CENTERfor
FINAN
ClAL
STUDIES
Center for Financial Studies
The Center for Financial Studies is a nonprofit research organization, supported by an
association of more than 120 banks, insurance companies, industrial corporations and
public institutions. Established in 1968 and closely affiliated with the University of
Frankfurt, it provides a strong link between the financial community and academia.
The CFS Working Paper Series presents the result of scientific research on selected
topics in the field of money, banking and finance. The authors were either participants
in the CenteCs Research Fellow Program or members of one of the CenteCs Research
Projects.
If you would like to know more about the Center for Financial Studies, please let us
know of your interest.
Prof. Volker Wieland, Ph.D.
Prof. Dr. Jan Pieter Krahnen
an der Univcrsitat Frankiurt ■ MertonstraBc 17-21 ■ D-6O325 Frankfurtam Main
Center for Financial Studies
Tclcfon: »49 (0)69 798-3∞SO
Fax: »49(0)69 798-30077 ■ http://www.iik-cfs.de ∙ E-Mail: [email protected]