JAN P. KRAHNEN Jan P. Krahnen

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1 JAN P. KRAHNEN Kreditwirtschaft und Finanzierung Abteilung Finanzen, FB 02 Goethe University Frankfurt D-60054, Mertonstraße Frankfurt am Main, Germany Tel.: Fax: Center for Financial Studies: Tel.: Fax: -77 Jan P. Krahnen is a Professor of Finance at Frankfurt University and Director of the Center for Financial Studies since He was the Chairman of the Jury of Deutsche Bank Prize in Financial Economics From 1991 to 1995 he held a full professorship of Finance at the University of Giessen. Prior to this appointment, he held teaching positions at the universities of Frankfurt, Cologne and Berlin since He obtained his doctorate from Frankfurt University and wrote his Habilitation at the 'Freie Universität Berlin'. Jan P. Krahnen is a CEPR Research Fellow and has been a visiting scholar at the Wharton School at the University of Pennsylvana and the Stern School of Business at New York University. He serves as an associate editor of the Journal of Banking and Finance and on the Editorial Board of the Journal of Financial Services Research and has served as an Executive Board Member of the European Finance Association. Jan P. Krahnen's research and teaching interests are in the area of banking and financial intermediation. His research has been published in the Journal of Financial Intermediation, the Journal of Banking and Finance, European Finance Review, the European Journal of Finance and Perspektiven der Wirtschaftspolitik and other scientific journals. He has recently edited a comprehensive monograph on the 'German Financial System' published by Oxford University Press. His research has been supported by the German Science Foundation (DFG) and the European Commission.

2 CURRICULIM VITAE JAN P. KRAHNEN Current Affiliation: present: Professor of Finance (C4), Goethe Universität Frankfurt (Main) Since 1995 Director, Center for Financial Studies, Goethe- Universität, Frankfurt Since 1998 Research Fellow, CEPR (Center for European Policy Research), London. Since 2001 Member of the Board, Bundesbank research foundation Monetary Stability. Since 2002 Steering Committee, European Central Bank - CFS research network initiative Capital markets and financial integration in Europe. Since 2003 Member of the Board (Kuratorium) of ILF Institute of Law and Finance at Goethe University, Frankfurt. Since 2004 Financial Intermediation Research Society (Founding Member and Officer) Since 2004 Member, European Academic Council, Standard & Poor s, London Since 2005 Member of Steering Committee, European Corporate Governance and Training Network (ECGTN) Past Positions: Teaching Positions : Lecturer (Hochschulassistent), Department of Economics and Business Administration (esp. Corporate Finance and Development Banking), Freie Universität Berlin : Lecturer, Ph.D. program (Graduiertenkolleg Mikroökonomik), Freie Universität Berlin : Assistant Professor of Business Administration, Universität zu Köln : Associate Professor of Business Administration (C3), Goethe Universität Frankfurt (Main) Professor of Finance (C4), Justus-Liebig-Universität Giessen

3 Postgraduate studies, research, appointments in academic institutions : Research Assistant, Economics Department, Freie Universität Berlin (Corporate Finance and Banking) : Visiting doctoral student, Ph.D. program, Graduate School of Management, University of Rochester, Rochester, N.Y Research Associate, IPC Internationale Projekt Consult GmbH, Frankfurt, Germany Coordinator, DFG research network (German National Science Foundation) in Finance: "Efficient Organization of Financial Markets and Financial Institutions" Advisory Board, BMZ (German Ministry for Economic Cooperation and Development), Bonn 1996 Metzler Foundation Visiting Professor, Finance Department, Wharton School, University of Pennsylvania Executive Committee, European Finance Association. Since 1999 Editorial Board, Journal of Financial Services Research. Since 1999 Advisory Board, Executive Development Program, Center for Financial Studies, Frankfurt Steering Committee, Advanced Studies Program, Institut für Weltwirtschaft, Kiel. Since 2000 Associate Editor, Journal of Banking and Finance Member of Steering Committee, EU-Research and Training Network Understanding Financial Architecture: Legal and Political Frameworks, and Economic Efficiency, (with CEPR) 2002 (7-12) Visiting Scholar, Salomon Center, Stern School of Business, New York University Professional experience and appointments in non-academic institutions Since 1980: Consulting appointments development finance: German Federal Ministry for Economic Cooperation (BMZ), German Development Agency (GTZ), German Savings Banks Association (DSBV), Swiss Development Agency (SBA), Inter-American Development Bank (IDB).

