Bangor Business School

Klaus Schaeck

Division: Financial Studies

Location: Room 0.16, Hen Goleg

Tel: 01248 38 8540

Email: klaus.schaeck@bangor.ac.uk

Profile

Professor of Empirical Banking

Klaus Schaeck worked in banking for a few years and obtained a Ph.D. from the University of Southampton. He previously taught at the University of Southampton and at Cass Business School. He joined Bangor Business School in 2008.

Klaus was a frequent visitor at the International Monetary Fund, held several visiting appointments at the Deutsche Bundesbank, and he was also a consultant in the ECB's Financial Research Division, and for the World Bank. He has also contributed to the ECB-CFS Research Network on Capital Markets and Financial Integration in Europe. In 2007, he was selected as one of the ECB Lamfalussy Fellows.

His key research interest focuses on the empirical modelling of bank behaviour. His current projects relate to bank bailouts, the potentially unintended effects of regulatory enforcement actions in distressed banks, and he recently also started examining the role of wealth shocks for household securities portfolios. Klaus is known for his work on the relation between competition and stability. He has also published in the areas of deposit insurance, market discipline, and SME financing and bank market structure.

Klaus has presented his research at leading international conferences such as the American Finance Association Conference, the Bank Market Structure Conference at the Federal Reserve Bank of Chicago, the Financial Intermediation Research Society Conference, the European Finance Association Conference, the Annual Darden International Finance Conference, the Annual CFEA Conference at the University of North Carolina at Chapel Hill, and the Annual FDIC Bank Research Conference.

He has several publications in the Journal of Financial and Quantitative Analysis, the Review of Finance, the Journal of Money, Credit, and Banking, the Journal of Corporate Finance, in Financial Management, the Journal of Banking and Finance, the Journal of International Money and Finance, the Journal of Financial Services Research, in European Financial Management, in the Journal of Financial Stability, and in Finance Research Letters. Klaus acts as a referee for the Journal of the European Economic Association, the Economic Journal, the Review of Finance, Journal of Money, Credit, and Banking, the Journal of International Economics, the Journal of Financial Intermediation, the Journal of International Money and Finance, and the Journal of Banking and Finance. 

His teaching interests lie in banking and financial intermediation.

Download his papers from SSRN.

Download his C.V.

Roles within Bangor Business School

Personal tutor, Seminar organiser

Qualifications/Memberships of Professional Bodies

BSc. (Hons.) Finance and Economics, MBA, Ph.D. (Financial Economics)
American Finance Association, American Economic Association, Financial Intermediation Research Society, European Finance Association, Royal Economic Society, European Economic Association.

Recent Publications

Journals:

  • Calderon, Cesar, and Klaus Schaeck (2013) The effects of government interventions in the financial sector on banking competition and the evolution of zombie banks. Journal of Financial and Quantitative Analysis.
  • Molyneux, P., T. Zhou, and Klaus Schaeck (forthcoming) 'Too systemically important to fail' in banking - Evidence from bank mergers and acquisitions. Journal of International Money and Finance.
  • Berger, Allen, Thomas Kick, and Klaus Schaeck (forthcoming) Executive board composition and bank risk taking. Journal of Corporate Finance.
  • Schaeck, Klaus, and Martin Cihak (2014) Competition, efficiency, and stability in banking. Financial Management, Vol. 43, pp. 215–241.
  • Berger, Allen, Thomas Kick, Michael Koetter and Klaus Schaeck (2013) Does it pay to have friends? Social ties and executive appointments in banking. Journal of Banking and Finance, Vol. 37, pp. 2087-2105
  • Schaeck, Klaus, Martin Cihak, Andrea Maechler, and Stephanie Stolz (2012) Who disciplines bank managers? Review of Finance, Vol. 16, pp. 197-243.
  • Schaeck, Klaus, and Martin Cihak (2012) Banking competition and capital ratios. European Financial Management, Vol. 18, p 18, 836–866.
  • Berger, Allen, and Klaus Schaeck (2011) Small and medium-sized enterprises, banking relationships, and the use of venture capital. Journal of Money, Credit, and Banking, Vol. 43, pp. 461-490.
  • Cihak, Martin, and Klaus Schaeck (2010) How well do aggregate prudential ratios identify banking system problems? Journal of Financial Stability, Vol. 6, pp. 130-144.
  • Schaeck, Klaus, Steve Mercieca, and Simon Wolfe (2009) Bank market structure, competition, and SME financing relationships in European regions. Journal of Financial Services Research, Vol. 36, pp. 137-155
  • Schaeck, Klaus, Martin Cihak, and Simon Wolfe (2009) Are competitive banking systems more stable? Journal of Money, Credit, and Banking, Vol. 41, pp. 711-734.
  • Schaeck, Klaus (2008) Bank liability structure, FDIC loss, and time to failure: A quantile regression approach. Journal of Financial Services Research, Vol. 33, pp. 163-179.
  • Schaeck, Klaus and Carlos Alegria (2008) On measuring concentration in banking systems. Finance Research Letters, Vol. 5, pp. 59-67.
  • Schaeck, Klaus, Steve Mercieca, and Simon Wolfe (2007) Small European banks: Benefits from diversification. Journal of Banking and Finance, Vol. 31, pp. 1975-1998.

