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

Dealer Inventory and the Cross-Section of Corporate Bond Returns

Economics Letters, 2024

with Nils Friewald

We build a bond-level measure of exposure to inventory risk and show that it predicts price reversals

Inventory-Constrained Underwriters and Corporate Bond Offerings

Review of Asset Pricing Studies, 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

Internet Appendix

Debt Refinancing and Equity Returns

Journal of Finance, 2022

with Nils Friewald and Christian Wagner

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

Internet Appendix and Code

Yield Spreads and the Corporate Bond Rollover Channel

Review of Finance, 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

Over-the-Counter Market Frictions and Yield Spread Changes

Journal of Finance, 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, 2014

with Rainer Jankowitsch and Marti G. Subrahmanyam

Default induces temporary downward pressure on corporate bond prices

Working Papers

A Corporate Finance View of Debt Market Illiquidity

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

Fiscal Constraints, Disaster Vulnerability, and Corporate Investment Decisions

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

Firms Save From Bonds But Not From Loans

with Paolo Colla

Saving from bonds is driven by asset-risky firms

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