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Corporate transparency and bond liquidity

Fecht, Falko; Füss, Roland; Rindler, Philipp - 2014

To answer the question what causes an asset to be illiquid, we analyze the impact that transparency of corporate accounting information has on the liquidity of its traded bonds. In particular, we focus on how this relationship depends on aggregate liquidity and the financial state of the firm....

Persistent link: https://www.econbiz.de/10010410239

On the stability of different financial systems

Fecht, Falko - 2003

Im vorliegenden Papier wird eine Ökonomie modelliert, in der Diamond/ Dybvig- Banken neben einem Finanzmarkt … Anlagemöglichkeiten am Finanzmarkt haben. Ist der Anteil dieser Haushalte vergleichsweise gering, so entsteht ein Finanzsystem, das sich … nicht am sekundären Finanzmarkt partizipieren, handeln private Haushalte sowohl am Primär- als auch am Sekundärmarkt …

Persistent link: https://www.econbiz.de/10011432080

Optimal lender of last resort policy in different financial systems

Fecht, Falko; Tyrell, Marcel - In: Monetary policy, financial crises, and the macroeconomy …, (pp. 27-57). 2017

Persistent link: https://www.econbiz.de/10011898213

Variations in market liquidity and the intraday interest rate

Abbassi, Puriya; Fecht, Falko; Tischer, Johannes - In: Journal of money, credit and banking : JMCB 49 (2017) 4, pp. 733-765

Persistent link: https://www.econbiz.de/10011946449

Banks, markets, and financial stability

Eder, Armin; Fecht, Falko; Pausch, Thilo - 2014

We use a Diamond/Dybvig-based model with two banks operating in separate regions connected by a common asset market in which banks and sophisticated depositors invest. We study the effect of a potential run (crisis) and subsequent fire sales on the asset price in both the crisis and no-crisis...

Persistent link: https://www.econbiz.de/10010433396

On the role of market makers for money market liquidity and tensions

Fecht, Falko; Reitz, Stefan; Weber, Patrick - 2015

We analyze the trading book of a key market maker in the European unsecured money market and study the extent to which liquidity risks accumulated by this market maker affect his pricing of liquidity and the bid/ask spread he quotes on unsecured borrowing and lending. We find that the larger the...

Persistent link: https://www.econbiz.de/10011382521

Financial intermediaries, markets, and growth

Fecht, Falko (contributor); Huang, Kevin X. D. (contributor) - 2004 - [Elektronische Ressource]

Persistent link: https://www.econbiz.de/10002113104

Financial intermediaries, markets and growth

Fecht, Falko (contributor); Huang, Kevin X. D. (contributor) - 2005

We build a model in which financial intermediaries provide insurance to households against a liquidity shock. Households can also invest directly on a financial market if they pay a cost. In equilibrium, the ability of intermediaries to share risk is constrained by the market. This can be...

Persistent link: https://www.econbiz.de/10002699405

Financial intermediaries, markets and growth

Fecht, Falko; Huang, Kevin; Martin, Antoine - 2005

Persistent link: https://www.econbiz.de/10002682284

On the stability of different financial systems

Fecht, Falko - In: Journal of the European Economic Association 2 (2004) 6, pp. 969-1014

Persistent link: https://www.econbiz.de/10002535010