Florian Nagler

Publications and Accepted Papers

Debt Refinancing and Equity Returns

Journal of Finance forthcoming

with Nils Friewald and Christian Wagner

• Shareholders demand a premium for short-term leverage but not for long-term leverage

• Internet Appendix and Code

Inventory-Constrained Underwriters and Corporate Bond Offerings

Review of Asset Pricing Studies forthcoming

with Giorgio Ottonello

• Underwriter-investor relationships mitigate the impact of inventory constraints on issuers' cost of bond financing

• Internet Appendix

Yield Spreads and the Corporate Bond Rollover Channel

Review of Finance 24(2): 345-379, 2020

• The pricing of a bond liquidity shock depends on the current size of a firm's bond rollover exposure

• Runner Up for the Spängler-IQAM Award for the Best Investments Paper in RF

Over-the-Counter Market Frictions and Yield Spread Changes

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

• Internet Appendix and Code

The Determinants of Recovery Rates in the US Corporate Bond Market

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

• Data on Recovery Rates

Working Papers

Sovereign Debt and Equity Returns in the Face of Disaster

with Thorsten Martin

• Following the outbreak of the Covid-19 pandemic we find that stock prices drop more in countries with higher debt-to-GDP ratios

Cash Holdings and Debt Structure

with Paolo Colla and Yingdong Lin

• Corporate cash holdings are U-shaped in the intensity of bond financing

Permanent Working Papers

Dealer Inventory and the Cross-Section of Corporate Bond Returns

with Nils Friewald

• Is partly subsumed by the article "Over-the-Counter Market Frictions and Yield Spread Changes" in the Journal of Finance