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Pianeselli, Daniele; Zaghini, Andrea - 2013

. By looking at 5,500 issues over the period 2005-2012, we find that in recent years the sovereign debt market turbulence … premium due to the negative spillovers from the sovereign debt crisis, while German firms got a discount of 40 basis points. …

Persistent link: https://www.econbiz.de/10010187550

Fragmentation and heterogeneity in the euro-area corporate bond market : back to normal?

Zaghini, Andrea - 2016

-specific effects which are a suitable indicator of the market fragmentation. We find that, after peaking during the sovereign debt …

Persistent link: https://www.econbiz.de/10011431131

Employment and wage insurance within firms : worldwide evidence

Ellul, Andrew; Pagano, Marco; Schivardi, Fabiano - 2015

We investigate the determinants of firms' implicit insurance to employees, using a difference-indifference approach: we rely on differences between family and non-family firms to identify the supply of insurance, and exploit variation in unemployment insurance across and within countries to...

Persistent link: https://www.econbiz.de/10011337034

Financial network systemic risk contributions

Hautsch, Nikolaus; Schaumburg, Julia; Schienle, Melanie - 2013

We propose the realized systemic risk beta as a measure for financial companies' contribution to systemic risk given network interdependence between firms' tail risk exposures. Conditional on statistically pre-identified network spillover effects and market as well as balance sheet information,...

Persistent link: https://www.econbiz.de/10010201170

Systemic risk spillovers in the European banking and sovereign network

Betz, Frank; Hautsch, Nikolaus; Peltonen, Tuomo; … - 2014

the European sovereign debt crisis and how it is reflected in network statistics and systemic risk measures. Illustrating …

Persistent link: https://www.econbiz.de/10010411283

Accounting for financial stability : lessons from the financial crisis and future challenges

Bischof, Jannis; Laux, Christian; Leuz, Christian - 2018

This paper investigates what we can learn from the financial crisis about the link between accounting and financial stability. The picture that emerges ten years after the crisis is substantially different from the picture that dominated the accounting debate during and shortly after the crisis....

Persistent link: https://www.econbiz.de/10012011324

The death of a regulator : strict supervision, bank lending and business activity

Leuz, Christian; Granja, João - 2018

An important question in banking is how strict supervision affects bank lending and in turn local business activity. Forcing banks to recognize losses could choke off lending and amplify local economic woes, especially after financial crises. But stricter supervision could also lead to changes...

Persistent link: https://www.econbiz.de/10011932392

It's not time to make a change : sovereign fragility and the corporate credit risk

Fornari, Fabio; Zaghini, Andrea - 2021

among those which were most exposed to the sovereign debt crisis. This effect exists on top of the standard relation between …

Persistent link: https://www.econbiz.de/10012429615

Granularity of corporate debt

Choi, Jaewon; Hackbarth, Dirk; Zechner, Josef - 2013

We study to what extent firms spread out their debt maturity dates across time, which we call "granularity of corporate … debt." We consider the role of debt granularity using a simple model in which a firm's inability to roll over expiring debt … single large one, firms may diversify debt rollovers across maturity dates. We construct granularity measures using data on …

Persistent link: https://www.econbiz.de/10010211468

Universal banks and relationships with firms

Elsas, Ralf; Krahnen, Jan Pieter - 2003

Some of the most widely expressed myths about the German financial system are concerned with the close ties and intensive interaction between banks and firms, often described as Hausbank relationships. Links between banks and firms include direct shareholdings, board representation, and proxy...

Persistent link: https://www.econbiz.de/10009765357