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Leibniz Institute for Financial Research SAFE

@safefrankfurt

Sustainable Architecture for Finance in Europe • Research & policy advice on finance • Legal Note http://safe-frankfurt.de/impressum

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Latest posts by Leibniz Institute for Financial Research SAFE @safefrankfurt

Photo of and quote by Florian Heider: "The strong results reported for 2025 led to optimism among managers regarding the outlook for 2026. At the same time, managers continue to refer to a difficult environment shaped by geopolitical uncertainty."

Photo of and quote by Florian Heider: "The strong results reported for 2025 led to optimism among managers regarding the outlook for 2026. At the same time, managers continue to refer to a difficult environment shaped by geopolitical uncertainty."

Managers of German listed companies are more optimistic. The SAFE Manager Sentiment Index rose from +0.51 to +0.67 in March, reflecting positive earnings call language after strong 2025 results and a solid start to 2026 – despite geopolitical uncertainty.

👉 safe-frankfurt.de/news-latest/...

10.03.2026 09:37 👍 0 🔁 0 💬 0 📌 0
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Who gets access to private investments?
In our next LawFin Research Seminar, Aras Canipek (@safefrankfurt.bsky.social) examines income-based accredited-investor rules and their impact on household portfolios, returns, and wealth inequality.

📅 Mar 9
👉 Join on-site or online: tinygu.de/SeminarCanipek

08.03.2026 21:40 👍 0 🔁 1 💬 0 📌 0
Photo of Campus Westend in the background, white sheer box with black text in the foreground that reads "We are hiring - Student Assistant (m/f/d) in the Area of Finance and Data Science - safe-frankfurt.de/jobs"

Photo of Campus Westend in the background, white sheer box with black text in the foreground that reads "We are hiring - Student Assistant (m/f/d) in the Area of Finance and Data Science - safe-frankfurt.de/jobs"

🎓Join our team at SAFE as Student Assistant (m/f/d) in the Area of Finance and Data Science.

📅Apply until 16 March 2026

👉All details: career.safe-frankfurt.de/jobposting/7... #hiring #EconSky

06.03.2026 09:43 👍 1 🔁 0 💬 1 📌 0
Call for Papers for the Behavioral Measurement Conference to be held on 9 - 10 July 2026 in Frankfurt; Deadline 15 March 2026; submissions via email: bmc@flex.uni-frankfurt.de

Call for Papers for the Behavioral Measurement Conference to be held on 9 - 10 July 2026 in Frankfurt; Deadline 15 March 2026; submissions via email: bmc@flex.uni-frankfurt.de

📢Submit a paper to the Behavioral Measurement Conference to be held on 9 - 10 July 2026 in Frankfurt

📅Deadline for submissions: 15 March 2026

👉All details: safe-frankfurt.de/news-media/e... #EconSky #BehavioralFinance

05.03.2026 08:21 👍 0 🔁 0 💬 0 📌 0
European Commission building with EU flags outside

European Commission building with EU flags outside

SAFE Senior Fellow Elke König argues that stronger supervision alone will not make the European Savings and Investment Union a success.

Deeper reforms in pensions, taxation and insolvency law are needed to truly integrate EU capital markets.

👉Read more: safe-frankfurt.de/news-latest/... #SIU

04.03.2026 07:58 👍 0 🔁 0 💬 0 📌 0
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This paper compares expert and retail investor beliefs about the climate impact of green #investing, finding retail investors overestimate green investing’s #climate impact & expected #carbon offsets.

Read: papers.ssrn.com/sol3/papers....
Subscribe: www.ssrn.com/link/SAFE-RE...

03.03.2026 12:30 👍 3 🔁 2 💬 1 📌 0
Invitation to the Panel Discussion "Geopolitical Risks and the European Financial System" (in German) on 4 March 2026 from 17:00 to 20:00 CET at the House of Finance

Invitation to the Panel Discussion "Geopolitical Risks and the European Financial System" (in German) on 4 March 2026 from 17:00 to 20:00 CET at the House of Finance

Join tomorrow’s Panel Discussion on “Geopolitical Risks and the European Financial System”.

🕔 17:00 CET
📍 House of Finance

With Matthias Danne, Heiner Herkenhoff, Ferdinand Pavel & Alexander Rodnyansky. Moderated by Florian Heider.

Event in German.

👉 Register: safe-frankfurt.de/news-media/e...

