Policy is only as good as the information at the disposal of policymakers. Few moments illustrate this better than the uncertainty before and after the default of Lehman Brothers and the subsequent decision to stand behind AIG. Authorities were forced to make critical policy decisions, despite...

This paper identifies the factors that affect the primary and secondary market spreads of fixed and variable rate bonds issued by sub-sovereign European governments. The two markets were analyzed separately to compare whether the factors for the primary market coincided with those for the...

Do markets value contract protections and does the quality of a legal system affect such valuations? We answer these questions by analysing a quasi-natural experiment whereby after January 1, 2013, newly issued sovereign bonds of all Eurozone countries started to include Collective Action...

Banks are crucial enablers of financial and economic development. They have an immense corporate social responsibility (CSR) towards society. Bank´s CSR activities are considered increasingly vital for their own success and sustainable growth, especially as they operate in a business...

The Global Financial Crisis (GFC: 2008–2009) and the Euro Sovereign Crisis (ESC: 2010–2012) seem a process of creative destruction for the European Union (EU). The huge damage provoked by the GFC and ESC was, in fact, followed by important institutional building steps as the Banking Union...

On 23rd February 2017, SUERF and EY organized a conference on "Brexit and the Implications for Financial Services" at EY's offices, Churchill Place, Canary Wharf, London. While the outcome of the Brexit negotiations remains highly uncertain, the conference discussed the burning questions for...

We provide evidence that the ECB's unconventional monetary policy dampens yield cycles in secondary Eurozone sovereign debt markets around new sovereign debt auctions. This effect increases in market volatility. Cycles caused by domestic auctions and the role of market volatility are largest...

We study the impact of sovereign bond auctions on secondary markets and their feedback to the sovereigns' debt cost. This linkage is established through the actions of primary dealers, participating in the auctions, and also acting as market-makers. We model financially-constrained primary...

Despite the rapid internationalization of the global securities market, regulatory disharmony has been a persistent obstacle to multi-jurisdictional offerings. However, the increased demand for comparable information in the analysis of investment risk necessary to the allocation of assets has...