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The dissertation "Three Essays on Credit Risk with a Special Focus on the Subprime Financial Crisis" consists of three self-contained essays. At the core of the dissertation is the market for credit risk and its role during and after the recent subprime financial crisis. In particular, it is dedicated to the following research questions: - What are the causes of the subprime financial crisis? - Which role did credit markets and credit derivatives play during the crisis? - How might the crisis be resolved? - What is the impact of the crisis on market participants perception of credit risk? - How can complex credit derivatives be modeled in a way that allows an understanding of their inherent risk?
