{"id":575,"date":"2020-05-29T18:23:52","date_gmt":"2020-05-29T18:23:52","guid":{"rendered":"https:\/\/website.prod.unilu.spikeseed.cloud\/fdef-en\/news\/r-steri-and-f-koulischer-publish-in-journal-of-financial-economics\/"},"modified":"2020-05-29T18:23:52","modified_gmt":"2020-05-29T18:23:52","slug":"r-steri-and-f-koulischer-publish-in-journal-of-financial-economics","status":"publish","type":"news","link":"https:\/\/www.uni.lu\/fdef-en\/news\/r-steri-and-f-koulischer-publish-in-journal-of-financial-economics\/","title":{"rendered":"R. Steri and F. Koulischer publish in Journal of Financial Economics"},"content":{"rendered":"<section class=\"wp-block-unilux-blocks-free-section section\"><div class=\"container xl:max-w-screen-xl\"><p>Assistant Professor Roberto Steri, and postdoctoral researcher, Fran\u00e7ois Koulischer have both recently published research in their respective fields in The Journal of Financial Economics.\u00a0<\/p><p>This journal is\u00a0one of 50 top academic journals used to calculate the\u00a0<a href=\"https:\/\/www.ft.com\/content\/3405a512-5cbb-11e1-8f1f-00144feabdc0\" target=\"_self\" title=\"\" rel=\"noopener\">Financial Times (FT) Research Rank<\/a>.<\/p><p>Prof. Steri\u2019s recent article, \u201cThe Sources of Financing Constraints\u201d, co-authored by Boris Nikolov (University of Lausanne) and Lukas Schmid (Duke University), was published in March 2020.\u00a0<\/p><p>The paper precisely\u00a0addresses the broad question of\u00a0what\u00a0are the sources of financing constraints. Financing constraints\u00a0limit\u00a0the realisation\u00a0of business\u00a0projects\u00a0from which firms and the entire\u00a0economy could benefit.\u00a0Although there is consensus on the importance of firm financing constraints for corporate policies, there is no agreement on the underlying\u00a0frictions that\u00a0prevent firms from raising\u00a0external financing. The effectiveness of regulatory policies and subsidies\u00a0to promote investments heavily depends on the understanding of such sources.<\/p><p>The major challenge to answer this question is that financing frictions are inherently unobservable.\u00a0Thus, the authors estimate\u00a0dynamic firm financing models embedding many financial frictions and\u00a0assess which models\u00a0best\u00a0rationalise observed corporate policies across various samples of\u00a0firms.\u00a0Their tests indicate that\u00a0larger public firms raise debt mostly for tax reasons and are constrained\u00a0by bankruptcy costs (trade-off models), smaller public firms raise debt\u00a0mostly\u00a0to\u00a0grow and\u00a0are\u00a0constrained\u00a0by their ability to pledge collateral (limited\u00a0commitment\u00a0models), and private firms are\u00a0constrained\u00a0by agency problems of insiders who have incentive to divert\u00a0resources (moral hazard models).\u00a0<\/p><p>Roberto Steri is Assistant Professor in Empirical Finance in the Department of Finance at the University of Luxembourg. His research centres around the impact of financial constraints on the policies of industrial corporations, banks, and institutions, with a focus on their asset pricing implications.\u00a0<\/p><p>Fran\u00e7ois Koulischer\u2019s article, \u201cRestarting asset purchases in the euro area: Lessons from \u20ac2 trillion of ECB purchases\u201d, co-authored by Ralph Koijen (University of Chicago), Beno\u00eet Nguyen (Banque de France), and Motohiro Yogo (Princeton University) was accepted for publication in The Journal of Financial Economics in February 2020.\u00a0<\/p><p>The paper seeks to better understand the investor impact of central bank asset purchase programmes designed to implement monetary policy, such as the recent purchase of \u20ac750 billion worth of financial assets by the European Central Bank (ECB) in order to address the fall in inflation and the economic consequences of COVID-19. The authors use new data on security-level portfolio holdings for all major investor sectors, including banks, insurance companies and mutual funds, and for all countries in the euro area from 2013 Q4 to 2017 Q4 to measure which investors sell to the ECB, how investors\u2019 portfolio rebalancing impacts the distribution of risk across investors, how it impacts government yields, and which investors experience the largest appreciation of their asset portfolio.<\/p><p>Koulischer and the team of researchers find that the sector selling most to the ECB are investors domiciled outside of the euro area. They do not find evidence that risks get concentrated in certain sectors or geographies. The researchers estimate a sector-level asset demand system using instrumental variables to connect the dynamics of portfolio rebalancing to asset prices. Their estimates imply that government yields declined by 63 basis points on average.\u00a0<\/p><p>Fran\u00e7ois Koulischer is a postdoctoral researcher in the Department of Finance at the University of Luxembourg. His research interests include financial intermediation, applied macroeconomics and sustainable finance.<\/p><\/div><\/section>","protected":false},"excerpt":{"rendered":"<p>Assistant Professor Roberto Steri, and postdoctoral researcher, Fran\u00e7ois Koulischer have both recently published research in their respective fields in The Journal of Financial Economics.\u00a0<\/p>\n","protected":false},"author":0,"featured_media":576,"template":"","format":"standard","meta":{"featured_image_focal_point":[],"show_featured_caption":false,"ulux_newsletter_groups":"","uluxPostTitle":"","uluxPrePostTitle":"","_trash_the_other_posts":false,"_price":"","_stock":"","_tribe_ticket_header":"","_tribe_default_ticket_provider":"","_tribe_ticket_capacity":"0","_ticket_start_date":"","_ticket_end_date":"","_tribe_ticket_show_description":"","_tribe_ticket_show_not_going":false,"_tribe_ticket_use_global_stock":"","_tribe_ticket_global_stock_level":"","_global_stock_mode":"","_global_stock_cap":"","_tribe_rsvp_for_event":"","_tribe_ticket_going_count":"","_tribe_ticket_not_going_count":"","_tribe_tickets_list":"[]","_tribe_ticket_has_attendee_info_fields":false},"news-category":[],"news-topic":[],"organisation":[101],"authorship":[],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.3 (Yoast SEO v22.3) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>R. 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