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Darmouni, Olivier; Papoutsi, Melina - 2022

The rise of bond financing in EuropeUsing large panel data of public and private firms, this paper dissects the growth of bond financing in the Euro Area through the lens of the cross-section of issuers. In recent years, the composition of bond issuers has shifted, with the entry of many smaller...

Persistent link: https://www.econbiz.de/10013198743

Determinants of Corporate Debt Maturity in South America : Do Institutional Quality and Financial Development Matter?

Kirch, Guilherme - 2012

We test whether a country's level of financial development or institutional quality (or both) have a first order effect on corporate debt maturity decisions on a sample of 359 non-financial firms from five South American countries over a 12 year period. We find that there is a substantial...

Persistent link: https://www.econbiz.de/10013115654

Does capital flow more to high Tobin's Q industries?

Lee, Dong Wook; Shin, Hyun-Han; Stulz, René M. - 2018

We examine whether capital flows more to high Tobin's q industries and find that it flows more to high q industries from 1971 until 1996 but not from 1997 to 2014. This change is due to a decrease in the q-sensitivity of equity funding resulting mostly from the increased q-sensitivity of...

Persistent link: https://www.econbiz.de/10011969138

Financialization in emerging Europe

Kazandziska, Milka - 2022

This paper contributes to the financialization literature exploring the dynamics of financialization in eight emerging European economies (EEEs) compared to the Anglo-Saxon countries. Our analysis encompasses the decade before and the years following the financial crisis in 2008, including the...

Persistent link: https://www.econbiz.de/10013254498

Europe needs more than a Capital Markets Union : focus on the integration of euro area sovereign debt markets

Breitenfellner, Andreas; Schuberth, Helene - In: Vierteljahrshefte zur Wirtschaftsforschung 86 (2017) 2, pp. 9-20

With a view to establishing a Capital Markets Union (CMU), efforts to integrate (private) capital markets and private risk-sharing in the European Union are underway. However, the single (capital) market will be burdened by a perennial potential threat to sovereign bond market stability in the...

Persistent link: https://www.econbiz.de/10012051172

Inflation: thruway of ECB's monetary policy

Seidl, Christian - 2023

Part of the present inflation is caused by the breakdown of globalization, in particular supply chains, part is caused by the Corona Pandemic, in particular lockdowns, part is caused by the Ukrainian War, part is caused by European sanctions, and part - and not the smallest one - is caused by...

Persistent link: https://www.econbiz.de/10013553631

Financial Frictions Investment and Tobin's q

Lorenzoni, Guido; Walentin, Karl - 2007

We develop a model of investment with financial constraints and use it to investigate the relation between investment … between q and investment, relative to the frictionless benchmark. We present a calibrated version of the model, which, due to … this effect, generate realistic correlations between investment, q, and cash flow …

Persistent link: https://www.econbiz.de/10014050959

Structure of Firms and Access to Financial Markets : The EU Case

Villar Burke, Javier - 2016

This paper explores how the structure of EU non-financial corporation's in terms of size and activity specialisation can influence their financing mix and, particularly, the use of capital markets as a source of funding.Significant differences in the structure and size of firms are observed...

Persistent link: https://www.econbiz.de/10012993195

Search Frictions in Physical Capital Markets as a Propagation Mechanism

Kurmann, André - 2007

We build a Dynamic General Equilibrium model with search frictions for the allocation of physical capital and investigate its implications for the business cycle. While the model is in principle capable of generating substantial internal propagation to small exogenous shocks, the quantitative...

Persistent link: https://www.econbiz.de/10012730113

European Monetary and Financial Integration: Evolution and Prospects

Abraham, Jean-Paul; Lamfalussy, Alexandre; Trichet, … - 2004

On October 24, 2003, SUERF celebrated its 40th anniversary in the Galerie Dorée of the Banque de France with an especially high level and rich seminar. The memorable occasion was further elevated by Jean Claude Trichet giving the tenth SUERF Annual Lecture in his last public speech as Governor...

Persistent link: https://www.econbiz.de/10011689913

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