03.03.2026 08:24 👍 0 🔁 0 💬 0 📌 0
Photo of Campus Westend in the background, white sheer box with black text in the foreground that reads "We are hiring - Postdoctoral Researcher (f/m/d) in Financial Intermediation or Household Finance - safe-frankfurt.de/jobs"

Photo of Campus Westend in the background, white sheer box with black text in the foreground that reads "We are hiring - Postdoctoral Researcher (f/m/d) in Financial Intermediation or Household Finance - safe-frankfurt.de/jobs"

We are hiring!

Join our team as #Postdoc (f/m/d) in Financial Intermediation or Household Finance.

📅Apply until 8 March 2026

👉All details: career.safe-frankfurt.de/jobposting/b... #JobsinAcademia #EconSky

02.03.2026 09:29 👍 1 🔁 0 💬 0 📌 0
SAFE Regulatory Radar February 2026: European Banking Authority - Final guidelines on retail diversification methods under the Capital Requirements Regulation; European Banking Authority - Opinion on supervisory actions as the 'No-Action Letter' transition on the interplay between the Payment Services Directive 2 and the Markets in Crypto-Assets Regulation ends

SAFE Regulatory Radar February 2026: European Banking Authority - Final guidelines on retail diversification methods under the Capital Requirements Regulation; European Banking Authority - Opinion on supervisory actions as the 'No-Action Letter' transition on the interplay between the Payment Services Directive 2 and the Markets in Crypto-Assets Regulation ends

Read in the SAFE Regulatory Radar in February about new EBA guidelines on retail diversification under CRR and an EBA Opinion as the PSD2–MiCA transition ends on 2 March 2026.

👉Find it here: safe-frankfurt.de/news-latest/... #regulation

27.02.2026 12:43 👍 0 🔁 0 💬 0 📌 0
Cover of SAFE Working Paper No. 469 from February 2026 "The Response of Debtors to Rate Changes" by Andreas Fuster, Virginia Gianinazzi, Andreas Hackethal and Philip Schnorpfeil.

Cover of SAFE Working Paper No. 469 from February 2026 "The Response of Debtors to Rate Changes" by Andreas Fuster, Virginia Gianinazzi, Andreas Hackethal and Philip Schnorpfeil.

New SAFE Working Paper No. 469 "The Response of Debtors to Rate Changes" by Andreas Fuster, Virginia Gianinazzi, Andreas Hackethal, Philip Schnorpfeil and Michael Weber.

👉Find it here: papers.ssrn.com/sol3/papers.... #EconSky #Mortgages

26.02.2026 07:24 👍 0 🔁 0 💬 0 📌 0
Peter Andre in motion

Peter Andre in motion

Today, SAFE Researcher Peter Andre speaks at the Committee on Economic and Monetary Affairs Working Group Monetary Dialogue prep meeting (EGOV).

He presents on the inflation gap and policy implications.

🎥 Tune in live at 2 PM CET: multimedia.europarl.europa.eu/en/webstream...

25.02.2026 09:35 👍 0 🔁 0 💬 0 📌 0
Cover of SAFE Working Paper No. 468 from February 2026 "Weaker Today, Stronger Tomorrow: Peer Learning and Firm Innovation after the Great Recession" by Marina Traversa.

Cover of SAFE Working Paper No. 468 from February 2026 "Weaker Today, Stronger Tomorrow: Peer Learning and Firm Innovation after the Great Recession" by Marina Traversa.

📝New SAFE Working Paper No. 468 "Weaker Today, Stronger Tomorrow: Peer Learning and Firm Innovation after the Great Recession" by Marina Traversa.

👉Read more: papers.ssrn.com/sol3/papers.... #EconSky

24.02.2026 10:53 👍 1 🔁 0 💬 0 📌 0
Mintgrüner Hintergrund mit einem rundausgeschnittenen Foto in der rechten unteren Ecke. Darauf ist Berlin im Abendrot zu sehen. Im Hintergrund sind der Fernsehturm und einige Gebäude zu sehen, im Vordergrund drei Kräne. Oben-links ausgerichtet steht:
Leibniz-Wirtschaftsgipfel
Deutschland zwischen Strukturkrise und Neustart
24. Februar 2026
12-13:15 Uhr | virtuell

