Search Results - subject_exact:"Commercial paper"

From purchases to exit : central bank interventions in corporate debt markets

Breckenfelder, Johannes; Schepens, Glenn - 2025

Central banks increasingly act as market-makers-of-last-resort, yet the impact and exit of such interventions remain poorly understood. Using euro-area data, we analyze the cycle of market freeze, intervention, and exit in short-term debt markets. A run on money market funds (MMFs) triggered a...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015415763

Debt composition, institutional demand, and corporate investment : evidence from Thailand

Kanis Saengchote - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015464499

The meandering trajectories of financial innovations : commercial paper and its uses in sixteenth-century Lyon's trading networks

Matringe, Nadia - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014436868

Do credit lines provide reliable liquidity insurance? : evidence from commercial-paper backup lines

Amberg, Niklas - 2023

Commercial-paper backup lines account for a substantial share of undrawn loan commitments in the corporate sector, but have despite this received scant attention in the credit-line literature. In this paper, I study the liquidity-insurance properties of backup lines using a comprehensive loan-...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014301414

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Do credit lines provide reliable liquidity insurance? Evidence from commercial-paper backup lines

Amberg, Niklas - 2023

Book / Working Paper

Drivers of commercial paper rate spread : an empirical assessment

Priyadarshini, Priyanka; Anshul; Sardar, Srijashree; … - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014487021

Stablecoins and short-term funding markets

Barthélémy, Jean; Gardin, Paul; Nguyen, Benoit - 2026

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015580379

South Korea: corporate liquidity support organization

Engbith, Lily S. - 2022

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013448968

Sweden: commercial paper purchases

Mott, Carey K. - 2022

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013448970

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Sweden : Commercial Paper Purchases

Mott, Carey - 2022

Book / Working Paper

United States: Commercial Paper Funding Facility II

Engbith, Lily S. - 2022

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013448980

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United States : Commercial Paper Funding Facility II

Engbith, Lily - 2022

Book / Working Paper

Banks’ Private Money Creation and Market Preferences : Evidence from Banks’ Commercial Paper Issuance

Aghasian, Mostafa - 2023

Unsecured short-term creditors of banks face the write-off risk of their securities in the event of bank runs. To prevent frequent failures, banks are required to maintain a certain level of equity within their capital structure. Thus, the short-term investors expect the disclosed equity to...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014355083

Commercial Paper Markets in the Benchmark Reform for EURIBOR Rates : Effective Lower Bound Era

Junttila, Juha-Pekka; Tauriainen, Juha-Matti - 2023

In the new Benchmark Determination Methodology (BDM), the calculation of Euro Interbank Offered Rates (EURIBOR) should be based on fully comprehensive euro unsecured money market transactions. As this set of eligible transactions contains a number of different instruments, it cannot be...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014355445

Determinants of short-term corporate yield spreads : evidence from the commercial paper market

Huang, Jing-Zhi; Liu, Bibo; Shi, Zhan - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014317896

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Determinants of Short-Term Corporate Yield Spreads : Evidence from the Commercial Paper Market

Huang, Jing-Zhi - 2020

Book / Working Paper

Macroeconomic effects of quantitative easing using mid-sized Bayesian vector autoregressions

Stefański, Maciej - 2021

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012654928

From purchases to exit: central bank interventions in corporate debt markets

Breckenfelder, Johannes; Schepens, Glenn - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015432217

When less is not always more : issue frequency and borrowing costs in commercial paper market

Kamate, Vidya; Ranjan, Abhishek - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015467811

Co-movement of geopolitical risks and commercial papers

Parnes, Dror; Gormus, Alper; Parnes, Sapir S. - 2025

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015650971

Corporate Funding in a Liquidity Crisis : Commercial Paper and Central Bank Interventions

Breckenfelder, Johannes; Schepens, Glenn - 2022

We study the determinants of the liquidity dry-up in the commercial paper market in March 2020 and the role of central bank interventions in reviving the market. We show that the dry-up was driven by money market funds (MMFs) - the key investors in the commercial paper market - that faced...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013290835

The market for short-term debt securities in Europe : what we know and what we do not know

Darpeix, Pierre-Emmanuel - 2022

In March 2020, against the backdrop of a worsening Covid crisis, some segments of the money market fund (MMF) industry faced severe redemption pressures. Given their central role within the short term funding market, MMFs were at the heart of financial stability concerns, and legitimately...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013457651

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The market for short-term debt securities in Europe: What we know and what we do not know

Darpeix, Pierre-Emmanuel - 2022

Book / Working Paper

Canada: Commercial Paper Purchase Program

Engbith, Lily S. - 2022

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013448785

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Canada : Commercial Paper Purchase Program

