Florian Nagler
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I am an associate professor of finance at Bocconi University and a research affiliate at IGIER and CEPR
My research focuses on corporate finance, asset pricing, and OTC markets
Email: florian.nagler [at] unibocconi.it
Links: SSRN Author Page, Google Scholar Page, CV
I hold an ERC Starting Grant (2023-2028) on non-traded assets in over-the-counter markets (NTAOTC)
Publications and Accepted Papers
Economics Letters accepted, 2024
with Nils Friewald
We build a bond-level measure of exposure to inventory risk and relate it to the cross-section of bond returns
Review of Asset Pricing Studies 12(3): 639-666, 2022, Editor's Choice and Best Paper Award
with Giorgio Ottonello
Underwriter-investor relationships mitigate the impact of inventory constraints on issuers' cost of bond financing
Journal of Finance 77(4): 2287-2329, 2022
with Nils Friewald and Christian Wagner
Shareholders demand a risk premium for short-term leverage but not for long-term leverage
Review of Finance 24(2): 345-379, 2020, Runner Up for the Spängler-IQAM Award for the Best Investments Paper
The pricing of a bond liquidity shock depends on the size of a firm's rollover exposure
Journal of Finance 74(6): 3217-3257, 2019
with Nils Friewald
Systematic inventory, search, and bargaining frictions help to explain the latent common factor of yield spread changes
Journal of Financial Economics 114(1): 155-177, 2014
with Rainer Jankowitsch and Marti G. Subrahmanyam
Default induces temporary downward pressure on corporate bond prices
Working Papers
with Giorgio Ottonello
Non-traded bonds (NTB) arise due to a firm-demand channel: firms choose to issue NTB in expectation of future deleveraging needs
with Nicola Maria Fiore and Thorsten Martin
Firm-level exposure to fiscal constraints impacts firms' discount rates and investment decisions through a risk-based disaster-vulnerability channel
with Paolo Colla and Yingdong Lin
Corporate cash holdings are U-shaped in the intensity of bond financing
Other Writings and Research Columns
Short Term Debt Comes with a Penalty in the Cost of Equity
Bocconi Knowledge
Over-the-Counter Frictions Systematically Drive Yield Spread Changes
VoxEU, with Nils Friewald
Structural Changes in Corporate Bond Underpricing
Oxford Business Law Blog, Via Sarfatti 25, with Giorgio Ottonello