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Josef Zechner

Citations

Many of the citations below have been collected in an experimental project, CitEc, where a more detailed citation analysis can be found. These are citations from works listed in RePEc that could be analyzed mechanically. So far, only a minority of all works could be analyzed. See under "Corrections" how you can help improve the citation analysis.

RePEc Biblio mentions

As found on the RePEc Biblio, the curated bibliography of Economics:
  1. Zechner, Josef & Cejnek, Georg & Randl, Otto, 2020. "The Covid-19 Pandemic and Corporate Dividend Policy," CEPR Discussion Papers 14571, C.E.P.R. Discussion Papers.

    Mentioned in:

    1. > Economics of Welfare > Health Economics > Economics of Pandemics > Specific pandemics > Covid-19 > Economic policy > Business support
  2. Zechner, Josef & Pagano, Marco & Wagner, Christian, 2020. "Disaster Resilience and Asset Prices," CEPR Discussion Papers 14773, C.E.P.R. Discussion Papers.

    Mentioned in:

    1. > Economics of Welfare > Health Economics > Economics of Pandemics > Specific pandemics > Covid-19 > Economic consequences > Stock market

Working papers

  1. Marco Pagano & Josef Zechner, 2022. "COVID-19 and Corporate Finance," CSEF Working Papers 651, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.

    Cited by:

    1. Yao, Yanming & Luo, Pengfei, 2023. "Optimal capital structure and credit spreads under pandemic shocks," Economics Letters, Elsevier, vol. 224(C).
    2. Marco Pagano & Christian Wagner & Josef Zechner, 2020. "Disaster Resilience and Asset Prices," EIEF Working Papers Series 2008, Einaudi Institute for Economics and Finance (EIEF), revised Nov 2021.
    3. Beck, Thorsten & Peltonen, Tuomas & Perotti, Enrico & Sánchez Serrano, Antonio & Suarez, Javier, 2023. "Corporate credit and leverage in the EU: recent evolution, main drivers and financial stability implications," Report of the Advisory Scientific Committee 14, European Systemic Risk Board.
    4. Elham Daadmehr, 2024. "Workplace sustainability or financial resilience? Composite-financial resilience index," Risk Management, Palgrave Macmillan, vol. 26(2), pages 1-35, May.
    5. Pettenuzzo, Davide & Sabbatucci, Riccardo & Timmermann, Allan, 2023. "Payout suspensions during the Covid-19 pandemic," Economics Letters, Elsevier, vol. 224(C).

  2. Zechner, Josef & Cejnek, Georg & Randl, Otto, 2020. "The Covid-19 Pandemic and Corporate Dividend Policy," CEPR Discussion Papers 14571, C.E.P.R. Discussion Papers.

    Cited by:

    1. Heyden, Kim J. & Heyden, Thomas, 2021. "Market reactions to the arrival and containment of COVID-19: An event study," Finance Research Letters, Elsevier, vol. 38(C).
    2. Chen, Zhiwei & Li, Zhaoyuan & Liu, Sibo, 2022. "The price of political polarization: Evidence from municipal issuers during the coronavirus pandemic," Finance Research Letters, Elsevier, vol. 47(PB).
    3. Kathryn E. Easterday & Pradyot K. Sen, 2023. "Another look at the dividend-price relationship in the accounting valuation framework," Review of Quantitative Finance and Accounting, Springer, vol. 61(3), pages 879-925, October.
    4. Hanke, Michael & Kosolapova, Maria & Weissensteiner, Alex, 2020. "COVID-19 and market expectations: Evidence from option-implied densities," Economics Letters, Elsevier, vol. 195(C).
    5. Marco Pagano & Josef Zechner, 2022. "COVID-19 and Corporate Finance," CSEF Working Papers 651, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    6. Elham Daadmehr, 2024. "Workplace sustainability or financial resilience? Composite-financial resilience index," Risk Management, Palgrave Macmillan, vol. 26(2), pages 1-35, May.
    7. Anshu Agrawal, 2021. "Impact of Elimination of Dividend Distribution Tax on Indian Corporate Firms Amid COVID Disruptions," JRFM, MDPI, vol. 14(9), pages 1-38, September.
    8. Gao, Haoyu & Wen, Huiyu & Wang, Xingjian, 2022. "Pandemic effect on corporate financial asset holdings: Precautionary or return-chasing?," Research in International Business and Finance, Elsevier, vol. 62(C).
    9. Berkman, Henk & Malloch, Hamish, 2023. "Stock valuation during the COVID-19 pandemic: An explanation using option-based discount rates," Journal of Banking & Finance, Elsevier, vol. 147(C).
    10. Burak Pirgaip, 2021. "Pan(dem)ic reactions in Turkish stock market: evidence from share repurchases," Eurasian Economic Review, Springer;Eurasia Business and Economics Society, vol. 11(2), pages 381-402, June.
    11. Georgina Maria Tinungki & Powell Gian Hartono & Robiyanto Robiyanto & Agus Budi Hartono & Jakaria Jakaria & Lydia Rosintan Simanjuntak, 2022. "The COVID-19 Pandemic Impact on Corporate Dividend Policy of Sustainable and Responsible Investment in Indonesia: Static and Dynamic Panel Data Model Comparison," Sustainability, MDPI, vol. 14(10), pages 1-23, May.
    12. Abdullah AlGhazali & Khamis Hamed Al-Yahyaee & Richard Fairchild & Yilmaz Guney, 2024. "What do dividend changes reveal? Theory and evidence from a unique environment," Review of Quantitative Finance and Accounting, Springer, vol. 62(2), pages 499-552, February.
    13. Jules H. van Binsbergen, 2020. "Duration-Based Stock Valuation: Reassessing Stock Market Performance and Volatility," NBER Working Papers 27367, National Bureau of Economic Research, Inc.
    14. Ye Li & Chen Wang, 2023. "Valuation Duration of the Stock Market," Papers 2310.07110, arXiv.org.
    15. Liu, Ya & Qiu, Buhui & Wang, Teng, 2021. "Debt rollover risk, credit default swap spread and stock returns: Evidence from the COVID-19 crisis," Journal of Financial Stability, Elsevier, vol. 53(C).

  3. Zechner, Josef & Chaderina, Maria & Weiss, Patrick, 2020. "The Maturity Premium," CEPR Discussion Papers 14570, C.E.P.R. Discussion Papers.

    Cited by:

    1. Chen, Zhiyao & Hackbarth, Dirk & Strebulaev, Ilya A., 2022. "A unified model of distress risk puzzles," Journal of Financial Economics, Elsevier, vol. 146(2), pages 357-384.
    2. Andrea Gamba & Alessio Saretto, 2023. "Debt Maturity and Commitment on Firm Policies," Working Papers 2303, Federal Reserve Bank of Dallas.
    3. Haque, Sharjil & Varghese, Richard, 2023. "Firms’ rollover risk, capital structure and unequal exposure to aggregate shocks," Journal of Corporate Finance, Elsevier, vol. 80(C).
    4. Lin, Chaonan & Ko, Kuan-Cheng & Yang, Nien-Tzu, 2023. "Is there the maturity premium in Taiwan?," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).

  4. Zechner, Josef & Halling, Michael & Yu, Jin, 2020. "The Dynamics of Corporate Debt Structure," CEPR Discussion Papers 14572, C.E.P.R. Discussion Papers.

    Cited by:

    1. Darmouni, Olivier & Papoutsi, Melina, 2022. "The rise of bond financing in Europe: five facts about new and small issuers," Working Paper Series 2663, European Central Bank.
    2. Douglas W. Diamond & Yunzhi Hu & Raghuram G. Rajan, 2021. "Liquidity, Pledgeability, and the Nature of Lending," Working Papers 2021-09, Becker Friedman Institute for Research In Economics.

  5. Marco Pagano & Christian Wagner & Josef Zechner, 2020. "Disaster Resilience and Asset Prices," Papers 2005.08929, arXiv.org, revised May 2020.

    Cited by:

    1. Lubos Pastor & M. Blair Vorsatz, 2020. "Mutual Fund Performance and Flows During the COVID-19 Crisis," Working Papers 2020-96, Becker Friedman Institute for Research In Economics.
    2. Andrea Bellucci & Alexander Borisov & Gianluca Gucciardi & Alberto Zazzaro, 2020. "The Reallocation Effects of COVID-19: Evidence from Venture Capital Investments around the World," Mo.Fi.R. Working Papers 167, Money and Finance Research group (Mo.Fi.R.) - Univ. Politecnica Marche - Dept. Economic and Social Sciences.
    3. Roddy Allan & Ervi Liusman & Teddy Lu & Desmond Tsang, 2021. "The COVID-19 Pandemic and Commercial Property Rent Dynamics," JRFM, MDPI, vol. 14(8), pages 1-24, August.
    4. Barrero, Jose Maria & Bloom, Nick & Davis, Steven J., 2020. "Why Working From Home Will Stick," SocArXiv wfdbe, Center for Open Science.
    5. Xiaoling Chu & Chiuling Lu & Desmond Tsang, 2021. "Geographic Scope and Real Estate Firm Performance during the COVID-19 Pandemic," JRFM, MDPI, vol. 14(7), pages 1-16, July.
    6. Jappelli, Ruggero & Pelizzon, Loriana & Plazzi, Alberto, 2021. "The core, the periphery, and the disaster: Corporate-sovereign nexus in COVID-19 times," SAFE Working Paper Series 331, Leibniz Institute for Financial Research SAFE.
    7. Li Cui & Pamela Kent & Sujin Kim & Shan Li, 2021. "Accounting conservatism and firm performance during the COVID‐19 pandemic," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(4), pages 5543-5579, December.
    8. Breuer, Matthias & Leuz, Christian & Vanhaverbeke, Steven, 2021. "Reporting regulation and corporate innovation," CFS Working Paper Series 675, Center for Financial Studies (CFS).
    9. Ashraf, Dawood & Rizwan, Muhammad Suhail & Ahmad, Ghufran, 2022. "Islamic equity investments and the COVID-19 pandemic," Pacific-Basin Finance Journal, Elsevier, vol. 73(C).
    10. Saito, Yuta & Sakamoto, Jun, 2021. "Asset pricing during pandemic lockdown," Research in International Business and Finance, Elsevier, vol. 58(C).
    11. Fang,Sheng & Goh,Chorching & Li,Shaomin & Xu,L. Colin, 2022. "Firm Resources, Strategies, and Survival and Growth during COVID-19: Evidence from Two-WaveGlobal Surveys," Policy Research Working Paper Series 9997, The World Bank.
    12. Heyden, Kim J. & Heyden, Thomas, 2021. "Market reactions to the arrival and containment of COVID-19: An event study," Finance Research Letters, Elsevier, vol. 38(C).
    13. Bloom, Nicholas & Han, Ruobing & Liang, James, 2023. "How hybrid working from home works out," LSE Research Online Documents on Economics 121377, London School of Economics and Political Science, LSE Library.
    14. Silva, Thiago Christiano & Wilhelm, Paulo Victor Berri & Tabak, Benjamin Miranda, 2022. "The role of non-critical business and telework propensity in international stock markets during the COVID-19 pandemic," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 79(C).
    15. Laeven, Luc, 2022. "Pandemics, intermediate goods, and corporate valuation," Journal of International Money and Finance, Elsevier, vol. 120(C).
    16. Matthijs Breugem & Raffaele Corvino & Roberto Marfè & Lorenzo Schönleber, 2020. "Pandemic Tail Risk," Carlo Alberto Notebooks 623, Collegio Carlo Alberto.
    17. Elena Carletti & Tommaso Oliviero & Marco Pagano & Loriana Pelizzon & Marti G Subrahmanyam, 2020. "The COVID-19 Shock and Equity Shortfall: Firm-Level Evidence from Italy," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 9(3), pages 534-568.
    18. Ismail Fasanya & Ololade Periola & Abiodun Adetokunbo, 2023. "On the effects of Covid-19 pandemic on stock prices: an imminent global threat," Quality & Quantity: International Journal of Methodology, Springer, vol. 57(3), pages 2231-2248, June.
    19. Beniamino Callegari & Christophe Feder, 2022. "A Literature Review of Pandemics and Development: the Long-Term Perspective," Economics of Disasters and Climate Change, Springer, vol. 6(1), pages 183-212, March.
    20. Stephen J. Davis & Dingqian Liu & Xuguang Simon Sheng, 2020. "Stock Prices, Lockdowns, and Economic Activity in the Time of Coronavirus," Working Papers 2020-156, Becker Friedman Institute for Research In Economics.
    21. Jose Maria Barrero & Nicholas Bloom & Steven J. Davis, 2020. "COVID-19 Is Also a Reallocation Shock," Brookings Papers on Economic Activity, Economic Studies Program, The Brookings Institution, vol. 51(2 (Summer), pages 329-383.
    22. Gabrijela Velickovic & Jelena Stanojevic & Milan Veselinovic, 2023. "Managing Financial Performance toward Achievements in Sustainability Prospects: Comparative Analysis of the e-Commerce and Hospitality Industries," JRFM, MDPI, vol. 16(9), pages 1-17, September.
    23. Viral V. Acharya & Robert F. Engle III & Maximilian Jager & Sascha Steffen, 2021. "Why Did Bank Stocks Crash During COVID-19?," NBER Working Papers 28559, National Bureau of Economic Research, Inc.
    24. Steven J. Davis & Dingqian Liu & Xuguang Simon Sheng, 2021. "Stock Prices and Economic Activity in the Time of Coronavirus," NBER Working Papers 28320, National Bureau of Economic Research, Inc.
    25. Bollerslev, Tim & Patton, Andrew J. & Zhang, Haozhe, 2022. "Equity clusters through the lens of realized semicorrelations," Economics Letters, Elsevier, vol. 211(C).
    26. Gopalakrishnan, Balagopal & Jacob, Joshy & Mohapatra, Sanket, 2021. "Government responses, business continuity, and management sentiment: Impact on debt financing during COVID-19," IIMA Working Papers WP 2021-04-03, Indian Institute of Management Ahmedabad, Research and Publication Department.
    27. Aloui, Chaker & Asadov, Alam & Al-kayed, Lama & Hkiri, Besma & Danila, Nevi, 2022. "Impact of the COVID-19 outbreak and its related announcements on the Chinese conventional and Islamic stocks’ connectedness," The North American Journal of Economics and Finance, Elsevier, vol. 59(C).
    28. Nicholas Bloom & Steven J. Davis & Yulia Zhestkova, 2021. "COVID-19 Shifted Patent Applications toward Technologies That Support Working from Home," AEA Papers and Proceedings, American Economic Association, vol. 111, pages 263-266, May.
    29. Getu Hailu, 2021. "COVID‐19 and food processing in Canada," Canadian Journal of Agricultural Economics/Revue canadienne d'agroeconomie, Canadian Agricultural Economics Society/Societe canadienne d'agroeconomie, vol. 69(2), pages 177-187, June.
    30. Gehrig, Thomas & Iannino, Maria Chiara & Unger, Stephan, 2024. "Social responsibility and bank resiliency," Journal of Financial Stability, Elsevier, vol. 70(C).
    31. Garel, Alexandre & Petit-Romec, Arthur, 2021. "Investor rewards to environmental responsibility: Evidence from the COVID-19 crisis," Journal of Corporate Finance, Elsevier, vol. 68(C).
    32. Contessi, Silvio & De Pace, Pierangelo, 2020. "The International Spread of COVID-19 Stock Market Collapses," Economics Department, Working Paper Series 1013, Economics Department, Pomona College, revised 25 Jun 2020.
    33. Wagner, Alexander F. & Glossner, Simon & Matos, Pedro Pinto & Ramelli, Stefano, 2022. "Do institutional investors stabilize equity markets in crisis periods? Evidence from COVID-19," CEPR Discussion Papers 15070, C.E.P.R. Discussion Papers.
    34. Hussein Hassan & Minko Markovski & Alexander Mihailov, 2022. "COVID-19 Cases and Stock Prices by Sector in Major Economies: What Do We Learn from the Daily Data?," Economics Discussion Papers em-dp2022-04, Department of Economics, University of Reading.
    35. Ducret, Romain, 2021. "Investors' perception of business group membership during an economic crisis : Evidence from the COVID-19 pandemic," FSES Working Papers 524, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland.
    36. Milot Hasaj & Bernd Scherer, 2021. "Covid-19 and smart beta," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 35(4), pages 515-532, December.
    37. Greppmair, Stefan & Jank, Stephan & Smajlbegovic, Esad, 2023. "On the importance of fiscal space: Evidence from short sellers during the COVID-19 pandemic," Journal of Banking & Finance, Elsevier, vol. 147(C).
    38. Viral V Acharya & Sascha Steffen, 2020. "The Risk of Being a Fallen Angel and the Corporate Dash for Cash in the Midst of COVID," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 9(3), pages 430-471.
    39. Willem THORBECKE, 2020. "The Impact of the COVID-19 Pandemic on the U.S. Economy: Evidence from the Stock Market," Discussion papers 20068, Research Institute of Economy, Trade and Industry (RIETI).
    40. Nils Engelhardt & Jens Ekkenga & Peter Posch, 2021. "ESG Ratings and Stock Performance during the COVID-19 Crisis," Sustainability, MDPI, vol. 13(13), pages 1-15, June.
    41. John W. Barry & Murillo Campello & John Graham & Yueran Ma, 2022. "Corporate Flexibility in a Time of Crisis," NBER Working Papers 29746, National Bureau of Economic Research, Inc.
    42. Lukman O. Oyelami & Matthew I. Ogbuagu & Olufemi M. Saibu, 2022. "Dynamic Interaction of COVID-19 Incidence and Stock Market Performance: Evidence from Nigeria," Annals of Data Science, Springer, vol. 9(5), pages 1009-1023, October.
    43. Dursun-de Neef, H. Özlem & Schandlbauer, Alexander, 2022. "COVID-19, bank deposits, and lending," Journal of Empirical Finance, Elsevier, vol. 68(C), pages 20-33.
    44. Hansen, Stephen & Davis, Steven & Seminario-Amez, Cristhian, 2020. "Firm-level Risk Exposures and Stock Returns in the Wake of COVID-19," CEPR Discussion Papers 15314, C.E.P.R. Discussion Papers.
    45. Willem Thorbecke, 2023. "Japanese Economic Performance after the Pandemic: A Sectoral Analysis," JRFM, MDPI, vol. 16(5), pages 1-17, May.
    46. Hanke, Michael & Kosolapova, Maria & Weissensteiner, Alex, 2020. "COVID-19 and market expectations: Evidence from option-implied densities," Economics Letters, Elsevier, vol. 195(C).
    47. Willem THORBECKE, 2020. "How the Coronavirus Crisis Affected Japanese Industries: Evidence from the Stock Market," Discussion papers 20061, Research Institute of Economy, Trade and Industry (RIETI).
    48. Willem THORBECKE, 2020. "How the Coronavirus Crisis is Affecting the Korean Economy: Evidence from the Stock Market," Discussion papers 20088, Research Institute of Economy, Trade and Industry (RIETI).
    49. Dunbar, Kwamie, 2022. "Impact of the COVID-19 event on U.S. banks’ financial soundness," Research in International Business and Finance, Elsevier, vol. 59(C).
    50. Marco Pagano & Josef Zechner, 2022. "COVID-19 and Corporate Finance," CSEF Working Papers 651, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    51. Matthijs Breugem & Raffaele Corvino & Roberto Marfe & Lorenzo Schonleber, 2024. "Pandemic Tail Risk," Carlo Alberto Notebooks 714 JEL Classification: C, Collegio Carlo Alberto.
    52. Silva, Thiago Christiano & Wilhelm, Paulo Victor Berri & Tabak, Benjamin Miranda, 2023. "Trade matters except to war neighbors: The international stock market reaction to 2022 Russia’s invasion of Ukraine," Research in International Business and Finance, Elsevier, vol. 65(C).
    53. Michael Grömling, 2021. "COVID-19 and the Growth Potential," Intereconomics: Review of European Economic Policy, Springer;ZBW - Leibniz Information Centre for Economics;Centre for European Policy Studies (CEPS), vol. 56(1), pages 45-49, January.
    54. Fiordelisi, Franco & Galloppo, Giuseppe & Lattanzio, Gabriele, 2022. "Where does corporate social capital matter the most? Evidence From the COVID-19 crisis," Finance Research Letters, Elsevier, vol. 47(PA).
    55. Bae, Kee-Hong & El Ghoul, Sadok & Gong, Zhaoran (Jason) & Guedhami, Omrane, 2021. "Does CSR matter in times of crisis? Evidence from the COVID-19 pandemic," Journal of Corporate Finance, Elsevier, vol. 67(C).
    56. Ho, Tuan & Kim, Kirak & Li, Yang & Xu, Fangming, 2023. "Does real flexibility help firms navigate the COVID-19 pandemic?," The British Accounting Review, Elsevier, vol. 55(4).
    57. Elham Daadmehr, 2024. "Workplace sustainability or financial resilience? Composite-financial resilience index," Risk Management, Palgrave Macmillan, vol. 26(2), pages 1-35, May.
    58. Walter D'Lima & Luis Arturo Lopez & Archana Pradhan, 2022. "COVID‐19 and housing market effects: Evidence from U.S. shutdown orders," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 50(2), pages 303-339, June.
    59. Neukirchen, Daniel & Engelhardt, Nils & Krause, Miguel & Posch, Peter N., 2023. "The value of (private) investor relations during the COVID-19 crisis," Journal of Banking & Finance, Elsevier, vol. 147(C).
    60. Lourie, Ben & Nekrasov, Alexander & Yoo, Il Sun, 2023. "The impact of debt forbearance on borrowers’ financial behavior and labor outcomes: Evidence from student loans," Finance Research Letters, Elsevier, vol. 57(C).
    61. Apergis, Nicholas & Danuletiu, Dan & Xu, Bing, 2022. "CDS spreads and COVID-19 pandemic," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 76(C).
    62. Barry, John W. & Campello, Murillo & Graham, John R. & Ma, Yueran, 2022. "Corporate flexibility in a time of crisis," Journal of Financial Economics, Elsevier, vol. 144(3), pages 780-806.
    63. Michal Bernardelli & Zbigniew Korzeb & Pawel Niedziolka, 2021. "The banking sector as the absorber of the COVID-19 crisis’ economic consequences: perception of WSE investors," Oeconomia Copernicana, Institute of Economic Research, vol. 12(2), pages 335-374, June.
    64. Massimiliano Affinito & Raffaele Santioni, 2021. "When the panic broke out: COVID-19 and investment funds' portfolio rebalancing around the world," Temi di discussione (Economic working papers) 1342, Bank of Italy, Economic Research and International Relations Area.
    65. Gregory, Richard Paul, 2022. "ESG scores and the response of the S&P 1500 to monetary and fiscal policy during the Covid-19 pandemic," International Review of Economics & Finance, Elsevier, vol. 78(C), pages 446-456.
    66. Harrison Hong & Jeffrey D. Kubik & Neng Wang & Xiao Xu & Jinqiang Yang, 2020. "Pandemics, Vaccines and an Earnings Damage Function," NBER Working Papers 27829, National Bureau of Economic Research, Inc.
    67. Haque, Sharjil & Varghese, Richard, 2023. "Firms’ rollover risk, capital structure and unequal exposure to aggregate shocks," Journal of Corporate Finance, Elsevier, vol. 80(C).
    68. Martins, António Miguel & Cró, Susana, 2022. "Airline stock markets reaction to the COVID-19 outbreak and vaccines: An event study," Journal of Air Transport Management, Elsevier, vol. 105(C).
    69. Rahman, Md Lutfur & Al Mamun, Mohammed Abdullah, 2021. "How resilient are the Asia Pacific financial markets against a global pandemic?," Pacific-Basin Finance Journal, Elsevier, vol. 69(C).
    70. Sobhesh Kumar Agarwalla & Jayanth R. Varma & Vineet Virmani, 2021. "Rational repricing of risk during COVID‐19: Evidence from Indian single stock options market," Journal of Futures Markets, John Wiley & Sons, Ltd., vol. 41(10), pages 1498-1519, October.
    71. Nadia Balemi & Roland Füss & Alois Weigand, 2021. "COVID-19’s impact on real estate markets: review and outlook," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 35(4), pages 495-513, December.
    72. Jacques Bughin & Francis Hinterman & Sybille Berjoan, 2022. "A Good Crisis (not) Wasted: How Exploiting and Expanding Dynamic Capabilities Shape Corporate Performance During the Covid Pandemic," Working Papers TIMES² WP2022-051, ULB -- Universite Libre de Bruxelles.
    73. AITOUTOUHEN, latifa, 2021. "Study of the Socio-Economic Impact of the COVID-19 Crisis in Morocco," MPRA Paper 111114, University Library of Munich, Germany, revised 15 Dec 2021.
    74. Elías Albagli & Andrés Fernández & Juan Guerra-Salas & Federico Huneeus & Pablo Muñoz, 2023. "Anatomy of Firms’ Margins of Adjustment: Evidence from the COVID Pandemic," Working Papers Central Bank of Chile 981, Central Bank of Chile.
    75. Gopalakrishnan, Balagopal & Jacob, Joshy & Mohapatra, Sanket, 2022. "COVID-19 pandemic and debt financing by firms: Unravelling the channels," Economic Modelling, Elsevier, vol. 114(C).
    76. Poretti, Cédric & Heo, Cindy Yoonjoung, 2022. "COVID-19 and firm value drivers in the tourism industry," Annals of Tourism Research, Elsevier, vol. 95(C).

