JAN P. KRAHNEN - Center for Financial Studies
JAN P. KRAHNEN - Center for Financial Studies
JAN P. KRAHNEN - Center for Financial Studies
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<strong>JAN</strong> P. <strong>KRAHNEN</strong><br />
Kreditwirtschaft und Finanzierung<br />
Abteilung Finanzen, FB 02<br />
Goethe University Frankfurt<br />
D-60054, Mertonstraße 17-21<br />
Frankfurt am Main, Germany<br />
Tel.: +49-69-798 22568<br />
Fax: +49-69-798 28951<br />
krahnen@wiwi.uni-frankfurt.de<br />
<strong>Center</strong> <strong>for</strong> <strong>Financial</strong> <strong>Studies</strong>:<br />
Tel.:+49-69-79 83 00 50 Fax: -77<br />
Jan P. Krahnen is a Professor of Finance at Frankfurt University and Director of the <strong>Center</strong><br />
<strong>for</strong> <strong>Financial</strong> <strong>Studies</strong> since 1995. He was the Chairman of the Jury of Deutsche Bank Prize in<br />
<strong>Financial</strong> Economics 2005.<br />
From 1991 to 1995 he held a full professorship of Finance at the University of Giessen. Prior<br />
to this appointment, he held teaching positions at the universities of Frankfurt, Cologne and<br />
Berlin since 1985. He obtained his doctorate from Frankfurt University and wrote his<br />
Habilitation at the 'Freie Universität Berlin'.<br />
Jan P. Krahnen is a CEPR Research Fellow and has been a visiting scholar at the Wharton<br />
School at the University of Pennsylvana and the Stern School of Business at New York<br />
University. He serves as an associate editor of the Journal of Banking and Finance and on the<br />
Editorial Board of the Journal of <strong>Financial</strong> Services Research and has served as an Executive<br />
Board Member of the European Finance Association.<br />
Jan P. Krahnen's research and teaching interests are in the area of banking and financial<br />
intermediation. His research has been published in the Journal of <strong>Financial</strong> Intermediation,<br />
the Journal of Banking and Finance, European Finance Review, the European Journal of<br />
Finance and Perspektiven der Wirtschaftspolitik and other scientific journals. He has<br />
recently edited a comprehensive monograph on the 'German <strong>Financial</strong> System' published by<br />
Ox<strong>for</strong>d University Press. His research has been supported by the German Science<br />
Foundation (DFG) and the European Commission.
Current<br />
Affiliation:<br />
CURRICULIM VITAE<br />
<strong>JAN</strong> P. <strong>KRAHNEN</strong><br />
� 1995 - present: Professor of Finance (C4), Goethe Universität<br />
Frankfurt (Main)<br />
� Since 1995 Director, <strong>Center</strong> <strong>for</strong> <strong>Financial</strong> <strong>Studies</strong>, Goethe-<br />
Universität, Frankfurt<br />
� Since 1998 Research Fellow, CEPR (<strong>Center</strong> <strong>for</strong> European Policy<br />
Research), London.<br />
� Since 2001 Member of the Board, Bundesbank research<br />
foundation “Monetary Stability”.<br />
� Since 2002 Steering Committee, European Central Bank - CFS<br />
research network initiative “Capital markets and financial<br />
integration in Europe”.<br />
� Since 2003 Member of the Board (Kuratorium) of ILF Institute of<br />
Law and Finance at Goethe University, Frankfurt.<br />
� Since 2004 <strong>Financial</strong> Intermediation Research Society (Founding<br />
Member and Officer)<br />
� Since 2004 Member, European Academic Council, Standard &<br />
Poor’s, London<br />
� Since 2005 Member of Steering Committee, “European Corporate<br />
Governance and Training Network (ECGTN)”<br />