4 Since 1990: Consulting appointments corporate finance: Bersch, Lange und Partner, Bad Homburg; Price Waterhouse Corporate Finance, Berlin; Compunet AG, Kerpen/Munich: Deutsche Bundespost-Telekom, Bonn; KMW-Rating GmbH, Frankfurt Member of the Board, DTB and EUREX (European Futures Exchange), Frankfurt. Since 2004 Corporate Advisory Board, DZ-Bank, Frankfurt. Since 2004 Member of the Board, TSI True Sale Initiative (Kreditanstalt für Wiederaufbau KfW), Frankfurt. Education: 1976: "Bankkaufmann" (Certified Banker), BHF-Bank, Frankfurt 1980: "Diplom-Kaufmann" (MBA) - Goethe Universität Frankfurt 1984: "Dr. rer. pol." - (Ph.D.in Finance), Goethe Universität Frankfurt 1988: Habilitation - (Finance), Freie Universität Berlin Research Honors and Awards: DAAD fellowship (German Academic Exchange Foundation); Université de Paris-Dauphine (France), Economie Appliqué Doctoral fellowship awarded by "Studienstiftung des Deutschen Volkes" University fellowship, Graduate School of Management, University of Rochester, Rochester, N.Y. (USA) GTZ/IPC-grant (German Agency for Technical Cooperation, Eschborn): The financing of small-scale industries: An empirical investigation of the informal sector in Piura/Peru (with Manfred Nitsch) ILO-grant (International Labour Office, Geneva): Formal and Informal Financial Systems in Developing Countries (with Reinhard H. Schmidt) DFG grant (German National Science Foundation, Bonn): Experimental Capital Markets with Asymmetric Information DFG grant: Comparative experimental analysis of continuous and batched auctions CFS-project: Credit risk management of German universal banks.

5 DFG grant: Comparative empirical and experimental analysis of auction and dealership markets with specialists DFG grant: Liquidity and trading halts on auction and dealership markets CFS-project: The reinsurance industry and the capital markets, phase I DFG-grant: The marketability of bank loans, phase I CFS-project: Management, regulation and liquidity of CDOs DFG-grant: The marketability of bank loans, phase II NBER-grant: The role of CDOs for bank lending (joint with Günter Franke, Konstanz) CFS-program area Credit Mangement and Credit Markets (on bank disintermediation, and Germany s three-pillar banking system) Publications: I. Monographs, edited volumes, special issues German Financial System: Oxford University Press 2004 (Eds. Krahnen, J. and R.H. Schmidt) Globalization and Financial markets: Risks and opportunities, CFS-Kolloquium 45, Frankfurt: Knapp Publisher 2003 (Ed. Krahnen, J.) Finanzmärkte, e-commerce und Cross-border financial integration Trends, strategies and lesons learned, CFS-Kolloquium 44, Frankfurt: Knapp Publisher 2002 (Ed. Krahnen, J.) German Financial Market and Institutions, Schmalenbach Business Review 54, Special Issue 1 (2002) (Eds. Franke, G., Gebhardt, G. and J. Krahnen) Competition among banks Good or bad?, European Finance Review 5, Special Issue (2001), (Eds.Allen, F., Gersbach, H., Krahnen, J. and A. Santomero) Bankpolitik und Bankmärkte im globalen Umfeld, CFS-Kolloquium 43, Frankfurt: Knapp Publisher 2001 (Eds. Krahnen, J. and A. Weber) Zukunft der Universalbank, CFS-Kolloquium 42, Frankfurt: Knapp Publisher 2000 (Eds. Krahnen, J. and A. Weber) Globale Finanzmärkte und Europäische Währungsunion II, CFS-Kolloquium 41, Frankfurt: Knapp Publisher 1999 (Eds. Krahnen, J. and B. Rudolph)

