{"id":5552,"date":"2024-02-28T10:45:21","date_gmt":"2024-02-28T09:45:21","guid":{"rendered":"https:\/\/www.uni.lu\/research-en\/?post_type=research-areas&#038;p=5552"},"modified":"2026-03-04T09:03:24","modified_gmt":"2026-03-04T08:03:24","slug":"institutions","status":"publish","type":"research-areas","link":"https:\/\/www.uni.lu\/research-en\/research-areas\/institutions\/","title":{"rendered":"Institutions"},"content":{"rendered":"\n<div class=\"wp-block-unilux-blocks-wrapper max-w-screen-3xl mx-auto section\">\n<section class=\"section no-padding-y wp-block-unilux-blocks-hero\">\n    <div class=\"hero hero--2 hero--overlay-top hero--overlay-bottom\">\n        \n<header class=\"wp-block-unilux-blocks-wrapper hero__header\">\n<div class=\"wp-block-unilux-blocks-wrapper hero__container\">\n<span class=\"hero__title__subject wp-block-unilux-blocks-plain-text\"><\/span>\n\n\n<h1 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"institutions\"\n    >\nInstitutions<\/h1>\n<\/div>\n<\/header>\n<figure class=\"wp-block-dev4-reusable-blocks-image hero__visual object-fit--cover\">\n    \n<img decoding=\"async\" class=\"wp-block-image unilux-custom-image-block\"\n                alt=\"\"\n            src=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/8\/2024\/02\/MscQEFYMbjQy.png\"\n                srcset=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/8\/2024\/02\/MscQEFYMbjQy-300x173.png 300w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/8\/2024\/02\/MscQEFYMbjQy-768x442.png 768w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/8\/2024\/02\/MscQEFYMbjQy.png 825w\"\n                style=\"object-position: 50.00% 50.00%; font-family: &quot;object-fit: cover; object-position: 50.00% 50.00%;&quot;; aspect-ratio: 16\/9; object-fit: cover; width: 100%;\"\n        loading=\"lazy\"\n\/>    <\/figure>\n<div class=\"wp-block-unilux-blocks-wrapper hero__body\">\n<div class=\"wp-block-unilux-blocks-wrapper hero__container\">\n<p class=\"wp-block-unilux-blocks-plain-text\">The research programme Institutions is vital and covers all financial aspect of optimal organization, regulation and management of institutions.<\/p>\n\n\n<ul class=\"wp-block-unilux-blocks-custom-buttons btn-list\">\n\n<\/ul>\n<\/div>\n<\/div>\n    <\/div>\n<\/section><\/div>\n\n\n\n<section class=\"py-0 wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\">\n<h2 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"about\"\n    >\nAbout<\/h2>\n\n\n\n<div class=\"wp-block-column is-layout-flow wp-block-column-is-layout-flow\">\n<p>The research program <em>Institutions<\/em> covers all financial aspects of the optimal organization, regulation, and management of institutions. As of mid-2024, Luxembourg hosted 116 commercial banks with roughly 26,586 people employed, as well as 15,013 people employed in the insurance sector.[1] In addition, Luxembourg is home to the Banque Centrale du Luxembourg (BCL) and other financial supervisory agencies, such as the Commission de Surveillance du Secteur Financier (CSSF), the European Stability Mechanism (ESM), and the European Investment Bank (EIB).<\/p>\n\n\n\n<p>Financial institutions are particularly affected by regulations and central bank policies. Our research in this program is highly relevant for the financial sector, especially considering its challenges since the financial crisis, the sovereign debt crisis, the creation of the European Banking Union, and the pandemic crisis, as well as during times of high inflation and uncertainty about monetary policy. This program covers questions of optimal ex-ante regulation and ex-post resolution of financial institutions and explores the unintended consequences of conventional and unconventional monetary policies on financial and non-financial firms. Under the research program <em>Institutions<\/em>, we also explore more fundamental questions related to corporate finance, such as the determinants of firm financing under frictions that affect their financing constraints.