Similar Search Results

Angeloni, Ignazio; Faia, Ester; Winkler, Roland - 2014 - First draft: August 2010. This draft: April 2014

We study alternative scenarios for exiting the post-crisis fiscal and monetary accommodation using a macromodel where banks choose their capital structure and are subject to runs. Under a Taylor rule, the post-crisis interest rate hits the zero lower bound (ZLB) and remains there for several...

Persistent link: https://www.econbiz.de/10010354007

How has sovereign bond market liquidity changed? : an illiquidity spillover analysis

Schneider, Michael; Lillo, Fabrizio; Pelizzon, Loriana - 2016

, concerns about the market liquidity of the Eurozone sovereign debt markets have been raised. We aim to quantify illiquidity … risks, especially such related to liquidity dry-ups, and illiquidity spillover across maturities by examining the reaction … processes. We find that: a) market liquidity is more fragile and less predictable when an asset is very illiquid and, b) the …

Persistent link: https://www.econbiz.de/10011552483

Sovereign credit risk, liquidity, and ECB intervention : deus ex machina?

Pelizzon, Loriana; Subrahmanyam, Marti G.; Tomio, Davide; … - 2015 - First draft: September 2013, This draft: March 2015

This paper examines the dynamic relationship between credit risk and liquidity in the sovereign bond market in the … context of the European Central Bank (ECB) interventions. Using a comprehensive set of liquidity measures obtained from a … risk, as measured by the Italian sovereign credit default swap (CDS) spread, generally drive the liquidity of the market: a …

Persistent link: https://www.econbiz.de/10010503289

Much ado about nothing : a study of differential pricing and liquidity of short and long term bonds

Driessen, Joost; Nijman, Theodore E.; Simon, Zorka - 2018

, flight-to-safety or liquidity premiums? Using data on German nominal bonds between 2005 and 2015, we study the differential … pricing and liquidity of short and long maturity bonds. We find statistically significant, but economically negligible … segmentation in yields and some degree of liquidity segmentation of short-term versus long-term bonds. These results have important …

Persistent link: https://www.econbiz.de/10011940016

Low-latency trading and price discovery : evidence from the Tokyo Stock Exchange in the pre-opening and opening periods

Bellia, Mario; Pelizzon, Loriana; Subrahmanyam, Marti G.; … - 2017 - This version: April 2017

-opening period contributes to market quality, defined by price discovery and liquidity provision, in the opening auction. We use a …

Persistent link: https://www.econbiz.de/10012061992

The economic impact of ESG ratings

Berg, Florian; Heeb, Florian; Kölbel, Julian - 2024

This study examines the impact of ESG ratings on fund holdings, stock returns, and firm behavior. First, we show that among five major ESG ratings, only MSCI ESG can explain the holdings of US funds with an ESG mandate. We document that downgrades in the MSCI ESG rating substantially reduce...

Persistent link: https://www.econbiz.de/10015154584

Performance benefits of tight control

Gill, Andrej; Visnjic, Nikolai - 2013

This study investigates the transition from being a listed company with a dispersed ownership structure to being a privately held company with a concentrated ownership structure. We consider a sample of private equity backed portfolio companies to evaluate the consequences of the corporate...

Persistent link: https://www.econbiz.de/10010225758

Does say on pay matter? : evidence from the German natural experiment

Tröger, Tobias; Walz, Uwe - 2016

This paper investigates the potential implications of say on pay on management remuneration in Germany. We try to shed light on some key aspects by presenting quantitative data that allows us to gauge the pertinent effects of the German natural experiment that originates with the 2009 amendments...

Persistent link: https://www.econbiz.de/10011436065

The clash of "E" and "S" of ESG : just transition on the path to net zero and the implications for sustainable corporate governance and finance

Gözlügöl, Alperen Afşin - 2021 - First version: 08.11.2021

Climate change is one of the highest-ranking issues on the political and social agenda. Vulnerabilities of the world ecosystem laid bare by the COVID-19 pandemic and the potential damage for the human and business life made the need for urgent action clear once again. Corporations are one of the...

Persistent link: https://www.econbiz.de/10012663153

Should cartel sanctions be reduced in case the offender runs a corporate compliance program?

Morell, Alexander - 2024 - Draft 9/2024

A bonus on the fine in response to the defendant running a corporate compliance program is superfluous because working leniency programs provide all the incentives necessary to implement efficient compliance. Others opposed to such a bonus argue that unreduced fines are sufficient to incentivize...

Persistent link: https://www.econbiz.de/10015095059