6 Globale Finanzmärkte und Europäische Währungsunion I, CFS-Kolloquium 40, Frankfurt: Knapp Publisher 1998 (Eds. Krahnen, J. and B. Rudolph) Umbau der Finanzindustrie, CFS-Kolloquium 39, Frankfurt: Knapp Publisher 1997 (Eds. Krahnen, J. and B. Rudolph) Development Finance as Institution Building (with R.H. Schmidt); Westview Press, Boulder, Col., Sunk Costs und Unternehmensfinanzierung [Sunk costs and corporate finance]; Wiesbaden: Gabler-Verlag, 1991 (Habilitation). Kapitalmarkt und Kreditbank - Untersuchungen zu einer mikroökonomischen Theorie der Bankunternehmung [The capital market and commercial banking - Towards a microeconomic theory of the banking firm]; Berlin: Duncker & Humblot, 1985 (Dissertation). II. Working Papers (under review or in revision) 1. Does credit securitization reduce bank risk? Evidence from the European CDO market, Working Paper, current version: February 2007, (with D. Hänsel) 2. Subjective evaluation of delayed risky outcomes: an experimental approach, current version November 2006 (with Uri Benzion, Tal Shavit). 3. Risk transfer with CDOs and systemic risk in banking, Working paper, current version: June 2006 (with C. Wilde), revise and resubmit, Journal of Financial Intermediation 4. Monitoring credit risk transfer in capital markets: statistical implications, working paper September 2006, (an extended summary is published in: Financial Statistics for a Global Economy, Third ECB Conference on Statistics, ed. by Steven Keuning, ECB: Frankfurt 2007, pp ; (with Dennis Hänsel and Christian Wilde) 5. Lead and Lag Effects of Rating Action: The Case of Asset Backed Securities, current version: September 2004 (with A. Jobst) 6. Multiple lenders and corporate distress: Evidence on debt restructuring, Working Paper, current version: June 2006 (with A. Brunner). 7. Collateral, default risk, and relationship lending: An empirical study on financial contracting, working paper 2002, (with Ralf Elsas), under revision. 8. Information production in lending relationships: The role of internal ratings in commercial banking; CFS-Working Paper, (with A. Brunner und M. Weber), working paper III. Articles (published or accepted for publication) 1. Default Risk Sharing between banks and markets: the case of collateralized debt

7 obligation, forthcoming: Carey, M. and R. Stulz (Hrsg.) Risks of Financial Institutions, National Bureau of Economic Research, Chicago University Press (with G. Franke, 2007), pp (NBER working paper 11741). 2. Vertrauens schaffen durech Begrenzung systemischen Risikos: Das Beta-Verfahren, Zeitschrift für Wirtschaftspolitik Investment performance and market share: Evidence from the German mutual fund industry, (with Frank A. Schmid and Erik Theissen), forthcoming: W. Bessler (Ed.), Festschrift für Hartmut Schmidt, The Basel II reform and retail credit markets (Introduction to Special Issue, with Stijn Claessens and William W. Lang, Journal of Financial Services Research 28 (2005), Der Handel von Kreditrisiken: Eine neue Dimension des Kapitalmarktes, Perspektiven der Wirtschaftspolitik (5) 2005, pp.. 6. Universal banks and relationships with firms, (with R. Elsas), German Financial System, Oxford University Press 2004 (Eds. Krahnen, J. and R.H. Schmidt), Taking stock and looking ahead The German financial system at the crossroads? (with Reinhard H. Schmidt) German Financial System, Oxford University Press 2004, (Eds. Krahnen, J. and R.H. Schmidt), chapter 15, Introduction to The German Financial System: The purpose and the structure of the book, (with Reinhard H. Schmidt) German Financial System, Oxford University Press 2004 (Eds. Krahnen, J. and R.H. Schmidt), chapter 1, Market structure, intermediation, and liquidity: Schmalenbach Business Review 54 (1) (2002), Special Issue on German Financial Markets and Institutions: Selected Studies (with T. Freihube, E. Theissen). 10. The Organization of Global Financial Markets: Comment on F. Kübler, Journal of Institutional and Theoretical Economics, 158 (1) The anatomy of a call market, Journal of Financial Intermediation, 2001, Vol. 10, (with C.H. Kehr und E. Theissen). 12. Generally Accepted Rating Principles: A Primer, Journal of Banking and Finance 25 (2001), Vol. 25, Issue 1, 2-24, (with Martin Weber). 13. Marketmaking in the laboratory: Does competition matter?, Experimental Economics (2001) Vol. 4, (mit Martin Weber). 14. Internes Rating, Handwörterbuch des Finanz- und Bankwesens, Gerke, W. and M. Steiner (Eds.), Stuttgart, Schaeffer-Poeschel 2001, On the valuation of common and preferred shares in Germany: New evidence on the value of voting rights; Managerial Finance: Special Issue on International Corporate Control and Governance (2000), Vol 26, (with Ali Fatemi). 16. Where do we stand in the Theory of Finance? A selective Overview with reference to

