Leibniz Institute for Financial Research SAFE

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Sustainable Architecture for Finance in Europe • Research & policy advice on finance • Legal Note

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Leibniz Institute for Financial Research SAFE@safefrankfurt· 4d

In SAFE Working Paper No. 492, the authors show that repo market prices are shaped by demand pressures in sovereign bond markets. Hedge funds, while highly elastic in cash bond markets, remain surprisingly inelastic borrowers in repo markets. 👉 More: papers.ssrn.com/sol3/papers.... #EconSky

Leibniz Institute for Financial Research SAFE@safefrankfurt· 9d

📝In SAFE Working Paper No. 491, the authors find that sanction risk matters almost as much as sanctions themselves. Uncertainty about future restrictions significantly reduced Russian imports, even for goods that were never ultimately sanctioned. 👉 More: papers.ssrn.com/sol3/papers.... #EconSky

Cover of SAFE Working Paper No. 491 "Risk of Sanctions" from August 2026 by Konstantin Egorov, Vasily Korovkin, Alexey Makarin, and Dzhamilya Nigmatulina

Leibniz Institute for Financial Research SAFE@safefrankfurt· 10d

📊 The SAFE Manager Sentiment Index increased from -0.10 in July to +0.14 in August, driven by strong second-quarter results reported by Germany-listed companies. The analysis also points to a divide between current performance and future expectations. 👉 Read more: safe-frankfurt.de/news-latest/...

Line chart showing the SAFE Manager Sentiment Index from 2020 to August 2026. The index drops sharply in 2020 to around -3.4, recovers during 2021, fluctuates around zero from 2022 onward, and records several short-term peaks above +1.0. The latest value, highlighted at the right edge of the chart, is +0.14 in August 2026, indicating a modestly positive sentiment. Source: Leibniz Institute for Financial Research SAFE and LSEG Workspace database.

Leibniz Institute for Financial Research SAFE@safefrankfurt· 15d

🏡 How do housing market frictions shape access to homeownership? 1st Annual Workshop in Real Estate Finance: Housing Market Frictions and Access to Homeownership 📅 24–25 August 2026 📍 Frankfurt School of Finance & Management 👉 More information: safe-frankfurt.de/news-media/e... #EconSky

Leibniz Institute for Financial Research SAFE@safefrankfurt· 18d

🎉We are delighted to welcome Karsten Müller to SAFE. As Professor of Macro Finance and Head of the SAFE Macro Finance department, he will further strengthen SAFE's research at the intersection of finance, macroeconomics, and political economy. 👉Read more: safe-frankfurt.de/news-latest/... #EconSky

Leibniz Institute for Financial Research SAFE@safefrankfurt· 21d

The SAFE Regulatory Radar in July 🔎This month, the EU Commission published a Communication on banking sector competitiveness and adopted the revised sustainability reporting standards, including a voluntary standard for smaller companies. 👉Read more: safe-frankfurt.de/news-latest/... #EconSky

Leibniz Institute for Financial Research SAFE@safefrankfurt· 22d

📣 Reminder: Application Deadline Today! SAFE is hiring a Student Assistant (m/f/d) – Household Finance 📅 Start date: Earliest possible date ⏳ Duration: 12 months (40 hours/month) 📩 Application deadline: 30 July 2026 (today!) More information: career.safe-frankfurt.de/jobposting/8...

Leibniz Institute for Financial Research SAFE@safefrankfurt· 23d

📝 In SAFE Working Paper 490, @claesbackman.bsky.social finds that large language models provide broadly similar investment advice across countries, with recommendations driven more by the model itself than by local financial conditions. 👉 Read more: papers.ssrn.com/sol3/papers.... #EconSky #LLMs

Leibniz Institute for Financial Research SAFE@safefrankfurt· 24d

In an @faznet.bsky.social article,SAFE doctoral student Bero Gebhard argues that the 30% control threshold in takeover law may no longer reflect reality. Empirical evidence shows that a 30% stake only rarely secures a majority at shareholders’ meetings, prompting a debate on possible reform. #Lawsky

Close-up photograph of a printed Frankfurter Allgemeine Zeitung newspaper page. The article is labeled “Standpunkt” and titled “Kontrolle ohne Mehrheit” (“Control Without a Majority”), with the byline “Von Bero Gebhard.” The image focuses on the headline and the opening paragraphs of the opinion piece discussing takeover law and shareholder control thresholds.

