Bond Debt Governance

Ehmke, David Christoph

doi:10.5771/9783845292670

Cited by 6 publications

(1 citation statement)

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“…If the level-playing field for economic activity is even across the EU, this may temporarily benefit businesses, which can easily predict the laws applicable to their case in any given Member State while depriving national lawmakers of their ability and incentive to craft innovative legal solutions. 29 In this context, harmonisation is seen as a strait-jacket stifling legal reform and the improvement of substantive law. 30 With that said, current approaches which embrace differentiation in the EU's harmonisation efforts rarely amount to the harmonisation strait-jacket; rather, legislation such as the PRD provide ample scope for a variety of implementations, which may well still result in at least some level of continued regulatory competition in this area.…”

Section: Harmonising Insolvency Law To Support the Integration Agendamentioning

confidence: 99%

Harmonising insolvency law in the EU: New thoughts on old ideas in the wake of the COVID‐19 pandemic

Ghio

Boon²,

Ehmke³

et al. 2021

Intl Insolvency Rev

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While the harmonisation of insolvency law in the European Union (EU) has been a top priority on the European institutions' agenda in the last decade, it is well known that this endeavour has been slow and has often met resistance from the Member States. The COVID‐19 pandemic revealed that top‐down harmonisation of insolvency (i.e., introduced at EU level) has been temporarily halted. The urgency to control or mitigate the economically and financially destructive effects of the pandemic has, nevertheless, forced European governments to adopt domestic strategies and laws in the area of insolvency. Interestingly, however, such measures show that insolvency and restructuring law responses to the COVID‐19 pandemic, albeit largely uncoordinated, reflect a phenomenon of bottom‐up harmonisation (i.e., introduced by Member States) indicating a convergence towards common approaches. This paper interrogates the insolvency law responses to the COVID‐19 pandemic in six European countries (Denmark, France, Germany, Italy, The Netherlands, the United Kingdom). It uncovers the inadequacy of the EU's harmonisation language, and the limits of harmonisation strategies in insolvency and restructuring law. Finally, it promotes the formulation of a wider‐encompassing definition of “legal harmonisation”.

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Section: Harmonising Insolvency Law To Support the Integration Agendamentioning

confidence: 99%

Harmonising insolvency law in the EU: New thoughts on old ideas in the wake of the COVID‐19 pandemic

Ghio

Boon²,

Ehmke³

et al. 2021

Intl Insolvency Rev

View full text Add to dashboard Cite

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The Bond Lending Channel of Monetary Policy

2019

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An increasing share of firms' borrowing occurs through bond markets. We present high-frequency evidence from the Eurozone that bond-reliant firms are more responsive to monetary shocks: in contrast to standard bank lending channel predictions, unexpected ECB policy changes affect their stock prices by more, even conditional on total debt and industry fixed-effects. We develop an organizing framework to decompose the stock price, credit risk and investment response of large firms. We emphasize the role of corporate liquidity management: firms react to rate hikes by being prudent in good times, reducing investment in favor of hoarding liquid assets. Since bond financing is less flexible in bad times than relationship banking, this effect can rationalize why the mix of bank and bond financing matters for monetary transmission. A mitigating force is that bonds generally have longer duration and lower interest-rate pass-through relative to loans. Our findings suggest that the recent global growth in bond debt following quantitative easing could interact with conventional interest rate policy going forward.

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The Rise of Bond Financing in Europe

Darmouni

Papoutsi

2020

SSRN Journal

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Bond Debt Governance

Cited by 6 publications

References 0 publications

Harmonising insolvency law in the EU: New thoughts on old ideas in the wake of the COVID‐19 pandemic

Harmonising insolvency law in the EU: New thoughts on old ideas in the wake of the COVID‐19 pandemic

The Bond Lending Channel of Monetary Policy

The Rise of Bond Financing in Europe

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