prof.dr. W.B. (Wolf) Wagner

More information

Wolf Wagner is a Professor of Finance at the Rotterdam School of Management and a fellow of CEPR. He is also a member of ERIM, EBC and a Senior Member of TILEC. His work has been published in the main finance journals, such as the Journal of Finance, the Journal of Financial Economics, the Review of Financial Studies, the Review of Finance, Management Science, the Journal of Financial & Quantitative Analysis. Wolf Wagner's work focuses on banking and financial markets. Key themes in his research are the wider implications of financial innovation for the efficiency and stability of the financial system, as well as the role of diversity in creating a more resilient economy. Recent interests include cross-border banking, systemic risk in the insurance sector as well as lobbying and political activities at banks.

See Wolf Wagner's personal site for more information.

Publications

Highlighted (2)

Ellul, A., Jotikasthira, C., Kartasheva, A., Lundblad, C., & Wagner, W. (2022). Insurers as Asset Managers and Systemic Risk. Review of Financial Studies, 35(12), 5483-5534. https://doi.org/10.1093/rfs/hhac056
Wagner, W. (2011). Systemic liquidation risk and the diversity-diversification trade-off. The Journal of Finance, 66(4), 1141-1175. https://doi.org/10.1111/j.1540-6261.2011.01666.x

Article (59)

Academic (54)