Past Positions: Teaching Positions<br />
� 1985 - 1989: Lecturer (Hochschulassistent), Department of<br />
Economics and Business Administration (esp. Corporate Finance<br />
and Development Banking), Freie Universität Berlin<br />
� 1988 - 1990: Lecturer, Ph.D. program (Graduiertenkolleg<br />
Mikroökonomik), Freie Universität Berlin<br />
� 1989 - 1990: Assistant Professor of Business Administration,<br />
Universität zu Köln<br />
� 1990 - 1991: Associate Professor of Business Administration (C3),<br />
Goethe Universität Frankfurt (Main)<br />
� 1991 - 1995 Professor of Finance (C4), Justus-Liebig-Universität<br />
Giessen
Postgraduate studies, research, appointments in academic<br />
institutions<br />
� 1980 - 1984: Research Assistant, Economics Department, Freie<br />
Universität Berlin (Corporate Finance and Banking)<br />
� 1981 - 1982: Visiting doctoral student, Ph.D. program, Graduate<br />
School of Management, University of Rochester, Rochester, N.Y.<br />
� 1985 - 1992 Research Associate, IPC Internationale Projekt<br />
Consult GmbH, Frankfurt, Germany<br />
� 1993 - 2001 Coordinator, DFG research network (German<br />
National Science Foundation) in Finance: "Efficient Organization<br />
of <strong>Financial</strong> Markets and <strong>Financial</strong> Institutions"<br />
� 1994 - 1997 Advisory Board, BMZ (German Ministry <strong>for</strong><br />
Economic Cooperation and Development), Bonn<br />
� 1996 Metzler Foundation Visiting Professor, Finance Department,<br />
Wharton School, University of Pennsylvania<br />
� 1999 - 2002 Executive Committee, European Finance Association.<br />
� Since 1999 Editorial Board, Journal of <strong>Financial</strong> Services Research.<br />
� Since 1999 Advisory Board, Executive Development Program,<br />
<strong>Center</strong> <strong>for</strong> <strong>Financial</strong> <strong>Studies</strong>, Frankfurt.<br />
� 1999 - 2004 Steering Committee, Advanced <strong>Studies</strong> Program,<br />
Institut für Weltwirtschaft, Kiel.<br />
� Since 2000 Associate Editor, Journal of Banking and Finance<br />
� 2000 -2004 Member of Steering Committee, EU-Research and<br />
Training Network “Understanding <strong>Financial</strong> Architecture: Legal and<br />
Political Frameworks, and Economic Efficiency”, (with CEPR)<br />
� 2002 (7-12) Visiting Scholar, Salomon <strong>Center</strong>, Stern School of<br />
Business, New York University<br />
Professional experience and appointments in non-academic<br />
institutions<br />
� Since 1980: Consulting appointments development finance:<br />
German Federal Ministry <strong>for</strong> Economic Cooperation (BMZ), German<br />
Development Agency (GTZ), German Savings Banks Association<br />
(DSBV), Swiss Development Agency (SBA), Inter-American<br />
Development Bank (IDB).
� Since 1990: Consulting appointments corporate finance: Bersch,<br />
Lange und Partner, Bad Homburg; Price Waterhouse Corporate<br />
Finance, Berlin; Compunet AG, Kerpen/Munich: Deutsche<br />
Bundespost-Telekom, Bonn; KMW-Rating GmbH, Frankfurt.<br />
� 1996 - 2002 Member of the Board, DTB and EUREX (European<br />
Futures Exchange), Frankfurt.<br />
� Since 2004 Corporate Advisory Board, DZ-Bank, Frankfurt.<br />
� Since 2004 Member of the Board, TSI True Sale Initiative<br />
(Kreditanstalt für Wiederaufbau KfW), Frankfurt.<br />
Education: � 1976: "Bankkaufmann" (Certified Banker), BHF-Bank, Frankfurt<br />
Research<br />
Honors and<br />
Awards:<br />
� 1980: "Diplom-Kaufmann" (MBA) - Goethe Universität Frankfurt<br />
