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Global bonds are international securities designed to be traded and settled efficiently in multiple markets. This paper studies global bonds to examine the effects of multimarket trading on corporate bond liquidity, prices, and the cost of debt. Using a sample of primary and secondary market...
Persistent link: https://www.econbiz.de/10009640328
Persistent link: https://www.econbiz.de/10009640380
This report provides an overview of resource efficiency policies and instruments in 31 member and cooperating countries … collect, analyse and disseminate information about national experiences in developing and implementing resource efficiency … efficiency and explores similarities and differences in policies, strategies, indicators and targets, policy drivers and …
Persistent link: https://www.econbiz.de/10009676174
How could European long-distance transport - under different conditions and in different contexts - meet the following targets in 2047: • Reducing oil consumption by 80% • Reducing CO2 emissions by 60% • High level of accessibility – to offer an efficient, effective transportation system...
Persistent link: https://www.econbiz.de/10011863877
one operation. We show that such vertical silos can prevent efficiency gains from horizontal consolidation of trading and …
Persistent link: https://www.econbiz.de/10009639429
An unprecedented process of financial consolidation has taken place in the European Union over the past decade. Building on earlier US evidence, we examine the impact of strategic similarities between bidders and targets on post-merger financial performance. We find that, on average, bank...
Persistent link: https://www.econbiz.de/10009639458
The paper investigates small business lending as an information problem. It models the effects of information asymmetries within the bank combined with fixed wages. Two kinds of inefficiencies arise in equilibrium: the credit officer either sometimes shirks or he is occasionally fired. In both...
Persistent link: https://www.econbiz.de/10009639467
We study the effect of interbank market integration on small firm finance in the build-up to the 2007-2008 financial crisis. We use a comprehensive data set that contains contract terms on individual loans to 6,047 firms across 14 European countries between 1998:01 and 2005:12. We account for...
Persistent link: https://www.econbiz.de/10009640288
Persistent link: https://www.econbiz.de/10011936603
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/10009636536