Beck, T., Silva-Buston, C., & Wagner, W. (2025). Supervisory cooperation and regulatory arbitrage. Review of Finance, 29(2), 381-413. https://doi.org/10.1093/rof/rfae041
Silva-Buston, C., Ossandon Busch, M., & Wagner, W. (2025). International banking and cross-border supervisory cooperation: Lessons from Latin America. Latin American Journal of Central Banking, Article 100165. Advance online publication. https://doi.org/10.1016/j.latcb.2025.100165
van Dijk, M., Menkveld, A. J., Dreber, A., Holzmeister, F., Huber, J., Johannesson, M., Kirchler, M., Neususs, S., Razen, M., Wagner, W., Verwijmeren, P., Vogel, S., van der Wel, M., Mazzola, F., Yang, A., & Zhou, C. (2024). Non-Standard Errors*. Journal of Finance. https://doi.org/10.2139/ssrn.3961574
Beck, T., Silva-Buston, C., & Wagner, W. (2023). The Economics of Supranational Bank Supervision. Journal of Financial and Quantitative Analysis, 58(1), 324-351. https://doi.org/10.1017/s0022109022000588
Galil, K., Samuel , M., Offer, S., & Wagner, W. (2023). Bailouts and the Modeling of Bank Distress. Journal of Financial Research, 46(1), 7-30. https://doi.org/10.1111/jfir.12313
Ellul, A., Jotikasthira, C., Kartasheva, A., Lundblad, C., & Wagner, W. (2022). Insurers as Asset Managers and Systemic Risk. Review of Financial Studies, 35(12), 5483-5534. https://doi.org/10.1093/rfs/hhac056
Igan, D., Lambert, T., Wagner, W., & Zhang, E. Q. (2022). Winning connections? Special interests and the sale of failed banks. Journal of Banking and Finance, 140, Article 106496. https://doi.org/10.1016/j.jbankfin.2022.106496
Stenzel, A., & Wagner, W. (2022). Opacity, liquidity and disclosure requirements. Journal of Business Finance and Accounting, 49(5-6), 658-689. https://doi.org/10.1111/jbfa.12574
Huizinga, H., Todtenhaupt, M., Voget, J., & Wagner, W. (2022). Taxation and the external wealth of nations: Evidence from bilateral portfolio holdings. Journal of International Money and Finance, 122, Article 102548. https://doi.org/10.1016/j.jimonfin.2021.102548
Lambert, T., Wagner, W., & Zhang, E. (2022). Banks, Political Capital, and Growth. Review of Corporate Finance Studies, 12(3), 613-655. https://doi.org/10.1093/rcfs/cfac005
Kahn, C. M., & Wagner, W. (2021). Liquidity provision during a pandemic. Journal of Banking and Finance, 133, 10-33. Article 106152. https://doi.org/10.1016/j.jbankfin.2021.106152
Bongaerts, D., Mazzola, F., & Wagner, W. (2021). Closed for business: The mortality impact of business closures during the Covid-19 pandemic. PLoS ONE, 16(5), e0251373. Article e0251373. https://doi.org/10.1371/journal.pone.0251373
Kahn, C., & Wagner, W. (2021). Sources of Liquidity and Liquidity Shortages. Journal of Financial Intermediation, 46, Article 100869. https://doi.org/10.1016/j.jfi.2020.100869
Wagner, W. (2020). Variable Annuities and Systemic Risk. Réalités Industrielles - Annales des Mines. http://hdl.handle.net/1765/125167
Voget, J., Wagner, W., & Huizinga, Harry, H. (2018). Capital gains taxation and the cost of capital: Evidence from unanticipated cross-border transfers of tax base. Journal of Financial Economics, 129(2), 306-328. https://doi.org/10.1016/j.jfineco.2018.04.014
Horvath, B., & Wagner, W. (2017). The Disturbing Interaction between Countercyclical Capital Requirements and Systemic Risk. Review of Finance, 21(4), 1485. https://doi.org/10.1093/rof/rfx001
Bertay, AC., Gong, D., & Wagner, W. (2017). Securitization and economic activity: The credit composition channel. Journal of Financial Stability, 28(February), 225-239. https://doi.org/10.1016/j.jfs.2016.01.010
Marsh, I. W., & Wagner, W. (2016). News-Specific Price Discovery in Credit Default Swap Markets. Financial Management, 45(2), 315-340. https://doi.org/10.1111/fima.12095
Wagner, W., & Beck, THL. (2016). Supranational Supervision - How Much and for Whom? International Journal of Central Banking, 12(2), 221-268.
Marsh, I., & Wagner, W. (2015). News?Specific Price Discovery in Credit Default Swap Markets. Financial Management (London). http://hdl.handle.net/1765/115289
Huizinga, HP., Voget, J., & Wagner, W. (2014). International Taxation and Cross-Border Banking. American Economic Journal. Economic Policy, 6(2), 94-125. https://doi.org/10.1257/pol.6.2.94
Norden, L., Buston, C., & Wagner, W. (2014). Financial innovation and bank behavior: Evidence from credit markets. Journal of Economic Dynamics and Control. http://hdl.handle.net/1765/115290
Schoenmaker, D., & Wagner, W. (2013). Cross-border Banking in Europe and Financial Stability. International Finance, 16(1), 1-22. https://doi.org/10.1111/j.1468-2362.2013.12026.x
Wagner, W. (2013). Performance evaluation and financial market runs. Review of Finance, 17(2), 597-624.
Castiglionesi, F., & Wagner, W. (2013). On the efficiency of bilateral interbank insurance. Journal of Financial Intermediation, 22(2), 177-200. https://doi.org/10.1016/j.jfi.2012.07.002