Leibniz Institute for Financial Research SAFE@safefrankfurt· 25d

In SAFE Working Paper 489 "Bankrupcy Law and Firm Size", the authors show that weaker creditor rights can benefit large firms by reducing distress costs, but may harm small firms by increasing financing constraints and limiting investment. 👉 Read more: papers.ssrn.com/sol3/papers.... #LawSky

Leibniz Institute for Financial Research SAFE@safefrankfurt· 28d

📝New SAFE Working Paper No. 488 "Bankruptcy Law Penalties and Board Independence" by Aras Canipek. 👉Read more via @ssrn.bsky.social: papers.ssrn.com/sol3/papers.... #LawSky

Cover of SAFE Working Paper No. 488 "Bankruptcy Law Penalties and Board Independence" by Aras Canipek from July 2026.

Leibniz Institute for Financial Research SAFE@safefrankfurt· 29d

Today, the @ecb.europa.eu decided to keep its key interest rates unchanged. SAFE Scientific Director @fheider.bsky.social comments: The ECB has resisted the pressure to act prematurely and maintains its wait-and-see, data-dependend approach." 👉Read more: safe-frankfurt.de/news-latest/... #EconSky

Photo of and quote by Florian Heider: "The ECB has resisted the pressure to act prematurely and maintains its wait-and-see, dat-dependend approach."

Leibniz Institute for Financial Research SAFE@safefrankfurt· Jul 21

🎉🏆We are proud to share that our Research Affiliate Fatjon Kaja (@lawfinfrankfurt.bsky.social) has been honored with the GLEA Young Scholar Prize. Congratulations, Fatjon, on this well-deserved achievement! 👉 Read more: safe-frankfurt.de/news-latest/... #EconSky

Fatjon Kaja presents at an academic conference in a wood-paneled lecture room. Standing beside a projection screen, he points to a slide displaying a map of the United Kingdom and Ireland with the geographical distribution of royal charters. Several conference tables and chairs are arranged in the foreground, with water bottles, presentation materials, and markers visible on the tables. The image captures a moment from a scholarly presentation on historical corporate charters and law-and-finance research.

Leibniz Institute for Financial Research SAFE@safefrankfurt· Jul 17

📝 In SAFE Working Paper 487, the authors show that dividend restrictions can strengthen bank capital buffers, but may also weaken recapitalization incentives and create financial stability trade-offs. 👉 Read more: papers.ssrn.com/sol3/papers.... #EconSky

Leibniz Institute for Financial Research SAFE@safefrankfurt· Jul 15

One week ago, Florian Heider discussed Unicredit’s takeover attempt of Commerzbank on @zdfde.bsky.social’s heute journal, commenting on a potential withdrawal scenario that could cause Commerzbank’s stock price to plummet. 👉Watch the original german comment (at 21:20) www.zdf.de/play/magazin...

Florian Heider stands beside a microphone in the bright corridor of the House of Finance, wearing a dark business suit. The corridor features white walls, wooden doors labeled “LECTURE ROOM,” and a black-and-white marble floor. He is speaking while gesturing with both hands. The hallway extends into the distance, emphasizing the modern architectural setting.

A television interview is being recorded in the modern hallway of the House of Finance with white walls, wooden lecture-room doors, and a black-and-white marble floor. Florian Heider speaks into a handheld microphone while another person stands nearby, and a camera operator films with a professional video camera mounted on a tripod. A studio light is positioned beside the camera.