  6. Paul Schneider & Christian Wagner & Josef Zechner, 2019. "Low Risk Anomalies?," Swiss Finance Institute Research Paper Series 19-50, Swiss Finance Institute.

    Cited by:

    1. Ding, Wenjie & Mazouz, Khelifa & Wang, Qingwei, 2021. "Volatility timing, sentiment, and the short-term profitability of VIX-based cross-sectional trading strategies," Journal of Empirical Finance, Elsevier, vol. 63(C), pages 42-56.
    2. Poon, Percy & Yao, Tong & Zhang, Andrew (Jianzhong), 2022. "The alphas of beta and idiosyncratic volatility," Journal of Financial Markets, Elsevier, vol. 61(C).
    3. Bradrania, Reza & Veron, Jose Francisco, 2023. "The beta anomaly in the Australian stock market and the lottery demand," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).
    4. Ayadi, Mohamed A. & Cao, Xu & Lazrak, Skander & Wang, Yan, 2019. "Do idiosyncratic skewness and kurtosis really matter?," The North American Journal of Economics and Finance, Elsevier, vol. 50(C).
    5. Peter Christoffersen & Mathieu Fournier & Kris Jacobs & Mehdi Karoui, 2015. "Option-Based Estimation of the Price of Co-Skewness and Co-Kurtosis Risk," CREATES Research Papers 2015-54, Department of Economics and Business Economics, Aarhus University.
    6. Bodilsen, Simon & Eriksen, Jonas N. & Grønborg, Niels S., 2021. "Asset pricing and FOMC press conferences," Journal of Banking & Finance, Elsevier, vol. 128(C).
    7. Bali, Turan G. & Gunaydin, A. Doruk & Jansson, Thomas & Karabulut, Yigitcan, 2023. "Do the rich gamble in the stock market? Low risk anomalies and wealthy households," Journal of Financial Economics, Elsevier, vol. 150(2).
    8. Dobrynskaya, Victoria, 2019. "Avoiding momentum crashes: Dynamic momentum and contrarian trading," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 63(C).
    9. Adam Zaremba & Jacob Koby Shemer, 2018. "Price-Based Investment Strategies," Springer Books, Springer, number 978-3-319-91530-2, September.
    10. Kim, Hyuksoo & Kim, Saejoon, 2022. "Managing downside risk of low-risk anomaly portfolios," Finance Research Letters, Elsevier, vol. 46(PB).
    11. Korn, Olaf & Kuntz, Laura-Chloé, 2015. "Low-beta investment strategies," CFR Working Papers 15-17, University of Cologne, Centre for Financial Research (CFR).
    12. Korn, Olaf & Kuntz, Laura-Chloé, 2017. "Low-beta strategies," CFR Working Papers 15-17 [rev.], University of Cologne, Centre for Financial Research (CFR), revised 2017.
    13. Sehgal, Sanjay & Rakhyani, Sarika & Deisting, Florent, 2022. "Does betting against beta strategy work in major Asian Markets?," Pacific-Basin Finance Journal, Elsevier, vol. 75(C).
    14. Asness, Cliff & Frazzini, Andrea & Gormsen, Niels Joachim & Pedersen, Lasse Heje, 2020. "Betting against correlation: Testing theories of the low-risk effect," Journal of Financial Economics, Elsevier, vol. 135(3), pages 629-652.
    15. Chabi-Yo, Fousseni & Huggenberger, Markus & Weigert, Florian, 2022. "Multivariate crash risk," Journal of Financial Economics, Elsevier, vol. 145(1), pages 129-153.
    16. Corvino, Raffaele & Ruggiero, Francesco, 2021. "The relative pricing of sovereign credit risk after the Eurozone crisis," Journal of International Money and Finance, Elsevier, vol. 112(C).
    17. Khashanah, Khaldoun & Simaan, Majeed & Simaan, Yusif, 2022. "Do we need higher-order comoments to enhance mean-variance portfolios? Evidence from a simplified jump process," International Review of Financial Analysis, Elsevier, vol. 81(C).
    18. Stanislav Anatolyev & Anton Petukhov, 2016. "Uncovering the Skewness News Impact Curve," Journal of Financial Econometrics, Oxford University Press, vol. 14(4), pages 746-771.
    19. Liu, Jianan & Stambaugh, Robert F. & Yuan, Yu, 2018. "Absolving beta of volatility’s effects," Journal of Financial Economics, Elsevier, vol. 128(1), pages 1-15.
    20. Bradrania, Reza & Veron, Jose Francisco & Wu, Winston, 2023. "The beta anomaly and the quality effect in international stock markets," Journal of Behavioral and Experimental Finance, Elsevier, vol. 38(C).
    21. Victoria Dobrynskaya, 2017. "Dynamic Momentum and Contrarian Trading," HSE Working papers WP BRP 61/FE/2017, National Research University Higher School of Economics.

  7. Pagano, Marco & Sánchez Serrano, Antonio & Zechner, Jozef, 2019. "Can ETFs contribute to systemic risk?," Report of the Advisory Scientific Committee 9, European Systemic Risk Board.

    Cited by:

    1. Fricke, Daniel & Wilke, Hannes, 2020. "Connected funds," Discussion Papers 48/2020, Deutsche Bundesbank.
    2. Brøgger, Søren Bundgaard, 2021. "The market impact of predictable flows: Evidence from leveraged VIX products," Journal of Banking & Finance, Elsevier, vol. 133(C).
    3. Carla Oliveira Henriques & Maria Elisabete Neves & Licínio Castelão & Duc Khuong Nguyen, 2022. "Assessing the performance of exchange traded funds in the energy sector: a hybrid DEA multiobjective linear programming approach," Annals of Operations Research, Springer, vol. 313(1), pages 341-366, June.
    4. Rohan Arora & Sébastien Betermier & Guillaume Ouellet Leblanc & Adriano Palumbo & Ryan Shotlander, 2019. "Creations and Redemptions in Fixed-Income Exchange-Traded Funds: A Shift from Bonds to Cash," Staff Analytical Notes 2019-34, Bank of Canada.
    5. Damien Kunjal & Faeezah Peerbhai & Paul-Francois Muzindutsi, 2022. "Political, economic, and financial country risks and the volatility of the South African Exchange Traded Fund market: A GARCH-MIDAS approach," Risk Management, Palgrave Macmillan, vol. 24(3), pages 236-258, September.
    6. Ferriani, Fabrizio, 2021. "From taper tantrum to Covid-19: Portfolio flows to emerging markets in periods of stress," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 74(C).
    7. Peter Lerner, 2022. "The market drives ETFs or ETFs the market: causality without Granger," Papers 2204.03760, arXiv.org.
    8. Karamfil Todorov, 2021. "Passive funds affect prices: evidence from the most ETF-dominated asset classes," BIS Working Papers 952, Bank for International Settlements.
    9. Feld, Lars P. & Schmidt, Christoph M. & Schnabel, Isabel & Truger, Achim & Wieland, Volker, 2019. "Den Strukturwandel meistern. Jahresgutachten 2019/20 [Dealing with Structural Change. Annual Report 2019/20]," Annual Economic Reports / Jahresgutachten, German Council of Economic Experts / Sachverständigenrat zur Begutachtung der gesamtwirtschaftlichen Entwicklung, volume 127, number 201920.
    10. Sánchez Serrano Antonio, 2020. "High-Frequency Trading and Systemic Risk: A Structured Review of Findings and Policies," Review of Economics, De Gruyter, vol. 71(3), pages 169-195, December.
    11. Shrestha, Keshab & Naysary, Babak & Philip, Sheena Sara Suresh, 2023. "Price discovery in carbon exchange traded fund markets," International Review of Financial Analysis, Elsevier, vol. 89(C).

  8. Engelbert Dockner & Manuel Mayer & Josef Zechner, 2017. "Sovereign Bond Risk Premiums," Working Papers 217, Oesterreichische Nationalbank (Austrian Central Bank).

    Cited by:

    1. J. Alsubaiei, Bader & Calice, Giovanni & Vivian, Andrew, 2021. "Sovereign CDS and mutual funds: Global evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 73(C).

  9. Zechner, Josef & Choi, Jaewon & Hackbarth, Dirk, 2017. "Corporate Debt Maturity Profiles," CEPR Discussion Papers 12289, C.E.P.R. Discussion Papers.

    Cited by:

    1. Kashefi Pour, Eilnaz & Lasfer, Meziane, 2019. "Taxes, governance, and debt maturity structure: International evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 58(C), pages 136-161.
    2. Bougias, Alexandros & Episcopos, Athanasios & Leledakis, George N., 2022. "The role of asset payouts in the estimation of default barriers," International Review of Financial Analysis, Elsevier, vol. 81(C).
    3. Field, Laura Casares & Mkrtchyan, Anahit & Wang, Yuan, 2022. "Bond liquidity and investment," Journal of Banking & Finance, Elsevier, vol. 145(C).
    4. Ca Nguyen, 2022. "Does amortization matter? Evidence from the syndicated loan market," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 45(1), pages 92-123, March.
    5. Huang, Zhen & Gao, Weiwei, 2022. "The effects of formal and informal CEO power on debt policy persistence," The North American Journal of Economics and Finance, Elsevier, vol. 62(C).
    6. Malamud, Semyon & Eren, Egemen, 2018. "Dominant Currency Debt," CEPR Discussion Papers 13391, C.E.P.R. Discussion Papers.
    7. Wang, Xiaoxiao & Liu, Haiming, 2022. "The impact of rollover restriction on stock price crash risk," Pacific-Basin Finance Journal, Elsevier, vol. 74(C).
    8. David Newton & Steven Ongena & Ru Xie & Binru Zhao, 2022. "Banks vs. Markets: Are Banks More Effective in Facilitating Sustainability?," Swiss Finance Institute Research Paper Series 22-22, Swiss Finance Institute.
    9. Luca Benzoni & Lorenzo Garlappi & Robert Goldstein, 2023. "Incomplete Information, Debt Issuance, and the Term Structure of Credit Spreads," Management Science, INFORMS, vol. 69(7), pages 4331-4352, July.
    10. Eren, Egemen & Malamud, Semyon, 2022. "Dominant currency debt," Journal of Financial Economics, Elsevier, vol. 144(2), pages 571-589.
    11. Zhu, Qifei, 2021. "Capital supply and corporate bond issuances: Evidence from mutual fund flows," Journal of Financial Economics, Elsevier, vol. 141(2), pages 551-572.
    12. Fu, Xudong & Huang, Minjie & Tang, Tian, 2022. "Duration of executive compensation and maturity structure of corporate debt," Journal of Corporate Finance, Elsevier, vol. 73(C).
    13. Zhiguo He & Konstantin Milbradt, 2016. "Dynamic Debt Maturity," NBER Working Papers 21919, National Bureau of Economic Research, Inc.
    14. Priit Jeenas, 2023. "Firm balance sheet liquidity, monetary policy shocks, and investment dynamics," Economics Working Papers 1872, Department of Economics and Business, Universitat Pompeu Fabra.
    15. Thomas Dangl & Josef Zechner, 2021. "Debt Maturity and the Dynamics of Leverage [Rollover risk and market freezes]," The Review of Financial Studies, Society for Financial Studies, vol. 34(12), pages 5796-5840.
    16. Martin Oehmke & Hongda Zhong & Chong Huang, 2017. "A Theory of Multi-Period Debt Structure," 2017 Meeting Papers 1645, Society for Economic Dynamics.
    17. Wei, Xu & Xiao, Xiao & Zhou, Yi & Zhou, Yimin, 2023. "Spillover effects between liquidity risks through endogenous debt maturity," Journal of Financial Markets, Elsevier, vol. 64(C).
    18. Ram Yamarthy, 2019. "Corporate Debt Maturity and the Real Economy," 2019 Meeting Papers 627, Society for Economic Dynamics.
    19. Xu Li & Chen Lin & Xintong Zhan, 2019. "Does Change in the Information Environment Affect Financing Choices?," Management Science, INFORMS, vol. 65(12), pages 5676-5696, December.
    20. David Knezevic, 2020. "Intertemporal diversification of sub-sovereign debt," Empirical Economics, Springer, vol. 58(2), pages 453-487, February.
    21. Poeschl, Johannes, 2023. "Corporate debt maturity and investment over the business cycle," European Economic Review, Elsevier, vol. 152(C).
    22. Henrique Castro Martins & Eduardo Schiehll & Paulo Renato Soares Terra, 2020. "Do shareholder protection and creditor rights have distinct effects on the association between debt maturity and ownership structure?," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 47(5-6), pages 708-729, May.
    23. Liu, Lu, 2023. "The demand for long-term mortgage contracts and the role of collateral," Bank of England working papers 1009, Bank of England.
    24. Gang Bai & Chunhui Chen, 2023. "Managing Information Sensitivity: The Relationship between the Interbank Offered Rate and the Characteristics of Bank-Issued Wealth Management Products in China," Sustainability, MDPI, vol. 15(2), pages 1-19, January.
    25. Dasgupta, Amil & Choi, Jaewon & Oh, Ji Yeol Jimmy, 2019. "Bond Funds and Credit Risk," CEPR Discussion Papers 14134, C.E.P.R. Discussion Papers.
    26. Falk Bräuning & José Fillat & J. Christina Wang, 2020. "Corporate Debt Maturity and Monetary Policy," Current Policy Perspectives 88967, Federal Reserve Bank of Boston.
    27. Ee, Mong Shan & Huang, He & Cheng, Mingying, 2023. "Do labor mobility restrictions affect debt maturity?," Journal of Financial Stability, Elsevier, vol. 66(C).
    28. Brown, Scott & Powers, Eric, 2020. "The life cycle of make-whole call provisions," Journal of Corporate Finance, Elsevier, vol. 65(C).
    29. Liu, Lu, 2023. "The demand for long-term mortgage contracts and the role of collateral," ESRB Working Paper Series 142, European Systemic Risk Board.
    30. Choi, Jaewon & Dasgupta, Amil & Oh, Ji, 2022. "Bond funds and credit risk," LSE Research Online Documents on Economics 118856, London School of Economics and Political Science, LSE Library.
    31. Benzoni, Luca & Garlappi, Lorenzo & Goldstein, Robert S. & Ying, Chao, 2022. "Debt dynamics with fixed issuance costs," Journal of Financial Economics, Elsevier, vol. 146(2), pages 385-402.
    32. Haque, Sharjil & Varghese, Richard, 2023. "Firms’ rollover risk, capital structure and unequal exposure to aggregate shocks," Journal of Corporate Finance, Elsevier, vol. 80(C).
    33. Hassan, M. Kabir & Karim, Md. Sydul & Kozlowski, Steven E., 2022. "Implications of public corruption for local firms: Evidence from corporate debt maturity," Journal of Financial Stability, Elsevier, vol. 58(C).
    34. Huang, Chong & Oehmke, Martin & Zhong, Hongda, 2019. "A theory of multiperiod debt structure," LSE Research Online Documents on Economics 90429, London School of Economics and Political Science, LSE Library.
    35. Goetz, Martin, 2019. "Financing conditions and toxic emissions," SAFE Working Paper Series 254, Leibniz Institute for Financial Research SAFE.
    36. Matt Darst & Ehraz Refayet, 2017. "A Model of Endogenous Debt Maturity with Heterogeneous Beliefs," Finance and Economics Discussion Series 2017-057, Board of Governors of the Federal Reserve System (U.S.).
    37. Nina Boyarchenko & Leonardo Elias, 2023. "The Good, the Bad, and the Ugly of International Debt Market Data," Staff Reports 1074, Federal Reserve Bank of New York.
    38. Chiu, Wan-Chien & King, Tao-Hsien Dolly & Wang, Chih-Wei, 2021. "Debt maturity dispersion and the cost of bank loans," Journal of Corporate Finance, Elsevier, vol. 70(C).
    39. Chen, Hui & Xu, Yu & Yang, Jun, 2021. "Systematic risk, debt maturity, and the term structure of credit spreads," Journal of Financial Economics, Elsevier, vol. 139(3), pages 770-799.
    40. Helwege, Jean & Wang, Liying, 2021. "Liquidity and price pressure in the corporate bond market: evidence from mega-bonds," Journal of Financial Intermediation, Elsevier, vol. 48(C).
    41. Liu, Ya & Qiu, Buhui & Wang, Teng, 2021. "Debt rollover risk, credit default swap spread and stock returns: Evidence from the COVID-19 crisis," Journal of Financial Stability, Elsevier, vol. 53(C).

  10. Rettl, Daniel A. & Stomper, Alex & Zechner, Josef, 2016. "The stability of dividends and wages: Effects of competitor inflexibility," CFS Working Paper Series 549, Center for Financial Studies (CFS).

    Cited by:

    1. Lin, Chen & Schmid, Thomas & Weisbach, Michael S., 2019. "Climate Change, Operating Flexibility, and Corporate Investment Decisions," Working Paper Series 2019-26, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    2. Marco Pagano, 2020. "Risk Sharing within the Firm: A Primer," EIEF Working Papers Series 2019, Einaudi Institute for Economics and Finance (EIEF), revised Jul 2020.
    3. Chen Lin & Thomas Schmid & Michael S. Weisbach, 2017. "Price Risk, Production Flexibility, and Liquidity Management: Evidence from Electricity Generating Firms," NBER Working Papers 23434, National Bureau of Economic Research, Inc.
    4. Mahlstedt, Robert & Weber, Rüdiger, 2020. "Risk Sharing Within and Outside the Firm: The Disparate Effects of Wrongful Discharge Laws on Expected Stock Returns," IZA Discussion Papers 13941, Institute of Labor Economics (IZA).

  11. Buehlmaier, Matthias M. M. & Zechner, Josef, 2016. "Financial media, price discovery, and merger arbitrage," CFS Working Paper Series 551, Center for Financial Studies (CFS).

    Cited by:

    1. Jiao Ji & Oleksandr Talavera & Shuxing Yin, 2018. "The Hidden Information Content: Evidence from the Tone of Independent Director Reports," Working Papers 2018-28, Swansea University, School of Management.
    2. Wagner, Alexander F. & Filipović, Zoran, 2019. "The Intangibles Song in Takeover Announcements: Good Tempo, Hollow Tune," CEPR Discussion Papers 13560, C.E.P.R. Discussion Papers.
    3. Arouri, Mohamed & Gomes, Mathieu & Pukthuanthong, Kuntara, 2019. "Corporate social responsibility and M&A uncertainty," Journal of Corporate Finance, Elsevier, vol. 56(C), pages 176-198.

  12. Dangl, Thomas & Zechner, Josef, 2016. "Debt maturity and the dynamics of leverage," CFS Working Paper Series 547, Center for Financial Studies (CFS).

    Cited by:

    1. Zechner, Josef & Chaderina, Maria & Weiss, Patrick, 2020. "The Maturity Premium," CEPR Discussion Papers 14570, C.E.P.R. Discussion Papers.
    2. Bougias, Alexandros & Episcopos, Athanasios & Leledakis, George N., 2022. "The role of asset payouts in the estimation of default barriers," International Review of Financial Analysis, Elsevier, vol. 81(C).
    3. Wenlian Gao & Feifei Zhu & Kai Chen, 2023. "The role of bank lenders in firm leverage adjustments," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 46(1), pages 63-97, February.
    4. Luca Benzoni & Lorenzo Garlappi & Robert S. Goldstein & Julien Hugonnier & Chao Ying, 2020. "Optimal Debt Dynamics, Issuance Costs, and Commitment," Working Paper Series WP-2020-20, Federal Reserve Bank of Chicago.
    5. Luca Benzoni & Lorenzo Garlappi & Robert Goldstein, 2023. "Incomplete Information, Debt Issuance, and the Term Structure of Credit Spreads," Management Science, INFORMS, vol. 69(7), pages 4331-4352, July.
    6. Zhou, Yimin & Wei, Xu, 2023. "Bond liquidity, debt maturity and bond risk premium," Finance Research Letters, Elsevier, vol. 54(C).
    7. Wang, Chih-Wei & Chiu, Wan-Chien, 2019. "Effect of short-term debt on default risk: Evidence from Pacific Basin countries," Pacific-Basin Finance Journal, Elsevier, vol. 57(C).
    8. Peter DeMarzo & Zhiguo He, 2016. "Leverage Dynamics without Commitment," NBER Working Papers 22799, National Bureau of Economic Research, Inc.
    9. Della Seta, Marco & Morellec, Erwan & Zucchi, Francesca, 2020. "Short-term debt and incentives for risk-taking," Journal of Financial Economics, Elsevier, vol. 137(1), pages 179-203.
    10. Dominika Gajdosikova & Katarina Valaskova & Tomas Kliestik & Maria Kovacova, 2023. "Research on Corporate Indebtedness Determinants: A Case Study of Visegrad Group Countries," Mathematics, MDPI, vol. 11(2), pages 1-30, January.
    11. Andrea Gamba & Alessio Saretto, 2023. "Debt Maturity and Commitment on Firm Policies," Working Papers 2303, Federal Reserve Bank of Dallas.
    12. Kostic, Natalija & Muthsam, Viktoria & Laux, Christian, 2023. "Accounting Changes and Enforcement of Bank Capital Requirements in a Crisis," VfS Annual Conference 2023 (Regensburg): Growth and the "sociale Frage" 277694, Verein für Socialpolitik / German Economic Association.
    13. Benzoni, Luca & Garlappi, Lorenzo & Goldstein, Robert S. & Ying, Chao, 2022. "Debt dynamics with fixed issuance costs," Journal of Financial Economics, Elsevier, vol. 146(2), pages 385-402.
    14. Liu, Tianming & Xiong, Haifang & Li, Yifei & Wang, Zhiqiang, 2023. "The flight to safety during credit recovery: The role of implicit government guarantees," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
    15. Haque, Sharjil & Varghese, Richard, 2023. "Firms’ rollover risk, capital structure and unequal exposure to aggregate shocks," Journal of Corporate Finance, Elsevier, vol. 80(C).
    16. Gan, Liu & Lv, Wujun & Chen, Yifei, 2021. "Capital structure adjustment speed over the business cycle," Finance Research Letters, Elsevier, vol. 39(C).
    17. Ali Gungoraydinoglu & Özde Öztekin, 2021. "Financial Leverage and Debt Maturity Targeting: International Evidence," JRFM, MDPI, vol. 14(9), pages 1-36, September.
    18. Joachim Jungherr & Immo Schott, 2016. "Optimal Debt Maturity and Firm Investment," Working Papers 943, Barcelona School of Economics.
    19. Nils Friewald & Florian Nagler & Christian Wagner, 2022. "Debt Refinancing and Equity Returns," Journal of Finance, American Finance Association, vol. 77(4), pages 2287-2329, August.
    20. Chen, Hui & Xu, Yu & Yang, Jun, 2021. "Systematic risk, debt maturity, and the term structure of credit spreads," Journal of Financial Economics, Elsevier, vol. 139(3), pages 770-799.
    21. Hong Chen & Murray Zed Frank, 2022. "Equilibrium Defaultable Corporate Debt and Investment," Papers 2202.05885, arXiv.org.