Beck, THL., Todorov, RI., & Wagner, W. (2013). Supervising cross-border banks. Economic Policy, 28(73), 5-44.
Pfajfar, D., Sgro, G., & Wagner, W. (2012). Are alternative currencies a substitute or a complement to fiat money? Evidence from cross-country data. International Journal of Community Currency Research, 16(D), 45-56.
Knaup, M., & Wagner, W. (2012). A market-based measure of credit quality and bank performance during the subprime crisis. Management Science, 58(8), 1423-1437. https://doi.org/10.1287/mnsc.1110.1501
Castiglionesi, F., & Wagner, W. (2012). Turning Bagehot on his head. Journal of Money, Credit, and Banking, 44(1), 201-219. https://doi.org/10.1111/j.1538-4616.2011.00473.x
Huizinga, HP., Voget, J., & Wagner, W. (2012). Who bears the burden of international taxation? Evidence from cross-border M&As. Journal of International Economics, 88(1), 186-197. https://doi.org/10.1016/j.jinteco.2012.02.013
Knaup, M., & Wagner, W. (2012). Forward-looking tail risk exposures at US bank holding companies. Journal of Financial Services Research, 42(1-2), 35-54. https://doi.org/10.1007/s10693-012-0131-5
Wagner, W., & Nijskens, RGM. (2011). Credit risk transfer activities and systemic risk. Journal of Banking and Finance, 35(6), 1391-1398. https://doi.org/10.1016/j.jbankfin.2010.10.001
Wagner, W. (2011). Systemic liquidation risk and the diversity-diversification trade-off. The Journal of Finance, 66(4), 1141-1175. https://doi.org/10.1111/j.1540-6261.2011.01666.x
Wagner, W. (2010). Loan market competition and bank risk taking. Journal of Financial Services Research, 37(1), 71-81. https://doi.org/10.1007/s10693-009-0073-8
Wagner, W. (2010). In the quest of systemic externalities. CESifo Economic Studies, 56(1), 96-111. https://doi.org/10.1093/cesifo/ifp022
Wagner, W. (2010). Diversification at financial institutions and systemic crises. Journal of Financial Intermediation, 19(3), 373-386. https://doi.org/10.1016/j.jfi.2009.07.002
Wagner, W. (2010). Divestment, entrepreneurial incentives and the life cycle of the firm. Journal of Business Finance and Accounting, 37(5-6), 591-611. https://doi.org/10.1111/j.1468-5957.2010.02184.x
Eijffinger, SCW., & Wagner, W. (2010). Incentive constraints and the pattern of international risk sharing. Journal of International Money and Finance, 29(7), 1206-1225. https://doi.org/10.1016/j.jimonfin.2010.06.002
Fecht, F., & Wagner, W. (2009). The marketability of bank assets and managerial rents. Journal of Financial Stability, 5(3), 272-282. https://doi.org/10.1016/j.jfs.2009.05.002
Wagner, W. (2009). Banking fragility and liquidity creations. Annals of Finance, 5(1), 125-129. https://doi.org/10.1007/s10436-008-0095-5
Wagner, W. (2009). Efficient asset allocations in the banking sector and financial regulation. International Journal of Central Banking, 5(1), 75-95.
Wagner, W. (2008). The homogenization of the financial system and financial crises. Journal of Financial Intermediation, 17(3), 330-356. https://doi.org/10.1016/j.jfi.2008.01.001
Eijffinger, SCW., & Wagner, W. (2008). Efficiency of capital taxation in an open economy. International Tax and Public Finance, 15(6), 636-646. https://doi.org/10.1007/s10797-008-9087-7
Norden, L., & Wagner, W. (2008). Credit derivatives and loan pricing. Journal of Banking and Finance, 32(12), 2560-2569. https://doi.org/10.1016/j.jbankfin.2008.05.006
Wagner, W. (2008). The homgenization of the financial system and liquidity crises. Journal of Financial Intermediation, 17(3), 330-356.
Wagner, W. (2007). International risk sharing and government moral hazard. Open Economies Review, 18(5), 577-598. https://doi.org/10.1007/s11079-007-9006-z
Wagner, W. (2007). Aggregate liquidity shortages, idiosyncratic liquidity smoothing and banking regulation. Journal of Financial Stability, 3(1), 18-32. https://doi.org/10.1016/j.jfs.2007.01.001
Wagner, W. (2007). Financial development and the opacity of banks. Economics Letters, 97(1), 6-10. https://doi.org/10.1016/j.econlet.2007.02.006
Wagner, W. (2007). The liquidity of bank assets and banking stability. Journal of Banking and Finance, 31(1), 121-139. https://doi.org/10.1016/j.jbankfin.2005.07.019
Wagner, W., & Marsh, I. (2006). Credit risk transfer and financial sector stability. Journal of Financial Stability, 2(2), 173-193. https://doi.org/10.1016/j.jfs.2005.11.001
Knaup, M., & Wagner, W. (2006). The implications of performance evaluation for the stability of financial markets. FSR Forum, 9, 29-35.
Calcagno, R., & Wagner, W. (2006). Dispersed initial ownership and the efficiency of the stock market under moral hazard. Journal of Mathematical Economics, 42(1), 36-45. https://doi.org/10.1016/j.jmateco.2004.11.003
Marsh, I., & Wagner, W. (2004). Safety features for credit derivatives. The Financial Regulator, 9(1), 38-43.
Alexander, K., & Wagner, W. (2004). Excess capital. The Financial Regulator, 9(3), 58-63.

