This paper uses textual analysis to examine how European corporations assess sanctions in their annual reports. Using observations from a panel of almost 11,500 corporate annual reports from 2014-2017, we document significant cross-country variation in how firms perceive Russia-related...

This paper provides a theoretical and empirical investigation of the impact of bond futures trading on the price of the underlying bond. Using data from German government bond and futures markets, it is found that cheapest-to-deliver bonds trade on a premium that decreases towards zero as the...

There is strong evidence that on-the-run U.S. Treasury securities trade much more liquidly and at significantly higher prices than their off-the-run counterparts. We examine if the same phenomenon is present in the German government bond market whose market structure differ markedly from that of...