| 1. |
- Kehoe, Laura, et al.
(författare)
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Make EU trade with Brazil sustainable
- 2019
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Ingår i: Science. - : American Association for the Advancement of Science (AAAS). - 0036-8075 .- 1095-9203. ; 364:6438, s. 341-
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Tidskriftsartikel (övrigt vetenskapligt/konstnärligt)
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| 2. |
- Augustin, Patrick, et al.
(författare)
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Sovereign Credit Risk and Corporate Borrowing Costs
- 2014
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- We show that an increase in sovereign credit risk leads to higher corporate borrowing costs. This is demonstrated using the announcement of the first Greek bailout on April 11, 2010 that triggered a significant increase, rather than the expected decrease, in Greece's borrowing costs. The event represents an unexpected shift in the perception of sovereign risk across Europe. We estimate that a one percent increase in sovereign credit risk raises corporate borrowing costs by 0.1 percent after the bailout, reflecting a higher dependence between sovereign and corporate credit risk. Further results suggest more pronounced effects in countries that belong to the Eurozone, that are more financially distressed and that have weaker property rights. We also find that borrowing costs rise at least as much for non-financial companies as for financial companies. Non-financial companies that are more bank dependent and that have greater public ownership are relatively more affected by increased sovereign credit risk.
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| 3. |
- Schnitzler, Jan
(författare)
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Empirical Essays in Finance
- 2014
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Doktorsavhandling (övrigt vetenskapligt/konstnärligt)abstract
- Stock Price Elasticity and Control Ownership. Stocks included in the S&P 500 experience abnormal returns. Supporting a demand pressure explanation, this paper documents that the price impact is larger for stock of which a significant fraction is held by controlling shareholders. This cross-sectional result vanishes after StandardXX1Poor's introduce index weight adjustments of control ownership in 2005. What matters for Shareholder Activism? This paper provides a comprehensive study of shareholder activism in the US. We do not detect significant differences in stock returns for different shareholder activist types, despite including hedge funds as a separate group. Investors' incentives as measured by their ownership stake, however, are more economically relevant. Municipal Lending Institutions in Sweden. This paper analyzes the institutional setup of a municipal credit agency. Refinancing advantages over commercial banks plus implementing a coinsurance mechanism across municipalities gives such an institution a lower hurdle rate for loans, making competitive municipal lending possible. Sovereign Credit Risk and Corporate Borrowing Costs. We show that an increase in sovereign credit risk leads to higher corporate borrowing costs. The results suggest more pronounced effects in countries that belong to the Eurozone, that are more financially distressed, and that have weaker property rights. Companies with high public ownership or bank-dependence are more affected.
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| 4. |
- Schnitzler, Jan
(författare)
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Municipal Lending Institutions in Sweden
- 2014
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- This paper studies a specialized institution in Swedish municipal credit markets, a so-called municipal credit agency. This institution is fully owned by municipalities and gives them access to long-term credit by raising funds in international capital markets. We estimate in a portfolio of bank loans that the credit spreads of commercial banks are in comparison 15bp higher. Exploiting time-series variation of when municipalities begin to participate in the municipal credit agency, an alternative panel model suggests that the membership decreases a municipality's credit spread by 13bp. Estimating the same model with annual accounting measures, we cannot detect significant evidence that a membership affects the fiscal discipline of municipalities. During a financial crisis, such an institution may mitigate spillover effects on municipal credit markets as its asset and funding base is less affected.
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| 5. |
- Schnitzler, Jan
(författare)
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Stock Price Elasticity and Control Ownership : Cross-sectional Evidence from S&P 500 Inclusion
- 2014
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- According to financial theory, perfect arbitrage aligns stock prices to fundamentals, hence evening out any price impact of demand. This paper provides empirical evidence to the contrary by looking at the cross-section of S&P 500 index inclusion returns. The lower the stock supply, proxied by the fraction of shares held by corporate control holders, the larger the abnormal return. It suggests not only that demand-curves for stocks are downward-sloping, but also that stock supply is of importance. The float-adjustment of S&P 500 index weights in 2005 enables a test for downward-sloping demand curves in a natural experiment. As predicted by a demand story, the cross-sectional price impact of control ownership declines after the reform and effectively disappears. Unlike in the earlier part of the sample, even the well-known S&P 500 average inclusion return reverts quickly. This finding is consistent with the interpretation that arbitrage has become more efficient.
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| 6. |
- Schnitzler, Jan, et al.
(författare)
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What matters for Investor Activism? : An Investigation of Activists' Incentives vs. Activist Types
- 2014
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Annan publikation (övrigt vetenskapligt/konstnärligt)abstract
- We provide an empirical assessment of two incentivizing mechanisms that help overcome agency costs caused by the separation of ownership and control: namely inside ownership and external blockholdings. Our findings suggest that defining features of these mechanisms, like high ownership and costly (active) effort provision, are important determinants for a successful outcome. On the other hand, the type of activist seems to be of minor importance only. We find that announcements of activist hedge fund holdings are not accompanied with larger abnormal returns than a base-group of activist investors. The only group standig apart with a smaller effect are financial institutions. Our sample covers all Schedule 13D filings from 1985-2012. Incidences of active blockholders are very frequent with over 10,000 filings per year (1,900 initial filings). Additionally, these events are associated with substantial abnormal returns, 7% for initial filings (4% for all filings).
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| 7. |
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