Popular (3)

Beck, T., Buston Silva, C., & Wagner, W. (2019). The effectiveness of cross-border cooperation in banking supervision. VoxEU.org. http://hdl.handle.net/1765/125165
Ellul, A., Jotikasthira, C., Wagner, W., Kartasheva, A., & Lundblad, C. (2018). Insurers as asset managers and systemic risk. VoxEU.org. http://hdl.handle.net/1765/125168
Lambert, T., Zhang, E., & Wagner, W. (2018). Lobbying and the efficiency of bank sales. VoxEU.org. http://hdl.handle.net/1765/125169

Professional (2)

Wagner, W. (2019). Is cross-border co-operation in bank supervision effective? RSM Discovery - Management Knowledge. http://hdl.handle.net/1765/125164
Wagner, W. (2017). How to regulate international banks. RSM Discovery - Management Knowledge, 32(4), 11-13. http://hdl.handle.net/1765/104086

Book (3)

Academic (3)

Allen, F., Beck, THL., Carletti, E., Lane, P., Schoenmaker, D., & Wagner, W. (2011). Cross-Border Banking in Europe. CEPR.
Eijffinger, SCW., & Wagner, W. (2002). Taxation if Capital is Not Perfectly Mobile. Economic Policy Research Unit (EPRU).
Eijffinger, SCW., & Wagner, W. (2001). The Feasible Gains from International Risk Sharing. CEPR.

Chapter (1)

Academic (1)

Wagner, W. (2014). Unintended consequences of macroprudential policies. In Macroprudentialism (pp. 105-113). CEPR Press.

Doctoral Thesis (1)

Internal (1)

Wagner, W. (2002). Risk sharing under incentive constraints. [Doctoral Thesis, Tilburg University]. Tilburg University.

Editorial (2)

Academic (1)

Degryse, H., & Wagner, W. (2024). Banking and macro risks. Journal of Financial Stability, 74, Article 101291. https://doi.org/10.1016/j.jfs.2024.101291

Popular (1)

de Haan, J., Nijskens, R., & Wagner, W. (2017). Macroprudential regulation: From theory to implementation. Journal of Financial Stability, 28, 182. https://doi.org/10.1016/j.jfs.2016.09.005

Paper (14)

Academic (14)

Peersman, G., & Wagner, W. (2014). Shocks to Bank Lending, Risk-Taking, Securitization, and Their Role for U.S. Business Cycle Fluctuations.
Schaeck, K., Silva Buston, CF., & Wagner, W. (2013). The Two Faces of Interbank Correlation.
Stenzel, A., & Wagner, W. (2013). Asset Opacity and Liquidity.
Marsch, I., & Wagner, W. (2012). Why is Price Discovery in Credit Default Swap Markets News-Specific?.
Beck, THL., Todorov, RI., & Wagner, W. (2011). Bank Supervision Going Global? A Cost-Benefit Analysis (Replaced by CentER DP 2012-059).
Beck, THL., Todorov, RI., & Wagner, W. (2011). Bank Supervision Going Global? A Cost-Benefit Analysis (Replaced by EBC DP 2012-015).
Huizinga, HP., Voget, J., & Wagner, W. (2011). International Taxation and Cross-Border Banking.
Knaup, M., & Wagner, W. (2009). A Market Based Measure of Credit Quality and Banks' Performance During the Subprime Crisis.
Wagner, W. (2007). Loan Market Competition and Bank Risk-Taking.
Goderis, BVG., Marsh, I., Vall Castello, J., & Wagner, W. (2006). Bank Behavior with Access to Credit Risk Transfer Markets.
Wagner, W. (2006). The Broadening of Activities in the Financial System.
Calcagno, R., & Wagner, W. (2003). The Inefficiency of the Stock Market Equilibrium under Moral Hazard.
Wagner, W. (2002). Divestment, Entrepreneurial Incentives and the Decision to go Public.
Wagner, W. (2000). Decentralized International Risk Sharing and Governmental Moral Hazard.