Leibniz Institute for Financial Research SAFE@safefrankfurt· Jul 14

Today, we welcomed Lovisa Reiche (BI Norwegian Business School) in our Brown Bag seminar. She presented a project titled: “Forecast Confidence and Exposure in Inflation Expectations: Evidence from the Gender Gap” Thank you, Lovisa, for your interesting talk and the insights from your work!

A group of people attend a presentation in a modern conference room. Lovisa Reiche stands near a large display screen showing a chart, while participants sit at tables and others stand along the side of the room watching. Large windows on the left provide natural light, and banners with the word “SAFE” are positioned near the presentation area. The room features white tables, dark chairs, and wood-paneled walls.

Leibniz Institute for Financial Research SAFE@safefrankfurt· Jul 13

Join tomorrow's Finance Seminar with Falko Fecht @bundesbank.de: 📅14 July 2026 🕛12:00–1:15 PM We look forward to seeing you there! 👉More information: www.old.wiwi.uni-frankfurt.de/abteilungen/... #EconSky

Leibniz Institute for Financial Research SAFE@safefrankfurt· Jul 10

📝SAFE Policy Letter No. 117 examines why competition challenges in EU card payments persist despite a decade of interchange fee rules and proposes a European right for merchants to initiate direct debit transactions from debit-card credentials. 👉Read more: safe-frankfurt.de/de/policy-ce... #EconSky

Leibniz Institute for Financial Research SAFE@safefrankfurt· Jul 9

📊 The SAFE Manager Sentiment Index remained broadly unchanged in July, reflecting continued caution among executives of Germany-listed companies. Stay tuned for the August SAFE Index update, featuring the Q2 results of most listed companies. 👉 Read more: safe-frankfurt.de/news-latest/... #EconSky

Line chart showing the SAFE Manager Sentiment Index from 2020 to July 2026. The index falls sharply in 2020, reaching a low of around -3.4, before recovering through 2021 and moving mostly around the zero line between 2022 and 2026. The series shows several short-lived peaks above 1.0 and periods of moderate decline. The latest value, marked at July 2026, is -0.1, indicating a slightly negative assessment. Source: Leibniz Institute for Financial Research SAFE and LSEG Workspace database. The chart was created with Datawrapper.

Leibniz Institute for Financial Research SAFE@safefrankfurt· Jul 8

Save the date! Visit us on 19 September 2026 at the Science Festival Frankfurt at Roßmarkt and experience science up close. The festival is free of charge! 🕙10:00 a.m. – 6:00 p.m. 📍 Roßmarkt, Frankfurt am Main 👉 More information: frankfurtscience.de #frankfurt #research #FrankfurtAlliance

Leibniz Institute for Financial Research SAFE@safefrankfurt· Jul 6

Tomorrow's Finance Seminar features Artashes Karapetyan (ESSEC Business School) presenting "More Data, More Credit? Information Sharing and Bank Credit to Households". 📅07 July 2026 🕛12:00–1:15 PM We look forward to seeing you there! Seminar: www.old.wiwi.uni-frankfurt.de/abteilungen/... #EconSky

Leibniz Institute for Financial Research SAFE@safefrankfurt· Jul 3

📝In SAFE Policy Letter 116, Tobias Tröger (@lawfinfrankfurt.bsky.social) and Bero Gebhard analyze UniCredit’s planned acquisition of Commerzbank, highlighting the strategy used to avoid a mandatory takeover offer and its implications for takeover law. 👉Read more: safe-frankfurt.de/policy-cente...