Engbith, Lily - 2022

Book / Working Paper

The commercial paper funding facility

Boyarchenko, Nina; Crump, Richard K.; Kovner, Anna; … - 2022

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013329780

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The Commercial Paper Funding Facility

Boyarchenko, Nina; Crump, Richard K.; Kovner, Anna; … - 2021

Book / Working Paper

The Commercial Paper Funding Facility

Boyarchenko, Nina; Crump, Richard K.; Kovner, Anna; … - 2022

Book / Working Paper

The European banks' role in the financial crisis of 2007-8 : a critical assessment

Lysandrou, Photis - 2022

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013372927

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The European banks' role in the financial crisis of 2007-8 : a critical assessment

Lysandrou, Photis - 2022

Book / Working Paper

Shadow banking in India : nature, trends, concerns and policy interventions

Sivramkrishna, Sashi; Gune, Soyra; Kandalam, Kasturi; … - 2019

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012177795

Commercial paper popularization and enterprise risk taking

Huangfu, Mingguo; Wang, Zejun; Li, Jiatong; Ye, Xinhai; … - 2024

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014531661

Collateral deterioration and search for yield in shadow banking

Gallo, Angela; Casu, Barbara - 2021

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013164746

Investigating the Impact of COVID-19 Outbreak On U.S. Bond and Commercial Paper Market

Destin, Achu Dobgima - 2021

SARS-Cov-2 was first reported in Wuhan, a town in Hubei Province of China with a population of 11 million in December 2019, following an outbreak of non-pneumonia a clear cause. The virus has now spread across the globe to more than 200 countries and territories, and the world health...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013241481

Cash Is Not King : Evidence from the Commercial Paper Market

Klingler, Sven; Syrstad, Olav; Vuillemey, Guillaume - 2021

Using new transaction-level data for non-financial commercial paper (CP) in the U.S., we show that companies systematically reduce their outstanding short-term debt on quarterly and annual disclosure dates. Constraints on CP lending supply cannot explain this pattern. Instead, firms prefer...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013233331

Commercial Paper Market as a Forward-Looking Component for EURIBOR Interest Rates During the COVID-19 Pandemic

Tauriainen, Juha-Matti; Junttila, Juha-Pekka - 2021

In the new hybrid methodology the calculation of EURIBOR benchmark reference rates should be grounded in fully comprehensive euro money market transactions. We analyze the role of financial corporate paper (CP) market in the development of EURIBOR interest rates by applying a DCC-GARCH framework...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013312063

COVID Response : The Commercial Paper Funding Facility

Boyarchenko, Nina; Crump, Richard K.; Kovner, Anna; … - 2021

The Federal Reserve reestablished the Commercial Paper Funding Facility (CPFF 2020) in response to the disruptions in the commercial paper market triggered by the COVID-19 pandemic and subsequent economic shutdowns. The CPFF 2020 was designed to support market functioning and provide a liquidity...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013211411

Do Global Banks Spread Global Imbalances? The Case of Asset-Backed Commercial Paper During the Financial Crisis of 2007-09

Acharya, Viral V.; Schnabl, Philipp - 2021

The global imbalance explanation of the financial crisis of 2007-09 suggests that demand for riskless assets from countries with current account surpluses created fragility in countries with current account deficits, most notably, in the United States. We examine this explanation by analyzing...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013224410

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Do Global Banks Spread Global Imbalances? The Case of Asset-Backed Commercial Paper During the Financial Crisis of 2007-09

Acharya, Viral V. - 2010

Book / Working Paper

Do Global Banks Spread Global Imbalances? The Case of Asset-Backed Commercial Paper During the Financial Crisis of 2007-09

Acharya, Viral V. - 2010

Book / Working Paper

Disclosing the undisclosed : commercial paper as hidden liquidity suffers

Klingler, Sven; Syrstad, Olav - 2021

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012795581

Issues note on liquidity in the corporate bond and commercial paper markets, the procyclical impact of downgrades and implications for asset managers and insurers

2020

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012512453

1970 Commercial Paper Market Liquidity Crisis (U.S. Historical)

Nygaard, Kaleb - 2020

Penn Central Transportation Company (Penn Central), the resulting railroad company of the late 1960s merger of Pennsylvania Railroad and New York Central Railroad, filed for bankruptcy on June 21, 1970. The bankruptcy came in the middle of the 1969–70 recession and sparked a sharp downturn in...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012851505

Cost of monitoring and risk taking in the money market funds industry

Lugo, Stefano - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014234512

Characteristics of participants in the commercial paper funding facility

Wilson, Linus; Wu, Wendy - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014633023