� 1984: "Dr. rer. pol." - (Ph.D.in Finance), Goethe Universität<br />
Frankfurt<br />
� 1988: Habilitation - (Finance), Freie Universität Berlin<br />
� 1978 - 1979 DAAD fellowship (German Academic Exchange<br />
Foundation); Université de Paris-Dauphine (France), Economie<br />
Appliqué.<br />
� 1980 - 1984 Doctoral fellowship awarded by "Studienstiftung des<br />
Deutschen Volkes".<br />
� 1981 - 1982 University fellowship, Graduate School of<br />
Management, University of Rochester, Rochester, N.Y. (USA).<br />
� 1987 GTZ/IPC-grant (German Agency <strong>for</strong> Technical Cooperation,<br />
Eschborn): The financing of small-scale industries: An empirical<br />
investigation of the in<strong>for</strong>mal sector in Piura/Peru (with Manfred<br />
Nitsch).<br />
� 1991 - 1992 ILO-grant (International Labour Office, Geneva):<br />
Formal and In<strong>for</strong>mal <strong>Financial</strong> Systems in Developing Countries<br />
(with Reinhard H. Schmidt)<br />
� 1992 - 1994 DFG grant (German National Science Foundation,<br />
Bonn): Experimental Capital Markets with Asymmetric<br />
In<strong>for</strong>mation.<br />
� 1995 - 1997 DFG grant: Comparative experimental analysis of<br />
continuous and batched auctions.<br />
� 1996 – 2000 CFS-project: Credit risk management of German<br />
universal banks.
� 1997 - 1998 DFG grant: Comparative empirical and experimental<br />
analysis of auction and dealership markets with specialists.<br />
� 1999 - 2000 DFG grant: Liquidity and trading halts on auction and<br />
dealership markets.<br />
� 2001 – 2003 CFS-project: The reinsurance industry and the capital<br />
markets, phase I.<br />
� 2001 – 2003 DFG-grant: The marketability of bank loans, phase I.<br />
� 2002 – 2004 CFS-project: Management, regulation and liquidity of<br />
CDOs.<br />
� 2004 – 2006 DFG-grant: The marketability of bank loans, phase II.<br />
� 2004 – 2006 NBER-grant: The role of CDOs <strong>for</strong> bank lending (joint<br />
with Günter Franke, Konstanz).<br />
� 2006 – 2007 CFS-program area Credit Mangement and Credit<br />
Markets (on bank disintermediation, and Germany’s three-pillar<br />
banking system)<br />
Publications:<br />
I. Monographs, edited volumes, special issues<br />
German <strong>Financial</strong> System: Ox<strong>for</strong>d University Press 2004 (Eds. Krahnen, J. and R.H. Schmidt)<br />
Globalization and <strong>Financial</strong> markets: Risks and opportunities, CFS-Kolloquium 45, Frankfurt:<br />
Knapp Publisher 2003 (Ed. Krahnen, J.)<br />
Finanzmärkte, e-commerce und Cross-border financial integration – Trends, strategies and lesons<br />
learned, CFS-Kolloquium 44, Frankfurt: Knapp Publisher 2002 (Ed. Krahnen, J.)<br />
German <strong>Financial</strong> Market and Institutions, Schmalenbach Business Review 54, Special Issue 1<br />
(2002) (Eds. Franke, G., Gebhardt, G. and J. Krahnen)<br />
Competition among banks – Good or bad?, European Finance Review 5 , Special Issue (2001),<br />
(Eds.Allen, F., Gersbach, H., Krahnen, J. and A. Santomero)<br />
Bankpolitik und Bankmärkte im globalen Umfeld, CFS-Kolloquium 43, Frankfurt: Knapp<br />
Publisher 2001 (Eds. Krahnen, J. and A. Weber)<br />
Zukunft der Universalbank, CFS-Kolloquium 42, Frankfurt: Knapp Publisher 2000 (Eds.<br />
Krahnen, J. and A. Weber)<br />
Globale Finanzmärkte und Europäische Währungsunion II, CFS-Kolloquium 41, Frankfurt:<br />
Knapp Publisher 1999 (Eds. Krahnen, J. and B. Rudolph)
Globale Finanzmärkte und Europäische Währungsunion I, CFS-Kolloquium 40, Frankfurt:<br />
Knapp Publisher 1998 (Eds. Krahnen, J. and B. Rudolph)<br />
