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Bank credit and market-based finance for corporations : the effects of minibond issuances

Ongena, Steven; Pinoli, Sara; Rossi, Paola; Scopelliti, … - 2020

-post performance, we find that issuer firms expand their total assets and fixed assets, and also raise their leverage. …

Persistent link: https://www.econbiz.de/10012390449

Cryptocurrency market reactions to regulatory news

Auer, Raphael A.; Claessens, Stijn - 2020

Cryptocurrencies are often thought to operate out of the reach of national regulation, but in fact their valuations, transaction volumes and user bases react substantially to news about regulatory actions. The impact depends on the specific regulatory category to which the news relates: events...

Persistent link: https://www.econbiz.de/10012205633

Multiple buffer CoCos and their impact on financial stability

Neamtu, Ioana - 2020

global games methodologies. Contingent convertible bonds are meant to act as a bail-in mechanism for banks, where CoCo debt …

Persistent link: https://www.econbiz.de/10012161027

Too levered for Pigou : carbon pricing, financial constraints, and leverage regulation

Döttling, Robin; Rola-Janicka, Magdalena - 2023

We analyze jointly optimal carbon pricing and leverage regulation in a model with financial constraints and endogenous … climate-related transition and physical risks. The socially optimal emissions tax is below the Pigouvian benchmark (equal to … physical climate risks have a substantial impact on collateral values. Additionally introducing leverage regulation can be …

Persistent link: https://www.econbiz.de/10014315161

Why countries differ in thin capitalization rules : the role of financial development

Mardan, Mohammed - 2015

’ possibilities of engaging in tax planning via debt shifting. This paper analyzes the effects of thin capitalization rules in the …

Persistent link: https://www.econbiz.de/10010506334

The rise of bond financing in Europe

Darmouni, Olivier; Papoutsi, Melina - 2022

The rise of bond financing in EuropeUsing large panel data of public and private firms, this paper dissects the growth of bond financing in the Euro Area through the lens of the cross-section of issuers. In recent years, the composition of bond issuers has shifted, with the entry of many smaller...

Persistent link: https://www.econbiz.de/10013198743

Identifying financial constraints

Cherchye, Laurens; Rock, Bram de; Ferrando, Annalisa; … - 2020

We propose a new methodology to recover firm-time varying financial constraints from firms' production behavior. We model financial constraints as the profitability that firms forgo when budget constraints on production inputs bind, impeding them from using the optimal level of inputs and...

Persistent link: https://www.econbiz.de/10012241106

Market failures in market-based finance

Di Iasio, Giovanni; Kryczka, Dominika - 2021

We build a three-period model to investigate market failures in the market-based financial system. Institutional investors (IIs), such as insurance companies and pension funds, have liabilities offering guaranteed returns and operate under a risk-sensitive solvency constraint. They seek to...

Persistent link: https://www.econbiz.de/10012511085

The fundamental equation in tourism finance

McAleer, Michael - 2015

The purpose of the paper is to present the fundamental equation in tourism finance that connects tourism research to empirical finance and financial econometrics. The energy industry, which includes, oil, gas and bio-energy fuels, together with the tourism industry, are two of the most important...

Persistent link: https://www.econbiz.de/10011391546

Institutions and structural unemployment : do capital-market imperfections matter?

Belke, Ansgar; Fehn, Rainer - 2001

This paper analyzes whether differences in institutional structures on capital markets contribute to explaining why some OECD-countries, in particular the Anglo-Saxon countries, have been much more successful over the last two decades in producing employment growth and in reducing unemployment...

Persistent link: https://www.econbiz.de/10011398923