8 Erich Gutenberg; : in H. Albach, E. Eymann, A. Luhmer und M. Steven (Hrsg.): Theory of the Firm, Springer Verlag Was leisten die Kursmakler? Eine empirische Untersuchung am Beispiel der Frankfurter Wertpapierbörse; Kredit und Kapital, Heft 3/1999, S (with T. Freihube, C.H. Kehr und E. Theissen). 18. Finanzierungstheorie: Ein selektiver Überblick; in: Die Theorie der Unternehmung in Forschung und Praxis, hrsg. von H. Albach, E. Eymann, A. Luhmer und M. Steven, Springer Verlag 1999, S Insider trading and portfolio structure in experimental asset markets with a long-lived asset; European Journal of Finance, 1999, Vol. 5, (with C. Rieck; E. Theissen). 20. Risikomessung im Kreditgeschäft: Eine empirische Analyse bankinterner Ratingverfahren; Zeitschrift für betriebswirtschaftliche Forschung, Sonderheft 41, 1999, pp (with M. Weber and F. Voßmann). 21. Does information aggregation depend on market structure? Market makers vs. double auction; Zeitschrift für Wirtschafts- und Sozialwissenschaften, 1999, Vol. 119, 1-22 (with M. Weber). 22. Optimal design of bank bailouts - the case of transition economies: Comment on Philip Aghion and Patrick Bolton; Journal of Institutional and Theoretical Economics, 1999, Vol. 155, Designing an experimental asset market; in: Bühler W.; H. Hax; R. Schmidt (Hrsg.), Empirical Research on the German Capital Market, Heidelberg et. al.: Springer 1999, S (with C. Rieck and E. Theissen). 24. Is relationship lending special? Evidence from credit file data-in Germany, Journal of Banking and Finance 22 (1998), S (with R. Elsas). 25. Introduction to Special Issue on Credit Risk Assessment and Relationship Lending, Journal of Banking and Finance 22 (1998) S. V-VI, (with E. Altman and A. Saunders). 26. Inferring risk attitudes from certainty equivalents: Some lessons from an experimental study; Journal of Economic Psychology (1997), Vol. 18, (with C. Rieck and E. Theissen). 27. Financial markets with asymmetric information: A pilot study focussing on insider advantages. Journal of Economic Psychology (1997), Vol. 18, (with W. Güth and C. Rieck). 28. Scoring Verfahren: Häufige Anwendungsfehler und ihre Vermeidung [Pitfalls in applying the scoring method] ; in: Der Betrieb, 1995, No. 33, S (with Martin Weber, Adelheid Weber). 29. Agency-Theorie in den Niederungen der Praxis: Konzerninterne Steuerung durch virtuelles Unternehmertum [Agency theory in practice: Managers as virtual entreprenuers at CompuNet Computers AG], in: Elschen/Siegel/Wagner (eds.): Unternehmenstheorie und

