Credit Risk and Bank Marbins in Structured Financial Products: Evidence from the German Secondary Market for Discount Certificates

摘要

Parts of this research were done while Marco Wilkens was visiting the Australian Graduate School of Management (AGSM), University of New South Wales. He thanks Timothy Devinney and the academic and administrative staff for their hospitality and support. We are grateful to participants of the 28th Annual Conference of the German Classification Society 2004, Dortmund, the 8th Conference of the Swiss Society for Financial Market Research 2005, Zurich, the 67th Annual Conference of the German Academic Association for Business Research 2005, Kiel, the 16th Asian Finance Association Annual Conference 2005, Kuala Lumpur, the 12th Annual Meeting of the German Finance Association 2005, Augsburg, and the 18th Australasian Finance and Banking Conference 2005, Sydney. We also express our gratitude in particular to Mikhail Frolov, Lars Norden, and Eva Schneider for their helpful comments and suggestions. Furthermore, we thank an anonymous referee and Robert Webb, the editor, for their very helpful comments.