Umbau der Finanzindustrie, CFS-Kolloquium 39, Frankfurt: Knapp Publisher 1997 (Eds.<br />
Krahnen, J. and B. Rudolph)<br />
Development Finance as Institution Building (with R.H. Schmidt); Westview Press, Boulder,<br />
Col., 1994.<br />
Sunk Costs und Unternehmensfinanzierung [Sunk costs and corporate finance]; Wiesbaden:<br />
Gabler-Verlag, 1991 (Habilitation).<br />
Kapitalmarkt und Kreditbank - Untersuchungen zu einer mikroökonomischen Theorie der<br />
Bankunternehmung [The capital market and commercial banking - Towards a<br />
microeconomic theory of the banking firm]; Berlin: Duncker & Humblot, 1985<br />
(Dissertation).<br />
II. Working Papers (under review or in revision)<br />
1. Does credit securitization reduce bank risk? Evidence from the European CDO market,<br />
Working Paper, current version: February 2007, (with D. Hänsel)<br />
2. Subjective evaluation of delayed risky outcomes: an experimental approach, current<br />
version November 2006 (with Uri Benzion, Tal Shavit).<br />
3. Risk transfer with CDOs and systemic risk in banking, Working paper, current version:<br />
June 2006 (with C. Wilde), revise and resubmit, Journal of <strong>Financial</strong> Intermediation<br />
4. Monitoring credit risk transfer in capital markets: statistical implications, working paper<br />
September 2006, (an extended summary is published in: <strong>Financial</strong> Statistics <strong>for</strong> a Global<br />
Economy, Third ECB Conference on Statistics, ed. by Steven Keuning, ECB: Frankfurt 2007,<br />
pp. 83-87; (with Dennis Hänsel and Christian Wilde)<br />
5. Lead and Lag Effects of Rating Action: The Case of Asset Backed Securities, current<br />
version: September 2004 (with A. Jobst)<br />
6. Multiple lenders and corporate distress: Evidence on debt restructuring, Working Paper,<br />
current version: June 2006 (with A. Brunner).<br />
7. Collateral, default risk, and relationship lending: An empirical study on financial<br />
contracting, working paper 2002, (with Ralf Elsas), under revision.<br />
8. In<strong>for</strong>mation production in lending relationships: The role of internal ratings in<br />
commercial banking; CFS-Working Paper, (with A. Brunner und M. Weber), working<br />
paper 1998.<br />
III. Articles (published or accepted <strong>for</strong> publication)<br />
1. Default Risk Sharing between banks and markets: the case of collateralized debt
obligation, <strong>for</strong>thcoming: Carey, M. and R. Stulz (Hrsg.) Risks of <strong>Financial</strong> Institutions,<br />
National Bureau of Economic Research, Chicago University Press (with G. Franke, 2007),<br />
pp. 603-634 (NBER working paper 11741).<br />
2. Vertrauens schaffen durech Begrenzung systemischen Risikos: Das Beta-Verfahren,<br />
Zeitschrift für Wirtschaftspolitik 2006.<br />
3. Investment per<strong>for</strong>mance and market share: Evidence from the German mutual fund<br />
industry, (with Frank A. Schmid and Erik Theissen), <strong>for</strong>thcoming: W. Bessler (Ed.),<br />
Festschrift für Hartmut Schmidt, 2006.<br />
4. The Basel II re<strong>for</strong>m and retail credit markets (Introduction to Special Issue, with Stijn<br />
Claessens and William W. Lang, Journal of <strong>Financial</strong> Services Research 28 (2005), 5-13.<br />
5. Der Handel von Kreditrisiken: Eine neue Dimension des Kapitalmarktes, Perspektiven der<br />
Wirtschaftspolitik (5) 2005, pp. .<br />
6. Universal banks and relationships with firms, (with R. Elsas), German <strong>Financial</strong> System,<br />
Ox<strong>for</strong>d University Press 2004 (Eds. Krahnen, J. and R.H. Schmidt), 197-232.<br />
