Policy & Press

In the press:

Articles written/co-authored by me: 

Der Steinige Weg zum Wohneigentum - Saturday edition of the NZZ (available online)

Wer nicht erbt, kann nicht kaufen - Ökonomenstimme (available online)

Newspaper articles written with/citing my work:

Lead article on "Home Ownership" in Sunday edition of NZZ, 09 April 2017

Research with policy / industry focus:

Announcement Effects of Contingent Convertible Securities: Evidence from the Global Banking Industry 

(with Manuel Ammann and Christian Ehmann)

Short abstract: This paper investigates the announcement effects of contingent convertible securities (CoCo bonds) issued by global banks between January 2009 and June 2014. Using a sample of 34 financial institutions and 87 CoCo bond issues, we examine abnormal stock price reactions and CDS spread changes before and after the announcement dates. We find that the announcement of CoCo bonds correlates with positive abnormal stock returns and negative CDS spread changes in the immediate post-announcement period. The effects are most pronounced for first-time issues. We explain the CDS spread changes by the lower probability of costly bankruptcy proceedings and the abnormal stock returns by a signaling framework that is based on pecking order theory and the cost advantage over equity (tax shield). We also examine the factors that are associated with the post-announcement abnormal stock returns and find that the existence of issuer call provisions reduces the positive abnormal returns.

Status: Published in European Financial Management (EFM); older version available on SSRN
Other: Best Paper Award at the Annual London Business Research Conference