9 Besteuerung, Festschrift für Dieter Schneider., Wiesbaden: Gabler 1995, pp (with Hans-Dieter Koch, Eva Terberger). 30. Theorie des Handelskredits [Theory of trade credit], in Gerke/Steiner (eds.): Handwörterbuch des Finanz- und Bankwesens; Stuttgart: Schäffer-Poeschel 1995, Col Fondsperformance und Anteilsabsatz [Portfolio performance and mutual fund sales], in: Hipp et.al. (eds.): Geld, Finanzwirtschaft, Banken und Versicherungen 1993, Karlsruhe, (with Carl H. Kehr, Bernd Scherer, Eric Theissen). 32. Kann Übernahmespekulation das Pricing von Vorzugsaktien erklären? [On the valuation of dual class stocks], Die Bank 1994, pp (with Lukas Menkhoff, Frank A. Rothauge). 33. Kostenschlüsselung und Investitionsentscheidung: Plädoyer for eine empirisch orientierte Kostenrechnungsforschung [Cost accounting and investment decision]. Zeitschrift für Betriebswirtschaft, 46 (1994), pp Überlegungen zu einer Theorie der Innenfinanzierung [Towards a theory of internal finance]; in: Gerke, W. (Ed.), Planwirtschaft am Ende - Marktwirtschaft in der Krise. Festschrift für Wolfram Engels, Stuttgart: Schäffer-Poeschel (1994), pp Investititionsmodelle, integrierte [Models of capital budgeting]; in: Wittman, W. u.a. (Ed.); Handwörterbuch der Betriebswirtschaft, 5th. Ed., Stuttgart: Schäffer-Poeschel (1993), vol. 2, col Finanzwirtschaftslehre zwischen Markt und Institution: Ein Essay [The changing role of markets and institutions in the theory of finance: An essay]; Die Betriebswirtschaft 53 (1993), pp Zur Berücksichtigung der Irreversibilität in finanzwirtschaftlichen Entscheidungsmodellen [Irreversibility in a simple investment model with asymmetric information]; Operations Research Proceedings, 1990; W. Bühler et al.(eds.), Berlin: Springer (1991), pp Lohn, Pension und Besteuerung: Ein Entscheidungsmodell zur betrieblichen Altersversorgung [Wages and taxation in a model of corporate pension policy]; Zeitschrift für betriebswirtschaftliche Forschung, 43 (1991), pp (with Georg Meran). 39. Objektfinanzierung und Vertragsgestaltung: Eine theoretische Erklärung der Struktur langfristiger Leasingverträge [Project financing and the design of contracts: A theoretical explanation of the structure of long-term leasing contracts]; Zeitschrift für Betriebswirtschaft, 60 (1990), pp Über den Wert impliziter Treueprämien: Betriebliche Altersversorgung aus finanzierungstheoretischer Sicht [Corporate pension plans as implicit loyalty premiums]; Zeitschrift für betriebswirtschaftliche Forschung, 42 (1990), pp Zur Wahl der Vertragsdauer bei Kreditarrangements unter asymmetrischer Information [On the term structure of credit contracts under conditions of asymmetric

