Research

Publications

Eufinger, Christian and Andrej Gill. "Incentive-Based Capital Requirements"

Management Science, Volume 63, Issue 12, 2017

This paper proposes a new regulatory approach that implements capital requirements contingent on executive incentive schemes. We argue that excessive risk-taking in the financial sector originates from the shareholder moral hazard created by government guarantees rather than from corporate governance failures within banks. The idea behind the proposed regulatory approach is thus that the more the compensation structure decouples bank managers' interests from those of shareholders by curbing risk-taking incentives, the higher the leverage the bank is permitted to take on. Consequently, the risk-shifting incentives caused by government guarantees and the risk-mitigating incentives created by the compensation structure offset each other, such that the manager chooses the socially efficient investment policy.

Gill, Andrej and Uwe Walz. "Are VC-backed IPOs delayed Trade Sales?"

Journal of Corporate Finance, Volume 37, April 2016

We investigate the role of venture-backing at the time of the initial public offering for the decision to subsequently be taken over and leave the exchange. We show, controlling for firm characteristics as well as the endogeneity of the involvement of VC, that VC-backed firms are significantly more likely to leave the exchange in the course of a take over. Our analysis sheds new light on decisions to go private, and even more so on the process of going public for VC-backed firms. Our findings suggest that, in a significant number of cases, VC-backed IPOs can be interpreted as delayed trade sales.

Gill, Andrej and Nikolai Visnjic. "Performance Benefits of Tight Control"

Journal of Private Equity (2015), Volume 18, Number 3

This study investigates the transition from being a listed company with a dispersed ownership structure to being a privately held company with a concentrated ownership structure. We consider a sample of private equity backed portfolio companies to evaluate the consequences of the corporate governance changes on operational performance. Our analysis shows significant positive abnormal growth in several performance ratios for the private period of our sample companies relative to comparable public companies. These performance differences come from the increase in ownership concentration after the leveraged buyout transaction.

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Current Projects

Current Research Project

 

Forschungskooperation der Universitäten Frankfurt und Mainz mit dem Fintech-Startup bonify entwickelt Finanzberatung der Zukunft

Ein Forschungsteam der Universitäten Frankfurt und Mainz unter der Leitung von Dr. Florian Hett und Dr. Andrej Gill arbeitet seit Oktober mit dem Fintech-Startup bonify zusammen. Ziel der Kooperation ist die Entwicklung und Verbesserung von Algorithmen zur Optimierung der persönlichen Finanzsituation von bonify Nutzern. „Wir bringen Erkenntnisse aus der neuesten Forschung in ein innovatives Finanzunternehmen ein“, umreißt Dr. Andrej Gill die Zusammenarbeit. Das Startup bonify bietet seinen Nutzern die Möglichkeit, ihre Bonitäts- und Finanzdaten einfach, transparent und kostenlos auszuwerten und zu überwachen. Mehr als 50,000 Nutzer haben sich bereits für diesen innovativen Dienst registriert. Dr. Josef Korte, der bei bonify die Produktentwicklung leitet, freut sich bereits: „Wir arbeiten zusammen daran, unseren Nutzern noch bessere Beratung bei der Optimierung ihrer Finanz- und Bonitätssituation zu bieten“.

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