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Underpricing in the euro area corporate bond market : new evidence from post-crisis regulation and quantitative easing

Rischen, Tobias; Theissen, Erik - 2018

and inconsistent with liquidity-based explanations. The underpricing has increased considerably during the financial … crisis and has remained at an elevated level since. We also show that secondary market liquidity in the euro area bond market …

Persistent link: https://www.econbiz.de/10011879015

Underpricing in the Euro Area Bond Market : New Evidence from Post-Crisis Regulation and Quantitative Easing

Rischen, Tobias - 2020

Persistent link: https://www.econbiz.de/10012853535

Sovereign credit risk, liquidity, and ECB intervention : deus ex machina?

Pelizzon, Loriana; Subrahmanyam, Marti G.; Tomio, Davide; … - 2015 - First draft: September 2013, This draft: March 2015

This paper examines the dynamic relationship between credit risk and liquidity in the sovereign bond market in the … context of the European Central Bank (ECB) interventions. Using a comprehensive set of liquidity measures obtained from a … risk, as measured by the Italian sovereign credit default swap (CDS) spread, generally drive the liquidity of the market: a …

Persistent link: https://www.econbiz.de/10010503289

Liquidity, government bonds and sovereign debt crises

Molteni, Francesco - 2015

Persistent link: https://www.econbiz.de/10011414434

Central bank asset purchases : insights from quantitative easing auctions of government bonds

Laséen, Stefan - 2023

How willing are individual primary dealers to alter their offered yields in central bank quantitative easing auctions of government bonds in order to sell an additional share of the outstanding amount of a bond to the central bank? This question is of great importance for a central bank's...

Persistent link: https://www.econbiz.de/10013489780

Central bank asset purchase programs in emerging market economies

Beirne, John; Sugandi, Eric - 2023

We investigate the impact of asset purchase programs (APPs) by 14 EME central banks during COVID-19, finding a statistically significant effect in compressing bond spreads vis-à-vis the US. A counterfactual analysis shows that in the absence of APPs, EME bond spreads would have been...

Persistent link: https://www.econbiz.de/10014251054

From Free Markets to Fed Markets : How Unconventional Monetary Policy Impacts Equity Markets

Putniņš, Tālis J. - 2020

In response to the COVID-19 pandemic, the US Federal Reserve almost doubled its balance sheet by adding $3 trillion of assets (13% of GDP) in the space of three months, constituting the most aggressive unconventional monetary policy on record. We show that these actions had a substantial effect...

Persistent link: https://www.econbiz.de/10012831878

Fed QE and bank lending behaviour : a heterogeneity analysis of asset purchases

Grimaldi, Marianna; Kapoor, Supriya - 2023

dependent on banks' solvency and liquidity exposures. Our results highlight that it is necessary to take heterogeneity of …

Persistent link: https://www.econbiz.de/10014393221

From antigrowth bias to quantitative easing : the ECB's belated conversion?

Bibow, Jörg - 2016

This paper investigates the European Central Bank's (ECB) monetary policies. It identifies an antigrowth bias in the bank's monetary policy approach: the ECB is quick to hike, but slow to ease. Similarly, while other players and institutional deficiencies share responsibility for the euro's...

Persistent link: https://www.econbiz.de/10011481632

How do the financial markets respond to emerging economies' asset purchase program? : evidence from the Covid-19 crisis

Prabheesh, K. P.; Kumar, Sanjiv - 2022

This study examines the impacts of unconventional monetary policy on the exchange rate, stock market, and bond market during the COVID-19 economic crisis in an emerging economy. It focuses particularly on the asset purchase program conducted by the Central Bank of India. The Central Bank...

Persistent link: https://www.econbiz.de/10013198715

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