7. Taking stock and looking ahead – The German financial system at the crossroads? (with<br />
Reinhard H. Schmidt) German <strong>Financial</strong> System, Ox<strong>for</strong>d University Press 2004, (Eds.<br />
Krahnen, J. and R.H. Schmidt), chapter 15, 485-515.<br />
8. Introduction to The German <strong>Financial</strong> System: The purpose and the structure of the<br />
book, (with Reinhard H. Schmidt) German <strong>Financial</strong> System, Ox<strong>for</strong>d University Press 2004<br />
(Eds. Krahnen, J. and R.H. Schmidt), chapter 1, 3-18.<br />
9. Market structure, intermediation, and liquidity: Schmalenbach Business Review 54 (1)<br />
(2002), Special Issue on German <strong>Financial</strong> Markets and Institutions: Selected <strong>Studies</strong> (with<br />
T. Freihube, E. Theissen).<br />
10. The Organization of Global <strong>Financial</strong> Markets: Comment on F. Kübler, Journal of<br />
Institutional and Theoretical Economics, 158 (1) 2002.<br />
11. The anatomy of a call market, Journal of <strong>Financial</strong> Intermediation, 2001, Vol. 10, 249-270<br />
(with C.H. Kehr und E. Theissen).<br />
12. Generally Accepted Rating Principles: A Primer, Journal of Banking and Finance 25<br />
(2001), Vol. 25, Issue 1, 2-24, (with Martin Weber).<br />
13. Marketmaking in the laboratory: Does competition matter?, Experimental Economics<br />
(2001) Vol. 4, 55-85 (mit Martin Weber).<br />
14. Internes Rating, Handwörterbuch des Finanz- und Bankwesens, Gerke, W. and M. Steiner<br />
(Eds.), Stuttgart, Schaeffer-Poeschel 2001, 1767-1775.<br />
15. On the valuation of common and preferred shares in Germany: New evidence on the<br />
value of voting rights; Managerial Finance: Special Issue on International Corporate Control and<br />
Governance (2000), Vol 26, 42-54 (with Ali Fatemi).<br />
16. Where do we stand in the Theory of Finance? A selective Overview with reference to
Erich Gutenberg; : in H. Albach, E. Eymann, A. Luhmer und M. Steven (Hrsg.): Theory of<br />
the Firm, Springer Verlag 2000. 121-152.<br />
17. Was leisten die Kursmakler? Eine empirische Untersuchung am Beispiel der<br />
Frankfurter Wertpapierbörse; Kredit und Kapital, Heft 3/1999, S. 426-460 (with T. Freihube,<br />
C.H. Kehr und E. Theissen).<br />
18. Finanzierungstheorie: Ein selektiver Überblick; in: Die Theorie der Unternehmung in<br />
Forschung und Praxis, hrsg. von H. Albach, E. Eymann, A. Luhmer und M. Steven, Springer<br />
Verlag 1999, S. 93-124.<br />
19. Insider trading and portfolio structure in experimental asset markets with a long-lived<br />
asset; European Journal of Finance, 1999, Vol. 5, 29-50 (with C. Rieck; E. Theissen).<br />
20. Risikomessung im Kreditgeschäft: Eine empirische Analyse bankinterner<br />
Ratingverfahren; Zeitschrift für betriebswirtschaftliche Forschung, Sonderheft 41, 1999, pp. 117-<br />
142 (with M. Weber and F. Voßmann).<br />
21. Does in<strong>for</strong>mation aggregation depend on market structure? Market makers vs. double<br />
auction; Zeitschrift für Wirtschafts- und Sozialwissenschaften, 1999, Vol. 119, 1-22 (with M.<br />
Weber).<br />
22. Optimal design of bank bailouts - the case of transition economies: Comment on Philip<br />
Aghion and Patrick Bolton; Journal of Institutional and Theoretical Economics, 1999, Vol. 155,<br />
77-79.<br />
23. Designing an experimental asset market; in: Bühler W.; H. Hax; R. Schmidt (Hrsg.),<br />
Empirical Research on the German Capital Market, Heidelberg et. al.: Springer 1999, S. 27-54<br />
(with C. Rieck and E. Theissen).<br />
