timed the bond market by shifting their issuance toward bonds eligible for the program. However, issuers of eligible bonds … bond market and in the default swap market, whereas the valuation of eligible bonds did not change relative to comparable … ineligible bonds. Firms took advantage of reduced risk premia by issuing riskier bond types. Using a novel and comprehensive …

, which is more pronounced for higher maturities and when risk aversion proxied by bond market volatility is high. Going … forward, we expect German government debt supply to remain scarce, with important implications for the ECB's monetary policy …

-level data for German government bonds, purchased under the Public Sector Purchase Program (PSPP) of the ECB/Eurosystem. This … in bond markets. Asset purchase policies are not without side effects, though, as the induced scarcity has an adverse …

This paper examines whether the ECB's Quantitative Easing (QE) policy is causing government bond prices to deviate from … series introduced by Phillips et al. (2015). We extend this methodology and apply it to government bond prices. The results … show that the QE policy substantially inflated government bond prices in Euro Area countries to such an extent that bond …

We conduct the most extensive study of underpricing in the euro area bond market so far and find strong evidence of … crisis and has remained at an elevated level since. We also show that secondary market liquidity in the euro area bond market … and the Volcker Rule. Furthermore, our evidence suggests that the ECB's corporate sector purchase programs has led to a …