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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

We conduct the most extensive study of underpricing in the euro area bond market so far and find strong evidence of underpricing. In cross-sectional regressions we find patterns that are consistent with bookbuilding-based theories of underpricing and inconsistent with liquidity-based...

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

The strength of the Euro : challenges for ECB monetary policy

Belke, Ansgar - In: Research in world economy 6 (2015) 1, pp. 72-84

Persistent link: https://www.econbiz.de/10011415539

ECB monetary expansions and euro area TARGET2 imbalances : a balance-of-payment-based decomposition

Minenna, Marcello; Dosi, Giovanni; Roventini, Andrea - In: European journal of economics and economic policies : … 15 (2018) 2, pp. 147-159

Persistent link: https://www.econbiz.de/10011939794

The ser spread under the ECB quantitative easing

Jakl, Jakub - In: European financial and accounting journal : EFAJ 14 (2019) 2, pp. 43-70

This paper discusses the effects of the ECB's asset purchase programmes (APPs) on the SER spread, while the main focus is given to detail intraday analysis of implementation of the Public Sector Purchase Programme (PSPP). The SER spread is perceived as an important indicator of interbank trust...

Persistent link: https://www.econbiz.de/10012201996

Unconventional monetary policy and inflation expectations in the euro area

Aßhoff, Sina; Belke, Ansgar; Osowski, Thomas - 2020

Auswirkungen der unkonventionellen Geldpolitik ist nicht trivial, da standardisierte empirische Instrumente wie die VAR … Problem zu lösen. Wir stellen fest, dass die unkonventionelle Geldpolitik zwar kurzfristig zu einem Anstieg der … beigetragen hat. Dennoch deuten sie auf einen durch die unkonventionelle Geldpolitik ausgelösten Anstieg des mittelfristigen …

Persistent link: https://www.econbiz.de/10012149519

The rise of national central banks' TARGET balances in the euro area : a comment

Terzi, Andrea - In: European journal of economics and economic policies : … 16 (2019) 2, pp. 161-168

Persistent link: https://www.econbiz.de/10012133111

Managing financial stability by the European Central Bank in the period 2008-2012

Ciukaj, Radosław - In: Copernican Journal of Finance & Accounting : CJF&A 5 (2016) 2, pp. 57-72

Persistent link: https://www.econbiz.de/10012216135

International capital flows at the security level : evidence from the ECB's Asset Purchase Programme

Bergant, Katharina; Fidora, Michael; Schmitz, Martin - 2020

We analyse euro area investors' portfolio rebalancing during the ECB's Asset Purchase Pro- gramme at the security level. Based on net transactions of domestic and foreign securities, we observe euro area sectors' capital ows into individual securities, cleaned from valuation effects. Our...

Persistent link: https://www.econbiz.de/10012197845

Portfolio rebalancing and the transmission of large-scale asset programmes : evidence from the euro area

Albertazzi, Ugo; Becker, Bo; Boucinha, Miguel - 2018

Large-scale asset programmes aim to impact the real economy through the financial system. The ECB has focused much of its policies on safe assets. An intended channel of transmission of this type of programme is the "portfolio rebalancing channel", whereby investors are influenced to shift their...

Persistent link: https://www.econbiz.de/10011792085

Making room for the needy : the credit-reallocation effects of the ECB’s corporate QE

Arce, Óscar; Gimeno, Ricardo; Mayordomo, Sergio - 2017

Persistent link: https://www.econbiz.de/10011793148