  13. Randl, Otto & Zechner, Josef, 2016. "Sovereign reputation and yield spreads: A case study on retroactive legislation," CFS Working Paper Series 545, Center for Financial Studies (CFS).

    Cited by:

    1. Jelic, Ranko & Zeng, Yiming & Karouzakis, Nikolaos, 2023. "Foreign-law premium for European high-yield corporate bonds," Finance Research Letters, Elsevier, vol. 52(C).
    2. Chamon, Marcos & Schumacher, Julian & Trebesch, Christoph, 2018. "Foreign-law bonds: can they reduce sovereign borrowing costs?," Working Paper Series 2162, European Central Bank.

  14. Wu, Youchang & Wermers, Russ & Zechner, Josef, 2016. "Managerial rents vs. shareholder value in delegated portfolio management: The case of closed-end funds," CFS Working Paper Series 548, Center for Financial Studies (CFS).

    Cited by:

    1. Cujean, Julien, 2020. "Idea sharing and the performance of mutual funds," Journal of Financial Economics, Elsevier, vol. 135(1), pages 88-119.
    2. Korteweg, Arthur & Sorensen, Morten, 2017. "Skill and luck in private equity performance," Journal of Financial Economics, Elsevier, vol. 124(3), pages 535-562.
    3. Alexander Eisele & Tamara Nefedova & Gianpaolo Parise & Kim Peijnenburg, 2013. "Trading Out of Sight: An Analysis of Cross-Trading in Mutual Fund Families," Swiss Finance Institute Research Paper Series 13-19, Swiss Finance Institute.
    4. Xu, Ruihui & Zhang, Xuliang & Gozgor, Giray & Lau, Chi Keung Marco & Yan, Cheng, 2023. "Investor flow-chasing and price–performance puzzle: Evidence from global infrastructure funds," Research in International Business and Finance, Elsevier, vol. 65(C).
    5. Humphrey, Jacquelyn E. & Hunter, David & Hoang, Khoa & Wei, Wang Chun, 2020. "Managerial rents vs. shareholder value in closed-end funds: Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 64(C).
    6. Fletcher, Jonathan, 2018. "An empirical examination of the diversification benefits of U.K. international equity closed-end funds," International Review of Financial Analysis, Elsevier, vol. 55(C), pages 23-34.
    7. Korniotis, George & Bonaparte, Yosef & Kumar, Alok, 2020. "Income Risk and Stock Market Entry/Exit Decisions," CEPR Discussion Papers 15370, C.E.P.R. Discussion Papers.
    8. Robert W. Faff, 2019. "Adopting a Structured Abstract Design to More Effectively Catch Reader Attention: An Application of the Pitching Research® Framework," Capital Markets Review, Malaysian Finance Association, vol. 27(2), pages 1-13.
    9. Liu, Xin, 2021. "Diversification in lottery-like features and portfolio pricing discount: Evidence from closed-end funds," Journal of Empirical Finance, Elsevier, vol. 62(C), pages 1-11.
    10. Souther, Matthew E., 2018. "The effects of internal board networks: Evidence from closed-end funds," Journal of Accounting and Economics, Elsevier, vol. 66(1), pages 266-290.
    11. Kräussl, Roman & Pollet, Joshua M. & Stefanova, Denitsa, 2023. "Closed-end funds and discount control mechanisms," CFS Working Paper Series 707, Center for Financial Studies (CFS).
    12. Kräussl, Roman & Pollet, Joshua & Stefanova, Denitsa, 2018. "Signaling or marketing? The role of discount control mechanisms in closed-end funds," CFS Working Paper Series 597, Center for Financial Studies (CFS).

  15. Choi, Jaewon & Hackbarth, Dirk & Zechner, Josef, 2013. "Granularity of corporate debt," CFS Working Paper Series 2013/26, Center for Financial Studies (CFS).

    Cited by:

    1. Melvin Jameson & Tao‐Hsien Dolly King & Andrew Prevost, 2021. "Top management incentives and financial flexibility: The case of make‐whole call provisions," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(1-2), pages 374-404, January.
    2. Garcia-Appendini, Emilia, 2014. "Idiosyncratic Shocks and Industry Contagion: Evidence from a Quasi-experiment," Working Papers on Finance 1410, University of St. Gallen, School of Finance, revised Mar 2015.
    3. Libo Sun & Sheridan D. Titman & Garry J. Twite, 2015. "REIT and Commercial Real Estate Returns: A Postmortem of the Financial Crisis," Real Estate Economics, American Real Estate and Urban Economics Association, vol. 43(1), pages 8-36, March.
    4. Giannetti, Caterina, 2015. "Debt concentration of European Firms," MPRA Paper 63002, University Library of Munich, Germany.
    5. Giannetti, Caterina, 2015. "Debt Concentration of European Firms," LEAP Working Papers 2015/3, Luiss Institute for European Analysis and Policy.
    6. Garcia-Appendini, Emilia, 2018. "Financial distress and competitors' investment," Journal of Corporate Finance, Elsevier, vol. 51(C), pages 182-209.
    7. Huang, Chong & Oehmke, Martin & Zhong, Hongda, 2019. "A theory of multiperiod debt structure," LSE Research Online Documents on Economics 90429, London School of Economics and Political Science, LSE Library.
    8. Gyimah, Daniel & Danso, Albert & Adu-Ameyaw, Emmanuel & Boateng, Agyenim, 2022. "Firm-level political risk and corporate leverage decisions," International Review of Financial Analysis, Elsevier, vol. 84(C).
    9. Giannetti, Caterina, 2019. "Debt specialization and performance of European firms," Journal of Empirical Finance, Elsevier, vol. 53(C), pages 257-271.
    10. Yomna Abdulla & Viet Anh Dang & Arif Khurshed, 2016. "Debt maturity and initial public offerings," Review of Quantitative Finance and Accounting, Springer, vol. 47(4), pages 1129-1165, November.

  16. Reindl, Johann & Stoughton, Neal & Zechner, Josef, 2013. "Market implied costs of bankruptcy," CFS Working Paper Series 2013/27, Center for Financial Studies (CFS).

    Cited by:

    1. Thomas Dangl & Josef Zechner, 2021. "Debt Maturity and the Dynamics of Leverage [Rollover risk and market freezes]," The Review of Financial Studies, Society for Financial Studies, vol. 34(12), pages 5796-5840.
    2. Wenlang Zhang & Gaofeng Han & Brian Ng & Steven Chan, 2015. "Corporate Leverage in China: Why has It Increased Fast in Recent Years and Where do the Risks Lie?," Working Papers 102015, Hong Kong Institute for Monetary Research.
    3. Keefe, Michael O'Connor & Yaghoubi, Mona, 2016. "The influence of cash flow volatility on capital structure and the use of debt of different maturities," Journal of Corporate Finance, Elsevier, vol. 38(C), pages 18-36.
    4. Hans Degryse & Vasso Ioannidou & José María Liberti & Jason Sturgess, 2018. "How Do Laws and Institutions affect Recovery Rates on Collateral?," Working Papers 870, Queen Mary University of London, School of Economics and Finance.

  17. Jonathan B. Berk & Richard Stanton & Josef Zechner, 2007. "Human Capital, Bankruptcy and Capital Structure," NBER Working Papers 13014, National Bureau of Economic Research, Inc.

    Cited by:

    1. C, Loran & Eckbo, Espen & Lu, Ching-Chih, 2014. "Does Executive Compensation Reflect Default Risk?," UiS Working Papers in Economics and Finance 2014/11, University of Stavanger.
    2. Guan, Yanling & Tang, Dragon Yongjun, 2018. "Employees' risk attitude and corporate risk taking: Evidence from pension asset allocations," Journal of Corporate Finance, Elsevier, vol. 48(C), pages 261-274.
    3. Lars Schweizer & Andreas Nienhaus, 2017. "Corporate distress and turnaround: integrating the literature and directing future research," Business Research, Springer;German Academic Association for Business Research, vol. 10(1), pages 3-47, June.
    4. Allen, Jason & Thompson, James R., 2019. "Variable pay: Is it for the worker or the firm?," Journal of Corporate Finance, Elsevier, vol. 58(C), pages 551-566.
    5. Zhu, Xiaoquan & Peng, Hongfeng & Zhang, Zijian, 2020. "The nexus of judicial efficiency, social burden and default risk: Cross-country evidence," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 68(C).
    6. Schmid, Thomas & Achleitner, Ann-Kristin & Ampenberger, Markus & Kaserer, Christoph, 2014. "Family firms and R&D behavior – New evidence from a large-scale survey," Research Policy, Elsevier, vol. 43(1), pages 233-244.
    7. Reindl, Johann & Stoughton, Neal & Zechner, Josef, 2013. "Market implied costs of bankruptcy," CFS Working Paper Series 2013/27, Center for Financial Studies (CFS).
    8. Bae, Kee-Hong & Kang, Jun-Koo & Wang, Jin, 2011. "Employee treatment and firm leverage: A test of the stakeholder theory of capital structure," Journal of Financial Economics, Elsevier, vol. 100(1), pages 130-153, April.
    9. Matthias Fahn & Valeria Merlo & Georg Wamser, 2019. "The Commitment Role of Equity Financing," Journal of the European Economic Association, European Economic Association, vol. 17(4), pages 1232-1260.
    10. Mohammed Benlemlih, 2017. "Corporate Social Responsibility and Firm Debt Maturity," Journal of Business Ethics, Springer, vol. 144(3), pages 491-517, September.
    11. John (Jianqiu) Bai & Daniel Carvalho & Gordon M. Phillips, 2018. "The Impact of Bank Credit on Labor Reallocation and Aggregate Industry Productivity," Journal of Finance, American Finance Association, vol. 73(6), pages 2787-2836, December.
    12. Jamila Abaidi Hasnaoui & Syed Kumail Abbas Rizvi & Krishna Reddy & Nawazish Mirza & Bushra Naqvi, 2021. "Human capital efficiency, performance, market, and volatility timing of asian equity funds during COVID-19 outbreak," Journal of Asset Management, Palgrave Macmillan, vol. 22(5), pages 360-375, September.
    13. Woo-Jin Chang & Rachel M. Hayes & Stephen A. Hillegeist, 2016. "Financial Distress Risk and New CEO Compensation," Management Science, INFORMS, vol. 62(2), pages 479-501, February.
    14. Kuhnen, Camelia M. & Oyer, Paul, 2014. "Exploration for Human Capital: Evidence from the MBA Labor Market," Research Papers 3042, Stanford University, Graduate School of Business.
    15. Matthias Efing & Harald Hau & Patrick Kampkötter & Jean-Charles Rochet, 2019. "Bank Bonus Pay as a Risk Sharing Contract," CESifo Working Paper Series 7495, CESifo.
    16. Lv, Wendai & Ma, Wenhao & Yang, Xiandong, 2022. "Does social security policy matter for corporate social responsibility? Evidence from a quasi-natural experiment in China," Economic Modelling, Elsevier, vol. 116(C).
    17. Bai, Min & Ho, Ly & Lu, Yue & Qin, Yafeng, 2023. "Labor protection and dynamic leverage adjustments in the OECD countries," International Review of Economics & Finance, Elsevier, vol. 83(C), pages 502-527.
    18. Robert C. Merton & Richard T. Thakor, 2021. "No-fault Default, Chapter 11 Bankruptcy, and Financial Institutions," NBER Working Papers 28341, National Bureau of Economic Research, Inc.
    19. Bertay, Ata & Uras, Burak, 2016. "Leverage, Bank Employee Compensation and Institutions," Other publications TiSEM ca594c16-1a64-4e85-a93c-0, Tilburg University, School of Economics and Management.
    20. Patrick Bolton & Neng Wang & Jinqiang Yang, 2015. "Optimal Contracting, Corporate Finance, and Valuation with Inalienable Human Capital," NBER Working Papers 20979, National Bureau of Economic Research, Inc.
    21. Godfrey Charles-Cadogan & John A. Cole, 2013. "Bankruptcy Risk Induced by Career Concerns of Regulators," Papers 1312.7346, arXiv.org.
    22. John R. Graham, 2022. "Presidential Address: Corporate Finance and Reality," Journal of Finance, American Finance Association, vol. 77(4), pages 1975-2049, August.
    23. Lin William Cong & Zhiguo He & Jiasun Li, 2019. "Decentralized Mining in Centralized Pools," NBER Working Papers 25592, National Bureau of Economic Research, Inc.
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    Cited by:

    1. Wu, Youchang & Wermers, Russ & Zechner, Josef, 2012. "Governance and shareholder value in delegated portfolio management: The case of closed-end funds," CFR Working Papers 12-11, University of Cologne, Centre for Financial Research (CFR).

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    Cited by:

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  20. A. Admati & P. Pßeiderer & J. Zechner, 2005. "Large shareholder activism, risk sharing, and financial market equilibrium," Public Economics 0502011, University Library of Munich, Germany.

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  21. Michael Halling & Marco Pagano & Otto Randl & Josef Zechner, 2004. "Where is the Market? Evidence from Cross-Listings in the U.S," CSEF Working Papers 129, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 01 Dec 2006.

    Cited by:

    1. Chen, Haiqiang & Choi, Paul Moon Sub, 2012. "Does information vault Niagara Falls? Cross-listed trading in New York and Toronto," Journal of Empirical Finance, Elsevier, vol. 19(2), pages 175-199.
    2. Fernandes, Nuno & Lel, Ugur & Miller, Darius P., 2010. "Escape from New York: The market impact of loosening disclosure requirements," Journal of Financial Economics, Elsevier, vol. 95(2), pages 129-147, February.
    3. Tullio Jappelli & Marco Pagano, 2008. "Financial Market Integration under EMU," European Economy - Economic Papers 2008 - 2015 312, Directorate General Economic and Financial Affairs (DG ECFIN), European Commission.
    4. de Carvalho, Antonio Gledson & Pennacchi, George G., 2012. "Can a stock exchange improve corporate behavior? Evidence from firms' migration to premium listings in Brazil," Journal of Corporate Finance, Elsevier, vol. 18(4), pages 883-903.
    5. John C. Coates IV, 2007. "The Goals and Promise of the Sarbanes-Oxley Act," Journal of Economic Perspectives, American Economic Association, vol. 21(1), pages 91-116, Winter.

  22. Zechner, Josef & Dangl, Thomas, 2003. "Credit Risk and Dynamic Capital Structure Choice," CEPR Discussion Papers 4132, C.E.P.R. Discussion Papers.

    Cited by:

    1. Farkas, Walter & Fringuellotti, Fulvia & Tunaru, Radu, 2020. "A cost-benefit analysis of capital requirements adjusted for model risk," Journal of Corporate Finance, Elsevier, vol. 65(C).
    2. Loffler, Gunter, 2004. "An anatomy of rating through the cycle," Journal of Banking & Finance, Elsevier, vol. 28(3), pages 695-720, March.
    3. Bojan Obrenovic & Jianguo Du & Danijela Godinic & Diana Tsoy & Muhammad Aamir Shafique Khan & Ilimdorjon Jakhongirov, 2020. "Sustaining Enterprise Operations and Productivity during the COVID-19 Pandemic: “Enterprise Effectiveness and Sustainability Model”," Sustainability, MDPI, vol. 12(15), pages 1-27, July.
    4. Luca Benzoni & Lorenzo Garlappi & Robert Goldstein, 2023. "Incomplete Information, Debt Issuance, and the Term Structure of Credit Spreads," Management Science, INFORMS, vol. 69(7), pages 4331-4352, July.
    5. Luca Benzoni & Lorenzo Garlappi & Robert S. Goldstein, 2019. "Asymmetric Information, Dynamic Debt Issuance, and the Term Structure of Credit Spreads," Working Paper Series WP-2019-8, Federal Reserve Bank of Chicago.
    6. Frantz, Pascal & Instefjord, Norvald, 2019. "Debt overhang and non-distressed debt restructuring," LSE Research Online Documents on Economics 90212, London School of Economics and Political Science, LSE Library.
    7. Thomas Dangl & Josef Zechner, 2021. "Debt Maturity and the Dynamics of Leverage [Rollover risk and market freezes]," The Review of Financial Studies, Society for Financial Studies, vol. 34(12), pages 5796-5840.
    8. Frantz, Pascal & Instefjord, Norvald, 2019. "Debt overhang and non-distressed debt restructuring," Journal of Financial Intermediation, Elsevier, vol. 37(C), pages 75-88.
    9. Löffler, Gunter & Maurer, Alina, 2011. "Incorporating the dynamics of leverage into default prediction," Journal of Banking & Finance, Elsevier, vol. 35(12), pages 3351-3361.
    10. Gregor Dorfleitner & Paul Schneider & Tanja Veža, 2011. "Flexing the default barrier," Quantitative Finance, Taylor & Francis Journals, vol. 11(12), pages 1729-1743.
    11. Lin, Tyrone T., 2009. "The determinant of production entry and exit model on financing behavior," European Journal of Operational Research, Elsevier, vol. 196(1), pages 258-265, July.
    12. Delis, Manthos D & Tsionas, Efthymios, 2011. "A new method to estimate the risk of financial intermediaries," MPRA Paper 34735, University Library of Munich, Germany.
    13. Sabiwalsky, Ralf, 2010. "Nonlinear modelling of target leverage with latent determinant variables -- new evidence on the trade-off theory," Review of Financial Economics, Elsevier, vol. 19(4), pages 137-150, October.
    14. Pawlina, Grzegorz, 2010. "Underinvestment, capital structure and strategic debt restructuring," Journal of Corporate Finance, Elsevier, vol. 16(5), pages 679-702, December.
    15. Andrea Gamba & Gordon A. Sick & Carmen Aranda León, 2008. "Investment under Uncertainty, Debt and Taxes," Economic Notes, Banca Monte dei Paschi di Siena SpA, vol. 37(1), pages 31-58, February.
    16. Xu, Ruxing & Li, Shenghong, 2010. "Belief updating, debt pricing and financial decisions under asymmetric information," Research in International Business and Finance, Elsevier, vol. 24(2), pages 123-137, June.
    17. Maclachlan, Iain C, 2007. "An empirical study of corporate bond pricing with unobserved capital structure dynamics," MPRA Paper 28416, University Library of Munich, Germany.
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    20. Ralf Sabiwalsky, 2010. "Nonlinear modelling of target leverage with latent determinant variables — new evidence on the trade‐off theory," Review of Financial Economics, John Wiley & Sons, vol. 19(4), pages 137-150, October.

  23. Pagano, Marco & Röell, Ailsa & Zechner, Josef & Randl, Otto, 2001. "What Makes Stock Exchanges Succeed? Evidence from Cross-Listing Decisions," CEPR Discussion Papers 2683, C.E.P.R. Discussion Papers.

    Cited by:

    1. Menkveld, Albert J., 2006. "Splitting orders in overlapping markets: a study of cross-listed stocks," Serie Research Memoranda 0003, VU University Amsterdam, Faculty of Economics, Business Administration and Econometrics.
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    22. Mitsuru Mizuno & Isaac T. Tabner, 2008. "Choice, Confusion And Competition In The Market For Markets: Aiming For Aim In Three Junior Asian Stock Exchanges," Pacific Economic Review, Wiley Blackwell, vol. 13(5), pages 575-603, December.
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    48. Giofré, Maela M., 2009. "The Role of Information Asimmetries and Inflation Hedging in International Equity Portfolios," MPRA Paper 13925, University Library of Munich, Germany.
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    51. Ghadhab, Imen & M’rad, Mouna, 2018. "Does US cross-listing come with incremental benefit for already UK cross-listed firms," The Quarterly Review of Economics and Finance, Elsevier, vol. 69(C), pages 188-204.
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    3. Chang, Chuen-Ping & Chen, Shi, 2016. "Government capital injection, credit risk transfer, and bank performance during a financial crisis," Economic Modelling, Elsevier, vol. 53(C), pages 477-486.
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    10. Décamps, Jean-Paul & Rochet, Jean-Charles & Roger, Benoît, 2003. "The Three Pillars of Basel II, Optimizing the Mix," IDEI Working Papers 179, Institut d'Économie Industrielle (IDEI), Toulouse.
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    14. Pagès, H. & Santos, J., 2002. "Optimal Supervisory Policies and Depositor-Preferences Laws," Working papers 91, Banque de France.
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    19. Ozili, Peterson K, 2018. "Banking Stability Determinants in Africa," MPRA Paper 101825, University Library of Munich, Germany.
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    21. Jean-Charles Rochet, 2004. "Rebalancing the three pillars of Basel II," Economic Policy Review, Federal Reserve Bank of New York, issue Sep, pages 7-21.
    22. Rochet, Jean-Charles, 2003. "Rebalancing the 3 Pillars of Basel 2," IDEI Working Papers 224, Institut d'Économie Industrielle (IDEI), Toulouse.
    23. Xavier Freixas & Bruno Maria Parigi, 2007. "Banking Regulation and Prompt Corrective Action," CESifo Working Paper Series 2136, CESifo.
    24. E. Agliardi, 2007. "Bank Closure Policies and Capital Requirements: a Note," Working Papers 603, Dipartimento Scienze Economiche, Universita' di Bologna.
    25. Samu Peura & Esa Jokivuolle, 2004. "Simulation-based stress testing of banks’ regulatory capital adequacy," Finance 0405003, University Library of Munich, Germany.
    26. Ensar Yilmaz & Burak Ünveren, 2012. "Capital regulation and auditing," Quantitative Finance, Taylor & Francis Journals, vol. 12(10), pages 1467-1475, October.
    27. Bart M. Lambrecht & Grzegorz Pawlina, 2010. "Corporate Finance and the (In)efficient Exercise of Real Options," Multinational Finance Journal, Multinational Finance Journal, vol. 14(3-4), pages 189-217, September.
    28. Christian A. Johnson, 2005. "Modelos de alerta temprana para pronosticar crisis bancarias: desde la extracción de señales a las redes neuronales," Revista de Analisis Economico – Economic Analysis Review, Universidad Alberto Hurtado/School of Economics and Business, vol. 20(1), pages 95-121, June.
    29. Thomas Barnebeck Andersen & Thomas Harr, 2008. "Franchise Values, Regulatory Monitoring, and Capital Requirements in Optimal Bank Regulation," Journal of Emerging Market Finance, Institute for Financial Management and Research, vol. 7(1), pages 81-101, January.
    30. Jianxing Wei & Tong Xu, 2018. "A Model of Bank Credit Cycles," 2018 Meeting Papers 610, Society for Economic Dynamics.
    31. Jijun Niu, 2008. "Bank Competition, Risk, and Subordinated Debt," Journal of Financial Services Research, Springer;Western Finance Association, vol. 33(1), pages 37-56, February.
    32. Peura, Samu & Jokivuolle, Esa, 2003. "Simulation-based stress testing of banks' regulatory capital adequacy," Bank of Finland Research Discussion Papers 4/2003, Bank of Finland.
    33. Thomas M. Eisenbach & David O. Lucca & Robert M. Townsend, 2016. "The Economics of Bank Supervision," NBER Working Papers 22201, National Bureau of Economic Research, Inc.
    34. Matthias Bank & Jochen Lawrenz, 2013. "Deposit Finance as a Commitment Device and the Optimal Debt Structure of Commercial Banks," European Financial Management, European Financial Management Association, vol. 19(1), pages 14-44, January.
    35. Delis, Manthos D & Staikouras, Panagiotis, 2009. "On-site audits, sanctions, and bank risk-taking: An empirical overture towards a novel regulatory and supervisory philosophy," MPRA Paper 16836, University Library of Munich, Germany.
    36. Chen, Shi & Lin, Ku-Jun, 2016. "Effects of government capital injection on bank and bank-dependent borrower," Economic Modelling, Elsevier, vol. 52(PB), pages 618-629.
    37. José Américo Pereira Antunes, 2021. "To supervise or to self-supervise: a machine learning based comparison on credit supervision," Financial Innovation, Springer;Southwestern University of Finance and Economics, vol. 7(1), pages 1-21, December.
    38. Nancy Silva, 2007. "Capital Regulation and Bank Risk Taking: Completing Blum’s Picture," Working Papers Central Bank of Chile 416, Central Bank of Chile.
    39. Keppo, Jussi & Kofman, Leonard & Meng, Xu, 2010. "Unintended consequences of the market risk requirement in banking regulation," Journal of Economic Dynamics and Control, Elsevier, vol. 34(10), pages 2192-2214, October.
    40. Nataliya Klimenko, 2013. "Tailoring Bank Capital Regulation for Tail Risk," AMSE Working Papers 1310, Aix-Marseille School of Economics, France, revised Feb 2013.
    41. Carretta, Alessandro & Farina, Vincenzo & Fiordelisi, Franco & Schwizer, Paola & Stentella Lopes, Francesco Saverio, 2015. "Don’t Stand So Close to Me: The role of supervisory style in banking stability," Journal of Banking & Finance, Elsevier, vol. 52(C), pages 180-188.
    42. Marcella Lucchetta & Michele Moretto & Bruno M. Parigi, 2019. "Optimal bailouts, bank’s incentive and risk," Annals of Finance, Springer, vol. 15(3), pages 369-399, September.
    43. Koziol, Christian & Lawrenz, Jochen, 2012. "Contingent convertibles. Solving or seeding the next banking crisis?," Journal of Banking & Finance, Elsevier, vol. 36(1), pages 90-104.
    44. Dangl, Thomas & Lehar, Alfred, 2004. "Value-at-risk vs. building block regulation in banking," Journal of Financial Intermediation, Elsevier, vol. 13(2), pages 96-131, April.
    45. Chen, Shi & Lin, Ku-Jun, 2015. "Technology choice and bank performance with government capital injection under deposit insurance fund protection," International Review of Economics & Finance, Elsevier, vol. 39(C), pages 162-174.