<\/p>\n\n\n\n<p>Our research in the field of banking addresses several critical questions: What are the optimal bank resolution strategies within a banking union? How should a fiscal backstop be designed to address asymmetries between member countries? How do central bank policies affect fire-sale risks and financial stability? Our research assesses the effects of regulations such as reserve requirements, capital requirements, and supervision on bank risk-taking and the supply of credit to firms. Our research also addresses the importance of bank branches in light of the financial technology revolution we are witnessing and the wave of branch closures all over the world. We analyze the role of credit scoring in substituting loan officers\u2019 soft information and explore the unintended consequences of closing bank branches for local economies. We further delve into the interplay between non-price loan terms and competition in credit markets, revealing how regulatory changes influence borrowers&#8217; choices between regulated banks and shadow banks. Additionally, we study the interaction between solvency and liquidity risks of banks, assess systemic risk measures, and the regulatory frameworks needed to manage such risks effectively.<\/p>\n\n\n\n<p>On the corporate finance side, our research investigates key questions such as: How do financial frictions impact corporate policies and firm valuation? To address this, we build and estimate dynamic models of corporate investment and financing, focusing on limited enforcement, moral hazard, and trade-off models to identify the relevant sources of firms&#8217; financing constraints. Another key question is what determines corporate liquidity management, specifically how firms use cash and credit lines to manage liquidity needs and the impact of collateral constraints and covenants on these decisions. We also explore the connection between rising intangible capital and the upward trend in corporate cash holdings, examining how the shift toward intangible assets reduces firms&#8217; debt capacity and increases cash reserves. These questions are essential for understanding how firms navigate financial frictions and optimize their investment and financing decisions to support sustainable corporate growth.<\/p>\n\n\n\n<p><a rel=\"noreferrer noopener\" target=\"_blank\">[1]<\/a> Sources&nbsp;: CSSF (<a href=\"https:\/\/www.cssf.lu\/wp-content\/uploads\/Financial_centre_July_2024.pdf\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/www.cssf.lu\/wp-content\/uploads\/Financial_centre_July_2024.pdf<\/a>, visited August 5, 2024), and CAA (<a href=\"https:\/\/www.caa.lu\/uploads\/documents\/files\/rapport_annuel_2023-chiffres_cles.pdf\" rel=\"noreferrer noopener\" target=\"_blank\">https:\/\/www.caa.lu\/uploads\/documents\/files\/rapport_annuel_2023-chiffres_cles.pdf<\/a>, visited August 5, 2024).<\/p>\n<\/div>\n<\/div><\/section>\n\n\n\n<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\">\n<h3 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"research-takes-place-at\"\n    >\nResearch takes place at:<\/h3>\n\n\n\n<ul class=\"wp-block-unilux-blocks-button-list-v2\">\n<li class=\"wp-block-unilux-blocks-button-list-item-v2\"><a class=\"quick-link\" target=\"\" role=\"link\" rel=\"noopener\" tabindex=\"0\"><span class=\"quick-link__container\">\n<div class=\"wp-block-unilux-blocks-block-inserter quick-link__img\"><figure class=\"wp-block-dev4-reusable-blocks-image  object-fit--cover\">\n    \n<img decoding=\"async\" class=\"wp-block-image unilux-custom-image-block\"\n                alt=\"\"\n            src=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/8\/2026\/03\/01200344\/university-of-luxembourg-fdef-symbol-only.svg\"\n                    style=\"object-position: 50.00% 50.00%; font-family: &quot;object-fit: cover; object-position: 50.00% 50.00%;&quot;; aspect-ratio: 1\/1; object-fit: cover; width: 100%;\"\n        loading=\"lazy\"\n\/>    <\/figure><\/div>\n\n\n\n<span class=\"quick-link__name wp-block-unilux-blocks-plain-text\">Faculty of Law, Economics and Finance (FDEF)<\/span>\n\n<svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-right \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\"><\/use><\/svg><\/span><\/a><\/li>\n\n\n\n<li class=\"wp-block-unilux-blocks-button-list-item-v2\"><a class=\"quick-link\" href=\"https:\/\/www.uni.lu\/fdef-en\/research-departments\/department-of-finance\/\" target=\"\" role=\"link\" rel=\"noopener\" tabindex=\"0\"><span