Using a unique cross-sectional dataset of 381 cash and synthetic securitizations issued by 53 banks from the EU-15 plus Switzerland between 1997 and 2007, this paper provides empirical evidence for time-dependent negative wealth effects of credit risk securitization announcements in European...

The 2008 global financial crisis highlights the importance of securitization and crash risk. Yet there is a dearth of papers exploring the link between securitization and crash risk. We analyze 7,096 securitization deals made by large European listed banks between 2000 and 2017. Our paper...

The objective of this article is to highlight some of the key changes because of the transition from IFRS 4 to IFRS 17 and how the financial information presented by the insurance companies will transform from 1 January 2023

Why do companies, having filed for an IPO and incurred the costs thereof, not follow through? We investigate this by examining all common stock IPO's for the largest countries in Europe over the 2001-2015 period, covering more than 80% of the Western European IPO market by number and value. We...

In this research paper we employ a logit model methodology in order to identify the determinants of a firm's decision to announce a share repurchase. In the models, we incorporate firm specific financial characteristics and measures of share price performance. Hence, we are able to estimate the...

The full-text version of this paper can be found at: "https://ssrn.com/abstract=3102438" https://ssrn.com/abstract=3102438. This online appendix provides supplemental discussion and analysis for our manuscript The Determinants of IPO Withdrawal - Evidence from Europe. The supplemental...

Wealth transfer effects between stockholders and bondholders on the announcement date of changes in a firm's credit rating have primarily been examined a) for one type of security; b) on US capital markets; and c) by applying standard event study methods. In contrast to these investigations, we...

Using all completed spin-offs in twelve European countries between 1989 and 2005 we show that spin-off decisions are often triggered by firm's governance earth-quakes, such as an appointment of a new CEO or a takeover threat. Abnormal long-run stock returns and operating performance are observed...

We study how the Eurosystem Collateral Framework for corporate bonds helps the European Central Bank (ECB) fulfill its policy mandate. Using the ECBs eligibility list, we identify the first inclusion date of both bonds and issuers. We find that due to the increased supply and demand for...

This paper analyzes financial contagion in European sovereign bond markets. It highlights the relationship between market integration and contagion and demonstrates that the disintegration of the Eurozone sovereign debt markets was a necessary condition for contagion. An analysis of extreme...