Der vorliegende Beitrag untersucht die Determinanten der Performance europäischer Arbitrage Collateralized Loan Obligations für das Jahr 2009. Der Fokus liegt dabei auf der Bedeutung der performanceabhängigen Vergütung des CLO-Managers, den Eigenschaften des CLO-Managers und der...

This study investigates whether the use of Sukuk (Islamic bonds) by Islamic Banks have impacted the performance of these banks during a financial crisis for period of 2007-2009. Data in this study was collected over the period of 2007-2009, with the study focusing on fourteen Islamic banks that...

We examine the relative impact of Moody's and S&P ratings on bond yields and find that at issuance, yields on split rated bonds with superior Moody's ratings are about 8 basis points lower than yields on split rated bonds with superior S&P ratings. This suggests that investors differentiate...

Banks distribute corporate debt by selling their reputation as underwriters to investors in debt markets. Nevertheless, a little explored area is the certification role of banks in placing their own bond debt. In particular, the bank-specific alternative choice of self-underwriting versus the...

We analyze whether bond investors price tail risk exposures of financial institutions using a comprehensive sample of bond issuances by U.S. financial institutions. Although primary bond yield spreads increase with an institutions' own tail risk (expected shortfall), systematic tail risk...