Die Entscheidungsinstanzen zahlreicher Länder haben angesichts der Finanzkrise staatliche Gelder für die Rekapitalisierung ihrer Banken eingesetzt. Hatten diese Rettungsaktionen eine Verringerung der Risiken im Kreditgeschäft der Banken zur Folge? Um eine Antwort auf diese Frage zu finden,...

This paper analyses the peculiar nature of credit risk in project finance by means of a comparative econometric analysis of ex ante credit spreads for a large cross section of international loans and bonds between 1993 and 2001 in both industrialised and emerging countries. Our main contribution...

This book examines the development of the international syndicated credits market over the past three decades. Bringing together views of practitioners and academics it provides original answers to unexplored research questions. With extensive coverage and thought-provoking insights, the book is...

Banks that enjoyed generous external financial support tended to under-price risk in the international syndicated loan market and did not show signs of innovation in their loan participations. Loans arranged by such banks had on average lower spreads (controlling for risk and other...

In this paper we consider the role of exchange rate risk in influencing local currency sovereign bond yields in emerging market economies (EMEs). We explicitly account for exchange rate expectations and uncertainty around them, as measured by exchange rate volatility. The analysis points to an...