Working papers:

  • Danisewicz, Piotr, Danny McGowan, Enrico Onali (2014) Does assigning priority to deposits affect bank conduct? Evidence from a quasi-experiment. Mimeo. Bangor University
  • Danisewicz, Piotr, Danny McGowan, Enrico Onali (2014) The Real Effects of Regulatory Enforcement Actions: Evidence from U.S. Counties
  • Silva Buston, Consuelo, Wolf Wagner, and Klaus Schaeck (2013) The two faces of interbank correlation, CentER Discussion Paper Series No. 2013-077
  • Berger, Allen, Christa H. S. Bouwman, Thomas Kick, and Klaus Schaeck (2010) Bank risk taking and liquidity creation following regulatory interventions and capital support, Discussion Paper Series 2, Deutsche Bundesbank, No. 05/2010.

Work in progress:

  • Does assigning priority to deposits affect bank conduct? Evidence from a quasi-experiment (with Piotr Danisewicz, Danny McGowan, and Enrico Onali).
  • Macroeconomic shocks and asset allocation of households and firms: Evidence from a quasi-natural experiment (with Thomas Kick, Enrico Onali, and Benedikt Ruprecht).
  • Market reaction to international bank liquidity regulation (with Brunella Bruno, and Enrico Onali).
  • The real effects of enforcement actions (with Danny McGowan, Enrico Onali, and Piotr Danisewicz).

Books:

  • Schaeck, Klaus (2009) Bank market structure, competition and stability: Issues and Concepts. In: Fratianni, M., A. Zazzaro, and P. Alessandrini (eds.) The Changing Geography of Banking, Springer, pp. 133-153.

Teaching

Undergraduate Teaching:

  • n/a

Postgraduate Teaching:

  • Financial intermediation, Financial Stability

Activities

Visiting appointments:

  • Visiting scholar, Deutsche Bundesbank (2013)
  • Visiting scholar, Deutsche Bundesbank (2012)
  • Consultant, World Bank (2011/2012)
  • Consultant, European Central Bank (2011)
  • Visiting scholar, Deutsche Bundesbank (2011)
  • Visiting scholar, Deutsche Bundesbank (2010)
  • Visiting scholar, Deutsche Bundesbank (2009)
  • Visiting scholar, International Monetary Fund (2008)
  • Visiting scholar, International Monetary Fund (2007)
  • Visiting researcher, University of Illinois at Urbana-Champaign, Department of Finance (2006)

Prestigious awards:

  • Europlace Institute of Finance (2012)
  • British Academy Small Grant (2012, with Danny McGowan)
  • Carefin Research Grant, Bocconi University (2010, with Allen N. Berger, and Thomas Kick)
  • Carefin Research Grant, Bocconi University (2009, with Phil Molyneux and Tim Zhou)
  • Leverhulme Research Grant (2009)
  • Cass Pump Priming Research Grant (2008)
  • ECB Lamfalussy Fellow (2007)

Research Assessors:

Leverhulme Trust grant reviewer, NWO grant reviewer

Ad-hoc Refereeing:

Journal of the European Economic Association, Journal of International Economics, Economic Journal, Review of Finance, Journal of Money, Credit, and Banking, Journal of Financial Intermediation, Journal of International Money and Finance, Journal of Economic Behavior and Organizations, Journal of Banking and Finance, Journal of Financial Services Research, Journal of Financial Stability, Empirical Economics, European Journal of Finance, International Review of Finance.

Prestigious guest presentations:

Annual CEFA Conference at the University of North Carolina at Chapel Hill, Annual Darden International Finance Conference (2013), Annual FDIC Bank Research Conference, Arlington (2012), ESCB Day Ahead Conference, Malaga; Financial Intermediation Research Society Meeting, Minnesota (2012), Annual FDIC Bank Research Conference, Arlington (2011), G20 OEC Workshop “The New Financial Landscape”, Paris (2011), Financial Intermediation Research Society Meeting, Sydney (2011), American Finance Association Conference, Atlanta (2010), European Finance Association Conference (2010), Financial Intermediation Research Society Meeting, Prague (2009), 45th Bank Market Structure Conference, Federal Reserve Bank of Chicago (2009), ECB-CFS Research Network Conference, Prague (2008), ECB-CFS Research Network Conference, Madrid (2006), Annual FDIC Bank Research Conference, Arlington (2006)

Organisation of conferences, learned societies and consortia:

  • “Credit risk transfer and banking stability” (conference partners Journal of Financial Stability, Money, Macro, and Finance Research Group, and Cass Business School) (2008)
  • Financial Management Association Meeting, Dallas (2008)
  • Financial Management Association Meeting, Reno (2009)
  • Financial Management Association Meeting, New York (2010)
  • Financial Management Association Meeting, Denver (2011)

Other indicators of the impact of research:

Quoted in the Financial Times, The Guardian, The Telegraph, ITV, CNBC, Forbes, The Rolling Stone, The Huffington Post, Daily Post, Handelsblatt, Financial Times Deutschland, Wirtschaftswoche, The Australian, The Globe and Mail for research on corporate governance, executive turnover, and bank liquidity creation.

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