Professor Dr. Tobias Berg

Professor Dr. Tobias Berg
Aktuelle Position

seit 8/16

Associate Professor für Finance

Frankfurt School of Finance & Management

seit 2/16

Forschungsprofessor

Leibniz-Institut für Wirtschaftsforschung Halle (IWH)

Forschungsschwerpunkte

  • Kreditvergabe
  • Bankenregulierung
  • realwirtschaftliche Auswirkungen von Finanzintermediären

Tobias Berg ist seit Februar 2016 Forschungsprofessor am IWH. Sein Forschungsschwerpunkt liegt im Bereich der Finanzintermediation mit einem Fokus auf Kreditvergabe, Bankenregulierung sowie realwirtschaftlichen Auswirkungen von Finanzintermediären.

Tobias Berg ist Associate Professor für Finance an der Frankfurt School of Finance & Management.

Ihr Kontakt

Professor Dr. Tobias Berg
Professor Dr. Tobias Berg
Mitglied - Abteilung Finanzmärkte
Nachricht senden Persönliche Seite

Publikationen

cover_journal-of-financial-economics.png

Spillover Effects in Empirical Corporate Finance

Tobias Berg Markus Reisinger Daniel Streitz

in: Journal of Financial Economics, im Erscheinen

Abstract

Despite their importance, the discussion of spillover effects in empirical research often misses the rigor dedicated to endogeneity concerns. We analyze a broad set of workhorse models of firm interactions and show that spillovers naturally arise in many corporate finance settings. This has important implications for the estimation of treatment effects: i) even with random treatment, spillovers lead to a complicated bias, ii) fixed effects can exacerbate the spillover-induced bias. We propose simple diagnostic tools for empirical researchers and illustrate our guidance in an application.

Publikation lesen

cover_review-of-financial-studies.png

Mind the Gap: The Difference Between U.S. and European Loan Rates

Tobias Berg Anthony Saunders Sascha Steffen Daniel Streitz

in: Review of Financial Studies, Nr. 3, 2017

Abstract

We analyze pricing differences between U.S. and European syndicated loans over the 1992–2014 period. We explicitly distinguish credit lines from term loans. For credit lines, U.S. borrowers pay significantly higher spreads, but lower fees, resulting in similar total costs of borrowing in both markets. Credit line usage is more cyclical in the United States, which provides a rationale for the pricing structure difference. For term loans, we analyze the channels of the cross-country loan price differential and document the importance of: the composition of term loan borrowers and the loan supply by institutional investors and foreign banks.

Publikation lesen

cover_journal-of-fixed-income.png

Determinants of the Size of the Sovereign Credit Default Swap Market

Tobias Berg Daniel Streitz

in: Journal of Fixed Income, Nr. 3, 2016

Abstract

We analyze the sovereign credit default swap (CDS) market for 57 countries, using a novel dataset comprising weekly positions and turnover data. We document that CDS markets—measured relative to a country’s debt—are larger for smaller countries, countries with a rating just above the investment-grade cutoff, and countries with weaker creditor rights. Analyzing changes in credit risk, we find that rating changes matter but only for negative rating events (downgrades and negative outlooks). In particular, weeks with downgrades and negative outlooks are associated with a significantly higher turnover in the sovereign CDS market, even after controlling for changes in sovereign CDS spreads. We conclude that agencies’ ratings are a major determinant of the size of the sovereign CDS market.

Publikation lesen
Mitglied der Leibniz-Gemeinschaft LogoTotal-Equality-LogoWeltoffen Logo