Mintgrüner Hintergrund mit einem rundausgeschnittenen Foto in der rechten unteren Ecke. Darauf ist Berlin im Abendrot zu sehen. Im Hintergrund sind der Fernsehturm und einige Gebäude zu sehen, im Vordergrund drei Kräne. Oben-links ausgerichtet steht: Leibniz-Wirtschaftsgipfel Deutschland zwischen Strukturkrise und Neustart 24. Februar 2026 12-13:15 Uhr | virtuell

Wir sprechen mit unseren führenden Wirtschaftsforschenden über die strukturellen Herausforderungen der deutschen Wirtschaft: Wie lassen sich Energiepreise dauerhaft senken, ohne die Klimaziele zu gefährden und welche Reformen braucht das Rentensystem?
👉 leibniz-gemeinschaft.zoom.us/webinar/regi...

09.02.2026 10:21 👍 6 🔁 5 💬 2 📌 2
Cover of SAFE Working Paper No. 467 "Housing Capital Gains across the Income Distribution" from February 2026, by Claes Bäckman, Walter D'Lima, and Natalia Khorunzhina

Cover of SAFE Working Paper No. 467 "Housing Capital Gains across the Income Distribution" from February 2026, by Claes Bäckman, Walter D'Lima, and Natalia Khorunzhina

📝New SAFE Working Paper No. 467 "Housing Capital Gains across the Income Distribution" by @claesbackman.bsky.social, Walter D'Lima and Natalia Khorunzhina.

👉Read more: papers.ssrn.com/sol3/papers.... #EconSky

20.02.2026 08:39 👍 1 🔁 0 💬 0 📌 0
Cover of SAFE Working Paper No. 466 from January 2026 "Multimodal LLMs for Historical Dataset Construction from Archival Image Scans: German Patens (1877-1918)" by Niclas Griesshaber and Jochen Streb.

Cover of SAFE Working Paper No. 466 from January 2026 "Multimodal LLMs for Historical Dataset Construction from Archival Image Scans: German Patens (1877-1918)" by Niclas Griesshaber and Jochen Streb.

📝SAFE Working Paper No. 466 "Multimodal LLMs for Historical Dataset
Construction from Archival Image Scans:
German Patents (1877–1918)" by Niclas Griesshaber and Jochen Streb, available @ssrn.bsky.social.

👉 papers.ssrn.com/sol3/papers.... #EconSky

19.02.2026 14:36 👍 3 🔁 1 💬 0 📌 0
Gesa Steeger gives a Brown Bag seminar in the SAFE Common Room

Gesa Steeger gives a Brown Bag seminar in the SAFE Common Room

In today’s Brown Bag seminar, our first journalist in residence @gesasteeger.bsky.social used current examples to show how researchers and journalists can work together successfully, so both sides benefit from collaboration.

Thank you, Gesa for your talk and your helpful insights from practice!

18.02.2026 13:03 👍 3 🔁 1 💬 0 📌 0
Invitation to the SAFE Policy Web Seminar "Risiken im Fokus 2026 - Der aktuelle Risikobericht der BaFin) on 18 February 2026, from 16:00 to 17:00 CET, Online via Zoom, Presenter Rupert Schaefer, Moderator Florian Heider

Invitation to the SAFE Policy Web Seminar "Risiken im Fokus 2026 - Der aktuelle Risikobericht der BaFin) on 18 February 2026, from 16:00 to 17:00 CET, Online via Zoom, Presenter Rupert Schaefer, Moderator Florian Heider

Join our upcoming Policy Web Seminar tomorrow!

"Risiken im Fokus 2026 - Der aktuelle Risikobericht der BaFin" (in German)

📅18 February 2026
🕓16:00 - 17:00 CET
📍Online via Zoom

Presenter: Rupert Schaefer, BaFin
Moderator: Florian Heider, SAFE

👉Register here: safe-frankfurt.de/news-media/e...

17.02.2026 07:33 👍 0 🔁 0 💬 0 📌 0
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Less net from gross? Why GDP is a misleading economic indicator Alfons J. Weichenrieder: Greater importance of depreciation reduces the state’s actual income base, potentially undermining debt sustainability

In a new Finance Blog post, SAFE Fellow Alfons J. Weichenrieder says GDP can mislead. Ignoring depreciation, it overstates income and skews fiscal ratios.