class=\"quick-link__container\">\n<div class=\"wp-block-unilux-blocks-block-inserter quick-link__img\"><\/div>\n\n\n\n<span class=\"quick-link__name wp-block-unilux-blocks-plain-text\">Department of Finance<\/span>\n\n<svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-right \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\"><\/use><\/svg><\/span><\/a><\/li>\n<\/ul>\n<\/div><\/section>\n\n\n\n<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\">\n<h3 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"research-groups\"\n    >\nResearch groups<\/h3>\n\n\n<ul class=\"flex flex-wrap mt-24 -mx-16  wp-block-unilux-blocks-free-content-card\">\n    <li class=\"w-full sm:w-1\/2 lg:w-1\/3 px-16  wp-block-unilux-blocks-free-content-card-item\">\n    <div class=\"ulux-card card-residence bg-theme\">\n        <div class=\"ulux-card__container card__container\">\n                        <div class=\"ulux-card__visual wp-block-unilux-blocks-free-content-card-item-visual\">\n    \n<div class=\"wp-block-unilux-blocks-image-video-wrapper\">\n    <figure class=\"wp-block-dev4-reusable-blocks-image  object-fit--cover\">\n    \n<img decoding=\"async\" class=\"wp-block-image unilux-custom-image-block\"\n                alt=\"Image of trees as seen when looking up from the ground\"\n            src=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/8\/2024\/02\/Landscape-2.jpg\"\n                srcset=\"https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/8\/2024\/02\/Landscape-2-300x200.jpg 300w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/8\/2024\/02\/Landscape-2-1024x684.jpg 1024w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/8\/2024\/02\/Landscape-2-768x513.jpg 768w, https:\/\/www.uni.lu\/wp-content\/uploads\/sites\/8\/2024\/02\/Landscape-2.jpg 1084w\"\n                style=\"object-position: 50.00% 50.00%; font-family: &quot;object-fit: cover; object-position: 50.00% 50.00%;&quot;; aspect-ratio: 4\/3; object-fit: cover; width: 100%;\"\n        loading=\"lazy\"\n\/>    <\/figure><\/div><\/div><div class=\"ulux-card__body wp-block-unilux-blocks-free-content-card-item-body\">\n    \n<div class=\"ulux-card__category wp-block-unilux-blocks-plain-text\"><\/div>\n<h3 class=\"ulux-card__title has-text-align-left wp-block-unilux-blocks-heading\"        id=\"house-for-sustainable-governance-and-markets\"\n    >\nHouse for Sustainable Governance and Markets<\/h3>\n<div class=\"ulux-card__link-wrapper card__link wp-block-unilux-blocks-simple-cta\">\n    <a\n        href=\"https:\/\/www.uni.lu\/fdef-en\/research-groups\/house-for-sustainable-governance-and-markets\/\"\n        title=\"Learn more\"\n        class=\"link-text link-text--icon ulux-card__link link-text link-absolute\"\n        target=\"\"\n    >\n        <span class=\"link-text__body\">\n            <span class=\"link-text__name\">Learn more<\/span>\n        <\/span>\n        <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-right \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\"><\/use><\/svg>    <\/a>\n<\/div>\n<\/div>        <\/div>\n    <\/div>\n<\/li><\/ul><\/div><\/section>\n\n\n\n<section class=\"py-0 wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\">\n<h4 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"related-research-areas\"\n    >\nRelated research areas<\/h4>\n\n\n\n<ul class=\"wp-block-unilux-blocks-quick-link-highlight quick-link-list\">\n<li class=\"wp-block-unilux-blocks-quick-link-highlight-item\">\n    <a\n                    href=\"https:\/\/www.uni.lu\/research-en\/research-areas\/finance\/\"\n                    class=\"quick-link\"\n            target=\"\"\n    >\n            <span class=\"quick-link__container\">\n                <span class=\"quick-link__body\">\n                    <span class=\"quick-link__number\">\n                        Finance                    <\/span>\n                    <span class=\"quick-link__title\">\n                                            <\/span>\n                    <span class=\"quick-link__action\">\n                                            <\/span>\n                <\/span>\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-right \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\"><\/use><\/svg>            <\/span>\n    <\/a>\n<\/li>\n\n\n\n<li class=\"wp-block-unilux-blocks-quick-link-highlight-item\">\n    <a\n                    href=\"https:\/\/www.uni.lu\/research-en\/research-areas\/sustainable-finance\/\"\n                    class=\"quick-link\"\n            target=\"\"\n    >\n            <span class=\"quick-link__container\">\n                <span class=\"quick-link__body\">\n                    <span class=\"quick-link__number\">\n                        Sustainable Finance                    <\/span>\n                    <span class=\"quick-link__title\">\n                                            <\/span>\n                    <span class=\"quick-link__action\">\n                                            <\/span>\n                <\/span>\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-right \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\"><\/use><\/svg>            <\/span>\n    <\/a>\n<\/li>\n\n\n\n<li class=\"wp-block-unilux-blocks-quick-link-highlight-item\">\n    <a\n                    href=\"https:\/\/www.uni.lu\/research-en\/research-areas\/financial-innovation\/\"\n                    class=\"quick-link\"\n            target=\"\"\n    >\n            <span class=\"quick-link__container\">\n                <span class=\"quick-link__body\">\n                    <span class=\"quick-link__number\">\n                        Financial Innovation                    <\/span>\n                    <span class=\"quick-link__title\">\n                                            <\/span>\n                    <span class=\"quick-link__action\">\n                                            <\/span>\n                <\/span>\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-right \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\"><\/use><\/svg>            <\/span>\n    <\/a>\n<\/li>\n\n\n\n<li class=\"wp-block-unilux-blocks-quick-link-highlight-item\">\n    <a\n                    href=\"https:\/\/www.uni.lu\/research-en\/research-areas\/asset-management\/\"\n                    class=\"quick-link\"\n            target=\"\"\n    >\n            <span class=\"quick-link__container\">\n                <span class=\"quick-link__body\">\n                    <span class=\"quick-link__number\">\n                        Asset Management                    <\/span>\n                    <span class=\"quick-link__title\">\n                                            <\/span>\n                    <span class=\"quick-link__action\">\n                                            <\/span>\n                <\/span>\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-right \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\"><\/use><\/svg>            <\/span>\n    <\/a>\n<\/li>\n\n\n\n<li class=\"wp-block-unilux-blocks-quick-link-highlight-item\">\n    <a\n                    href=\"https:\/\/www.uni.lu\/research-en\/research-areas\/banking-and-financial-law\/\"\n                    class=\"quick-link\"\n            target=\"\"\n    >\n            <span class=\"quick-link__container\">\n                <span class=\"quick-link__body\">\n                    <span class=\"quick-link__number\">\n                        Banking and Financial Law                    <\/span>\n                    <span class=\"quick-link__title\">\n                                            <\/span>\n                    <span class=\"quick-link__action\">\n                                            <\/span>\n                <\/span>\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-right \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\"><\/use><\/svg>            <\/span>\n    <\/a>\n<\/li>\n\n\n\n<li class=\"wp-block-unilux-blocks-quick-link-highlight-item\">\n    <a\n                    href=\"https:\/\/www.uni.lu\/research-en\/research-areas\/economics\/\"\n                    class=\"quick-link\"\n            target=\"\"\n    >\n            <span class=\"quick-link__container\">\n                <span class=\"quick-link__body\">\n                    <span class=\"quick-link__number\">\n                        Economics                    <\/span>\n                    <span class=\"quick-link__title\">\n                                            <\/span>\n                    <span class=\"quick-link__action\">\n                                            <\/span>\n                <\/span>\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-right \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\"><\/use><\/svg>            <\/span>\n    <\/a>\n<\/li>\n\n\n\n<li class=\"wp-block-unilux-blocks-quick-link-highlight-item\">\n    <a\n                    href=\"https:\/\/www.uni.lu\/research-en\/research-areas\/economic-financial-history\/\"\n                    class=\"quick-link\"\n            target=\"\"\n    >\n            <span class=\"quick-link__container\">\n                <span class=\"quick-link__body\">\n                    <span class=\"quick-link__number\">\n                        Economic Financial History                    <\/span>\n                    <span class=\"quick-link__title\">\n                                            <\/span>\n                    <span class=\"quick-link__action\">\n                                            <\/span>\n                <\/span>\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-right \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\"><\/use><\/svg>            <\/span>\n    <\/a>\n<\/li>\n<\/ul>\n<\/div><\/section>\n\n\n<section class=\"section section wp-block-unilux-blocks-quick-link-discover-section\">\n    <div class=\"container xl:max-w-screen-xl\">\n        \n<h2 class=\"has-text-align-left wp-block-unilux-blocks-heading\"        id=\"discover-more\"\n    >\nDiscover more<\/h2>\n\n<ul class=\"wp-block-unilux-blocks-quick-link-discover quick-link-list\">\n<li class=\"wp-block-unilux-blocks-quick-link-discover-item\">\n    <a\n                    href=\"https:\/\/www.uni.lu\/en\/about\/profile\/mission-strategy-values\/#strategic-development-areas\"\n                    class=\"quick-link\"\n            target=\"\"\n    >\n            <span class=\"quick-link__container\">\n                <span class=\"quick-link__text\">\n                    Key areas                <\/span>\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-right \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\"><\/use><\/svg>            <\/span>\n    <\/a>\n<\/li>\n\n\n\n<li class=\"wp-block-unilux-blocks-quick-link-discover-item\">\n    <a\n                    href=\"https:\/\/www.uni.lu\/en\/about\/organisation\/faculties-departments\/\"\n                    class=\"quick-link\"\n            target=\"\"\n    >\n            <span class=\"quick-link__container\">\n                <span class=\"quick-link__text\">\n                    Faculties                <\/span>\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-right \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\"><\/use><\/svg>            <\/span>\n    <\/a>\n<\/li>\n\n\n\n<li class=\"wp-block-unilux-blocks-quick-link-discover-item\">\n    <a\n                    href=\"https:\/\/www.uni.lu\/en\/about\/organisation\/centres\/\"\n                    class=\"quick-link\"\n            target=\"\"\n    >\n            <span class=\"quick-link__container\">\n                <span class=\"quick-link__text\">\n                    Interdisciplinary centres                <\/span>\n                <svg aria-hidden=\"true\" focusable=\"false\" class=\"icon icon-outline icon--arrow-right \"><use xlink:href=\"https:\/\/www.uni.lu\/wp-content\/themes\/unilux-theme\/assets\/images\/icons\/icons-outline.svg#icon--arrow-right\"><\/use><\/svg>            <\/span>\n    <\/a>\n<\/li>\n<\/ul>\n    <\/div>\n<\/section>","protected":false},"excerpt":{"rendered":"","protected":false},"author":44,"featured_media":5553,"parent":0,"menu_order":0,"template":"","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"Institutions","uluxPrePostTitle":"Research area","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false},"field-of-interest":[45,48],"organisation":[150,135],"authorship":[44],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Institutions - Research area I University of Luxembourg<\/title>\n<meta name=\"description\" content=\"The research program Institutions covers all financial aspects of the optimal organization, regulation, and management of institutions. 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