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Research Papers

Publications in Refereed Journals

  • “Teamwork as a Self-Disciplining Device”, with Matthias Fahn, American Economic Journal: Microeconomics, to appear.
  • “What influences banks' choice of credit risk management practices? Theory and evidence”, with Dilek Bülbül and Claudia Lambert, Journal of Financial Stability, to appear.
  • “Optimal Team Size and Overconfidence" with Svetlana Katolnik, Group Decision and Negotiation, 27(4), 2018, 665-687.
  • “On the Incentive Effect of Job Rotation” with Svetlana Katolnik, European Economic Review, 98(1), 2017, 424-441.
  • "Small Banks and Local Economic Development," with Iftekhar Hasan, Phil Molyneux and Ru Xie, Review of Finance, 19(2), 2014, 653-683.
  • "Bank Bonuses and Bailouts," with Isabel Schnabel, Journal of Money, Credit and Banking, 46(1), 2014, 259–288.
  • "Looting and Gambling in Banking Crises," with John H. Boyd, Journal of Economic Theory, 149, 2014, 43-64.
  • "The Politician and his Banker," with Christa Hainz, Journal of Public Economics, 96(1–2), 2012, 218–225.
  • "Competition, Risk-Shifting, and Public Bail-out Policies," with Reint Gropp (European Central Bank) and Isabel Schnabel, Review of Financial Studies, 24(6), 2011, 2084-2120.
  • "Bank Size and Risk Taking under Basel II," with Isabel Schnabel, Journal of Banking and Finance, 35(6), 2011, 1436–1449.
  • "Bank Competition and Capital Regulation," with Isabel Schnabel, Economics Letters, 113, 2011, 256-258.
  • "Credit Risk Transfer and Bank Competition," with Isabel Schnabel, Journal of Financial Intermediation, 19(3), 2010, 308–332.
  • "The Threat of Capital Drain: A Rationale for Regional Banks?" with Isabel Schnabel, Journal of Institutional and Theoretical Economics, 166(4), 2010, 662–689.
  • "Banks without Parachutes –- Competitive Effects of Government Bail-out Policies," with Isabel Schnabel, Journal of Financial Stability, 6(3), 2010, 156–168.
  • "Umbrella Branding and External Certification," with Martin Peitz, European Economic Review, 53(2), 2009, 186–196.
  • "Something out of nothing? Neoclassical Growth and the 'Trivial' Steady State", with Andreas Irmen, Journal of Macroeconomics, 30(3), 2008, 1097–1103.
  • "Umbrella Branding and the Provision of Quality," with Martin Peitz, International Journal of Industrial Organization, 26(2), 2008, 546–556.
  • "Observable Reputation Trading," with Martin Peitz, International Economic Review, 48(2), 2007, 693–730.
  • "The Long-Run Evolution of Technological Knowledge," with Andreas Irmen, Economic Theory, 30(1), 2007, 171–180.
  • "Regional Banks in a Globalized World," (in German) with Isabel Schnabel, Credit and Capital Markets, 40(3), 2007, 351–380.
  • "Is there a Need for a 'Strong Private German Bank'? On the Desirability of National Champions in the Banking Sector," (in German) with Isabel Schnabel, Credit and Capital Markets, 39(2), 2006, 163–181.
  • "The Privatization of Italian Savings Banks – A Role Model for Germany?" with Elena Carletti and Isabel Schnabel, DIW Quarterly Journal of Economic Research, 74(4), December 2005, 32–50.
  • "Banks as Delegated Risk Managers," Journal of Banking and Finance, 28(10), 2004, 2399–2426.
  • "From Poverty Measurement to the Measurement of Downside Risk," with Carsten Breitmeyer and Andreas Pfingsten, Mathematical Social Sciences, 47(3), 2004, 327–348.
  • "Using Extreme Value Theory to Calculate the Value-at-Risk," (in German) with Sascha Wilkens, Finanz-Betrieb, December 2003, 821–829.
  • "The Valuation of Defaultable Securities with Rating Transition Matrices," (in German) with Frank Altrock, Financial Markets and Portfolio Management, 15(2), 2001, 187–200.


  • Hakenes, H: Banks as Delegated Risk Managers (in German), Dissertation Thesis. Fritz Knapp Verlag, Frankfurt a.M., 2002.

Publications in Edited Volumes

  • "The Regulation of Credit Derivative Markets," with Isabel Schnabel, in "Macroeconomic Stability and Financial Regulation: Key Issues for the G20," eds. Mathias Dewatripont, Xavier Freixas and Richard Portes, 2009, 113–128. CEPR, London.
  • "Kapitalabwanderung aus strukturschwachen Regionen – ein Argument für regionale öffentliche Banken?" (in German), with Isabel Schnabel, in "Sparkassenhistorisches Symposium", ed. Thorsten Wehber, 2009, 84–88.
  • "The Impact of Basel II on the Risk Appetite of Large and Small Banks," (in German) with Isabel Schnabel, in "The Future of the Financial Services Industry in Germany," eds. Klaus-Peter Müller and Udo Steffen, 2008, 139–150. Frankfurt School Verlag, Frankfurt.
  • "Poverty Measures as Downside Risk Measures: An Approach to Risk Measures that Dominate the Value-at-Risk," (in German) with Andreas Pfingsten, Carsten Breitmeyer, Frank Eggers, Christoph Rechtien and Sven Rieso, in Handbuch Risikomanagement, eds. Lutz Johanning and Bernd Rudolph, 2000, 85–110. Uhlenbruch Verlag, Bad Soden.
  • "Measuring Downside Risk and Poverty: A Transfer of Concepts and Axioms," with Carsten Breitmeyer and Christoph Rechtien, in Proceedings of the Third International Stockholm Seminar on Risk Behavior and Risk Management, Volume I, Risk Assessment in Finance, Stockholm, 1999, 116–127.

Unrefereed Publications

  • "The Advantages of Car Banks – Subsidiary Banks as Signals for Product Quality," (in German) Finanzierung Leasing Factoring, März 2004, 87–91.
  • "Poverty and Risk," (in German) with Carsten Breitmeyer and Christoph Rechtien, Forschungsjournal der Westfälischen Wilhelms-Universität Münster, 8(2), 1999, 9–11.