Vries, download here
• Brief no 4: Tail Risk: Higher Capital is not Enough, Enrico Perotti, Lev Ratnovski and Razvan Vlahu, download here
• Brief no 3: Cross-border Banking in Europe: Implications for financial stability and macroeconomic policies, Franklin Allen et al, download brief here, download CEPR report here
• Brief no 2: A Prudential Regulatory Issue at the Heart of Solvency II, Jon Danielsson et al, download here
• Brief no 1: Risk Based Deposit Insurance for the Netherlands, Dirk Schoenmaker, download here 

Duisenberg school of finance-Tinbergen Institute Discussion Paper  

• Paper no 29: Conditional Probabilities and Contagion Measures for Euro Area Sovereign Default Risk, Xin Zhang, Bernd Schwaab and André Lucas, download here
• Paper no 28: Long Memory Dynamics for Multivariate Dependence under Heavy Tails, Pawel Janus, Siem Jan Koopman and André Lucas, download here
• Paper no 27: Market Liquidity and Exposure of Hedge Funds, Arjen Siegmann and Denitsa Stefanova, download here
• Paper no 26: State Aid and Bank Intervention: the ING Illiquid Assets Back-up Facility (IABF), Sweder van Wijnbergen and Leontine Treur, download here
• Paper no 25: Winning by Losing: Evidence on Overbidding in Mergers, Ulrike Malmendier, Enrico Moretti and Florian Peters, download here
• Paper no 24: Capital Structure and the Redeployability of Tangible Assets, Murillo Campello and Erasmo Giambona, download here
• Paper no 23: Risk Measures for Autocorrelated Hedge Fund Returns, Antonio Di Cesare, Philip Stork and Casper de Vries, download here
• Paper no 22: Modelling Dynamic Volatilities and Correlations under Skewness and Fat Tails, Xin Zhang, Drew Creal, Siem Jan Koopman, André Lucas, download here
• Paper no 21: High Frequency Trading and the New-Market Makers, Albert Menkveld, download here
• Paper no 20: Sovereign Default and the Stability of Inflation Targeting Regimes, Andreas Schabert and Sweder van Wijnbergen, download here
• Paper no 19: Voluntary Participation and Intergenerational Risk Sharing in a Funded Pension System, Roel Beetsma, Ward Romp and Siert Vos, download here
• Paper no 18: The Impact of Cross-Border Banking on Financial Stability, Dirk Schoenmaker and Wolf Wagner, download here
• Paper no 17: Economic Costs and Benefits of Imposing Short-Horizon Value-at-Risk Type Regulation, Zhen Shi and Bas Werker, download here
• Paper no 16: Observation Driven Mixed - Measurement Dynamic Factor Models with an Application to Credit Risk, Drew Creal, Bernd Schwaab, Siem Jan Koopman and André Lucas, download here
• Paper no 15: A Pigovian Approach to Liquidity Regulation, Enrico Perotti, Javier Suarez, download here
• Paper no 14: Capital Regulation and Tail Risk, Enrico Perotti, Lev Ratnovski and Razvan Vlahu, download here
• Paper no 13: Retirement Flexibility and Portfolio Choice in General Equilibrium, Yvonne Adema, Jan Bonenkamp and Lex Meijdam, download here
• Paper no 12: Giants at the Gate: On the Cross-Section of Private Equity Investment Returns, Florencio Lopez-de-Silanes,  Ludovic Phalippou and Oliver Gottschalg, download here
• Paper no 11: Search Frictions and the Liquidity of Large Blocks of Shares, Rui Albuquerque, Enrique Schroth, download here
• Paper no 10: Dynamic Correlation or Tail Dependence Hedging for Portfolio Selection, Redouane Elkamhia, Henry B. Tippie and Denitsa Stefanova, download here
• Paper no 9: A Triptych Inquiry: Rethinking Sustainability, Innovation, and Financial Performance, Timo Busch, Bryan T. Stinchfield, Matthew S. Wood, download here
• Paper no 8: CDO's and the Financial Crisis: Credit Ratings and Fair Premia, Marcin Wojtowicz, download here
• Paper no 7: The Financial Trilemma, Dirk Schoenmaker, download here
• Paper no 6: When is Quantitative Easing Effective?, Markus Hoermann, Andreas Schabert, download here
• Paper no 5: Did the Sarbane-Oxley Act of 2002 make Firms less Opaque?, Stefan Arping, Zacherias Sautner, download here
• Paper no 4: Risk Aversion under Preference Uncertainty, Roman Kraeussl, André Lucas, Arjen Siegmann, download here
• Paper no 3: Cash Flow and Discount Rate Risk in Up and Down Markets: What is actually priced?, Mahmoud Botshekan, Roman Kraeussl, Andre Lucas, download here
• Paper no 2: System Risk Diagnostics, Bernd Schwaab, André Lucas, Siem Jan Koopman, download here
• Paper no 1: Short-Selling Bans arounds the World: Evidence from the 2007-09 Crisis, Alessandro Beber and Marco Pagano, download here

This series builds on the TI working paper series in finance. Past issues are available at
www.tinbergen.nl/ti-publications/discussion-papers.php