Courses

Finance & Investments Honours Class

Study year: 2024/2025, 2023/2024, 2022/2023, 2021/2022, 2020/2021, 2019/2020
Code: BMHON1FI
Level: Master

FI Honours Class - LMC Registration

Study year: 2024/2025
Code: BMHON1FI-LMC
Level: Master

Banking and Financial Institutions

Study year: 2024/2025, 2023/2024, 2022/2023, 2021/2022, 2020/2021, 2019/2020, 2018/2019, 2017/2018
Code: BMME023
Level: Master, Master, Master, Master

FI master thesis

Study year: 2024/2025, 2023/2024, 2022/2023, 2021/2022
Code: BMMTFI
Level: Master

Economics

Study year: 2024/2025, 2023/2024, 2022/2023, 2021/2022, 2020/2021
Code: BT1210
Level: Bachelor 1, Bachelor 1

Past courses

Boosting Empirics with Theory

Study year: 2023/2024
Code: BERMSS040
Level: PhD

Economics

Study year: 2020/2021, 2019/2020
Code: BK1110
Level: Bachelor 1

Economics

Study year: 2020/2021, 2019/2020
Code: BT1110
Level: Bachelor 1, Bachelor 1

Microeconomics & Markets

Study year: 2020/2021, 2019/2020
Code: BAP068

ERIM Research Clinic Finance

Study year: 2019/2020, 2018/2019, 2017/2018
Code: BERMRC005
ECTS: 4 Level: Master

Commercial and Investment Banking

Study year: 2018/2019, 2017/2018, 2016/2017
Code: BM10FI-A
ECTS: 6 Level: Master

Living Management

Study year: 2018/2019
Code: BM20FI-A
ECTS: 8 Level: Master

Boundaries of Financial Research

Study year: 2017/2018
Code: BERMASC036
ECTS: 1 Level: Master

Financial Intermediation, Systemic Risk and Financial Cycles

Study year: 2017/2018
Code: BERMSS023
ECTS: 2 Level: Master

Corporate finance

Study year: 2016/2017
Code: BM02FI
ECTS: 5 Level: Master

Media

Featured in the media

Cross-Border Supervisory Cooperation: Does It Work?

Prof. Wolf Wagner's article giving lessons for policy on Cross-border cooperation between banking supervisors.
International Banker Wednesday, 18 September 2024
Central Bank successfully concludes 8th International Research Conference

The 8th International Research Conference of the Central Bank of Sri Lanka was held on 7 December at the John Exter International Conference Hall of the Central Bank. Prof. Wolf Wagner attended. …
Daily Financial Times Monday, 14 December 2015

Featured on RSM Discovery

Thursday, 28 November 2019

Is cross-border co-operation in bank supervision effective?

Contact information

Visiting address

Office: Mandeville Building T08-31

Burgemeester Oudlaan 50

3062 PA Rotterdam

Netherlands

Postal address

Postbus 1738

3000 DR Rotterdam

Netherlands

+31 (0) 10 408 2807

wagner@rsm.nl

prof.dr. W.B. (Wolf) Wagner

Profile

Publications

Academic (54)

Popular (3)

Professional (2)

Academic (3)

Academic (1)

Internal (1)

Academic (1)

Popular (1)

Academic (14)

Courses

Past courses

Boosting Empirics with Theory

Economics

Economics

Microeconomics & Markets

ERIM Research Clinic Finance

Commercial and Investment Banking

Living Management

Boundaries of Financial Research

Financial Intermediation, Systemic Risk and Financial Cycles

Corporate finance

Featured in the media

Is cross-border co-operation in bank supervision effective?

Contact information

Visiting address

Postal address