24. Is relationship lending special? Evidence from credit file data-in Germany, Journal of<br />
Banking and Finance 22 (1998), S. 1283-1316 (with R. Elsas).<br />
25. Introduction to Special Issue on Credit Risk Assessment and Relationship Lending,<br />
Journal of Banking and Finance 22 (1998) S. V-VI, (with E. Altman and A. Saunders).<br />
26. Inferring risk attitudes from certainty equivalents: Some lessons from an experimental<br />
study; Journal of Economic Psychology (1997), Vol. 18, 469-486 (with C. Rieck and E.<br />
Theissen).<br />
27. <strong>Financial</strong> markets with asymmetric in<strong>for</strong>mation: A pilot study focussing on insider<br />
advantages. Journal of Economic Psychology (1997), Vol. 18, 235-257 (with W. Güth and C.<br />
Rieck).<br />
28. Scoring Verfahren: Häufige Anwendungsfehler und ihre Vermeidung [Pitfalls in<br />
applying the scoring method] ; in: Der Betrieb, 1995, No. 33, S. 1621-1626 (with Martin<br />
Weber, Adelheid Weber).<br />
29. Agency-Theorie in den Niederungen der Praxis: Konzerninterne Steuerung durch<br />
virtuelles Unternehmertum [Agency theory in practice: Managers as virtual entreprenuers<br />
at CompuNet Computers AG], in: Elschen/Siegel/Wagner (eds.): Unternehmenstheorie und
Besteuerung, Festschrift für Dieter Schneider., Wiesbaden: Gabler 1995, pp.348-374 (with<br />
Hans-Dieter Koch, Eva Terberger).<br />
30. Theorie des Handelskredits [Theory of trade credit] , in Gerke/Steiner (eds.):<br />
Handwörterbuch des Finanz- und Bankwesens; Stuttgart: Schäffer-Poeschel 1995, Col. 905-914.<br />
31. Fondsper<strong>for</strong>mance und Anteilsabsatz [Portfolio per<strong>for</strong>mance and mutual fund sales],<br />
in: Hipp et.al. (eds.): Geld, Finanzwirtschaft, Banken und Versicherungen 1993, Karlsruhe, 341-<br />
360 (with Carl H. Kehr, Bernd Scherer, Eric Theissen).<br />
32. Kann Übernahmespekulation das Pricing von Vorzugsaktien erklären? [On the<br />
valuation of dual class stocks], Die Bank 1994 , pp. 239-244 (with Lukas Menkhoff, Frank A.<br />
Rothauge).<br />
33. Kostenschlüsselung und Investitionsentscheidung: Plädoyer <strong>for</strong> eine empirisch<br />
orientierte Kostenrechnungs<strong>for</strong>schung [Cost accounting and investment decision].<br />
Zeitschrift für Betriebswirtschaft, 46 (1994), pp. 189-202.<br />
34. Überlegungen zu einer Theorie der Innenfinanzierung [Towards a theory of internal<br />
finance]; in: Gerke, W. (Ed.), Planwirtschaft am Ende - Marktwirtschaft in der Krise. Festschrift<br />
für Wolfram Engels, Stuttgart: Schäffer-Poeschel (1994), pp. 299-317.<br />
35. Investititionsmodelle, integrierte [Models of capital budgeting]; in: Wittman, W. u.a.<br />
(Ed.); Handwörterbuch der Betriebswirtschaft, 5th. Ed., Stuttgart: Schäffer-Poeschel (1993), vol.<br />
2, col. 1952 - 1965.<br />
36. Finanzwirtschaftslehre zwischen Markt und Institution: Ein Essay [The changing role of<br />
markets and institutions in the theory of finance: An essay]; Die Betriebswirtschaft 53 (1993),<br />
pp. 793 - 805.<br />
37. Zur Berücksichtigung der Irreversibilität in finanzwirtschaftlichen<br />
Entscheidungsmodellen [Irreversibility in a simple investment model with asymmetric<br />
in<strong>for</strong>mation]; Operations Research Proceedings, 1990; W. Bühler et al.(Eds.), Berlin: Springer<br />
(1991), pp. 563-569.<br />
38. Lohn, Pension und Besteuerung: Ein Entscheidungsmodell zur betrieblichen<br />
Altersversorgung [Wages and taxation in a model of corporate pension policy]; Zeitschrift<br />
