Arbeitspapier
Fragmentation and heterogeneity in the euro-area corporate bond market: Back to normal?
We assess the degree of market fragmentation in the euro-area corporate bond market by disentangling the determinants of the risk premium paid on bonds at origination. By looking at over 2,400 bonds we are able to isolate the country-specific effects which are a suitable indicator of the market fragmentation. We find that, after peaking during the sovereign debt crisis, fragmentation shrank in 2013 and receded to pre-crisis levels only in 2014. However, the low level of estimated market fragmentation is coupled with a still high heterogeneity in actual bond yields, challenging the consistency of the new equilibrium.
- Sprache
-
Englisch
- Erschienen in
-
Series: CFS Working Paper Series ; No. 530
- Klassifikation
-
Wirtschaft
Financing Policy; Financial Risk and Risk Management; Capital and Ownership Structure; Value of Firms; Goodwill
Corporate Finance and Governance: Government Policy and Regulation
- Thema
-
corporate bond market
Sovereign debt crisis
financial fragmentation
- Ereignis
-
Geistige Schöpfung
- (wer)
-
Zaghini, Andrea
- Ereignis
-
Veröffentlichung
- (wer)
-
Goethe University Frankfurt, Center for Financial Studies (CFS)
- (wo)
-
Frankfurt a. M.
- (wann)
-
2016
- Handle
- URN
-
urn:nbn:de:hebis:30:3-395775
- Letzte Aktualisierung
-
10.03.2025, 11:44 MEZ
Datenpartner
Dieses Objekt wird bereitgestellt von:
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
ZBW - Deutsche Zentralbibliothek für Wirtschaftswissenschaften - Leibniz-Informationszentrum Wirtschaft. Bei Fragen zum Objekt wenden Sie sich bitte an den Datenpartner.
Objekttyp
- Arbeitspapier
Beteiligte
- Zaghini, Andrea
- Goethe University Frankfurt, Center for Financial Studies (CFS)
Entstanden
- 2016
Ähnliche Objekte (12)
Fragmentation and heterogeneity in the euro–area corporate bond market: back to normal?
Measuring financial fragmentation in the euro area corporate bond market
Corporate bond risk factors in Eurozone bond markets
Centralized trading of corporate bonds
Measuring corporate bond market dislocations
Euro corporate bonds risk factors
The scapegoat of heterogeneity: How fragmentation influences political decisionmaking
Fragmentation and bond strength of airborne diesel soot agglomerates
Corporate taxation, multinational firms and heterogeneity
Corporate taxation, multinational firms and heterogeneity
Heterogeneity, co-movements and financial fragmentation within the euro area
Explaining and benchmarking corporate bond returns
Fragmentation and heterogeneity in the euro–area corporate bond market: back to normal?
Measuring financial fragmentation in the euro area corporate bond market
Corporate bond risk factors in Eurozone bond markets
Centralized trading of corporate bonds
Measuring corporate bond market dislocations
Euro corporate bonds risk factors
The scapegoat of heterogeneity: How fragmentation influences political decisionmaking
Fragmentation and bond strength of airborne diesel soot agglomerates
Corporate taxation, multinational firms and heterogeneity
Corporate taxation, multinational firms and heterogeneity
Heterogeneity, co-movements and financial fragmentation within the euro area
Explaining and benchmarking corporate bond returns
Fragmentation and heterogeneity in the euro–area corporate bond market: back to normal?
Measuring financial fragmentation in the euro area corporate bond market
Corporate bond risk factors in Eurozone bond markets
Centralized trading of corporate bonds
Measuring corporate bond market dislocations
Euro corporate bonds risk factors
The scapegoat of heterogeneity: How fragmentation influences political decisionmaking
Fragmentation and bond strength of airborne diesel soot agglomerates
Corporate taxation, multinational firms and heterogeneity
Corporate taxation, multinational firms and heterogeneity
Heterogeneity, co-movements and financial fragmentation within the euro area