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  1. Unconventional monetary policy and corporate bond issuance
    Autor*in: De Santis, Roberto A.; Zaghini, Andrea
    Erschienen: [2021]
    Verlag:  Center for Financial Studies, Goethe University, Frankfurt am Main, Germany

    We assess the effect and the timing of the corporate arm of the ECB quantitative easing (CSPP) on corporate bond issuance. Because of several contemporaneous mea- sures, to isolate the programme effects we rely on one key eligibility feature: the... mehr

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    Standort:
    Helmut-Schmidt-Universität, Universität der Bundeswehr Hamburg, Universitätsbibliothek
    Fernleihe:
    keine Fernleihe

    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 108
    Fernleihe:
    keine Fernleihe

     

    We assess the effect and the timing of the corporate arm of the ECB quantitative easing (CSPP) on corporate bond issuance. Because of several contemporaneous mea- sures, to isolate the programme effects we rely on one key eligibility feature: the euro denomination of newly issued bonds. We find that the significant increase in bonds issuance by eligible firms is due to the CSPP and that this effect took at least six months to unfold. This result holds even when comparing firms with similar ratings, thus providing evidence that unconventional monetary policy can foster a financing diversification regardless of firms' risk profile. We also highlight the impact of the programme on the real economic activity. The evidence suggests that while all firms increased investment in capital expenditures and intangible assets, the CSPP induced eligible firms to invest in marketable and equity securities, to repurchase their own stocks, to hold cash and to carry out short-term investment.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Weitere Identifier:
    hdl: 10419/231294
    Schriftenreihe: CFS working paper series ; no. 654
    Schlagworte: Quantitative easing; CSPP; corporate bond market
    Umfang: 1 Online-Ressource (circa 60 Seiten), Illustrationen
  2. Issuance and valuation of corporate bonds with quantitative easing
    Autor*in: Pegoraro, Stefano; Montagna, Mattia
    Erschienen: [2021]
    Verlag:  European Central Bank, Frankfurt am Main, Germany

    After the announcement of the European Central Bank's corporate quantitative easing program, non-financial corporations timed the bond market by shifting their issuance toward bonds eligible for the program. However, issuers of eligible bonds did not... mehr

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    DS 534
    Fernleihe:
    keine Fernleihe

     

    After the announcement of the European Central Bank's corporate quantitative easing program, non-financial corporations timed the bond market by shifting their issuance toward bonds eligible for the program. However, issuers of eligible bonds did not increase total issuance compared to other issuers; nor did they experience different economic outcomes. Instead, the announcement produced substantial spillover effects on risk premia. Credit risk premia declined, both in the corporate bond market and in the default swap market, whereas the valuation of eligible bonds did not change relative to comparable ineligible bonds. Firms took advantage of reduced risk premia by issuing riskier bond types. Using a novel and comprehensive dataset of corporate bonds in the euro area, we document how firms substituted across bond characteristics, and we find evidence of their intention to time the market. Our model indicates corporate market timing is instrumental in allowing quantitative easing to produce spillover effects.

     
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Ebook
    Format: Online
    ISBN: 9789289945202
    Weitere Identifier:
    hdl: 10419/234074
    Schriftenreihe: Working paper series / European Central Bank ; no 2520 (January 2021)
    Schlagworte: Quantitative easing; corporate bonds; market timing; risk premia; CSPP
    Umfang: 1 Online-Ressource (circa 61 Seiten), Illustrationen
  3. Investment response to monetary policy in a low interest rate environment
    evidence from the ECB's corporate QE
    Autor*in: Horny, Guillaume; Kapoor, Supriya
    Erschienen: [2021]
    Verlag:  Trinity College Dublin, Department of Economics, Dublin

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    Standort:
    ZBW - Leibniz-Informationszentrum Wirtschaft, Standort Kiel
    Signatur:
    VS 451
    Fernleihe:
    keine Fernleihe
    Export in Literaturverwaltung   RIS-Format
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    Quelle: Verbundkataloge
    Sprache: Englisch
    Medientyp: Buch (Monographie)
    Format: Online
    Schriftenreihe: TEP working paper ; no. 21, 11 (October 2021)
    Schlagworte: CSPP; bond issuances; monetary policy; credit risk; investment
    Umfang: 1 Online-Ressource (circa Seiten)