  26. Stoughton, Neal & Zechner, Josef, 1999. "Optimal Capital Allocation Using RAROC And EVA," CEPR Discussion Papers 2344, C.E.P.R. Discussion Papers.

    Cited by:

    1. Carlo Alberto, Magni, 2008. "Splitting Up Value: A Critical Review of Residual Income Theories," MPRA Paper 10506, University Library of Munich, Germany.
    2. Roberto Ghiselli Ricci & Carlo Alberto Magni, 2014. "Axiomatization of residual income and generation of financial securities," Quantitative Finance, Taylor & Francis Journals, vol. 14(7), pages 1257-1271, July.
    3. Christian Gourieroux & Jean-Paul Laurent & Olivier Scaillet, 2000. "Sensitivity analysis of Values at Risk," Post-Print hal-03676327, HAL.
    4. Homburg, Carsten & Scherpereel, Peter, 2008. "How should the cost of joint risk capital be allocated for performance measurement?," European Journal of Operational Research, Elsevier, vol. 187(1), pages 208-227, May.
    5. Carsten Homburg & Marliese Uhrig-Homburg, 2004. "Zentrales und dezentrales Risikocontrolling in Industrieunternehmen," Schmalenbach Journal of Business Research, Springer, vol. 56(4), pages 311-332, June.
    6. Chris D'Souza & Alexandra Lai, 2002. "The Effects of Bank Consolidation on Risk Capital Allocation and Market Liquidity," Staff Working Papers 02-5, Bank of Canada.
    7. Victoria Geyfman, 2005. "Risk-adjusted performance measures at bank holding companies with section 20 subsidiaries," Working Papers 05-26, Federal Reserve Bank of Philadelphia.
    8. Gonzalo Cortazar & Alejandro Bernales & Diether Beuermann, 2005. "Methodology and Implementation of Value-at-Risk Measures in Emerging Fixed-Income Markets with Infrequent Trading," Finance 0512030, University Library of Munich, Germany.
    9. Izhar, Hylmun, 2012. "Measuring Operational Risk Exposures in Islamic Banking: A Proposed Measurement Approach," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 20, pages 45-86.
    10. Pegaret Pichler, 2004. "Optimal Contracts for Teams of Money Managers," Econometric Society 2004 North American Winter Meetings 495, Econometric Society.
    11. Ishikawa, Tatsuya & Yamai, Yasuhiro & Ieda, Akira, 2003. "On the Risk Capital Framework of Financial Institutions," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 21(3), pages 83-105, October.
    12. Socol Adela, 2008. "Capital Adequacy In The Romanian Banking System," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(10), pages 1-42.
    13. Chris D'Souza, 2002. "How Do Canadian Banks That Deal in Foreign Exchange Hedge Their Exposure to Risk?," Staff Working Papers 02-34, Bank of Canada.
    14. Kulpmann, Mathias, 2000. "Incentives in an international bank," Journal of Multinational Financial Management, Elsevier, vol. 10(3-4), pages 481-493, December.
    15. Boot, Arnoud W. A. & Schmeits, Anjolein, 2000. "Market Discipline and Incentive Problems in Conglomerate Firms with Applications to Banking," Journal of Financial Intermediation, Elsevier, vol. 9(3), pages 240-273, July.
    16. Naik, Narayan Y. & Yadav, Pradeep K., 2003. "Do dealer firms manage inventory on a stock-by-stock or a portfolio basis?," Journal of Financial Economics, Elsevier, vol. 69(2), pages 325-353, August.
    17. Mierzejewski, Fernando, 2006. "Economic capital allocation under liquidity constraints," MPRA Paper 2414, University Library of Munich, Germany.

Articles

  1. Marco Pagano & Josef Zechner, 2022. "COVID-19 and Corporate Finance [The risk of being a fallen angel and the corporate dash for cash in the midst of COVID]," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 11(4), pages 849-879.
    See citations under working paper version above.
  2. Chaderina, Maria & Weiss, Patrick & Zechner, Josef, 2022. "The maturity premium," Journal of Financial Economics, Elsevier, vol. 144(2), pages 670-694.
    See citations under working paper version above.
  3. Choi, Jaewon & Hackbarth, Dirk & Zechner, Josef, 2021. "Granularity of Corporate Debt," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 56(4), pages 1127-1162, June.
    See citations under working paper version above.
  4. Thomas Dangl & Josef Zechner, 2021. "Debt Maturity and the Dynamics of Leverage [Rollover risk and market freezes]," The Review of Financial Studies, Society for Financial Studies, vol. 34(12), pages 5796-5840.
    See citations under working paper version above.
  5. Cejnek, Georg & Randl, Otto & Zechner, Josef, 2021. "The COVID-19 Pandemic and Corporate Dividend Policy," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 56(7), pages 2389-2410, November.
    See citations under working paper version above.
  6. Paul Schneider & Christian Wagner & Josef Zechner, 2020. "Low‐Risk Anomalies?," Journal of Finance, American Finance Association, vol. 75(5), pages 2673-2718, October.
    See citations under working paper version above.
  7. Michael Halling & Jin Yu & Josef Zechner, 2020. "How Did COVID-19 Affect Firms’ Access to Public Capital Markets?," The Review of Corporate Finance Studies, Society for Financial Studies, vol. 9(3), pages 501-533.

    Cited by:

    1. Ferriani, Fabrizio, 2023. "Issuing bonds during the Covid-19 pandemic: Was there an ESG premium?," International Review of Financial Analysis, Elsevier, vol. 88(C).
    2. Erel, Isil & Liebersohn, Jack, 2022. "Can FinTech reduce disparities in access to finance? Evidence from the Paycheck Protection Program," Journal of Financial Economics, Elsevier, vol. 146(1), pages 90-118.
    3. Silva, Thiago Christiano & Wilhelm, Paulo Victor Berri & Tabak, Benjamin Miranda, 2022. "The role of non-critical business and telework propensity in international stock markets during the COVID-19 pandemic," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 79(C).
    4. Abdelhafid Benamraoui, 2021. "The World Economy and Islamic Economics in the Time of COVID-19 الاقتصاد العالمي والاقتصاد الإسلامي في زمن كوفيد-19," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 34(1), pages 67-78, January.
    5. Bo Becker & Efraim Benmelech, 2021. "The Resilience of the U.S. Corporate Bond Market During Financial Crises," NBER Working Papers 28868, National Bureau of Economic Research, Inc.
    6. Gopalakrishnan, Balagopal & Jacob, Joshy & Mohapatra, Sanket, 2021. "Government responses, business continuity, and management sentiment: Impact on debt financing during COVID-19," IIMA Working Papers WP 2021-04-03, Indian Institute of Management Ahmedabad, Research and Publication Department.
    7. Omrane Guedhami & April Knill & William L. Megginson & Lemma W. Senbet, 2022. "The dark side of globalization: Evidence from the impact of COVID-19 on multinational companies," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 53(8), pages 1603-1640, October.
    8. Isil Erel & Jack Liebersohn, 2020. "Does FinTech Substitute for Banks? Evidence from the Paycheck Protection Program," NBER Working Papers 27659, National Bureau of Economic Research, Inc.
    9. Athira, A. & Ramesh, Vishnu K., 2023. "COVID-19 and corporate tax avoidance: International evidence," International Business Review, Elsevier, vol. 32(4).
    10. Ducret, Romain, 2021. "Investors' perception of business group membership during an economic crisis : Evidence from the COVID-19 pandemic," FSES Working Papers 524, Faculty of Economics and Social Sciences, University of Freiburg/Fribourg Switzerland.
    11. Wilson, Christian & Caldecott, Ben, 2023. "Investigating the role of passive funds in carbon-intensive capital markets: Evidence from U.S. bonds," Ecological Economics, Elsevier, vol. 209(C).
    12. Matthew Spiegel & Heather Tookes, 2021. "Business Restrictions and COVID-19 Fatalities [The immediate effect of COVID-19 policies on social distancing behavior in the United States]," The Review of Financial Studies, Society for Financial Studies, vol. 34(11), pages 5266-5308.
    13. Rekha Pillai & Husam-Aldin N. Al-Malkawi & M. Ishaq Bhatti, 2021. "Assessing Institutional Dynamics of Governance Compliance in Emerging Markets: The GCC Real Estate Sector," JRFM, MDPI, vol. 14(10), pages 1-18, October.
    14. Zhang, Cheng & Lee, Yun-Chi & Ho, Kung-Cheng & Shen, Xixi, 2023. "Influence of institutional differences on trade credit use during pandemics," Pacific-Basin Finance Journal, Elsevier, vol. 77(C).
    15. Yousaf, Imran, 2021. "Risk transmission from the COVID-19 to metals and energy markets," Resources Policy, Elsevier, vol. 73(C).
    16. Kemal Tosun, Onur & Eshraghi, Arman & Muradoglu, Gulnur, 2023. "Learning financial survival from disasters," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 85(C).
    17. Borgioli, Stefano & Kochanska, Urszula & Mongelli, Francesco Paolo & Zito, Alessandro, 2023. "A novel high‐frequency indicator of financial integration for monitoring the impact of COVID-19," Statistics Paper Series 43, European Central Bank.
    18. Umar, Zaghum & Manel, Youssef & Riaz, Yasir & Gubareva, Mariya, 2021. "Return and volatility transmission between emerging markets and US debt throughout the pandemic crisis," Pacific-Basin Finance Journal, Elsevier, vol. 67(C).
    19. Rahman, Md Lutfur & Al Mamun, Mohammed Abdullah, 2021. "How resilient are the Asia Pacific financial markets against a global pandemic?," Pacific-Basin Finance Journal, Elsevier, vol. 69(C).
    20. Pettenuzzo, Davide & Sabbatucci, Riccardo & Timmermann, Allan, 2023. "Payout suspensions during the Covid-19 pandemic," Economics Letters, Elsevier, vol. 224(C).
    21. Ali Gungoraydinoglu & Ilke Öztekin & Özde Öztekin, 2021. "The Impact of COVID-19 and Its Policy Responses on Local Economy and Health Conditions," JRFM, MDPI, vol. 14(6), pages 1-27, May.
    22. Kyungkook Kim & Keun Tae Cho, 2021. "A Review of Global Collaboration on COVID-19 Research during the Pandemic in 2020," Sustainability, MDPI, vol. 13(14), pages 1-23, July.
    23. Gopalakrishnan, Balagopal & Jacob, Joshy & Mohapatra, Sanket, 2022. "COVID-19 pandemic and debt financing by firms: Unravelling the channels," Economic Modelling, Elsevier, vol. 114(C).

  8. Choi, Jaewon & Hackbarth, Dirk & Zechner, Josef, 2018. "Corporate debt maturity profiles," Journal of Financial Economics, Elsevier, vol. 130(3), pages 484-502.
    See citations under working paper version above.
  9. Otto Randl & Josef Zechner, 2018. "Sovereign Reputation and Yield Spreads: A Case Study on Retroactive Legislation," German Economic Review, Verein für Socialpolitik, vol. 19(3), pages 260-279, August.
    See citations under working paper version above.
  10. Youchang Wu & Russ Wermers & Josef Zechner, 2016. "Managerial Rents vs. Shareholder Value in Delegated Portfolio Management: The Case of Closed-End Funds," The Review of Financial Studies, Society for Financial Studies, vol. 29(12), pages 3428-3470.
    See citations under working paper version above.
  11. Halling, Michael & Yu, Jin & Zechner, Josef, 2016. "Leverage dynamics over the business cycle," Journal of Financial Economics, Elsevier, vol. 122(1), pages 21-41.

    Cited by:

    1. Machokoto, Michael & Chipeta, Chimwemwe & Aftab, Nadeem & Areneke, Geofry, 2021. "The financial conservatism of firms in emerging economies," Research in International Business and Finance, Elsevier, vol. 58(C).
    2. Xing Guo, 2020. "Identifying Aggregate Shocks with Micro-level Heterogeneity: Financial Shocks and Investment Fluctuation," Staff Working Papers 20-17, Bank of Canada.
    3. Jiang, Xiaochen & Shen, Jim Huangnan & Lee, Chien-Chiang & Chen, Chong, 2021. "Supply-side structural reform and dynamic capital structure adjustment: Evidence from Chinese-listed firms," Pacific-Basin Finance Journal, Elsevier, vol. 65(C).
    4. Alexandre Ripamonti, 2019. "Capital Structure Adjustments and Asymmetric Information," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 11(12), pages 1-1, December.
    5. Aflatooni, Abbas & Ghaderi, Kaveh & Mansouri, Kefsan, 2022. "Sanctions against Iran, political connections and speed of adjustment," Emerging Markets Review, Elsevier, vol. 51(PB).
    6. Zechner, Josef & Chaderina, Maria & Weiss, Patrick, 2020. "The Maturity Premium," CEPR Discussion Papers 14570, C.E.P.R. Discussion Papers.
    7. Ahrends, Meike & Drobetz, Wolfgang & Puhan, Tatjana Xenia, 2018. "Cyclicality of growth opportunities and the value of cash holdings," Journal of Financial Stability, Elsevier, vol. 37(C), pages 74-96.
    8. Wenlian Gao & Feifei Zhu & Kai Chen, 2023. "The role of bank lenders in firm leverage adjustments," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 46(1), pages 63-97, February.
    9. Zhan Xu & Qingbin Meng & Song Wang, 2022. "The effect of housing boom on firm leverage evidence from China," Review of Quantitative Finance and Accounting, Springer, vol. 58(3), pages 1215-1248, April.
    10. Carlos Omar Trejo-Pech & NyoNyo A. Kyaw & Wei He, 2021. "Capital structure adjustment behavior of listed firms on the Mexican stock exchange," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 45(4), pages 573-595, October.
    11. Fischer, Marcel & Jensen, Bjarne Astrup, 2019. "The debt tax shield in general equilibrium," Journal of Banking & Finance, Elsevier, vol. 100(C), pages 151-166.
    12. Ormazabal, Gaizka & Ferrés, Daniel & Sertsios, Giorgio & Povel, Paul, 2017. "Capital Structure Under Collusion," CEPR Discussion Papers 12151, C.E.P.R. Discussion Papers.
    13. Gamage, Charith B., 2023. "Do adjustment costs influence firms’ target adjustment speeds? International evidence from share repurchase legalization," Journal of International Money and Finance, Elsevier, vol. 131(C).
    14. Daskalakis, Nikolaos & Balios, Dimitrios & Dalla, Violetta, 2017. "The behaviour of SMEs' capital structure determinants in different macroeconomic states," Journal of Corporate Finance, Elsevier, vol. 46(C), pages 248-260.
    15. Michael Darlin & Georgios Palaiokrassas & Leandros Tassiulas, 2022. "Debt-Financed Collateral and Stability Risks in the DeFi Ecosystem," Papers 2204.11107, arXiv.org, revised Jun 2022.
    16. Tan, Kelvin Jui Keng & Zhou, Qing & Pan, Zheyao & Faff, Robert, 2021. "Business shocks and corporate leverage," Journal of Banking & Finance, Elsevier, vol. 131(C).
    17. Chang, Xin & Chen, Yunling & Dasgupta, Sudipto, 2019. "Macroeconomic conditions, financial constraints, and firms’ financing decisions," Journal of Banking & Finance, Elsevier, vol. 101(C), pages 242-255.
    18. Robin Greenwood & Samuel G. Hanson & Lawrence J. Jin, 2019. "Reflexivity in Credit Markets," NBER Working Papers 25747, National Bureau of Economic Research, Inc.
    19. Mazzarisi, Piero & Lillo, Fabrizio & Marmi, Stefano, 2019. "When panic makes you blind: A chaotic route to systemic risk," Journal of Economic Dynamics and Control, Elsevier, vol. 100(C), pages 176-199.
    20. Nocera, A. & Pesaran, M. H., 2022. "Causal effects of the Fed's large-scale asset purchases on firms' capital structure," Cambridge Working Papers in Economics 2224, Faculty of Economics, University of Cambridge.
    21. Do, Trung K. & Huang, Henry Hongren & Ouyang, Puman, 2022. "Product market threats and leverage adjustments," Journal of Banking & Finance, Elsevier, vol. 135(C).
    22. Tyler Abbot, 2017. "General Equilibrium Under Convex Portfolio Constraints and Heterogeneous Risk Preferences," Papers 1706.05877, arXiv.org, revised Jun 2018.
    23. Lee, Lillian & Chowdhury, Anup & Shubita, Moade, 2023. "Impact of Paris Agreement on financing strategy: Evidence from global FPSO industry," Technological Forecasting and Social Change, Elsevier, vol. 188(C).
    24. Azofra, Valentín & Rodríguez-Sanz, Juan Antonio & Velasco, Pilar, 2020. "The role of macroeconomic factors in the capital structure of European firms: How influential is bank debt?," International Review of Economics & Finance, Elsevier, vol. 69(C), pages 494-514.
    25. Akhmadi Akhmadi & Dabela Yunia & Robiyanto Robiyanto, 2020. "The Role of Profitability in the Effect of Company Growth on the Debt Policy," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 11(4), pages 267-274, July.
    26. Lieberknecht, Philipp, 2019. "Financial frictions,the Phillips curve and monetary policy," Discussion Papers 47/2019, Deutsche Bundesbank.
    27. Demirci, Irem & Huang, Jennifer & Sialm, Clemens, 2019. "Government debt and corporate leverage: International evidence," Journal of Financial Economics, Elsevier, vol. 133(2), pages 337-356.
    28. Pattanaik, Arpita & Rajeswari Sengupta, 2018. "Business cycle effect on leverage: A study of Indian non-financial firms," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2018-001, Indira Gandhi Institute of Development Research, Mumbai, India.
    29. Shilin Li & Jinqiang Yang & Siqi Zhao, 2022. "Robust leverage dynamics without commitment," Economic Theory, Springer;Society for the Advancement of Economic Theory (SAET), vol. 74(2), pages 643-679, September.
    30. Kurronen, Sanna, 2018. "Oil price collapse and firm leverage in resource-dependent countries," BOFIT Discussion Papers 10/2018, Bank of Finland Institute for Emerging Economies (BOFIT).
    31. Llobet-Dalmases, Joan & Plana-Erta, Dolors & Uribe, Jorge M., 2023. "Cyclical capital structure decisions," The North American Journal of Economics and Finance, Elsevier, vol. 66(C).
    32. Riccardo Borghi & Eric Hillebrand & Jakob Mikkelsen & Giovanni Urga, 2018. "The dynamics of factor loadings in the cross-section of returns," CREATES Research Papers 2018-38, Department of Economics and Business Economics, Aarhus University.
    33. Stijn Claessens & M Ayhan Kose, 2018. "Frontiers of macrofinancial linkages," BIS Papers, Bank for International Settlements, number 95.
    34. He, Wen & Hu, Maggie Rong & Mi, Lin & Yu, Jin, 2021. "How stable are corporate capital structures? International evidence," Journal of Banking & Finance, Elsevier, vol. 126(C).
    35. Beck, Thorsten & Peltonen, Tuomas & Perotti, Enrico & Sánchez Serrano, Antonio & Suarez, Javier, 2023. "Corporate credit and leverage in the EU: recent evolution, main drivers and financial stability implications," Report of the Advisory Scientific Committee 14, European Systemic Risk Board.
    36. Ripamonti, Alexandre, 2019. "Capital Structure Adjustments and Asymmetric Information," MPRA Paper 96936, University Library of Munich, Germany.
    37. Morais, Flávio & Serrasqueiro, Zélia & Ramalho, Joaquim J.S., 2022. "Capital structure speed of adjustment heterogeneity across zero leverage and leveraged European firms," Research in International Business and Finance, Elsevier, vol. 62(C).
    38. Obaid Ur Rehman & Xiaoxing Liu & Kai Wu & Junfeng Li, 2023. "Customer concentration, leverage adjustments, and firm value," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 63(2), pages 2035-2079, June.
    39. Chen, Zhiyao & Hackbarth, Dirk & Strebulaev, Ilya A., 2022. "A unified model of distress risk puzzles," Journal of Financial Economics, Elsevier, vol. 146(2), pages 357-384.
    40. Lee, Chi-Chuan & Lee, Chien-Chiang & Xiao, Shunyi, 2021. "Policy-related risk and corporate financing behavior: Evidence from China’s listed companies," Economic Modelling, Elsevier, vol. 94(C), pages 539-547.
    41. Ali Gungoraydinoglu & Özde Öztekin, 2022. "Financial crises, banking regulations, and corporate financing patterns around the world," International Review of Finance, International Review of Finance Ltd., vol. 22(3), pages 506-539, September.
    42. Piero Mazzarisi & Fabrizio Lillo & Stefano Marmi, 2018. "When panic makes you blind: a chaotic route to systemic risk," Papers 1805.00785, arXiv.org.
    43. Karpavičius, Sigitas & Yu, Fan, 2017. "The impact of interest rates on firms' financing policies," Journal of Corporate Finance, Elsevier, vol. 45(C), pages 262-293.
    44. Georgios A. Savvakis & Dimitris Kenourgios & Theofanis Papageorgiou, 2021. "To EMU or not to EMU: Can TFP “provoke” the capital structure puzzle of SMEs?," International Journal of Finance & Economics, John Wiley & Sons, Ltd., vol. 26(2), pages 2595-2611, April.
    45. Vega-Gutierrez, Pedro Luis & López-Iturriaga, Félix J. & Rodriguez-Sanz, Juan Antonio, 2021. "Labour market conditions and the corporate financing decision: A European analysis," Research in International Business and Finance, Elsevier, vol. 58(C).
    46. Chen, Chang-Chih & Ho, Kung-Cheng & Yan, Cheng & Yeh, Chung-Ying & Yu, Min-Teh, 2023. "Does ambiguity matter for corporate debt financing? Theory and evidence," Journal of Corporate Finance, Elsevier, vol. 80(C).
    47. Shihong Zeng & Fan Li & Zhen Zhong, 2022. "Research on Influencing Factors of the Leverage Ratio of Non-financial Enterprises in the GBA," Journal of Applied Finance & Banking, SCIENPRESS Ltd, vol. 12(1), pages 1-7.
    48. Huang, Chao-Hsi & Hsieh, Yi-Shan, 2021. "Leverage dynamics over the business cycle: Evidence from Taiwan listed and unlisted firms," International Review of Economics & Finance, Elsevier, vol. 74(C), pages 373-391.
    49. Haque, Sharjil & Varghese, Richard, 2023. "Firms’ rollover risk, capital structure and unequal exposure to aggregate shocks," Journal of Corporate Finance, Elsevier, vol. 80(C).
    50. Yao, Ting & Zhang, Yue-Jun & Ma, Chao-Qun, 2017. "How does investor attention affect international crude oil prices?," Applied Energy, Elsevier, vol. 205(C), pages 336-344.
    51. Fischer, Marcel & Jensen, Bjarne Astrup, 2017. "The debt tax shield, economic growth and inequality," arqus Discussion Papers in Quantitative Tax Research 219, arqus - Arbeitskreis Quantitative Steuerlehre.
    52. Dang, Tung Lam & Dang, Viet Anh & Moshirian, Fariborz & Nguyen, Lily & Zhang, Bohui, 2019. "News media coverage and corporate leverage adjustments," Journal of Banking & Finance, Elsevier, vol. 109(C).
    53. Gan, Liu & Lv, Wujun & Chen, Yifei, 2021. "Capital structure adjustment speed over the business cycle," Finance Research Letters, Elsevier, vol. 39(C).
    54. Paul Luk & Tianxiao Zheng, 2022. "Dynamics of Secured and Unsecured Debt Over the Business Cycle," Review of Economic Dynamics, Elsevier for the Society for Economic Dynamics, vol. 44, pages 284-314, April.
    55. Ayyagari, Meghana & Demirgüç-Kunt, Asli & Maksimovic, Vojislav, 2021. "How common are credit-less recoveries? Firm-level evidence on the role of financial markets in crisis recovery," Journal of Corporate Finance, Elsevier, vol. 69(C).
    56. Muhammad Farhan Basheer* & Salman Khan & Saira Ghulam Hassan & Muzafar Hussain Shah, 2018. "The Corporate Governance and Interdependence of Investment and Financing Decisions of Non-Financial Firms in Pakistan," The Journal of Social Sciences Research, Academic Research Publishing Group, pages 316-323:5.
    57. Trung K. Do & Henry Hongren Huang & Te-Chien Lo, 2023. "Does corporate social responsibility affect leverage adjustments?," Review of Quantitative Finance and Accounting, Springer, vol. 60(4), pages 1569-1604, May.
    58. Hafezali Iqbal Hussain & Janusz Grabara & Mohd Shahril Ahmad Razimi & Saeed Pahlevan Sharif, 2019. "Sustainability of Leverage Levels in Response to Shocks in Equity Prices: Islamic Finance as a Socially Responsible Investment," Sustainability, MDPI, vol. 11(12), pages 1-16, June.
    59. Xiaodan Gao & Shaofeng Xu, 2018. "The Role of Corporate Saving over the Business Cycle: Shock Absorber or Amplifier?," Staff Working Papers 18-59, Bank of Canada.
    60. Alessandro Fedele & Raffaele Miniaci & Ermanno Tortia, 2022. "Strong client orientation, little leverage in nonprofit firms?," Small Business Economics, Springer, vol. 58(1), pages 541-563, January.
    61. An, Zhe & Chen, Chen & Li, Donghui & Yin, Chao, 2021. "Foreign institutional ownership and the speed of leverage adjustment: International evidence," Journal of Corporate Finance, Elsevier, vol. 68(C).