👉Read more: safe-frankfurt.de/news-latest/... #EconSky

16.02.2026 09:57 👍 0 🔁 1 💬 0 📌 0
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Chancengleichheit bei Leibniz - Heute wie an jedem Tag! Unsere Institute beschäftigen sich in in unterschiedlichen Formaten das ganze Jahr über mit dem Thema Chancengleichheit. Schaut auf ihren Kanälen vorbei - einen kleinen Auszug der Aktivitäten findet ihr in den Slides. Happy #WomenInScienceDay ❤️

11.02.2026 13:40 👍 17 🔁 8 💬 1 📌 0
Tabea Bucher-Koenen at the SAFE Brown Bag

Tabea Bucher-Koenen at the SAFE Brown Bag

On International Day of Women and Girls in Science, we reaffirm our commitment to supporting female researchers at SAFE.

We were pleased to welcome Tabea Bucher-Koenen ( @zew.de) as an external speaker, presenting her paper on pension enrollment defaults.

Thank you for the inspiring exchange!

11.02.2026 12:35 👍 1 🔁 1 💬 0 📌 0
The SAFE Manager Sentiment Index over time, in February, it is at 0.51 points.

The SAFE Manager Sentiment Index over time, in February, it is at 0.51 points.

Photo of and quote by Florian Heider from 10 February 2026: "The upward trend in the SAFE Index shows that managers are increasingly optimistic about their firms' prospects. Managers use language that signals a solid current situation and a favorable outlook for 2026."

Photo of and quote by Florian Heider from 10 February 2026: "The upward trend in the SAFE Index shows that managers are increasingly optimistic about their firms' prospects. Managers use language that signals a solid current situation and a favorable outlook for 2026."

Manager optimism in Germany rises further in 2026. The SAFE Manager Sentiment Index jumped from +0.31 to +0.51 in February as firms report strong 2025 results and efficiency gains. Executives signal a solid current situation and a more positive outlook.

👉 safe-frankfurt.de/news-latest/... #EconSky

10.02.2026 14:02 👍 1 🔁 0 💬 0 📌 0
Invitation to tomorrow's Finance Seminar "Macro Strikes Back: Term Structure of Risk Premia" with Svetlana Bryzgalova on 10 February 2026, 12:00 to 13:15 CET, at the House of Finance, Room HoF E.01

Invitation to tomorrow's Finance Seminar "Macro Strikes Back: Term Structure of Risk Premia" with Svetlana Bryzgalova on 10 February 2026, 12:00 to 13:15 CET, at the House of Finance, Room HoF E.01

👋Happy new week from SAFE!

Join tomorrow's Finance Seminar "Macro Strikes Back: Term Structure of Risk Premia" with Svetlana Bryzgalova

📅10 February 2026
🕛12:00 - 13:15 CET
📍House of Finance, Room HoF E.01

👉All details: www.old.wiwi.uni-frankfurt.de/abteilungen/... #EconSky

09.02.2026 10:05 👍 0 🔁 1 💬 0 📌 0
Today, the ECB decided to leave its key interest rate unchanged. 

"Good monetary policy avoids surprises", comments SAFE Scientific Director Florian Heider. "It gives markets clear guidance and supports stability. The ECB has so far pursued this course convincingly."

Today, the ECB decided to leave its key interest rate unchanged. "Good monetary policy avoids surprises", comments SAFE Scientific Director Florian Heider. "It gives markets clear guidance and supports stability. The ECB has so far pursued this course convincingly."

Today, the #ECB decided to leave its key interest rate unchanged.

"Good monetary policy avoids surprises", comments SAFE Scientific Director Florian Heider. "The ECB has so far pursued this course convincingly."

👉Read his full statement: safe-frankfurt.de/news-latest/... #monetarypolicy

05.02.2026 13:19 👍 0 🔁 0 💬 0 📌 0
Cover of SAFE Working Paper No. 465 "Do Lenders Price Diesel Risk? Evidence from Dieselgate and Low-Emission Zones in Captive vs. Independent Banks" from January 2026; by Winta Beyene, Matteo Falagiarda, Steven Ongena and Alessandro Scopelliti

Cover of SAFE Working Paper No. 465 "Do Lenders Price Diesel Risk? Evidence from Dieselgate and Low-Emission Zones in Captive vs. Independent Banks" from January 2026; by Winta Beyene, Matteo Falagiarda, Steven Ongena and Alessandro Scopelliti

📝New SAFE Working Paper No. 465 "Do Lenders Price Diesel Risk? Evidence from Dieselgate and Low-Emission Zones in Captive vs. Independent Banks" by Winta Beyene, Matteo Falagiarda, Steven Ongena and Alessandro Scopelliti.

