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Can EU bonds serve as euro- denominated safe assets?
Bletzinger, Tilman; Greif, William; Schwaab, Bernd - 2022
and NGEU initiatives helped improve EU bonds' market liquidity from previously low levels, also reducing liquidity risk … premia. Eurosystem purchases and holdings of EU bonds did not impair market liquidity. Currently, one obstacle to EU bonds …
Persistent link: https://www.econbiz.de/10013342231
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Bank balance sheet constraints and bond liquidity
Breckenfelder, Johannes; Ivashina, Victoria - 2021
banks had a large impact on exposed bonds' liquidity. Moreover, based on these ties, we show that bond mutual fund panic …
Persistent link: https://www.econbiz.de/10012622810
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Government loan guarantees, market liquidity, and lending standards
Ahnert, Toni; Kuncl, Martin - 2022
loans before maturity when in need of liquidity. Loan guarantees improve market liquidity and reduce lending standards, with … market liquidity of these loans due to both selection and commitment. Because of this positive pecuniary externality …
Persistent link: https://www.econbiz.de/10013342211
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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/10012422429
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The relationship between central bank auctions and bill market liquidity
Bats, Joost V.; Hoondert, Jurian J. A. - 2022
This paper investigates the relationship between central bank (reverse) auctions and bill market liquidity. The …
Persistent link: https://www.econbiz.de/10013337422
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Liquidity buffers and open-end investment funds : containing outflows and reducing fire sales
Dekker, Lennart; Molestina Vivar, Luis; Wedow, Michael; … - 2023
March 2020 to examine two channels through which liquidity buffers can reduce procyclicality in the investment fund sector …. First, we find that liquidity buffers reduced outflows during March 2020 only to a limited extent. Second, we find that … funds entering the crisis with higher liquidity buffers were less likely to involve in cash hoarding and more likely to use …
Persistent link: https://www.econbiz.de/10014342307
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Investor-driven corporate finance : evidence from insurance markets
Kubitza, Christian - 2023
granular data on the bond transactions of U.S. insurance companies. Liquidity inflows from insurance premiums combined with …
Persistent link: https://www.econbiz.de/10014315209
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Credit ratings and cross-border bond market spillovers
Böninghausen, Benjamin; Zabel, Michael - 2015
Persistent link: https://www.econbiz.de/10011349863
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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
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Risk and return in international corporate bond markets
Bekaert, Geert; De Santis, Roberto A. - 2020
Corporate bond returns in the major developed economies increase with risk, as measured by maturity and ratings. From a pricing perspective, we find little to no evidence against the World CAPM model, where the market consists out of equity, sovereign and corporate bonds. However, from a factor...
Persistent link: https://www.econbiz.de/10012259354