Florian Nagler

Publications and Accepted Papers

Firms Save From Bonds But Not From Loans

Journal of Corporate Finance, 2025

with Paolo Colla

• A pledgeability constraint and costly default can explain saving from bonds 

Dealer Inventory and the Cross-Section of Corporate Bond Returns

Economics Letters, 2024

with Nils Friewald

• A bond-level measure of inventory risk exposure 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 reduce the impact of inventory constraints on issuers' borrowing costs

• 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

• Indirect effects of liquidity shocks through rollover exposure are more important than their direct effects

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 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

Shadow Discounts

with Tomy Lee, Isacco Lotti, Giorgio Ottonello, and Chaojun Wang

• Relationship dealers respond to competition by granting larger primary-market allocations instead of discounts in the secondary market 

Fiscal Constraints and Corporate Discount Rates

with Thorsten Martin

• Fiscal constraints impose costs on the real economy even outside crisis periods by raising corporate discount rates 

A Corporate Finance View of Debt Market Illiquidity

with Giorgio Ottonello

• Non-traded bonds (NTB) arise through a firm-demand channel: firms choose to issue NTB in anticipation of future deleveraging needs

Other Writings and Research Columns

CAT Bonds: Extreme Finance for Extreme Risk, Via Sarfatti 25

Corporations Hoard Cash from Bonds, Not Loans

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, with Giorgio Ottonello 

Structural Changes in Corporate Bond Underpricing, Via Sarfatti 25