  12. Gugler, Klaus & Ivanova, Natalia & Zechner, Josef, 2014. "Ownership and control in Central and Eastern Europe," Journal of Corporate Finance, Elsevier, vol. 26(C), pages 145-163.

    Cited by:

    1. Ichiro Iwasaki & Satoshi Mizobata & Alexander Muravyev, 2018. "Ownership dynamics and firm performance in an emerging economy: a meta-analysis of the Russian literature," Post-Communist Economies, Taylor & Francis Journals, vol. 30(3), pages 290-333, May.
    2. Maria Aluchna & Tomasz Kuszewski, 2021. "Do Financial Investors Mitigate Agency Problems? Evidence from an Emerging Market," European Research Studies Journal, European Research Studies Journal, vol. 0(2), pages 872-888.
    3. Cherkasova Victoria & Rasadi Daryush, 2017. "Earnings Quality and Investment Efficiency: Evidence from Eastern Europe," Review of Economic Perspectives, Sciendo, vol. 17(4), pages 441-468, December.
    4. Zsolt Lakatos, 2020. "Do larger boards improve shareholder value creation? – Effects of the board size on business performance in Eastern Central Europe," Society and Economy, Akadémiai Kiadó, Hungary, vol. 42(3), pages 245-279, September.
    5. Anastasia N. Stepanova & Olga O. Kopyrina, 2019. "The Influence Of Ownership Structure And Board Independence On The Cost Of Debt In Bric Countries," HSE Working papers WP BRP 74/FE/2019, National Research University Higher School of Economics.
    6. Cărăuşu Nicuşor Dumitru, 2016. "Ownership and Control in Large Eastern European Companies," Scientific Annals of Economics and Business, Sciendo, vol. 63(2), pages 181-193, June.
    7. Bykova, Anna & Molodchik, Mariia & Shamilova, Ekaterina, 2017. "Ownership concentration, corporate governance development and firm performance in Russian listed companies," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 45, pages 50-74.
    8. Iwasaki, Ichiro & Mizobata, Satoshi, 2018. "Ownership Concentration and Firm Performance in European Emerging Economies: A Meta-Analysis," CEI Working Paper Series 2018-8, Center for Economic Institutions, Institute of Economic Research, Hitotsubashi University.
    9. Kałdoński, Michał & Jewartowski, Tomasz & Mizerka, Jacek, 2020. "Capital market pressure, real earnings management, and institutional ownership stability - Evidence from Poland," International Review of Financial Analysis, Elsevier, vol. 71(C).
    10. Randolph, Robert V. & Alexander, Benjamin N. & Debicki, Bart J. & Zajkowski, Robert, 2019. "Untangling non-economic objectives in family & non-family SMEs: A goal systems approach," Journal of Business Research, Elsevier, vol. 98(C), pages 317-327.
    11. Teplova, Tamara & Galenskaya, Kristina & Teplov, Andrey, 2018. "Real and pseudo enter to the bond market in Russia. In search of the determinants," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 52, pages 22-45.
    12. Mbanyele, William, 2021. "Staggered boards, unequal voting rights, poison pills and innovation intensity: New evidence from the Asian markets," International Review of Law and Economics, Elsevier, vol. 65(C).
    13. Petrov, Nikita & Ratnikova, Tatiana, 2018. "Analysis of the joint distribution of stock and art indices: Attempt of a copular approach," Applied Econometrics, Russian Presidential Academy of National Economy and Public Administration (RANEPA), vol. 52, pages 46-61.
    14. Friesenbichler, Klaus S. & Hoelzl, Werner, 2022. "Firm-growth and Functional Strategic Domains: Exploratory evidence for differences between frontier and catching-up economies," Journal of Economics and Business, Elsevier, vol. 119(C).
    15. NicuÅŸor Dumitru CÄ‚RÄ‚UÅžU, 2016. "Ownership And Control In Large Eastern European Companies," Scientific Annals of Economics and Business (continues Analele Stiintifice), Alexandru Ioan Cuza University, Faculty of Economics and Business Administration, vol. 63(2), pages 181-193, July.

  13. Nils Friewald & Christian Wagner & Josef Zechner, 2014. "The Cross-Section of Credit Risk Premia and Equity Returns," Journal of Finance, American Finance Association, vol. 69(6), pages 2419-2469, December.

    Cited by:

    1. Jäckel, Christoph, 2013. "Model uncertainty and expected return proxies," MPRA Paper 51978, University Library of Munich, Germany.
    2. Narayan, Paresh Kumar, 2015. "An analysis of sectoral equity and CDS spreads," Working Papers fe_2015_02, Deakin University, Department of Economics.
    3. van Zundert, Jeroen & Driessen, Joost, 2022. "Stocks versus corporate bonds: A cross-sectional puzzle," Journal of Banking & Finance, Elsevier, vol. 137(C).
    4. Javadi, Siamak & Mollagholamali, Mohsen, 2018. "Debt market illiquidity and correlated default risk," Finance Research Letters, Elsevier, vol. 26(C), pages 266-273.
    5. Chengzhu Sun & Shujing Wang & Chu Zhang, 2021. "Corporate Payout Policy and Credit Risk: Evidence from Credit Default Swap Markets," Management Science, INFORMS, vol. 67(9), pages 5755-5775, September.
    6. Hansen, Peter G., 2022. "New formulations of ambiguous volatility with an application to optimal dynamic contracting," Journal of Economic Theory, Elsevier, vol. 199(C).
    7. Augustin, Patrick & Subrahmanyam, Marti G. & Tang, Dragon Yongjun & Wang, Sarah Qian, 2014. "Credit Default Swaps: A Survey," Foundations and Trends(R) in Finance, now publishers, vol. 9(1-2), pages 1-196, December.
    8. Jens Hilscher & Mungo Wilson, 2017. "Credit Ratings and Credit Risk: Is One Measure Enough?," Management Science, INFORMS, vol. 63(10), pages 3414-3437, October.
    9. Cook, Douglas O. & Kieschnick, Robert & Moussawi, Rabih, 2019. "Operating leases, operating leverage, operational inflexibility and sticky costs," Finance Research Letters, Elsevier, vol. 31(C).
    10. Narayan, Paresh Kumar & Narayan, Seema & Phan, Dinh Hoang Bach, 2022. "Terrorism and international stock returns," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 76(C).
    11. Shi, Yukun & Chen, Ding & Guo, Biao & Xu, Yaofei & Yan, Cheng, 2022. "The information content of CDS implied volatility and associated trading strategies," International Review of Financial Analysis, Elsevier, vol. 83(C).
    12. Phan, Dinh Hoang Bach & Narayan, Paresh Kumar & Gong, Qiang, 2021. "Terrorist attacks and oil prices: Hypothesis and empirical evidence," International Review of Financial Analysis, Elsevier, vol. 74(C).
    13. Ferreira Filipe, Sara & Grammatikos, Theoharry & Michala, Dimitra, 2014. "Pricing Default Risk: The good, the bad, and the anomaly," EIF Working Paper Series 2014/23, European Investment Fund (EIF).
    14. Sirio Aramonte & Mohammad Jahan-Parvar & Samuel Rosen & John W. Schindler, 2021. "Firm-specific risk-neutral distributions with options and CDS," BIS Working Papers 921, Bank for International Settlements.
    15. Peter G. Hansen, 2021. "New Formulations of Ambiguous Volatility with an Application to Optimal Dynamic Contracting," Papers 2101.12306, arXiv.org.
    16. Chan, Ka Kei & Kolokolova, Olga & Lin, Ming-Tsung & Poon, Ser-Huang, 2023. "Price convergence between credit default swap and put option: New evidence," Journal of Empirical Finance, Elsevier, vol. 72(C), pages 188-213.
    17. Guo, Xu & Wu, Chunchi, 2019. "Short interest, stock returns and credit ratings," Journal of Banking & Finance, Elsevier, vol. 108(C).
    18. Jiang, Yixiao, 2022. "Credit ratings, financial ratios, and equity risk: A decomposition analysis based on Moody’s, Standard & Poor’s and Fitch’s ratings," Finance Research Letters, Elsevier, vol. 46(PB).
    19. Narayan, Paresh Kumar & Narayan, Seema & Bach Phan, Dinh Hoang & Sivananthan Thuraisamy, Kannan & Tran, Vuong Thao, 2017. "Credit quality implied momentum profits for Islamic stocks," Pacific-Basin Finance Journal, Elsevier, vol. 42(C), pages 11-23.
    20. Szybisz, Martin Andres, 2019. "Interactions between Credit and Market Risk, Diversification vs Compounding effects," MPRA Paper 93173, University Library of Munich, Germany.
    21. Guo, Hui & Jiang, Xiaowen, 2021. "Aggregate Distress Risk and Equity Returns," Journal of Banking & Finance, Elsevier, vol. 133(C).
    22. Palazzo, Berardino & Yamarthy, Ram, 2022. "Credit risk and the transmission of interest rate shocks," Journal of Monetary Economics, Elsevier, vol. 130(C), pages 120-136.
    23. Klaus Grobys & Jesper Haga, 2016. "The market price of credit risk and economic states," Empirical Economics, Springer, vol. 50(3), pages 1111-1134, May.
    24. Skočir, Matevž & Lončarski, Igor, 2018. "Multi-factor asset pricing models: Factor construction choices and the revisit of pricing factors," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 55(C), pages 65-80.
    25. Zaremba, Adam & Cakici, Nusret & Bianchi, Robert J. & Long, Huaigang, 2023. "Interest rate changes and the cross-section of global equity returns," Journal of Economic Dynamics and Control, Elsevier, vol. 147(C).
    26. Paul Schneider & Christian Wagner & Josef Zechner, 2019. "Low Risk Anomalies?," Swiss Finance Institute Research Paper Series 19-50, Swiss Finance Institute.
    27. Yu Zhao & Huaming Du & Qing Li & Fuzhen Zhuang & Ji Liu & Gang Kou, 2022. "A Comprehensive Survey on Enterprise Financial Risk Analysis from Big Data Perspective," Papers 2211.14997, arXiv.org, revised May 2023.
    28. Abdul Rafay & Yang Chen & Muhammad A.B.Naeem & Maham Ijaz, 2018. "Analyzing the Impact of Credit Ratings on Firm Performance and Stock Returns: An Evidence from Taiwan," Iranian Economic Review (IER), Faculty of Economics,University of Tehran.Tehran,Iran, vol. 22(3), pages 771-790, Summer.
    29. Sovan Mitra & Andreas Karathanasopoulos, 2019. "Firm Value and the Impact of Operational Management," Asia-Pacific Financial Markets, Springer;Japanese Association of Financial Economics and Engineering, vol. 26(1), pages 61-85, March.
    30. Franke, Benedikt & Müller, Sebastian & Müller, Sonja, 2017. "The q-factors and expected bond returns," Journal of Banking & Finance, Elsevier, vol. 83(C), pages 19-35.
    31. Zhang, Jinqing & He, Liang & An, Yunbi, 2020. "Measuring banks’ liquidity risk: An option-pricing approach," Journal of Banking & Finance, Elsevier, vol. 111(C).
    32. Chen, Zhiyao & Hackbarth, Dirk & Strebulaev, Ilya A., 2022. "A unified model of distress risk puzzles," Journal of Financial Economics, Elsevier, vol. 146(2), pages 357-384.
    33. Deniz Anginer & Çelim Yıldızhan, 2018. "Is There a Distress Risk Anomaly? Pricing of Systematic Default Risk in the Cross-section of Equity Returns [The risk-adjusted cost of financial distress]," Review of Finance, European Finance Association, vol. 22(2), pages 633-660.
    34. Zalewska Justyna & Nehrebecka Natalia, 2019. "Liquidity and solvency of a company and the rate of return – an analysis of the Warsaw Stock Exchange," Central European Economic Journal, Sciendo, vol. 6(53), pages 199-220, January.
    35. Smales, Lee A., 2016. "News sentiment and bank credit risk," Journal of Empirical Finance, Elsevier, vol. 38(PA), pages 37-61.
    36. van Zundert, Jeroen, 2018. "Empirical studies on the cross-section of corporate bond and stock markets," Other publications TiSEM 338205fc-a031-4e06-a636-9, Tilburg University, School of Economics and Management.
    37. Assaf Eisdorfer & Amit Goyal & Alexei Zhdanov, 2018. "Distress Anomaly and Shareholder Risk: International Evidence," Financial Management, Financial Management Association International, vol. 47(3), pages 553-581, September.
    38. Corvino, Raffaele & Ruggiero, Francesco, 2021. "The relative pricing of sovereign credit risk after the Eurozone crisis," Journal of International Money and Finance, Elsevier, vol. 112(C).
    39. Chris Godfrey & Chris Brooks, 2015. "The Negative Credit Risk Premium Puzzle: A Limits to Arbitrage Story," ICMA Centre Discussion Papers in Finance icma-dp2015-07, Henley Business School, University of Reading.
    40. Jim Kyung-Soo Liew & Ahmad Ajakh, 2020. "Volatility-Adjusted 60/40 versus 100—New Risk Investing Paradigm," JRFM, MDPI, vol. 13(9), pages 1-6, August.
    41. Ayben Koy, 2015. "The Relationship Between Credit Default Swap Spreads, Equity Indices and Sector Equity Indices: An Empirical Study on Istanbul Stock Exchange," Proceedings of International Academic Conferences 2604117, International Institute of Social and Economic Sciences.
    42. Assaf Eisdorfer & Efdal Ulas Misirli, 2020. "Distressed Stocks in Distressed Times," Management Science, INFORMS, vol. 66(6), pages 2452-2473, June.
    43. Corvino, Raffaele & Fusai, Gianluca, 2022. "Default risk premium and asset prices," Journal of Financial Stability, Elsevier, vol. 60(C).
    44. Kevin Aretz & Ming-Tsung Lin & Ser-Huang Poon, 2023. "Moneyness, Underlying Asset Volatility, and the Cross-Section of Option Returns," Review of Finance, European Finance Association, vol. 27(1), pages 289-323.
    45. Jungmu Kim, 2019. "The Effect of Systematic Default Risk on Credit Risk Premiums," Sustainability, MDPI, vol. 11(21), pages 1-17, October.
    46. Cieslak, Anna & Pang, Hao, 2020. "Common shocks in stocks and bonds," CEPR Discussion Papers 14708, C.E.P.R. Discussion Papers.
    47. Han, Bing & Subrahmanyam, Avanidhar & Zhou, Yi, 2017. "The term structure of credit spreads, firm fundamentals, and expected stock returns," Journal of Financial Economics, Elsevier, vol. 124(1), pages 147-171.
    48. Li, Tangrong & Lin, Hui, 2021. "Credit risk and equity returns in China," International Review of Economics & Finance, Elsevier, vol. 76(C), pages 588-613.
    49. Duygun, Meryem & Tunaru, Radu & Vioto, Davide, 2021. "Herding by corporates in the US and the Eurozone through different market conditions," Journal of International Money and Finance, Elsevier, vol. 110(C).
    50. Thuy Thi Thu Truong & Jungmu Kim, 2019. "Do Corporate Social Responsibility Activities Reduce Credit Risk? Short and Long-Term Perspectives," Sustainability, MDPI, vol. 11(24), pages 1-16, December.
    51. Zimmermann, Paul, 2021. "The role of the leverage effect in the price discovery process of credit markets," Journal of Economic Dynamics and Control, Elsevier, vol. 122(C).
    52. Siamak Javadi & Ali Nejadmalayeri & Timothy L Krehbiel, 2018. "Do FOMC Actions Speak Loudly? Evidence from Corporate Bond Credit Spreads [Communication and monetary policy]," Review of Finance, European Finance Association, vol. 22(5), pages 1877-1909.
    53. Munawar Shabbir & Shazia Hassan & Ayesha Zareef, 2018. "Impact of Market Risk on Credit Risk of Subsequent Period in Manufacturing Sector of Pakistan," Global Social Sciences Review, Humanity Only, vol. 3(3), pages 281-299, September.
    54. Pelster, Matthias & Vilsmeier, Johannes, 2016. "The determinants of CDS spreads: Evidence from the model space," Discussion Papers 43/2016, Deutsche Bundesbank.
    55. Martijn Boermans & Bram van der Kroft, 2020. "Capital regulation induced reaching for systematic yield: Financial instability through fire sales," Working Papers 673, DNB.
    56. Wu, Dexiang & Dash Wu, Desheng, 2019. "An enhanced decision support approach for learning and tracking derivative index," Omega, Elsevier, vol. 88(C), pages 63-76.
    57. Xin Liu & Shang-Jin Wei & Yifan Zhou, 2020. "A Liberalization Spillover: From Equities to Loans," NBER Working Papers 27305, National Bureau of Economic Research, Inc.
    58. Ye, Xiaoxia & Yu, Fan & Zhao, Ran, 2022. "Credit derivatives and corporate default prediction," Journal of Banking & Finance, Elsevier, vol. 138(C).
    59. Tancheva, Z., 2021. "Essays on macro-finance and market anomalies," Other publications TiSEM 3cdb4eb6-0313-4a7a-81c4-2, Tilburg University, School of Economics and Management.

  14. Michael Haliassos & Tullio Jappelli & Marco Pagano & Josef Zechner, 2011. "Special issue on household finance," Review of Finance, European Finance Association, vol. 15(4), pages 1-1.

    Cited by:

    1. Marianna Brunetti & Elena Giarda & Costanza Torricelli, 2012. "Is Financial Fragility a Matter of Illiquidity? An Appraisal for Italian Households," CEIS Research Paper 242, Tor Vergata University, CEIS, revised 18 Jul 2012.
    2. Marianna Brunetti & Elena Giarda & Costanza Torricelli, 2020. "Financial fragility across Europe and the US: The role of portfolio choices, household features and economic-institutional setup," Centro Studi di Banca e Finanza (CEFIN) (Center for Studies in Banking and Finance) 0081, Universita di Modena e Reggio Emilia, Dipartimento di Economia "Marco Biagi".
    3. Sarah Brown & Robert Durand & Mark N Harris & Timothy Weterings, 2014. "Modelling financial satisfaction across life stages: a latent class approach," Bankwest Curtin Economics Centre Working Paper series WP1403, Bankwest Curtin Economics Centre (BCEC), Curtin Business School.

  15. Christopher A. Hennessy & Josef Zechner, 2011. "A Theory of Debt Market Illiquidity and Leverage Cyclicality," The Review of Financial Studies, Society for Financial Studies, vol. 24(10), pages 3369-3400.

    Cited by:

    1. Halling, Michael & Yu, Jin & Zechner, Josef, 2016. "Leverage dynamics over the business cycle," Journal of Financial Economics, Elsevier, vol. 122(1), pages 21-41.
    2. András Danis, 2017. "Do Empty Creditors Matter? Evidence from Distressed Exchange Offers," Management Science, INFORMS, vol. 63(5), pages 1285-1301, May.
    3. Uras, R.B., 2014. "Financial Development, Long-Term Finance and the Macroeconomy : The Role of Secondary Markets," Discussion Paper 2014-044, Tilburg University, Center for Economic Research.
    4. Wolfgang Drobetz & Dirk C. Schilling & Henning Schröder, 2015. "Heterogeneity in the Speed of Capital Structure Adjustment across Countries and over the Business Cycle," European Financial Management, European Financial Management Association, vol. 21(5), pages 936-973, November.
    5. Khalil Ullah Mohammad & Mohsin Raza Khan, 2021. "Bank Capital Structure Dynamics and Covid-19: Evidence from South Asia," iRASD Journal of Economics, International Research Alliance for Sustainable Development (iRASD), vol. 3(3), pages 293-304, December.

  16. Neal M. Stoughton & Youchang Wu & Josef Zechner, 2011. "Intermediated Investment Management," Journal of Finance, American Finance Association, vol. 66(3), pages 947-980, June.

