and thus lower interest rates. For identiftcation, we utilize two unanticipated changes in the collateral framework of the … affected interest rates paid by borrowers. The result contrasts with recent ftndings that imply signiftcant effects of similar …

whether they cause spillovers on healthy firms’ credit conditions, focusing on two variables: new credit and interest rates …. Contrary to existing findings, our results indicate that zombie firms pay higher interest rates and receive less new credit … than healthy firms. The spillover effect of zombie firms on healthy firms’ new credit is not significant. For interest …

The U.S. Federal Reserve (Fed) is expected to start raising policy interest rates in the near term and thus commence a …

guaranteed amount before maturity. These options move toward the money when interest rates rise. Using data on German life … insurers, we estimate that a 1 percentage point increase in interest rates raises surrender rates by 17 basis points. We …. The e↵ect is amplified by the duration of insurers' investments, and its impact on the term structure of interest rates …

surrender values. Surrender options move toward the money when interest rates rise. Hence, higher interest rates raise surrender … would force insurers to sell up to 2% of their investments during an enduring interest rate rise of 25 bps per annum. The …