für betriebswirtschaftliche Forschung, 43 (1991), pp. 119-129 (with Georg Meran).<br />
39. Objektfinanzierung und Vertragsgestaltung: Eine theoretische Erklärung der Struktur<br />
langfristiger Leasingverträge [Project financing and the design of contracts: A theoretical<br />
explanation of the structure of long-term leasing contracts]; Zeitschrift für Betriebswirtschaft,<br />
60 (1990), pp. 21-38.<br />
40. Über den Wert impliziter Treueprämien: Betriebliche Altersversorgung aus<br />
finanzierungstheoretischer Sicht [Corporate pension plans as implicit loyalty premiums];<br />
Zeitschrift für betriebswirtschaftliche Forschung, 42 (1990), pp. 199-215.<br />
41. Zur Wahl der Vertragsdauer bei Kreditarrangements unter asymmetrischer<br />
In<strong>for</strong>mation [On the term structure of credit contracts under conditions of asymmetric
in<strong>for</strong>mation]; Wirtschaftswissenschaftliches Studium 17 (1988), pp. 343-349.<br />
42. Why leasing? An introduction to comparative contractual analysis; in:<br />
Bamberg/Spremann (Eds.): Agency Theory, In<strong>for</strong>mation, and Incentives. Berlin (et al.):<br />
Springer 1987, pp. 255-280 (with Georg Meran).<br />
43. Die Kapitalmarkttheorie aus der Nirwana-Perspektive: Anmerkungen zu Dieter<br />
Schneider [The theory of capital markets as seen from the ‘nirvana’ point of view: A<br />
comment on Dieter Schneider]; in: Schmidt/Schor (Eds.): Modelle in der<br />
Betriebswirtschaftslehre. Wiesbaden: Gabler (1987), pp. 197-214.<br />
44. Der ökonomische Wert von Flexibilität und Bindung [The economic value of flexibility<br />
and commitment]; in: Ballwieser/Berger (Eds.): In<strong>for</strong>mation und Wirtschaftlichkeit.<br />
Wiesbaden: Gabler (1985), pp. 253-285 (with R.H. Schmidt and E. Terberger).<br />
IV. Reports<br />
1. Konzeptstudie zur Entwicklung eines CFS-<strong>Financial</strong> <strong>Center</strong> Index für die Hessische<br />
LAndesregierung, June 2006 (with Stephan Späthe, Reinhard H. Schmidt, Michael Grote,<br />
Helmut Bellgardt).<br />
2. In<strong>for</strong>mal and Formal <strong>Financial</strong> Systems in Developing Countries; Geneva: International<br />
Labour Office (1991) (with Reinhard H. Schmidt).<br />
3. Planungsgutachten zur Reorganisation der Tanzania Postal Bank [Planning report on the<br />
restructuring of the Tanzania Postal Bank]; Frankfurt: IPC/GTZ (1991) (with Anja Lepp).<br />
4. Report on the Project Progress Monitoring Mission to TSWELELO, Botswana; Frankfurt:<br />
IPC/GTZ (1990).<br />
5. Cooperation with Tanganyika Post Office Savings Bank, Tanzania; IPC/GTZ (1988) (with<br />
Reinhard H. Schmidt, Harald Hüttenrauch and Peter Welcker).<br />
6. Kredit und In<strong>for</strong>meller Sektor: Theoretische und empirische Überlegungen zur Konstruktion<br />
eines `angepaßten' Kreditprogramms [Credit and the in<strong>for</strong>mal sector: Theoretical and<br />
empirical issues posed by the design of an ‘adapted’ credit program]; Frankfurt:<br />
IPC/DSGV (1987) (with Manfred Nitsch).<br />
7. Die entwicklungspolitische Effizienz von Entwicklungsbanken in Jordanien, Nepal und<br />
Indonesien [The efficiency of development banks in Jordan, Nepal and Indonesia as an<br />
instrument of development policy]; Inspection report prepared <strong>for</strong> the German Federal<br />
Ministry <strong>for</strong> Economic Cooperation (BMZ); Berlin, July 1981.<br />
V. Book reviews<br />
Laux, Helmut (1990): Risiko, Anreiz und Kontrolle (Risk, incentive and control), Springer-<br />
Verlag; in: Journal of Institutional and Theoretical Economics, 148, 1992, pp. 369-372.