    Cited by:

    1. Hugh Hoikwang Kim & Raimond Maurer & Olivia S. Mitchell, 2013. "Time is Money: Life Cycle Rational Inertia and Delegation of Investment Management," NBER Working Papers 19732, National Bureau of Economic Research, Inc.
    2. Inderst, Roman & Ottaviani, Marco, 2012. "How (not) to pay for advice: A framework for consumer financial protection," Journal of Financial Economics, Elsevier, vol. 105(2), pages 393-411.
    3. Utz Weitzel & Michael Kirchler, 2021. "The Banker's Oath And Financial Advice," Working Papers 2021-04, Faculty of Economics and Statistics, Universität Innsbruck.
    4. Inderst, Roman & Obradovits, Martin, 2021. "Excessive Competition on Headline Prices," EconStor Preprints 253666, ZBW - Leibniz Information Centre for Economics.
    5. Haziza, Mor M. & Kalay, Avner, 2020. "Trust and delegation: A case to consider on broker rebates and investor sophistication," Journal of Financial Markets, Elsevier, vol. 49(C).
    6. Cristian Escudero & José L. Ruiz, 2022. "Choosing the highest annuity payout: the role of intermediation and firm reputation," The Geneva Papers on Risk and Insurance - Issues and Practice, Palgrave Macmillan;The Geneva Association, vol. 47(4), pages 973-1004, October.
    7. Baptista, Alexandre M., 2012. "Portfolio selection with mental accounts and background risk," Journal of Banking & Finance, Elsevier, vol. 36(4), pages 968-980.
    8. Brenner, Lukas & Meyll, Tobias, 2020. "Robo-advisors: A substitute for human financial advice?," Journal of Behavioral and Experimental Finance, Elsevier, vol. 25(C).
    9. Cici, Gjergji & Kempf, Alexander & Sorhage, Christoph, 2015. "Do financial advisors provide tangible benefits for investors? Evidence from tax-motivated mutual fund flows," CFR Working Papers 12-09 [rev.5], University of Cologne, Centre for Financial Research (CFR).
    10. Yang Sun, 2021. "Index Fund Entry and Financial Product Market Competition," Management Science, INFORMS, vol. 67(1), pages 500-523, January.
    11. Briana Chang & Martin Szydlowski, 2020. "The Market for Conflicted Advice," Journal of Finance, American Finance Association, vol. 75(2), pages 867-903, April.
    12. Honda, Jun & Inderst, Roman, 2017. "Nonlinear Incentives and Advisor Bias," EconStor Preprints 253657, ZBW - Leibniz Information Centre for Economics.
    13. Hugh Hoikwang Kim & Raimond Maurer & Olivia S. Mitchell, 2019. "How Cognitive Ability and Financial Literacy Shape the Demand for Financial Advice at Older Ages," NBER Working Papers 25750, National Bureau of Economic Research, Inc.
    14. Honda, Jun & Inderst, Roman & Ottaviani, Marco, 2022. "When Liability is Not Enough: Regulating Bonus Payments in Markets With Advice," EconStor Preprints 259401, ZBW - Leibniz Information Centre for Economics.
    15. Agarwal, Vikas & Lu, Yan & Ray, Sugata, 2014. "Under one roof: A study of simultaneously managed hedge funds and funds of hedge funds," CFR Working Papers 14-13, University of Cologne, Centre for Financial Research (CFR).
    16. Gupta-Mukherjee, Swasti, 2021. "When is money smart? Mutual fund flows and disposable income," Finance Research Letters, Elsevier, vol. 39(C).
    17. M. Sahoo & Renuka Sane, 2011. "A Regulatory approach to financial product advice and distribution," Indira Gandhi Institute of Development Research, Mumbai Working Papers 2011-029, Indira Gandhi Institute of Development Research, Mumbai, India.
    18. Alexander Carlo & Piet Eichholtz & Nils Kok & Ruud Wijnands, 2023. "Pension fund investments in infrastructure," Journal of Asset Management, Palgrave Macmillan, vol. 24(5), pages 329-345, September.
    19. Said Kaawach & Oskar Kowalewski & Oleksandr Talavera, 2023. "Automatic vs Manual Investing: Role of Past Performance," Discussion Papers 23-04, Department of Economics, University of Birmingham.
    20. Michael D. Grubb, 2015. "Failing to Choose the Best Price: Theory, Evidence, and Policy," Boston College Working Papers in Economics 878, Boston College Department of Economics.
    21. Jonathan B. Berk & Jules H. Van Binsbergen, 2022. "Regulation of Charlatans in High‐Skill Professions," Journal of Finance, American Finance Association, vol. 77(2), pages 1219-1258, April.
    22. Kim, Hugh Hoikwang & Maurer, Raimond & Mitchell, Olivia S., 2016. "Time is money: Rational life cycle inertia and the delegation of investment management," Journal of Financial Economics, Elsevier, vol. 121(2), pages 427-447.
    23. Gülen Karakoç & Marco Pagnozzi & Salvatore Piccolo & Giovanni W. Puopolo, 2020. "Information Acquisition and Financial Advice," CSEF Working Papers 587, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    24. Jansen, Kristy, 2021. "Essays on institutional investors, portfolio choice, and asset prices," Other publications TiSEM fd998408-d282-4e0f-b542-4, Tilburg University, School of Economics and Management.
    25. Inderst, Roman, 2015. "Regulating commissions in markets with advice," International Journal of Industrial Organization, Elsevier, vol. 43(C), pages 137-141.
    26. Chauhan, Yogesh & Dey, Dipanjan Kumar, 2020. "Does financial literacy affect the value of financial advice? A contingent valuation approach," Journal of Behavioral and Experimental Finance, Elsevier, vol. 25(C).
    27. Meyer, Steffen & Uhr, Charline & Loos, Benjamin & Hackethal, Andreas, 2023. "Switching from commissions on mutual funds to flat-fees: How are advisory clients affected?," Journal of Economic Behavior & Organization, Elsevier, vol. 209(C), pages 423-449.
    28. Han, Min-Yeon & Jun, Sang-Gyung & Oh, Ji Yeol Jimmy & Kang, Hyoung-Goo, 2023. "Who should choose the money managers? Institutional sponsors' equity manager performance," Pacific-Basin Finance Journal, Elsevier, vol. 78(C).
    29. Stephen G. Dimmock & William C. Gerken & Tyson Van Alfen, 2021. "Real Estate Shocks and Financial Advisor Misconduct," Journal of Finance, American Finance Association, vol. 76(6), pages 3309-3346, December.
    30. Charles Jackson, 2013. "Can alignment of active manager and investor interests be improved?," Journal of Asset Management, Palgrave Macmillan, vol. 14(6), pages 376-384, December.
    31. Calcagno, Riccardo & Monticone, Chiara, 2015. "Financial literacy and the demand for financial advice," Journal of Banking & Finance, Elsevier, vol. 50(C), pages 363-380.
    32. Andonov, Aleksandar & Eichholtz, Piet & Kok, Nils, 2015. "Intermediated investment management in private markets: Evidence from pension fund investments in real estate," Journal of Financial Markets, Elsevier, vol. 22(C), pages 73-103.
    33. Weitzel, Utz & Kirchler, Michael, 2023. "The Banker’s oath and financial advice," Journal of Banking & Finance, Elsevier, vol. 148(C).
    34. Mason, Andrew & Agyei-Ampomah, Sam & Skinner, Frank, 2016. "Realism, skill, and incentives: Current and future trends in investment management and investment performance," International Review of Financial Analysis, Elsevier, vol. 43(C), pages 31-40.
    35. Iftikhar Ul Haq & Tanzeela Shaheen & Wajid Ali & Hamza Toor & Tapan Senapati & Francesco Pilla & Sarbast Moslem, 2023. "Novel Fermatean Fuzzy Aczel–Alsina Model for Investment Strategy Selection," Mathematics, MDPI, vol. 11(14), pages 1-23, July.
    36. Liu, Bofan & Lu, Bin, 2023. "Can financial literacy be a substitute for financial advisers? Evidence from China," Pacific-Basin Finance Journal, Elsevier, vol. 79(C).
    37. Broeders, Dirk W. G. A. & Jansen, Kristy A. E. & Werker, Bas J. M., 2021. "Pension fund's illiquid assets allocation under liquidity and capital requirements," Journal of Pension Economics and Finance, Cambridge University Press, vol. 20(1), pages 102-124, January.
    38. Agarwal, Vikas & Nada, Vikram & Ray, Sugata, 2013. "Institutional investment and intermediation in the hedge fund industry," CFR Working Papers 13-03, University of Cologne, Centre for Financial Research (CFR).
    39. Shen, Chung-Hua & Lin, Shih-Jie & Tang, De-Piao & Hsiao, Yu-Jen, 2016. "The relationship between financial disputes and financial literacy," Pacific-Basin Finance Journal, Elsevier, vol. 36(C), pages 46-65.
    40. Veasna Khim & Hery Razafitombo, 2015. "The Impact of UCITS IV Directive on European Mutual Funds Performance," Post-Print hal-01698550, HAL.
    41. Daniel Hoechle & Stefan Ruenzi & Nic Schaub & Markus Schmid, 2018. "Financial Advice and Bank Profits," The Review of Financial Studies, Society for Financial Studies, vol. 31(11), pages 4447-4492.
    42. Lu, Xiaomeng & Zhang, Yong & Zhang, Yixing & Wang, Lin, 2020. "Can investment advisors promote rational investment? Evidence from micro-data in China," Economic Modelling, Elsevier, vol. 86(C), pages 251-263.
    43. Johannes Binswanger & Anja Garbely & Manuel Oechslin, 2023. "Investor beliefs about transformative innovations under uncertainty," Economica, London School of Economics and Political Science, vol. 90(360), pages 1119-1144, October.
    44. Christian Laux, 2011. "Consumer Protection and the Role of Advice in the Market for Retail Financial Services," Journal of Institutional and Theoretical Economics (JITE), Mohr Siebeck, Tübingen, vol. 167(1), pages 26-29, March.
    45. Ying Liao & Cuixia Li & Lei Jiang & Liang Peng, 2021. "Quantifying Diseconomies Of Scale For Mutual Funds," Annals of Economics and Finance, Society for AEF, vol. 22(1), pages 1-24, May.
    46. Vikas Agarwal & Yan Lu & Sugata Ray, 2016. "Under One Roof: A Study of Simultaneously Managed Hedge Funds and Funds of Hedge Funds," Management Science, INFORMS, vol. 62(3), pages 722-740, March.
    47. Utz Weitzel & Michael Kirchler, 2022. "The Banker's Oath And Financial Advice," Working Papers 2022-13, Faculty of Economics and Statistics, Universität Innsbruck.
    48. Steffen Westermann & Scott J. Niblock & Jennifer L. Harrison & Michael A. Kortt, 2020. "Financial Advice Seeking: A Review of the Barriers and Benefits," Economic Papers, The Economic Society of Australia, vol. 39(4), pages 367-388, December.

  17. Jonathan B. Berk & Richard Stanton & Josef Zechner, 2010. "Human Capital, Bankruptcy, and Capital Structure," Journal of Finance, American Finance Association, vol. 65(3), pages 891-926, June.
    See citations under working paper version above.
  18. Franklin Allen & Colin Mayer & Marco Pagano & Josef Zechner, 2008. "Special issue on corporate governance," Review of Finance, European Finance Association, vol. 12(1), pages 1-1.

    Cited by:

    1. Danny Z. X. Huang, 2021. "Environmental, social and governance (ESG) activity and firm performance: a review and consolidation," Accounting and Finance, Accounting and Finance Association of Australia and New Zealand, vol. 61(1), pages 335-360, March.
    2. Marc Levy & Ariane Szafarz, 2017. "Cross-Ownership: A Device for Management Entrenchment?," ULB Institutional Repository 2013/239878, ULB -- Universite Libre de Bruxelles.

  19. Thomas Dangl & Youchang Wu & Josef Zechner, 2008. "Market Discipline and Internal Governance in the Mutual Fund Industry," The Review of Financial Studies, Society for Financial Studies, vol. 21(5), pages 2307-2343, September.

    Cited by:

    1. Cai, Biqing & Cheng, Tingting & Yan, Cheng, 2018. "Time-varying skills (versus luck) in U.S. active mutual funds and hedge funds," Journal of Empirical Finance, Elsevier, vol. 49(C), pages 81-106.
    2. Keiichi Hori & Hiroshi Osano, 2017. "Agency Contracts, Noncommitment Timing Strategies and Real Options," The Japanese Economic Review, Japanese Economic Association, vol. 68(4), pages 521-554, December.
    3. Taylor, Lucian A., 2013. "CEO wage dynamics: Estimates from a learning model," Journal of Financial Economics, Elsevier, vol. 108(1), pages 79-98.
    4. Kaniel, Ron & tompaidis, stathis & Zhou, Ti, 2017. "Impact of Managerial Commitment on Risk Taking with Dynamic Fund Flows," CEPR Discussion Papers 12285, C.E.P.R. Discussion Papers.
    5. Wu, Youchang & Wermers, Russ & Zechner, Josef, 2012. "Governance and shareholder value in delegated portfolio management: The case of closed-end funds," CFR Working Papers 12-11, University of Cologne, Centre for Financial Research (CFR).
    6. Ber, Silke & Kempf, Alexander & Ruenzi, Stefan, 2005. "Determinanten der Mittelzuflüsse bei deutschen Aktienfonds," CFR Working Papers 05-11, University of Cologne, Centre for Financial Research (CFR).
    7. Moreira, Alan, 2019. "Capital immobility and the reach for yield," Journal of Economic Theory, Elsevier, vol. 183(C), pages 907-951.
    8. Jaksa Cvitanic & Julien Hugonnier, 2018. "Optimal Fund Menus," Swiss Finance Institute Research Paper Series 18-47, Swiss Finance Institute, revised Aug 2018.
    9. Youchang Wu & Russ Wermers & Josef Zechner, 2016. "Managerial Rents vs. Shareholder Value in Delegated Portfolio Management: The Case of Closed-End Funds," The Review of Financial Studies, Society for Financial Studies, vol. 29(12), pages 3428-3470.
    10. Ping Hu & Jayant R. Kale & Marco Pagani & Ajay Subramanian, 2011. "Fund Flows, Performance, Managerial Career Concerns, and Risk Taking," Management Science, INFORMS, vol. 57(4), pages 628-646, April.
    11. Martin Eling, 2012. "What Do We Know About Market Discipline in Insurance?," Risk Management and Insurance Review, American Risk and Insurance Association, vol. 15(2), pages 185-223, September.
    12. Bessler, Wolfgang & Blake, David & Lückoff, Peter & Tonks, Ian, 2010. "Why does mutual fund performance not persist? The impact and interaction of fund flows and manager changes," MPRA Paper 34185, University Library of Munich, Germany.
    13. Clare, Andrew & Motson, Nick & Sapuric, Svetlana & Todorovic, Natasa, 2014. "What impact does a change of fund manager have on mutual fund performance?," International Review of Financial Analysis, Elsevier, vol. 35(C), pages 167-177.
    14. Jennifer Huang & Kelsey D. Wei & Hong Yan, 2022. "Investor learning and mutual fund flows," Financial Management, Financial Management Association International, vol. 51(3), pages 739-765, September.
    15. David Lagziel & Ehud Lehrer, 2018. "Performance Cycles," Working Papers 1809, Ben-Gurion University of the Negev, Department of Economics.
    16. Ľuboš Pástor & Robert F. Stambaugh, 2012. "On the Size of the Active Management Industry," Journal of Political Economy, University of Chicago Press, vol. 120(4), pages 740-781.
    17. Hori, Keiichi & Osano, Hiroshi, 2014. "Investment timing decisions of managers under endogenous contracts," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 607-627.
    18. Qian, Meijun, 2011. "Is "voting with your feet" an effective mutual fund governance mechanism?," Journal of Corporate Finance, Elsevier, vol. 17(1), pages 45-61, February.
    19. Veronesi, Pietro & Pástor, Luboš, 2009. "Learning in Financial Markets," CEPR Discussion Papers 7127, C.E.P.R. Discussion Papers.
    20. Bredin, Don & Cuthbertson, Keith & Nitzsche, Dirk & Thomas, Dylan C., 2014. "Performance and performance persistence of UK closed-end equity funds," International Review of Financial Analysis, Elsevier, vol. 34(C), pages 189-199.
    21. Casavecchia, Lorenzo, 2016. "Fund managers' herding and the sensitivity of fund flows to past performance," International Review of Financial Analysis, Elsevier, vol. 47(C), pages 205-221.
    22. Khim, Veasna & Razafitombo, Hery, 2023. "Scale and skills in European active management: Impact of a new regulatory context," Journal of Banking & Finance, Elsevier, vol. 154(C).
    23. Veasna Khim & Hery Razafitombo, 2015. "The Impact of UCITS IV Directive on European Mutual Funds Performance," Post-Print hal-01698550, HAL.
    24. Cuthbertson, Keith & Nitzsche, Dirk, 2013. "Performance, stock selection and market timing of the German equity mutual fund industry," Journal of Empirical Finance, Elsevier, vol. 21(C), pages 86-101.
    25. Wolfgang Bessler & David Blake & Peter Lückoff & Ian Tonks, 2018. "Fund Flows, Manager Changes, and Performance Persistence [Does motivation matter when assessing trade performance? An analysis of mutual funds]," Review of Finance, European Finance Association, vol. 22(5), pages 1911-1947.
    26. Ying Liao & Cuixia Li & Lei Jiang & Liang Peng, 2021. "Quantifying Diseconomies Of Scale For Mutual Funds," Annals of Economics and Finance, Society for AEF, vol. 22(1), pages 1-24, May.
    27. Juha Joenväärä & Bernd Scherer, 2017. "A note on the valuation of asset management firms," Financial Markets and Portfolio Management, Springer;Swiss Society for Financial Market Research, vol. 31(2), pages 181-199, May.
    28. Igor Makarov & Guillaume Plantin, 2015. "Rewarding Trading Skills Without Inducing Gambling," Sciences Po publications info:hdl:2441/2lk3hracjf8, Sciences Po.

  20. Josef Zechner, 2008. "Börsennotierungen: Warum und wo? Evidenz aus Theorie und Empirie," Schmalenbach Journal of Business Research, Springer, vol. 60(2), pages 195-210, March.

    Cited by:

    1. Thorsten Knauer & Christian Ledwig & Andreas Wömpener, 2012. "Zur Wertrelevanz freiwilliger Managementprognosen in Deutschland," Schmalenbach Journal of Business Research, Springer, vol. 64(2), pages 166-204, March.

  21. Michael Halling & Marco Pagano & Otto Randl & Josef Zechner, 2008. "Where Is the Market? Evidence from Cross-Listings in the United States," The Review of Financial Studies, Society for Financial Studies, vol. 21(2), pages 725-761, April.

    Cited by:

    1. Alice Monti & Pierpaolo Pattitoni & Barbara Petracci & Otto Randl, 2022. "Does corporate social responsibility impact equity risk? International evidence," Review of Quantitative Finance and Accounting, Springer, vol. 59(3), pages 825-855, October.
    2. Thierry Foucault & Laurent Fresard, 2011. "Cross listing investment sensitivity to stock price and the learning hypothetis," Post-Print hal-00577866, HAL.
    3. Korczak, Piotr & Phylaktis, Kate, 2010. "Related securities and price discovery: Evidence from NYSE-listed Non-U.S. stocks," Journal of Empirical Finance, Elsevier, vol. 17(4), pages 566-584, September.
    4. Gagnon, Louis & Karolyi, G. Andrew, 2004. "Multi-market Trading and Arbitrage," Working Paper Series 2004-9, Ohio State University, Charles A. Dice Center for Research in Financial Economics.
    5. Dodd, Olga & Louca, Christodoulos & Paudyal, Krishna, 2015. "The determinants of foreign trading volume of stocks listed in multiple markets," Journal of Economics and Business, Elsevier, vol. 79(C), pages 38-61.
    6. Ghadhab, Imen, 2018. "Arbitrage opportunities and liquidity: An intraday event study on cross-listed stocks," Journal of Multinational Financial Management, Elsevier, vol. 46(C), pages 1-10.
    7. Cécile Carpentier & Jean-Marc Suret, 2011. "L'escompte canadien : un réexamen," CIRANO Project Reports 2011rp-11, CIRANO.
    8. Alessandro Beber & Marco Pagano, 2009. "Short-Selling Bans around the World: Evidence from the 2007-09 Crisis," CSEF Working Papers 241, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy, revised 03 Sep 2011.
    9. Kathryn L Dewenter & Xi Han & Jennifer L Koski, 2018. "Who Wins When Exchanges Compete?* Evidence from Competition after Euro Conversion [Equity returns and integration: is Europe changing?]," Review of Finance, European Finance Association, vol. 22(6), pages 2037-2071.
    10. Hales, Alma D. & Mollick, André V., 2014. "The impact of ADR activity on stock market liquidity: Evidence from Latin America," The Quarterly Review of Economics and Finance, Elsevier, vol. 54(3), pages 417-427.
    11. Ghadhab, Imen & Hellara, Slaheddine, 2016. "Cross-listing and value creation," Journal of Multinational Financial Management, Elsevier, vol. 37, pages 1-11.
    12. Joyce Hsieh & Chien-Chung Nieh, 2010. "An overview of Asian equity markets," Asian-Pacific Economic Literature, The Crawford School, The Australian National University, vol. 24(2), pages 19-51, November.
    13. Juranek, Steffen & Walz, Uwe, 2010. "Vertical integration, competition, and financial exchanges: Is there grain in the silo?," CFS Working Paper Series 2010/22, Center for Financial Studies (CFS).
    14. Alma Hales, 2015. "Liquidity and price discovery in Latin America: evidence from American depositary receipts," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 39(4), pages 661-678, October.
    15. Siegel, Jordan I. & Licht, Amir N. & Schwartz, Shalom H., 2011. "Egalitarianism and international investment," Journal of Financial Economics, Elsevier, vol. 102(3), pages 621-642.
    16. Roosenboom, Peter & van Dijk, Mathijs A., 2009. "The market reaction to cross-listings: Does the destination market matter?," Journal of Banking & Finance, Elsevier, vol. 33(10), pages 1898-1908, October.
    17. Ghadhab, Imen, 2016. "The effect of additional foreign market presence on the trading volume of cross-listed/traded stocks," Journal of Multinational Financial Management, Elsevier, vol. 34(C), pages 18-27.
    18. Steffen Juranek & Uwe Walz, 2020. "Organizational Design, Competition, and Financial Exchanges," Scandinavian Journal of Economics, Wiley Blackwell, vol. 122(1), pages 132-163, January.
    19. Klein, Olga & Song, Shiyun, 2021. "Commonality in intraday liquidity and multilateral trading facilities: Evidence from Chi-X Europe," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 73(C).
    20. Kryzanowski, Lawrence & Lazrak, Skander, 2009. "Liquidity minimization and cross-listing choice: Evidence based on Canadian shares cross-listed on U.S. venues," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 19(3), pages 550-564, July.
    21. Berkman, Henk & Nguyen, Nhut H., 2010. "Domestic liquidity and cross-listing in the United States," Journal of Banking & Finance, Elsevier, vol. 34(6), pages 1139-1151, June.
    22. Manuela Geranio, 2012. "Cross-listing and the Evolution of Global Stock Market Liquidity," Chapters, in: Geoffrey Poitras (ed.), Handbook of Research on Stock Market Globalization, chapter 9, Edward Elgar Publishing.
    23. Dodd, Olga & Frijns, Bart, 2018. "NYSE closure and global equity trading: The case of cross-listed stocks," International Review of Financial Analysis, Elsevier, vol. 60(C), pages 138-150.
    24. Wang, Jing & Zhou, Haigang, 2015. "Competition of trading volume among markets: Evidence from stocks with multiple cross-listing destinations," Journal of Multinational Financial Management, Elsevier, vol. 31(C), pages 23-62.
    25. Ghaffar, Hamza & Azmat, Saad & Hassan, M. Kabir, 2022. "Domestic liquidity of cross-listed stocks: Evidence from the ADR market," Pacific-Basin Finance Journal, Elsevier, vol. 75(C).
    26. Shuang Feng & Jon T. Stewart, 2015. "A Review of Market Segmentation and Inefficiencies of the Chinese Stock Market," International Journal of Finance & Banking Studies, Center for the Strategic Studies in Business and Finance, vol. 4(4), pages 18-28, October.
    27. Lawrence Kryzanowski & Skander Lazrak, 2011. "Informed traders of cross-listed shares trade more in the domestic market around earnings releases," Review of Quantitative Finance and Accounting, Springer, vol. 36(1), pages 1-31, January.
    28. Stefano Alderighi, 2017. "A note on how to enhance liquidity in emerging markets by levering on trading participants," Economics Bulletin, AccessEcon, vol. 37(4), pages 2526-2532.
    29. Qiuyuan Lei & Muhammad Umer Quddoos Attari & Mustansar Hayat & Muhammad Munir Ahmad & Abdul Haseeb & Amir Rafique, 2023. "Mapping the Themes Underlying the Literature on Cross-Listing of Shares—A Contemporary Corporate Strategy of Sustainable Growth," Sustainability, MDPI, vol. 15(12), pages 1-26, June.
    30. Lee, Chia-Hao & Chou, Pei-I, 2019. "Information dissemination and investors’ sensitivity," The Quarterly Review of Economics and Finance, Elsevier, vol. 74(C), pages 242-250.

