Auch dreißig Jahre nach dem Artikel von Modigliani und Miller und zahllosen weiteren Veröffentlichungen ist die Frage zur Finanzierungsstruktur von Unternehmen weitgehend ungelöst. Dabei ist insbesondere in der empirischen Evidenz dieses Forschungsgebietes ein Defizit festzustellen. Unter...

Thirty years after the seminal work of Modigliani and Miller and countless articles the capital structure puzzle is for the most part unsolved. Especially, in this field of research there is a considerable lack of empirical evidence. Using firm level data from seven European countries, this...

We study the cross-country dimension of financial cycles for six euro area countries using three different methodologies: principal component analysis, synchronicity and similarity measures and wavelet analysis. We find that equity prices and interest rates display synchronization across...

This paper introduces a new indicator of contemporaneous stress in the financial system named Composite Indicator of Systemic Stress (CISS). Its specific statistical design is shaped according to standard definitions of systemic risk. The main methodological innovation of the CISS is the...

This report presents the findings of the third post-programme surveillance (PPS) mission of European Commission staff, in liaison with staff from the European Central Bank (ECB), which took place in Cyprus from 25 to 29 September 2017. Given that Cyprus has been identified as experiencing...

This report presents the findings of the third post-programme surveillance (PPS) mission of European Commission staff, in liaison with staff from the European Central Bank (ECB), which took place in Cyprus from 25 to 29 September 2017. Given that Cyprus has been identified as experiencing...

Cyprus implemented an economic adjustment programme from April 2013 to March 2016. Staff from the European Commission (EC), in liaison with staff from the European Central Bank (ECB), undertook the second postprogramme surveillance (PPS) mission to Cyprus between 27 and 31 March 2017.

Cyprus implemented an economic adjustment programme from April 2013 to March 2016. Staff from the European Commission (EC), in liaison with staff from the European Central Bank (ECB), undertook the second postprogramme surveillance (PPS) mission to Cyprus between 27 and 31 March 2017.