Schmalensee, R. (ed.) (1989): Handbook of Industrial Organization, Vol. I, North Holland;<br />
in: Kyklos, 43, 1991, pp. 139-141.<br />
Baltensperger, E. and Milde, H. (eds.) (1987): Theorie des Bankverhaltens (A theory of the<br />
behavior of banks), Springer-Verlag; in: Zeitschrift für betriebswirtschaftliche Forschung,<br />
40, 1988, pp. 693-695.<br />
Arrow, K. and Intriligator, M. (eds.) (1986): Handbook of Mathematical Economics, Vol. III,<br />
North Holland; in: Kyklos, 40, 1987, pp. 110-111.<br />
Jensen, M. and Smith, C. (eds.) (1984): The Modern Theory of Corporate Finance, McGraw-<br />
Hill; in: Kredit und Kapital, 19, 1986, pp. 446-449.<br />
Weitzman, M. (1984): Conquering Stagflation, Harvard University Press; in: Kyklos, 38,<br />
1985, S. 482-483.<br />
Binswanger, H. and Rosenzweig, M. (eds.): Contractual Arrangements, Employment, and<br />
Rural Labor Markets in Asia, Yale University Press; in: Kyklos, 38, 1985, pp. 109-110.<br />
VI. Articles in regular press<br />
� Warum brauchen wir Aktienmärkte? Jan Pieter Krahnen in: FAZ 35, 2006, S. 52-52.<br />
Warum braucht es Banken? Jan Pieter Krahnen in: FAZ 40, 2006, S. 58-58.<br />
� Orderbuch und Marketmaker im Wettbewerb, in: vision + money, July 2001, No. 19,<br />
50-56 (with Thorsten Freihube)<br />
� Finanzaufsicht muss wissenschaftlich begleitet werden, Börsenzeitung Nr. 48,<br />
9.3.2001, S. 8.<br />
� Bankinvestitionen und Börsenplatz: Eine Unabhängigkeitsthese; Finanzplatz-News,<br />
Juli 2000, No. 18, 4 (Newsletter des Finanzplatz e.V., www.finanzplatz.de).<br />
� Interne Rating: Heraus<strong>for</strong>derung und Chance, in: Frankfurter Allgemeine Zeitung,<br />
30. Dezember 1999, 12.<br />
� Risikoorientiertes Kreditmanagement deutscher Banken [Risk management in the<br />
loan book of German banks], in: "Die Bank", 1999, No. 3, S. 190-199. (with Elsas,<br />
Ralf; Ewert, R.; Rudolph, B.; Weber, M.)<br />
� Relationship Banking und der Strukturwandel im Kreditgeschäft der Banken<br />
[Relationship banking and structural changes in the banking industry], in:<br />
Frankfurter Allgemeine Zeitung, March 3, 1998, p. B7.<br />
� Finanzmarkt<strong>for</strong>schung und die Praxis: Cui bono? [Capital market research and the<br />
real world: Cui bono?] In: Börsen-Zeitung, 03.01.1998, 6.