Money market reforms : the effect on the commercial paper market

Allen, Kyle D.; Saha, Pritam; Whitledge, Matthew; … - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014487722

Unconventional monetary policy measures and money markets : estimating the impact of targeted repo operations on asset prices

Kamate, Vidya - 2023

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10014473526

Sustainable Finance : Einsatz nachhaltiger Finanzierungen in Unternehmen

Grunow, Hans-Werner G.; Stassinet, Sandra; Zender, Christoph - 2025

Entstehung, Sinn und Zweck nachhaltiger Finanzierung -- Varianten der nachhaltigen Finanzierung -- Instrumente für die nachhaltige Finanzierung -- Marktteilnehmer im Sustainable Finance -- Gestaltung der Konditionen -- Strukturierungsstandards: Anforderungen an nachhaltige Finanzierungen --...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10015560071

The explosive growth of the US ABCP market between 2004 and 2007 : an integrated empirical analysis

Lysandrou, Photis; Shabani, Mimoza; D'Avino, Carmela - 2022

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013336001

Macroeconomic effects and transmission channels of quantitative easing

Stefański, Maciej - 2022

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013367580

The private production of safe assets

Kacperczyk, Marcin; Pérignon, Christophe; Vuillemey, … - 2018

Using high-frequency, granular panel data on short-term debt securities issued in Europe, we study the existence, empirical boundaries, and fragility of private assets' safety. We show that only securities with the shortest maturities, issued by banks (certificates of deposit, or CDs), benefit...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10011951184

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The private production of safe assets

Kacperczyk, Marcin; Pérignon, Christophe; Vuillemey, … - 2017

Book / Working Paper

The private production of safe assets

Kacperczyk, Marcin; Pérignon, Christophe; Vuillemey, … - 2017

Book / Working Paper

The private production of safe assets

Kacperczyk, Marcin; Pérignon, Christophe; Vuillemey, … - 2017

Book / Working Paper

The private production of safe assets

Kacperczyk, Marcin; Pérignon, Christophe; Vuillemey, … - 2017

Book / Working Paper

The dynamic relationship among the money market mutual funds, the commercial paper market, and the repo market

Rizi, Majid Haghani; Kishor, N. Kundan; Marfatia, Hardik A. - 2019

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012206984

Disclosing the undisclosed: Commercial paper as hidden liquidity suffers

Klingler, Sven; Syrstad, Olav - 2021

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013373826

Short-term debt catering

Lugo, Stefano - 2021

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012514659

Cash is not king : evidence from the commercial paper market

Klinger, Sven; Syrstad, Olav; Vuillemey, Guillaume - 2021

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012499886

The Real Effects of Government Liquidity Provision : Evidence from the Commercial Paper Funding Facility

Li, Bo - 2016

This paper investigates the effectiveness of the Federal Reserve Bank's Commercial Paper Funding Facility (CPFF) in facilitating lending from recipient banks to their relationship borrowers. I use dispersion in lender liquidity following the implementation of the CPFF to examine the change in...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013006592

Rollover risk in commercial paper markets and firms' debt maturity choice

Thierfelder, Felix - 2008

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10010295942

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Rollover Risk in Commercial Paper Markets and Firms' Debt Maturity Choice

Thierfelder, Felix - 2016

Book / Working Paper

Captivation of Regulatory Arbitrage : Evidence from the Euro-Issued Asset-Backed Commercial Paper

Choi, Seo Joon - 2016

This paper analyzes asset-backed commercial paper (ABCP), which played a central role in the subprime mortgage financial crisis. We document that the market size of the Euro-issued ABCP increased from 150 billion USD to 272 billion USD in early 2007. By using our novel hand-collected data set...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012996129

Commercial Paper Funding Facility

Wiggins, Rosalind - 2016

On September 16, 2008, just a day after Lehman Brothers filed for bankruptcy protection, the Reserve Primary Fund money market mutual fund (MMMF) “broke the bank,” announcing a net asset value of less than $1 per share because of a large exposure to Lehman Brothers commercial paper (CP). As...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013000244

The Federal Reserve's Financial Crisis Response D : Commercial Paper Market Facilities

Wiggins, Rosalind - 2016

During the summer 2007 the U.S. residential mortgage market began to decline sharply negatively impacting the asset-backed commercial paper (ABCP) market, which often relied on mortgages as underlying support. Money Market Mutual Funds (MMMFs), significant investors in commercial paper (CP),...

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10013000255

Revenge of the steamroller : ABCP as a window on risk choices : editor's choice

Arteta, Carlos Ó.; Carey, Mark S.; Correa, Ricardo; … - 2020

Persistent link: https://www.econbiz.de, ebvufind01.dmz1.zbw.eu/10012236209