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The Effect of Bank Shocks on Firm-Level and Aggregate Investment

Amador, João - 2016

We show that credit supply shocks have a strong impact on firm-level as well as aggregate investment by applying the methodology developed by Amiti and Weinstein (2013) to a rich dataset of matched bank-firm loans in the Portuguese economy for the period 2005 to 2013. We argue that their...

Persistent link: https://www.econbiz.de/10012988608

Issuance and Valuation of Corporate Bonds with Quantitative Easing

Pegoraro, Stefano; Montagna, Mattia - 2021

After the announcement of the European Central Bank’s corporate quantitative easing program, non-financial corporations timed the bond market by shifting their issuance toward bonds eligible for the program. However, issuers of eligible bonds did not increase total issuance compared to other...

Persistent link: https://www.econbiz.de/10013243816

Observation Driven Mixed-Measurement Dynamic Factor Models with an Application to Credit Risk

Creal, Drew - 2014

obtained by means of simulation, thus enabling straightforward parameter estimation by standard maximum likelihood. We use the …

Persistent link: https://www.econbiz.de/10013061738

Risk-Sharing or Risk-Taking? Counterparty Risk, Incentives and Margins

Biais, Bruno - 2012

We analyze optimal hedging contracts and show that although hedging aims at sharing risk, it can lead to more risk …. This incentive problem limits the capacity to share risks and generates endogenous counterparty risk. Optimal hedging can … address the market failure caused by unregulated trading of hedging contracts among protection sellers …

Persistent link: https://www.econbiz.de/10013113017

Credit channel and investment behaviour in Austria: a micro-econometric approach

Valderrama, Maria Teresa - 2001

Using individual firm data, this study analyzes the credit channel in Austria. The estimation is based on an …

Persistent link: https://www.econbiz.de/10011604154

Euro area corporate debt securities market: first empirical evidence

de Bondt, Gabe - 2002

A striking development in the euro area financial markets since 1999 was the rapid growth of the corporate debt securities market. This paper offers a first empirical examination of this market since the introduction of the euro using macroeconomic data. It is shown that corporate debt issuance...

Persistent link: https://www.econbiz.de/10011604210

The high-yield segment of the corporate bond market: a diffusion modelling approach for the United States, the United Kingdom and the euro area

de Bondt, Gabe; Marqués-Ibáñez, David - 2004

This study empirically examines the development of the high-yield segment of the corporate bond market in the United States, as a pioneer country, and the United Kingdom and the euro area, as later adopting countries. Estimated diffusion models show for the United States a significant pioneer...

Persistent link: https://www.econbiz.de/10011604359

Who benefits from IPO underpricing? Evidence form hybrid bookbuilding offerings

Pons-Sanz, Vicente - 2005

This paper uses a unique sample of 175 Spanish equity offerings from 1985 to 2002 to test who benefits from IPO underpricing and why. Institutions receive nearly 75% of the profits in underpriced issues, while they have to bear only 56% of the losses in overpriced offerings. Superior information...

Persistent link: https://www.econbiz.de/10011604474

Determinants and consequences of the unification of dual-class shares

Pajuste, Anete - 2005

This paper explores the reasons why an increasing number of firms in continental Europe are unifying their shares into a single class, and analyzes the consequences of this restructuring. Interestingly, recent changes in corporate governance environment have created a situation when the reasons...

Persistent link: https://www.econbiz.de/10011604511

Financing constraints and firms’ cash policy in the euro area

Pál, Rozália; Ferrando, Annalisa - 2006

This paper investigates the financing conditions of non-financial corporations in the euro area. We develop a new firm classification based on micro data by distinguishing between three groups of firms: unconstrained, relatively and absolutely constrained firms. We also provide further evidence...

Persistent link: https://www.econbiz.de/10011604688

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