10 information]; Wirtschaftswissenschaftliches Studium 17 (1988), pp Why leasing? An introduction to comparative contractual analysis; in: Bamberg/Spremann (Eds.): Agency Theory, Information, and Incentives. Berlin (et al.): Springer 1987, pp (with Georg Meran). 43. Die Kapitalmarkttheorie aus der Nirwana-Perspektive: Anmerkungen zu Dieter Schneider [The theory of capital markets as seen from the nirvana point of view: A comment on Dieter Schneider]; in: Schmidt/Schor (Eds.): Modelle in der Betriebswirtschaftslehre. Wiesbaden: Gabler (1987), pp Der ökonomische Wert von Flexibilität und Bindung [The economic value of flexibility and commitment]; in: Ballwieser/Berger (Eds.): Information und Wirtschaftlichkeit. Wiesbaden: Gabler (1985), pp (with R.H. Schmidt and E. Terberger). IV. Reports 1. Konzeptstudie zur Entwicklung eines CFS-Financial Center Index für die Hessische LAndesregierung, June 2006 (with Stephan Späthe, Reinhard H. Schmidt, Michael Grote, Helmut Bellgardt). 2. Informal and Formal Financial Systems in Developing Countries; Geneva: International Labour Office (1991) (with Reinhard H. Schmidt). 3. Planungsgutachten zur Reorganisation der Tanzania Postal Bank [Planning report on the restructuring of the Tanzania Postal Bank]; Frankfurt: IPC/GTZ (1991) (with Anja Lepp). 4. Report on the Project Progress Monitoring Mission to TSWELELO, Botswana; Frankfurt: IPC/GTZ (1990). 5. Cooperation with Tanganyika Post Office Savings Bank, Tanzania; IPC/GTZ (1988) (with Reinhard H. Schmidt, Harald Hüttenrauch and Peter Welcker). 6. Kredit und Informeller Sektor: Theoretische und empirische Überlegungen zur Konstruktion eines `angepaßten' Kreditprogramms [Credit and the informal sector: Theoretical and empirical issues posed by the design of an adapted credit program]; Frankfurt: IPC/DSGV (1987) (with Manfred Nitsch). 7. Die entwicklungspolitische Effizienz von Entwicklungsbanken in Jordanien, Nepal und Indonesien [The efficiency of development banks in Jordan, Nepal and Indonesia as an instrument of development policy]; Inspection report prepared for the German Federal Ministry for Economic Cooperation (BMZ); Berlin, July V. Book reviews Laux, Helmut (1990): Risiko, Anreiz und Kontrolle (Risk, incentive and control), Springer- Verlag; in: Journal of Institutional and Theoretical Economics, 148, 1992, pp

11 Schmalensee, R. (ed.) (1989): Handbook of Industrial Organization, Vol. I, North Holland; in: Kyklos, 43, 1991, pp Baltensperger, E. and Milde, H. (eds.) (1987): Theorie des Bankverhaltens (A theory of the behavior of banks), Springer-Verlag; in: Zeitschrift für betriebswirtschaftliche Forschung, 40, 1988, pp Arrow, K. and Intriligator, M. (eds.) (1986): Handbook of Mathematical Economics, Vol. III, North Holland; in: Kyklos, 40, 1987, pp Jensen, M. and Smith, C. (eds.) (1984): The Modern Theory of Corporate Finance, McGraw- Hill; in: Kredit und Kapital, 19, 1986, pp Weitzman, M. (1984): Conquering Stagflation, Harvard University Press; in: Kyklos, 38, 1985, S Binswanger, H. and Rosenzweig, M. (eds.): Contractual Arrangements, Employment, and Rural Labor Markets in Asia, Yale University Press; in: Kyklos, 38, 1985, pp VI. Articles in regular press Warum brauchen wir Aktienmärkte? Jan Pieter Krahnen in: FAZ 35, 2006, S Warum braucht es Banken? Jan Pieter Krahnen in: FAZ 40, 2006, S Orderbuch und Marketmaker im Wettbewerb, in: vision + money, July 2001, No. 19, (with Thorsten Freihube) Finanzaufsicht muss wissenschaftlich begleitet werden, Börsenzeitung Nr. 48, , S. 8. Bankinvestitionen und Börsenplatz: Eine Unabhängigkeitsthese; Finanzplatz-News, Juli 2000, No. 18, 4 (Newsletter des Finanzplatz e.v., Interne Rating: Herausforderung und Chance, in: Frankfurter Allgemeine Zeitung, 30. Dezember 1999, 12. Risikoorientiertes Kreditmanagement deutscher Banken [Risk management in the loan book of German banks], in: "Die Bank", 1999, No. 3, S (with Elsas, Ralf; Ewert, R.; Rudolph, B.; Weber, M.) Relationship Banking und der Strukturwandel im Kreditgeschäft der Banken [Relationship banking and structural changes in the banking industry], in: Frankfurter Allgemeine Zeitung, March 3, 1998, p. B7. Finanzmarktforschung und die Praxis: Cui bono? [Capital market research and the real world: Cui bono?] In: Börsen-Zeitung, , 6.