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Corporate credit and leverage in the EU: Recent evolution, main drivers and financial stability implications

Beck, Thorsten; Peltonen, Tuomo; Perotti, Enrico C.; … - 2023

This report presents a long-term view of the evolution of financing of EU non-financial corporations (NFCs) in recent decades. It finds a decline in NFC leverage since at least 2008, and across countries, size categories and industries. It also documents a growing role of non-bank financial...

Persistent link: https://www.econbiz.de/10014327946

A factor analysis approch to measuring European loan and bond market integration

Wagenvoort, Rien; Ebner, André; Morgese Borys, Magdalena - 2009

By using an existing and a new convergence measure, this paper assesses whether bank loan and bond interest rates are … converging for the non-financial corporate sector across the euro area. Whilst we find evidence for complete bond market …

Persistent link: https://www.econbiz.de/10010427552

An empirical analysis of the financing strategy of callable bonds

Ryu, Keunkwan; Wee, Jung Bum - 2001

This paper empirically analyzes the call timing of callable bonds to see how refunding opportunity, cost of financial distress, agency cost of debt, and private information affect the call decision. The empirical results show that firms issue callable bonds, convertible or not, to enjoy future...

Persistent link: https://www.econbiz.de/10010332329

Konstruktion einer Anleihe mit hypothekarischer Besicherung

Alram, Johannes - 2009

This work describes the legal structuring of a mortgage covered bond in accordance with the regulations of paragraphs … rights of the bond holders according to the regulations of the German Statue Governing Common Rights of Owners of Debt … Securities (Schuldverschreibungsgesetz). Furthermore, the work describes how the bond creditors shall have preferences of the …

Persistent link: https://www.econbiz.de/10010298959

Exploring the CDS-Bond Basis

De Wit, Jan - 2006

. Nonetheless, the average CDS-bond basis (i.e. the difference between both measures) is positive in the period 2004-2005. We detect …

Persistent link: https://www.econbiz.de/10011506625

Unifying exotic option closed formulas

Esquível, Manuel L.; Veiga, Carlos; Wystup, Uwe - 2010

This paper aims to unify exotic option closed formulas by generalizing a large class of existing formulas and by setting a framework that allows for further generalizations. The formula presented covers options from the plain vanilla to most, if not all, mountain range exotic options and is...

Persistent link: https://www.econbiz.de/10010301702

A call on Art investments

Kraeussl, Roman; Wiehenkamp, Christian - 2010

The art market has seen boom and bust during the last years and, despite the downturn, has received more attention from investors given the low interest environment following the financial crisis. However, participation has been reserved for a few investors and the hedging of exposures remains...

Persistent link: https://www.econbiz.de/10010303744

Option replication with large transactions costs

Reiß, Ariane - 1997

factor. This upper boundary ensures the efficiency of the stock price as well as the bond price process. It turned out that …

Persistent link: https://www.econbiz.de/10010435527

Der Informationsgehalt von Derivaten für die Geldpolitik: Implizite Volatilitäten und Wahrscheinlichkeiten

Neuhaus, Holger - 1995

There is much discussion about derivatives at central banks. The main focus is on questions about the impact of the growing use of derivative instruments on the stability of the financial markets and the effectiveness ofmonetary policy measures. Irrespective ofthe answers, the information...

Persistent link: https://www.econbiz.de/10010478816

The information content of derivatives for monetary policy: Implied volatilities and probabilities

Neuhaus, Holger - 1995

Persistent link: https://www.econbiz.de/10010478817