  22. Stoughton, Neal M. & Zechner, Josef, 2007. "Optimal capital allocation using RAROC(TM) and EVA(R)," Journal of Financial Intermediation, Elsevier, vol. 16(3), pages 312-342, July.

    Cited by:

    1. Carlo Alberto, Magni, 2008. "Splitting Up Value: A Critical Review of Residual Income Theories," MPRA Paper 10506, University Library of Munich, Germany.
    2. Roberto Ghiselli Ricci & Carlo Alberto Magni, 2014. "Axiomatization of residual income and generation of financial securities," Quantitative Finance, Taylor & Francis Journals, vol. 14(7), pages 1257-1271, July.
    3. Christian Gourieroux & Jean-Paul Laurent & Olivier Scaillet, 2000. "Sensitivity analysis of Values at Risk," Post-Print hal-03676327, HAL.
    4. Florian El Mouaaouy & Jan Riepe, 2018. "Benford and the Internal Capital Market: A Useful Indicator of Managerial Engagement," German Economic Review, Verein für Socialpolitik, vol. 19(3), pages 309-329, August.
    5. Javier Mencía, 2009. "Assessing the risk-return trade-off in loans portfolios," Working Papers 0911, Banco de España.
    6. Bernd Engelmann & Ha Pham, 2020. "Measuring the Performance of Bank Loans under Basel II/III and IFRS 9/CECL," Risks, MDPI, vol. 8(3), pages 1-21, September.
    7. Björn Häckel, 2010. "Risikoadjustierte Wertbeiträge zur ex ante Entscheidungsunterstützung: Ein axiomatischer Ansatz," Metrika: International Journal for Theoretical and Applied Statistics, Springer, vol. 21(1), pages 81-108, June.
    8. Homburg, Carsten & Scherpereel, Peter, 2008. "How should the cost of joint risk capital be allocated for performance measurement?," European Journal of Operational Research, Elsevier, vol. 187(1), pages 208-227, May.
    9. Carsten Homburg & Marliese Uhrig-Homburg, 2004. "Zentrales und dezentrales Risikocontrolling in Industrieunternehmen," Schmalenbach Journal of Business Research, Springer, vol. 56(4), pages 311-332, June.
    10. Baule, Rainer, 2014. "Allocation of risk capital on an internal market," European Journal of Operational Research, Elsevier, vol. 234(1), pages 186-196.
    11. Daniel Bauer & George Zanjani, 2016. "The Marginal Cost of Risk, Risk Measures, and Capital Allocation," Management Science, INFORMS, vol. 62(5), pages 1431-1457, May.
    12. George Zanjani, 2010. "An Economic Approach to Capital Allocation," Journal of Risk & Insurance, The American Risk and Insurance Association, vol. 77(3), pages 523-549, September.
    13. Magni, Carlo Alberto, 2010. "Residual income and value creation: An investigation into the lost-capital paradigm," European Journal of Operational Research, Elsevier, vol. 201(2), pages 505-519, March.
    14. Chris D'Souza & Alexandra Lai, 2002. "The Effects of Bank Consolidation on Risk Capital Allocation and Market Liquidity," Staff Working Papers 02-5, Bank of Canada.
    15. Victoria Geyfman, 2005. "Risk-adjusted performance measures at bank holding companies with section 20 subsidiaries," Working Papers 05-26, Federal Reserve Bank of Philadelphia.
    16. Mierzejewski, Fernando, 2008. "The Allocation of Economic Capital in Opaque Financial Conglomerates," MPRA Paper 9432, University Library of Munich, Germany.
    17. Joël Bessis, 2009. "Risk Management in Banking," Post-Print hal-00494876, HAL.
    18. Veprauskaite, Elena & Sherris, Michael, 2014. "Reinsurance decisions in life insurance: An empirical test of the risk–return criterion," International Review of Financial Analysis, Elsevier, vol. 35(C), pages 128-139.
    19. Buch, Arne & Dorfleitner, Gregor & Wimmer, Maximilian, 2011. "Risk capital allocation for RORAC optimization," Journal of Banking & Finance, Elsevier, vol. 35(11), pages 3001-3009, November.
    20. Paulusch, Joachim & Schlütter, Sebastian, 2022. "Sensitivity-implied tail-correlation matrices," Journal of Banking & Finance, Elsevier, vol. 134(C).
    21. Wang, Wei & Xu, Huifu & Ma, Tiejun, 2023. "Optimal scenario-dependent multivariate shortfall risk measure and its application in risk capital allocation," European Journal of Operational Research, Elsevier, vol. 306(1), pages 322-347.
    22. Bernd Engelmann & Ha Pham, 2020. "A Raroc Valuation Scheme for Loans and Its Application in Loan Origination," Risks, MDPI, vol. 8(2), pages 1-20, June.
    23. Goel, Tirupam & Lewrick, Ulf & Tarashev, Nikola, 2020. "Bank capital allocation under multiple constraints," Journal of Financial Intermediation, Elsevier, vol. 44(C).
    24. Gonzalo Cortazar & Alejandro Bernales & Diether Beuermann, 2005. "Methodology and Implementation of Value-at-Risk Measures in Emerging Fixed-Income Markets with Infrequent Trading," Finance 0512030, University Library of Munich, Germany.
    25. Hałaj, Grzegorz, 2013. "Optimal asset structure of a bank - bank reactions to stressful market conditions," Working Paper Series 1533, European Central Bank.
    26. Izhar, Hylmun, 2012. "Measuring Operational Risk Exposures in Islamic Banking: A Proposed Measurement Approach," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 20, pages 45-86.
    27. Giorgio Consigli & Vittorio Moriggia & Sebastiano Vitali & Lorenzo Mercuri, 2018. "Optimal insurance portfolios risk-adjusted performance through dynamic stochastic programming," Computational Management Science, Springer, vol. 15(3), pages 599-632, October.
    28. El Mouaaouy Florian & Riepe Jan, 2018. "Benford and the Internal Capital Market: A Useful Indicator of Managerial Engagement," German Economic Review, De Gruyter, vol. 19(3), pages 309-329, August.
    29. Liu, Yangyang & Jiang, Chuanwen & Shen, Jingshuang & Hu, Jiakai & Luo, Yifan, 2015. "Coordination of hydro units with wind power generation based on RAROC," Renewable Energy, Elsevier, vol. 80(C), pages 783-792.
    30. Pegaret Pichler, 2004. "Optimal Contracts for Teams of Money Managers," Econometric Society 2004 North American Winter Meetings 495, Econometric Society.
    31. Schosser, Josef, 2019. "Consistency between principal and agent with differing time horizons: Computing incentives under risk," European Journal of Operational Research, Elsevier, vol. 277(3), pages 1113-1123.
    32. Trenca Ioan & Zoicas-Ienciu Adrian, 2010. "The Correlation Between The Market Risk And The Liquidity Risk In The Romanian Banking Sector," Annals of Faculty of Economics, University of Oradea, Faculty of Economics, vol. 1(1), pages 437-442, July.
    33. Ishikawa, Tatsuya & Yamai, Yasuhiro & Ieda, Akira, 2003. "On the Risk Capital Framework of Financial Institutions," Monetary and Economic Studies, Institute for Monetary and Economic Studies, Bank of Japan, vol. 21(3), pages 83-105, October.
    34. Gopalakrishnan, Balagopal & Jacob, Joshy & Mohapatra, Sanket, 2021. "Risk-sensitive Basel regulations and firms’ access to credit: Direct and indirect effects," Journal of Banking & Finance, Elsevier, vol. 126(C).
    35. García, Diego, 2014. "Optimal contracts with privately informed agents and active principals," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 695-709.
    36. Socol Adela, 2008. "Capital Adequacy In The Romanian Banking System," Annales Universitatis Apulensis Series Oeconomica, Faculty of Sciences, "1 Decembrie 1918" University, Alba Iulia, vol. 1(10), pages 1-42.
    37. Konstantinos J. Liapis, 2010. "The Residual Value Models: A Framework for Business Administration," European Research Studies Journal, European Research Studies Journal, vol. 0(1), pages 83-102.
    38. Roper, Andrew H. & Ruckes, Martin E., 2012. "Intertemporal capital budgeting," Journal of Banking & Finance, Elsevier, vol. 36(9), pages 2543-2551.
    39. Chris D'Souza, 2002. "How Do Canadian Banks That Deal in Foreign Exchange Hedge Their Exposure to Risk?," Staff Working Papers 02-34, Bank of Canada.
    40. Kulpmann, Mathias, 2000. "Incentives in an international bank," Journal of Multinational Financial Management, Elsevier, vol. 10(3-4), pages 481-493, December.
    41. Nicole Bastian Johnson & Thomas Pfeiffer & Georg Schneider, 2017. "Two-stage capital budgeting, capital charge rates, and resource constraints," Review of Accounting Studies, Springer, vol. 22(2), pages 933-963, June.
    42. Isil Erel & Stewart C. Myers & James A. Read, 2021. "Risk Capital: Theory and Applications," Journal of Applied Corporate Finance, Morgan Stanley, vol. 33(1), pages 8-21, March.
    43. Cipollini, Andrea & Fiordelisi, Franco, 2012. "Economic value, competition and financial distress in the European banking system," Journal of Banking & Finance, Elsevier, vol. 36(11), pages 3101-3109.
    44. Bauer, Daniel & Zanjani, George, 2021. "Economic capital and RAROC in a dynamic model," Journal of Banking & Finance, Elsevier, vol. 125(C).
    45. Christian Bach, 2011. "Conservatism in Corporate Valuation," CREATES Research Papers 2011-32, Department of Economics and Business Economics, Aarhus University.
    46. Kang, Woo-Young & Poshakwale, Sunil, 2019. "A new approach to optimal capital allocation for RORAC maximization in banks," Journal of Banking & Finance, Elsevier, vol. 106(C), pages 153-165.
    47. Boot, Arnoud W. A. & Schmeits, Anjolein, 2000. "Market Discipline and Incentive Problems in Conglomerate Firms with Applications to Banking," Journal of Financial Intermediation, Elsevier, vol. 9(3), pages 240-273, July.
    48. Naik, Narayan Y. & Yadav, Pradeep K., 2003. "Do dealer firms manage inventory on a stock-by-stock or a portfolio basis?," Journal of Financial Economics, Elsevier, vol. 69(2), pages 325-353, August.
    49. Mierzejewski, Fernando, 2006. "Economic capital allocation under liquidity constraints," MPRA Paper 2414, University Library of Munich, Germany.
    50. Erel, Isil & Myers, Stewart C. & Read, James A., 2015. "A theory of risk capital," Journal of Financial Economics, Elsevier, vol. 118(3), pages 620-635.

  23. Michael Halling & Josef Zechner, 2005. "Capital Market-Oriented Financing Prospects for Austrian SMEs," Financial Stability Report, Oesterreichische Nationalbank (Austrian Central Bank), issue 10, pages 83-94.

    Cited by:

    1. de la Torre, Augusto & Martínez Pería, María Soledad & Schmukler, Sergio L., 2010. "Bank involvement with SMEs: Beyond relationship lending," Journal of Banking & Finance, Elsevier, vol. 34(9), pages 2280-2293, September.
    2. António Pedro Soares Pinto & Carla Manuela Ribeiro Henriques & Carolina Esteves Oliveira da Silva Cardoso & Maria Elisabete Duarte Neves, 2023. "Bank Credit and Trade Credit: The Case of Portuguese SMEs from 2010 to 2019," JRFM, MDPI, vol. 16(3), pages 1-19, March.

  24. Dangl, Thomas & Zechner, Josef, 2004. "Credit risk and dynamic capital structure choice," Journal of Financial Intermediation, Elsevier, vol. 13(2), pages 183-204, April.
    See citations under working paper version above.
  25. Marco Pagano & Ailsa A. Röell & Josef Zechner, 2002. "The Geography of Equity Listing: Why Do Companies List Abroad?," Journal of Finance, American Finance Association, vol. 57(6), pages 2651-2694, December.
    See citations under working paper version above.
  26. Bhattacharya, Sudipto & Plank, Manfred & Strobl, Gunter & Zechner, Josef, 2002. "Bank capital regulation with random audits," Journal of Economic Dynamics and Control, Elsevier, vol. 26(7-8), pages 1301-1321, July.
    See citations under working paper version above.
  27. Stoughton, Neal M & Wong, Kit Pong & Zechner, Josef, 2001. "IPOs and Product Quality," The Journal of Business, University of Chicago Press, vol. 74(3), pages 375-408, July.

    Cited by:

    1. Crain, Nicholas & Parrino, Robert & Srinivasan, Raji, 2021. "Uncertainty, prospectus content, and the pricing of initial public offerings," Journal of Empirical Finance, Elsevier, vol. 64(C), pages 160-182.
    2. Marco Pagano & Otto Randl & Ailsa A. Röell & Josef Zechner, 2000. "What Makes Stock Exchanges Succeed? Evidence from Cross-Listing Decisions," CSEF Working Papers 50, Centre for Studies in Economics and Finance (CSEF), University of Naples, Italy.
    3. Cao Melanie & Shouyong Shi, 2002. "Signalling in the Internet Craze of Initial Public Offerings," Working Papers shouyong-02-03, University of Toronto, Department of Economics.
    4. Maghyereh, Aktham I. & Awartani, Basel, 2018. "The factors influencing the decision to list on Abu Dhabi securities exchange," Journal of Behavioral and Experimental Finance, Elsevier, vol. 19(C), pages 89-103.
    5. McGilvery, Andrew & Faff, Robert & Pathan, Shams, 2012. "Competitive valuation effects of Australian IPOs," International Review of Financial Analysis, Elsevier, vol. 24(C), pages 74-83.
    6. Jagjeev Dosanjh, 2017. "Exchange Initiatives and Market Efficiency: Evidence from the Australian Securities Exchange," PhD Thesis, Finance Discipline Group, UTS Business School, University of Technology, Sydney, number 1-2017.
    7. Marco Pagano & Ailsa A. Röell & Josef Zechner, 2002. "The Geography of Equity Listing: Why Do Companies List Abroad?," Journal of Finance, American Finance Association, vol. 57(6), pages 2651-2694, December.
    8. Matthias Kiefer & Edward Jones & Andrew Adams, 2016. "Principals, Agents and Incomplete Contracts: Are Surrender of Control and Renegotiation the Solution?," CFI Discussion Papers 1603, Centre for Finance and Investment, Heriot Watt University.
    9. William J. Wilhelm & Alexander Ljungqvist, 2002. "IPO Pricing in the Dot-com Bubble," OFRC Working Papers Series 2002fe07, Oxford Financial Research Centre.
    10. Belén Gill de Albornoz & Peter F. Pope, 2004. "The Determinants Of The Going Public Decision: Evidence From The U.K," Working Papers. Serie AD 2004-22, Instituto Valenciano de Investigaciones Económicas, S.A. (Ivie).
    11. Abdulla, Yomna & Dang, Viet Anh & Khurshed, Arif, 2020. "Suppliers' listing status and trade credit provision," Journal of Corporate Finance, Elsevier, vol. 60(C).
    12. Chemmanur, Thomas & Yan, An, 2017. "Product market advertising, heterogeneous beliefs, and the long-run performance of initial public offerings," Journal of Corporate Finance, Elsevier, vol. 46(C), pages 1-24.
    13. Silvia Rossetto, 2008. "The price of rapid exit in venture capital-backed IPOs," Annals of Finance, Springer, vol. 4(1), pages 29-53, January.
    14. Lubos Pastor & Pietro Veronesi, 2003. "Stock Prices and IPO Waves," NBER Working Papers 9858, National Bureau of Economic Research, Inc.
    15. Thomas J. Chemmanur & Jie He, 2012. "IPO Waves, Product Market Competition, and the Going Public Decision: Theory and Evidence," Working Papers 12-07, Center for Economic Studies, U.S. Census Bureau.
    16. Aghamolla, Cyrus & Thakor, Richard T., 2022. "IPO peer effects," Journal of Financial Economics, Elsevier, vol. 144(1), pages 206-226.
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    3. Bo Wang & Zehui Wang & Jun Wen & Xiaotian Tina Zhang, 2021. "Executive Gender and Firm Environmental Management: Evidence from CFO Transitions," Sustainability, MDPI, vol. 13(7), pages 1-14, March.
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    5. Renneboog, Luc & Ter Horst, Jenke & Zhang, Chendi, 2008. "The price of ethics and stakeholder governance: The performance of socially responsible mutual funds," Journal of Corporate Finance, Elsevier, vol. 14(3), pages 302-322, June.
    6. Ferriani, Fabrizio, 2023. "Issuing bonds during the Covid-19 pandemic: Was there an ESG premium?," International Review of Financial Analysis, Elsevier, vol. 88(C).
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    8. K.L. LAM & Dr. Kenny J.M. LUO, 2015. "Financial Advisers’ Attitude and Readiness of Advising Socially Responsible Investing," Journal of Business & Management (COES&RJ-JBM), , vol. 3(3), pages 416-425, July.
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    1. Manak Gupta & Alice Lee, 2006. "An Integrated Model of Debt Issuance, Refunding, and Maturity," Review of Quantitative Finance and Accounting, Springer, vol. 26(2), pages 177-199, March.
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    6. Abdul Razak Abdul Hadi & Nur Farah Nadiah Md Lazim & Tahir Iqbal, 2017. "Capital Structure Theories and Firm’s Value-Evidence from Bursa Malaysia Construction Sector," International Journal of Business and Management, Canadian Center of Science and Education, vol. 12(9), pages 163-163, August.
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    39. Alavi, Arash & Pham, Peter Kien & Pham, Toan My, 2008. "Pre-IPO ownership structure and its impact on the IPO process," Journal of Banking & Finance, Elsevier, vol. 32(11), pages 2361-2375, November.
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    46. Aydin Yüksel & Asli Yüksel, 2006. "The Link between IPO Underpricing and Trading Volume: Evidence from the Istanbul Stock Exchange," Journal of Entrepreneurial Finance, Pepperdine University, Graziadio School of Business and Management, vol. 11(3), pages 57-78, Fall.
    47. Evans, Lewis, 1998. "The Theory and Practice of Privatisation," Working Paper Series 19035, Victoria University of Wellington, The New Zealand Institute for the Study of Competition and Regulation.
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  33. Admati, Anat R & Pfleiderer, Paul & Zechner, Josef, 1994. "Large Shareholder Activism, Risk Sharing, and Financial Market Equilibrium," Journal of Political Economy, University of Chicago Press, vol. 102(6), pages 1097-1130, December.
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    2. Lucian Arye Bebchuk, 2002. "Ex Ante Costs of Violating Absolute Priority in Bankruptcy," Journal of Finance, American Finance Association, vol. 57(1), pages 445-460, February.
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    4. Isagawa, Nobuyuki, 2006. "Lender's risk incentive and debt concession," International Review of Economics & Finance, Elsevier, vol. 15(2), pages 141-150.
    5. Nobuyuki Isagawa & Satoru Yamaguchi & Tadayasu Yamashita, 2010. "Debt Forgiveness And Stock Price Reaction Of Lending Banks: Theory And Evidence From Japan," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 33(3), pages 267-287, September.

  35. Bagwell, Laurie Simon & Zechner, Josef, 1993. "Influence Costs and Capital Structure," Journal of Finance, American Finance Association, vol. 48(3), pages 975-1008, July.

