Unconventional monetary policy and corporate bond issuance

Arbeitspapier

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 measures, 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.

Angaben zum Objekt

• ISBN: 978-92-899-3898-3
• Sprache: Englisch

Verweise und Beziehungen

• Erschienen in: Series: ECB Working Paper ; No. 2329

Klassifikation und Themen

• Klassifikation: Wirtschaft ; Monetary Policy ; International Financial Markets ; Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
• Thema: Quantitative easing ; CSPP ; corporate bond market

Beteiligte, Orts- und Zeitangaben

• Ereignis: Geistige Schöpfung
• (wer): De Santis, Roberto A. ; Zaghini, Andrea
• Ereignis: Veröffentlichung
• (wer): European Central Bank (ECB)
• (wo): Frankfurt a. M.
• (wann): 2019

Weitere Informationen

• DOI: doi:10.2866/568
• Handle: http://hdl.handle.net/10419/208363
• Letzte Aktualisierung: 10.03.2025, 11:45 MEZ