👉 Find the paper here: papers.ssrn.com/sol3/papers.... #EconSky

04.02.2026 08:34 👍 1 🔁 0 💬 0 📌 0

SAFE’s Nikolai Badenhoop comments on alleged security issues at Bitpanda’s German subsidiary👇

02.02.2026 09:50 👍 0 🔁 0 💬 0 📌 0
Topics of the SAFE Regulatory Radar in January 2026: 1. 28th regime for corporate law - EU Inc.; 2. New Memorandum of Understanding

Topics of the SAFE Regulatory Radar in January 2026: 1. 28th regime for corporate law - EU Inc.; 2. New Memorandum of Understanding

The SAFE Regulatory Radar for January is out.

This month, read about steps towards a 28th European company law regime, closer EU–UK supervisory cooperation under DORA, the European Green Bond Regulation, and the new AMLA.

👉 Read more: safe-frankfurt.de/news-latest/... #EconSky #LawSky #regulation

30.01.2026 10:17 👍 0 🔁 0 💬 0 📌 0
Preview
Krypto-Plattform - Unterlagen liefern Einblicke in Bitpandas Interna Die Krypto-Plattform Bitpanda stellt sich gerne als Vorzeigeunternehmen dar - vor allem wenn es um Anforderungen der Bankenaufsicht geht. Recherchen von WDR, NDR und SZ zeigen, dass es mindestens zeit...

“These findings are serious. The weaknesses affect the core tasks of a financial institution, especially a crypto company,” says SAFE’s Nikolai Badenhoop on Tagesschau. BaFin’s 2024 audit flagged major compliance, risk, and IT issues at #Bitpanda.

👉 www.tagesschau.de/investigativ... #LawSky

29.01.2026 09:37 👍 0 🔁 0 💬 0 📌 0
value of the SAFE Manager Sentiment Index over time, in January 2026 it is at 0.31 points.

value of the SAFE Manager Sentiment Index over time, in January 2026 it is at 0.31 points.

After a challenging 2025, German company executives show cautious optimism for 2026. The SAFE Manager Sentiment Index turned positive as the year ended. Resilient performance and the fiscal stimulus support firms, while macro risks still shape their outlook.

👉 safe-frankfurt.de/news-latest/...

29.01.2026 09:19 👍 0 🔁 0 💬 0 📌 0
Call for Papers for the 3rd CEPR-SAFE Frankfurt Hub Conference of RPNs to be held from 10 to 11 September 2026, in Frankfurt am Main, deadline for paper submission: 31 March 2026; submissions via safe-frankfurt.de/research/calls

Call for Papers for the 3rd CEPR-SAFE Frankfurt Hub Conference of RPNs to be held from 10 to 11 September 2026, in Frankfurt am Main, deadline for paper submission: 31 March 2026; submissions via safe-frankfurt.de/research/calls

Call for Papers! 📢

Together with @cepr_org, we invite you to submit a paper for the 3rd CEPR-SAFE Frankfurt Hub Conference of RPNs.

📅 Submission deadline: 31 March 2025

👉 More info & submission: safe-frankfurt.de/news-media/e... #EconSky #CfP #economicpolicy

27.01.2026 10:44 👍 0 🔁 0 💬 0 📌 0
Invitation to the next Finance Seminar "Capital Market Disclosure under Supplier Bargaining Considerations" with Dirk Simons on 27 January 2026 from 12 to 13:15 CET, at the House of Finance, Room HoF E.01

Invitation to the next Finance Seminar "Capital Market Disclosure under Supplier Bargaining Considerations" with Dirk Simons on 27 January 2026 from 12 to 13:15 CET, at the House of Finance, Room HoF E.01

👋Happy new week from SAFE!

Join the next Finance Seminar "Capital Market Disclosure under Supplier Bargaining Considerations" with Dirk Simons

📅27 January 2026

🕛12:00 - 13:15 CET

📍House of Finance, Room HoF E.01

👉All details: www.old.wiwi.uni-frankfurt.de/abteilungen/... #EconSky

26.01.2026 10:28 👍 0 🔁 0 💬 0 📌 0