Leibniz Institute for Financial Research SAFE@safefrankfurt· Jul 2

How can we better understand the long-run development of financial markets, companies, and the economy? It starts with reliable historical data. The GerHisFin project is building a unique research resource for German historical financial and corporate data. 👉Learn more: gerhisfin.de #EconSky

Group photo of the GerHisFin (German Historical Financial and Corporate Data Infrastructure) team standing in front of the entrance to the House of Finance building. The group is arranged in two rows beneath a covered entrance framed by large stone columns and warm yellow ceiling lights. The words “HOUSE OF FINANCE” are visible above the doorway in the background. Participants wear a mix of business and smart-casual clothing, and the photo appears to have been taken during a project meeting or academic event. The building façade is made of light-colored stone, and the image is taken in daylight.

Leibniz Institute for Financial Research SAFE@safefrankfurt· Jul 1

📢 Application reminder! Join us as a Research Assistant / Doctoral Student (f/m/d) – Macro Finance 📅 Start date: 1 October 2026 ⏳ Fixed-term for 1 year (70% position) 📩 Deadline: 3 July 2026 👉 Application: career.safe-frankfurt.de/jobposting/b... #EconSky #MacroFinance #DoctoralStudent

Leibniz Institute for Financial Research SAFE@safefrankfurt· Jun 30

The SAFE Regulatory Radar for June is out! 🔎 This month, the European Banking Authority published a report on simplifying the bank capital framework, and the European Commission adopted temporary relief on the Basel III market risk rules. Read more: 👉 safe-frankfurt.de/news-latest/... #EURegulation

Leibniz Institute for Financial Research SAFE@safefrankfurt· Jun 29

Tomorrow's Finance Seminar features Erica Jiang (UCLA Anderson) presenting “Credit Without Proximity: Informational Frictions and Unequal Gains from Technology”. 📅30 June 2026 🕛12:00–1:15 PM We look forward to seeing you there! Find the seminar here: www.old.wiwi.uni-frankfurt.de/abteilungen/...

Leibniz Institute for Financial Research SAFE@safefrankfurt· Jun 26

A new publication, co-authored by SAFE researcher Florian Heeb, shows that although green investing is sometimes seen as a substitute for government action, it does not reduce support for climate policy and is instead viewed as a complement. 👉Read more: papers.ssrn.com/sol3/papers.... #EconSky

Screenshot of an academic paper titled “Green Investing and Political Behavior” by Florian Heeb, Julian F. Koelbel, Stefano Ramelli, and Anna Vasileva, accepted at the Review of Financial Studies (April 2026). The abstract states: "A fundamental concern about green investing is that it may crowd out political support for public policies addressing negative externalities. We examine this concern in a preregistered experiment conducted shortly before a real referendum on a climate law in Switzerland. We find that offering an opportunity to invest in a climate-friendly fund does not reduce individuals’ support for climate regulation, measured as political donations and voting intentions. A replication in the UK yields similar results. Our estimates reject a crowding-out effect. Rather, they suggest a modest crowding-in effect of green investing on political support for green policies."

Leibniz Institute for Financial Research SAFE@safefrankfurt· Jun 23

Workshop and policy debate: “Geopolitical(dis)order and Financial (in)stability” 📅 Wednesday, 1 July 2026 🕔 Pre-reception from 5:45 p.m. | Event starts at 6:15 p.m. 📍 Representation of the State of Hessen to the European Union, Brussels 👉 Registration: safe-frankfurt.de/news-media/e...

Leibniz Institute for Financial Research SAFE@safefrankfurt· Jun 19

📝 In SAFE Working Paper 486, the authors analyze portfolio reallocation under cross-border seizure risk and the role of gold as an international settlement asset, highlighting the trade-off between rapid and gradual adjustment. 👉 Read more: papers.ssrn.com/sol3/papers.... #EconSky

Leibniz Institute for Financial Research SAFE@safefrankfurt· Jun 18

The energy price shock of 2022–2023 may hold important lessons for today's inflation outlook. A recent study, co-authored by SAFE Senior Fellow Ignazio Angeloni examines how the ECB could be affected by a new energy-driven supply shock. 👉 Full study: www.europarl.europa.eu/thinktank/de...