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    2. Mahmoud Gad & Trang Nguyen & Mariano Scapin, 2023. "The effect of pay disparities within top management on conservative reporting," Accounting and Business Research, Taylor & Francis Journals, vol. 53(4), pages 478-504, June.
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    5. Chongwoo Choe & In-Uck Park, 2017. "Information Transmission Through Influence Activities," Bristol Economics Discussion Papers 17/692, School of Economics, University of Bristol, UK.
    6. Hiroshi Osano, 2001. "Stock Options and Employees' Firm-Specific Human Capital under the Threat of Divesture and Aquisition," Working Papers 01-10, Ohio State University, Department of Economics.
    7. Wulf, Julie, 2009. "Influence and inefficiency in the internal capital market," Journal of Economic Behavior & Organization, Elsevier, vol. 72(1), pages 305-321, October.
    8. Edlin, Aaron S & Stiglitz, Joseph E, 1995. "Discouraging Rivals: Managerial Rent-Seeking and Economic Inefficiencies," American Economic Review, American Economic Association, vol. 85(5), pages 1301-1312, December.
    9. Matejka, M., 2002. "Management accounting in organizational design : Three Essays," Other publications TiSEM 05952255-000c-4215-b05b-d, Tilburg University, School of Economics and Management.
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    11. Stein, Jeremy C., 2003. "Agency, information and corporate investment," Handbook of the Economics of Finance, in: G.M. Constantinides & M. Harris & R. M. Stulz (ed.), Handbook of the Economics of Finance, edition 1, volume 1, chapter 2, pages 111-165, Elsevier.
    12. Osano, Hiroshi, 2004. "Stock options and employees' firm-specific human capital under the threat of divestitures and acquisitions," Journal of Corporate Finance, Elsevier, vol. 10(4), pages 615-638, September.
    13. Matejka, M. & De Waegenaere, A.M.B., 2000. "Organizational Design and Management Accounting Change," Discussion Paper 2000-61, Tilburg University, Center for Economic Research.
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    5. Le Pape, Nicolas, 2001. "Endettement des firmes et comportements de rivalité : l’apport des principaux modèles en économie industrielle," L'Actualité Economique, Société Canadienne de Science Economique, vol. 77(2), pages 281-302, juin.
    6. Jianjun Miao, 2003. "Optimal Capital Structure and Industry Dynamics," Industrial Organization 0310001, University Library of Munich, Germany.
    7. El Ghoul, Sadok & Guedhami, Omrane & Kwok, Chuck C.Y. & Zheng, Ying, 2019. "Collectivism and the costs of high leverage," Journal of Banking & Finance, Elsevier, vol. 106(C), pages 227-245.
    8. Akdoğu, Evrim & MacKay, Peter, 2012. "Product markets and corporate investment: Theory and evidence," Journal of Banking & Finance, Elsevier, vol. 36(2), pages 439-453.
    9. Rosellon Cifuentes, M.A., 1999. "Essays on financial policy, liquidation values and product markets," Other publications TiSEM 802f644e-3e93-4815-bf33-8, Tilburg University, School of Economics and Management.
    10. Ormazabal, Gaizka & Ferrés, Daniel & Sertsios, Giorgio & Povel, Paul, 2017. "Capital Structure Under Collusion," CEPR Discussion Papers 12151, C.E.P.R. Discussion Papers.
    11. Rettl, Daniel A. & Stomper, Alex & Zechner, Josef, 2016. "The stability of dividends and wages: Effects of competitor inflexibility," CFS Working Paper Series 549, Center for Financial Studies (CFS).
    12. Hans Degryse & Peter Goeij & Peter Kappert, 2012. "The impact of firm and industry characteristics on small firms’ capital structure," Small Business Economics, Springer, vol. 38(4), pages 431-447, May.
    13. Viral V. Acharya & Heitor Almeida & Murillo Campello, 2005. "Is Cash Negative Debt? A Hedging Perspective on Corporate Financial Policies," NBER Working Papers 11391, National Bureau of Economic Research, Inc.
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    22. Bosma, Jakob J., 2016. "Dueling policies: Why systemic risk taxation can fail," European Economic Review, Elsevier, vol. 87(C), pages 132-147.
    23. Antonczyk, Ron Christian & Salzmann, Astrid Juliane, 2014. "Overconfidence and optimism: The effect of national culture on capital structure," Research in International Business and Finance, Elsevier, vol. 31(C), pages 132-151.
    24. Sadok El Ghoul & Omrane Guedhami & Chuck C Y Kwok & Ying Zheng, 2021. "The role of creditor rights on capital structure and product market interactions: International evidence," Journal of International Business Studies, Palgrave Macmillan;Academy of International Business, vol. 52(1), pages 121-147, February.
    25. Rahaman, Mohammad M., 2014. "Do managerial behaviors trigger firm exit? The case of hyperactive bidders," The Quarterly Review of Economics and Finance, Elsevier, vol. 54(1), pages 92-110.
    26. Erika Färnstrand Damsgaard & Per Hjertstrand & Pehr‐Johan Norbäck & Lars Persson & Helder Vasconcelos, 2017. "Why Entrepreneurs Choose Risky R&D Projects – But Still Not Risky Enough," Economic Journal, Royal Economic Society, vol. 127(605), pages 164-199, October.
    27. Xiaobao SONG & Wunhong SU, 2022. "Heterogeneous Debt Financing and Share Return Volatility," Journal for Economic Forecasting, Institute for Economic Forecasting, vol. 0(1), pages 85-105, April.
    28. Frederick Adjei, 2012. "Debt dependence and corporate performance in a financial crisis: evidence from the sub-prime mortgage crisis," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 36(1), pages 176-189, January.
    29. Peter MacKay & Gordon M. Phillips, 2002. "Is There an Optimal Industry Financial Structure?," NBER Working Papers 9032, National Bureau of Economic Research, Inc.
    30. Istaitieh, Abdulaziz & Rodriguez-Fernandez, Jose M., 2006. "Factor-product markets and firm's capital structure: A literature review," Review of Financial Economics, Elsevier, vol. 15(1), pages 49-75.
    31. Abdulaziz Istaitieh & José M. Rodríguez‐Fernández, 2006. "Factor‐product markets and firm's capital structure: A literature review," Review of Financial Economics, John Wiley & Sons, vol. 15(1), pages 49-75.
    32. Mine Ertugrul & Erasmo Giambona, 2011. "Property Segment and REIT Capital Structure," The Journal of Real Estate Finance and Economics, Springer, vol. 43(4), pages 505-526, November.
    33. Alex Stomper, 2006. "A Theory of Banks' Industry Expertise, Market Power, and Credit Risk," Management Science, INFORMS, vol. 52(10), pages 1618-1633, October.
    34. Haushalter, David & Klasa, Sandy & Maxwell, William F., 2007. "The influence of product market dynamics on a firm's cash holdings and hedging behavior," Journal of Financial Economics, Elsevier, vol. 84(3), pages 797-825, June.

  37. Heinkel, Robert & Zechner, Josef, 1990. "The Role of Debt and Perferred Stock as a Solution to Adverse Investment Incentives," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 25(1), pages 1-24, March.

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    1. Demirguc-Kunt, Asli, 1992. "Developing country capital structures and emerging stock markets," Policy Research Working Paper Series 933, The World Bank.
    2. Marian Rizov, 2008. "Corporate Capital Structure And How Soft Budget Constraints May Affect It," Journal of Economic Surveys, Wiley Blackwell, vol. 22(4), pages 648-684, September.
    3. Cai, Jie & Zhang, Zhe, 2011. "Leverage change, debt overhang, and stock prices," Journal of Corporate Finance, Elsevier, vol. 17(3), pages 391-402, June.
    4. Daniel P. Klein & Brian Belt, 1994. "Sustainable Growth And Choice Of Financing: A Test Of The Pecking Order Hypothesis," Review of Financial Economics, John Wiley & Sons, vol. 3(2), pages 141-154, March.
    5. Zhang, Guochang, 1998. "Ownership concentration, risk aversion and the effect of financial structure on investment decisions," European Economic Review, Elsevier, vol. 42(9), pages 1751-1778, November.
    6. Marcelo Rabelo Henrique & Sandro Braz Silva & Ant?nio Saporito & S¨¦rgio Roberto da Silva, 2020. "Determinants of the Capital Structure of Companies Listed on the Stock Exchanges of Argentina, Brazil and Chile: An Empirical Analysis of the Period from 2007 to 2016," International Journal of Economics and Finance, Canadian Center of Science and Education, vol. 12(6), pages 1-18, June.
    7. Y. Braouezec, 2009. "Financing Constraint, Over-investment and Market-to-Book Ratio," Post-Print hal-00677797, HAL.
    8. Mario Fischer, 2015. "Challenging the payment effect in bank-financed takeovers," Journal of Management Control: Zeitschrift für Planung und Unternehmenssteuerung, Springer, vol. 26(4), pages 347-376, October.
    9. Sanjiva Prasad & Christopher J. Green & Victor Murinde, 2001. "Company Financing, Captial Structure, and Ownership: A Survey, and Implications for Developing Economies," SUERF Studies, SUERF - The European Money and Finance Forum, number 12 edited by Morten Balling, May.
    10. Donald J. Stokes & Michael J. Whincop, 1993. "Covenants and Accounting Information in the Market for Classes of Preferred Stock," Contemporary Accounting Research, John Wiley & Sons, vol. 9(2), pages 463-478, March.
    11. Bebel, Arkadiusz, 2014. "Low Versus High Leverage (LVH)," MPRA Paper 62889, University Library of Munich, Germany, revised 08 Nov 2014.
    12. Gerald T. Garvey, 1992. "Leveraging The Underinvestment Problem: How High Debt And Management Shareholdings Solve The Agency Costs Of Free Cash Flow," Journal of Financial Research, Southern Finance Association;Southwestern Finance Association, vol. 15(2), pages 149-166, June.
    13. Sanjiva Prasad & Christopher J. Green & Victor Murinde, 2005. "Company Financial Structure: A Survey and Implications for Developing Economies," Chapters, in: Christopher J. Green & Colin Kirkpatrick & Victor Murinde (ed.), Finance and Development, chapter 12, Edward Elgar Publishing.
    14. Kallberg, Jarl & Liu, Crocker H. & Villupuram, Sriram, 2013. "Preferred stock: Some insights into capital structure," Journal of Corporate Finance, Elsevier, vol. 21(C), pages 77-86.
    15. Edmans, Alex, 2011. "Short-term termination without deterring long-term investment: A theory of debt and buyouts," Journal of Financial Economics, Elsevier, vol. 102(1), pages 81-101, October.
    16. Ravid, S. Abraham & Venezia, Itzhak & Ofer, Aharon & Pons, Vicente & Zuta, Shlomith, 2007. "When are preferred shares preferred? Theory and empirical evidence," Journal of Financial Stability, Elsevier, vol. 3(3), pages 198-237, October.
    17. Antonczyk, Ron Christian & Salzmann, Astrid Juliane, 2014. "Overconfidence and optimism: The effect of national culture on capital structure," Research in International Business and Finance, Elsevier, vol. 31(C), pages 132-151.
    18. Qi Quan & Nancy Huyghebaert, 2005. "Share Issuing Privatizations in China: Determinants of Public Share Allocation and Underpricing," LICOS Discussion Papers 16205, LICOS - Centre for Institutions and Economic Performance, KU Leuven.
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    21. Dimiter Rafailov, 2003. "Determinants of the capital structure of the Bulgarian firms," Economic Thought journal, Bulgarian Academy of Sciences - Economic Research Institute, issue 1, pages 47-65.
    22. Mohammad Al-Suhaibani & Nader Naifar, 2014. "Islamic Corporate Governance: Risk-Sharing and Islamic Preferred Shares," Journal of Business Ethics, Springer, vol. 124(4), pages 623-632, November.
    23. Su, Dongwei, 2004. "Leverage, insider ownership, and the underpricing of IPOs in China," Journal of International Financial Markets, Institutions and Money, Elsevier, vol. 14(1), pages 37-54, February.
    24. Tahvanainen, Antti-Jussi, 2003. "The Capital Structure of Finnish Biotechnology SMEs - An empirical analysisi," Discussion Papers 864, The Research Institute of the Finnish Economy.
    25. Wambua Mary Mwongeli & Jared Ariemba, 2018. "Effect of Capital Structure on Financial Sustainability of Deposit-Taking Microfinance Institutions in Kenya," Business, Management and Economics Research, Academic Research Publishing Group, vol. 4(1), pages 1-10, 01-2018.
    26. Zechner, Josef & Halling, Michael & Yu, Jin, 2020. "The Dynamics of Corporate Debt Structure," CEPR Discussion Papers 14572, C.E.P.R. Discussion Papers.

  38. Zechner, Josef, 1990. "Tax Clienteles and Optimal Capital Structure under Uncertainty," The Journal of Business, University of Chicago Press, vol. 63(4), pages 465-491, October.

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    1. Drobetz, Wolfgang & Pensa, Pascal & Wöhle, Claudia B., 2004. "Kapitalstrukturtheorie in Theorie und Praxis: Ergebnisse einer Fragebogenuntersuchung," Working papers 2004/09, Faculty of Business and Economics - University of Basel.
    2. Babkin, Anton & Glover, Brent & Levine, Oliver, 2017. "Are corporate inversions good for shareholders?," Journal of Financial Economics, Elsevier, vol. 126(2), pages 227-251.
    3. Graham, John R., 1999. "Do personal taxes affect corporate financing decisions?," Journal of Public Economics, Elsevier, vol. 73(2), pages 147-185, August.
    4. Maßbaum, Alexandra & Sureth, Caren, 2008. "The impact of thin capitalization rules on shareholder financing," arqus Discussion Papers in Quantitative Tax Research 39, arqus - Arbeitskreis Quantitative Steuerlehre.
    5. Frank Milne & Xing Jin, 2006. "Taxation And Transaction Costs In A General Equilibrium Asset Economy," Working Paper 1111, Economics Department, Queen's University.
    6. Joel M. Vanden, 2016. "Optimal capital structures for private firms," Annals of Finance, Springer, vol. 12(2), pages 245-273, May.

  39. Fischer, Edwin O. & Heinkel, Robert & Zechner, Josef, 1989. "Dynamic Recapitalization Policies and the Role of Call Premia and Issue Discounts," Journal of Financial and Quantitative Analysis, Cambridge University Press, vol. 24(4), pages 427-446, December.

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    1. Melvin Jameson & Tao‐Hsien Dolly King & Andrew Prevost, 2021. "Top management incentives and financial flexibility: The case of make‐whole call provisions," Journal of Business Finance & Accounting, Wiley Blackwell, vol. 48(1-2), pages 374-404, January.
    2. Bulent Koksal & Cuneyt Orman, 2014. "Determinants of Capital Structure : Evidence from a Major Developing Economy," Working Papers 1426, Research and Monetary Policy Department, Central Bank of the Republic of Turkey.
    3. Sudipto Sarkar, 2004. "Yield spreads, agency costs and the corporate bond call feature," The European Journal of Finance, Taylor & Francis Journals, vol. 10(4), pages 308-327.
    4. Augusto Castillo, 2004. "Firm and Corporate Bond Valuation: A Simulation Dynamic Programming Approach," Latin American Journal of Economics-formerly Cuadernos de Economía, Instituto de Economía. Pontificia Universidad Católica de Chile., vol. 41(124), pages 345-360.
    5. Viral V. Acharya & Jennifer N. Carpenter, 2002. "Corporate Bond Valuation and Hedging with Stochastic Interest Rates and Endogenous Bankruptcy," The Review of Financial Studies, Society for Financial Studies, vol. 15(5), pages 1355-1383.
    6. Lim, Terence & Lo, Andrew W. & Merton, Robert C. & Scholes, Myron S., 2006. "The Derivatives Sourcebook," Foundations and Trends(R) in Finance, now publishers, vol. 1(5–6), pages 365-572, April.
    7. Christensen, Peter Ove & Flor, Christian Riis & Lando, David & Miltersen, Kristian R., 2014. "Dynamic capital structure with callable debt and debt renegotiations," Journal of Corporate Finance, Elsevier, vol. 29(C), pages 644-661.
    8. Pascal François & Sophie Pardo, 2015. "Prepayment risk on callable bonds: theory and test," Decisions in Economics and Finance, Springer;Associazione per la Matematica, vol. 38(2), pages 147-176, October.
    9. Sarkar, Sudipto, 2001. "Probability of call and likelihood of the call feature in a corporate bond," Journal of Banking & Finance, Elsevier, vol. 25(3), pages 505-533, March.
    10. Christian Riis Flor, 2008. "Capital Structure and Assets: Effects of an Implicit Collateral," European Financial Management, European Financial Management Association, vol. 14(2), pages 347-373, March.
    11. Eric Powers, 2021. "The Optimality of Call Provision Terms," Management Science, INFORMS, vol. 67(10), pages 6581-6601, October.
    12. Zechner, Josef & Dangl, Thomas, 2003. "Credit Risk and Dynamic Capital Structure Choice," CEPR Discussion Papers 4132, C.E.P.R. Discussion Papers.
    13. Das, Sanjiv R. & Kim, Seoyoung, 2015. "Credit spreads with dynamic debt," Journal of Banking & Finance, Elsevier, vol. 50(C), pages 121-140.
    14. Iván Arribas & Emili Tortosa-Ausina & TingTing Zhu, 2021. "Optimal capital structure, model uncertainty, and European SMEs," Working Papers 2021/11, Economics Department, Universitat Jaume I, Castellón (Spain).
    15. Xu, Ruxing & Li, Shenghong, 2010. "Belief updating, debt pricing and financial decisions under asymmetric information," Research in International Business and Finance, Elsevier, vol. 24(2), pages 123-137, June.
    16. Hennessy, Christopher A. & Tserlukevich, Yuri, 2008. "Taxation, agency conflicts, and the choice between callable and convertible debt," Journal of Economic Theory, Elsevier, vol. 143(1), pages 374-404, November.

  40. Ronald Giammarino & Eduardo Schwartz & Josef Zechner, 1989. "Market Valuation of Bank Assets and Deposit Insurance in Canada," Canadian Journal of Economics, Canadian Economics Association, vol. 22(1), pages 109-127, February.

    Cited by:

    1. Brahim Guizani & Wako Watanabe, 2010. "The Deposit Insurance and the Risk-Shifting Incentive Evidence from the Blanket Deposit Insurance in Japan," Keio/Kyoto Joint Global COE Discussion Paper Series 2010-004, Keio/Kyoto Joint Global COE Program.
    2. Sinha, Pankaj & Sharma, Sakshi & Sondhi, Kriti, 2013. "Market Valuation and Risk Assessment of Indian Banks using Black -Scholes -Merton Model," MPRA Paper 47442, University Library of Munich, Germany.
    3. Cordell, Lawrence R. & King, Kathleen Kuester, 1995. "A market evaluation of the risk-based capital standards for the U.S. financial system," Journal of Banking & Finance, Elsevier, vol. 19(3-4), pages 531-562, June.
    4. Shu Ling Chiang & Ming Shann Tsai, 2019. "The Valuation of Deposit Insurance Premiums Based on a Specific Bank's Official Default Probability," Multinational Finance Journal, Multinational Finance Journal, vol. 23(3-4), pages 141-167, September.
    5. Demirguc-Kunt, Asli & Kane, Edward J. & Laeven, Luc, 2006. "Determinants of deposit-insurance adoption and design," Policy Research Working Paper Series 3849, The World Bank.
    6. Dermine, Jean & Lajeri, Fatma, 2001. "Credit risk and the deposit insurance premium: a note," Journal of Economics and Business, Elsevier, vol. 53(5), pages 497-508.
    7. Epps, T. W. & Pulley, Lawrence B. & Humphrey, David B., 1996. "Assessing the FDIC's premium and examination policies using 'Soviet' put options," Journal of Banking & Finance, Elsevier, vol. 20(4), pages 699-721, May.
    8. Flannery, Mark J. & Giacomini, Emanuela, 2015. "Maintaining adequate bank capital: An empirical analysis of the supervision of European banks," Journal of Banking & Finance, Elsevier, vol. 59(C), pages 236-249.
    9. Guizani, Brahim & Watanabe, Wako, 2016. "The effects of public capital infusions on banks’ risk-shifting to the deposit insurance system in Japan," Journal of Financial Stability, Elsevier, vol. 26(C), pages 15-30.
    10. Pennacchi, George G., 2005. "Risk-based capital standards, deposit insurance, and procyclicality," Journal of Financial Intermediation, Elsevier, vol. 14(4), pages 432-465, October.
    11. Belkhir, Mohamed & Grira, Jocelyn & Hassan, M. Kabir & Soumaré, Issouf, 2019. "Islamic banks and political risk: International evidence," The Quarterly Review of Economics and Finance, Elsevier, vol. 74(C), pages 39-55.
    12. James Barth & Philip Bartholomew & Peter Elmer, 1997. "The value of tax benefits and the cost of liquidating versus selling failed thrift institutions," Journal of Economics and Finance, Springer;Academy of Economics and Finance, vol. 21(2), pages 3-11, June.
    13. Jean-Pierre Gueyié & Alaa Guidara & Van Son Lai, 2018. "Banks? Non-Traditional Activities Under Regulatory Changes: Impact on Risk, Performance and Capital Adequacy," Working Papers 2018-003, Department of Research, Ipag Business School.
    14. Christian Braun, 2001. "The cost of a guarantee for bank liabilities: revisiting Merton," BIS Papers chapters, in: Bank for International Settlements (ed.), Marrying the macro- and micro-prudential dimensions of financial stability, volume 1, pages 354-366, Bank for International Settlements.
    15. Guidara, Alaa & Lai, Van Son & Soumaré, Issouf & Tchana Tchana, Fulbert, 2013. "Banks’ Capital Buffer, Risk and Performance in the Canadian Banking System: Impact of Business Cycles and Regulatory Changes," MPRA Paper 44105, University Library of Munich, Germany.
    16. Helmut Elsinger & Alfred Lehar & Martin Summer, 2006. "Systemically important banks: an analysis for the European banking system," International Economics and Economic Policy, Springer, vol. 3(1), pages 73-89, April.
    17. Laeven, Luc, 2004. "The political economy of deposit insurance," Policy Research Working Paper Series 3247, The World Bank.
    18. Gueyie, Jean-Pierre & Lai, Van Son, 2003. "Bank moral hazard and the introduction of official deposit insurance in Canada," International Review of Economics & Finance, Elsevier, vol. 12(2), pages 247-273.
    19. Loveland, Robert, 2016. "How prompt was regulatory corrective action during the financial crisis?," Journal of Financial Stability, Elsevier, vol. 25(C), pages 16-36.
    20. Lim, Terence & Lo, Andrew W. & Merton, Robert C. & Scholes, Myron S., 2006. "The Derivatives Sourcebook," Foundations and Trends(R) in Finance, now publishers, vol. 1(5–6), pages 365-572, April.
    21. Butler, J. S. & Schachter, Barry, 1996. "The statistical properties of parameters inferred from the black-scholes formula," International Review of Financial Analysis, Elsevier, vol. 5(3), pages 223-235.
    22. Andrew Atkeson & Andrea L. Eisfeldt & Pierre-Olivier Weill, 2013. "Measuring the financial soundness of U.S. firms, 1926-2012," Staff Report 484, Federal Reserve Bank of Minneapolis.
    23. Chiang, Shu Ling & Tsai, Ming Shann, 2020. "The valuation of deposit insurance allowing for the interest rate spread and early-bankruptcy risk," The Quarterly Review of Economics and Finance, Elsevier, vol. 76(C), pages 345-356.
    24. Jin-Chuan, Duan & Moreau, Arthur F. & Sealey, C. W., 1995. "Deposit insurance and bank interest rate risk: Pricing and regulatory implications," Journal of Banking & Finance, Elsevier, vol. 19(6), pages 1091-1108, September.
    25. Ying Liu & Eli Papakirykos & Mingwei Yuan, 2004. "Market Valuation and Risk Assessment of Canadian Banks," Staff Working Papers 04-34, Bank of Canada.
    26. John D. Wagster, 2007. "Wealth and Risk Effects of Adopting Deposit Insurance in Canada: Evidence of Risk Shifting by Banks and Trust Companies," Journal of Money, Credit and Banking, Blackwell Publishing, vol. 39(7), pages 1651-1681, October.
    27. Klaus P. Fischer & Jean-Pierre Gueyie & Edgar Ortiz, 1997. "Financial Liberalization: Commercial Bank's Blessing or Curse?," Finance 9705003, University Library of Munich, Germany.
    28. Grira, Jocelyn & Hassan, M. Kabir & Soumaré, Issouf, 2016. "Pricing beliefs: Empirical evidence from the implied cost of deposit insurance for Islamic banks," Economic Modelling, Elsevier, vol. 55(C), pages 152-168.
    29. Lehar, Alfred, 2005. "Measuring systemic risk: A risk management approach," Journal of Banking & Finance, Elsevier, vol. 29(10), pages 2577-2603, October.
    30. Duan, J. & Sealey, C. W. & Yan, Y., 1999. "Managing banks' duration gaps when interest rates are stochastic and equity has limited liability," International Review of Economics & Finance, Elsevier, vol. 8(3), pages 253-265, September.

  41. Lee, Moon H. & Zechner, Josef, 1984. "Debt, taxes, and international equilibrium," Journal of International Money and Finance, Elsevier, vol. 3(3), pages 343-355, December.

    Cited by:

    1. Rebecca Neumann, 2003. "International capital flows under asymmetric information and costly monitoring: implications of debt and equity financing," Canadian Journal of Economics, Canadian Economics Association, vol. 36(3), pages 674-700, August.
    2. Demirguc-Kunt, Asl1 & Maksimovic, Vojislav, 1996. "Institutions, financial markets, and firms'choice of debt maturity," Policy Research Working Paper Series 1686, The World Bank.
    3. Denis Babusiaux & Axel Pierru, 2000. "Capital Budgeting, Investment Project Valuation and Financing Mix : Methodological Proposals," Working Papers hal-02437385, HAL.
    4. René M. Stulz, 1996. "Does the cost of capital differ across countries? An agency perspective," European Financial Management, European Financial Management Association, vol. 2(1), pages 11-22, March.
    5. Neumann, Rebecca M., 2006. "The effects of capital controls on international capital flows in the presence of asymmetric information," Journal of International Money and Finance, Elsevier, vol. 25(6), pages 1010-1027, October.
    6. Darby, Michael R., 1986. "The internationalization of American banking and finance: Structure, risk, and world interest rates," Journal of International Money and Finance, Elsevier, vol. 5(4), pages 403-428, December.
    7. Mary Kathryn Campion & Rebecca M. Neumann, 2003. "Compositional Effects of Capital Controls – Theory and Evidence," The World Economy, Wiley Blackwell, vol. 26(7), pages 957-973, July.
    8. Singh, Kuljot & Hodder, James E., 2000. "Multinational capital structure and financial flexibility," Journal of International Money and Finance, Elsevier, vol. 19(6), pages 853-884, December.

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