Josef Zechner

Vienna University of Economics and Business

Prof.

Welthandelsplatz 1

Vienna, Wien A-1019

Austria

  • Vienna University of Economics and Business

SCHOLARLY PAPERS

38

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247

CROSSREF CITATIONS

432

Scholarly Papers (38)

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1.

Optimal Capital Allocation Using RAROC and EVA

Downloads 24,131 ( 114)
Citation 36

Optimal Capital Allocation Using RAROC and EVA

Journal of Financial Intermediation, Forthcoming
Number of pages: 44 Posted: 11 Sep 1998
Neal Stoughton and Josef Zechner
Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 24,070 (111)
Citation 20

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capital, allocation, risk, management, equity

Optimal Capital Allocation Using Raroc and Eva

Number of pages: 37 Posted: 19 Jan 2004
Neal Stoughton and Josef Zechner
Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 61 (421,929)
Citation 11
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2.

Low Risk Anomalies?

Downloads 3,543 ( 3,472)
Citation 34

Low Risk Anomalies?

Journal of Finance, Forthcoming, Swiss Finance Institute Research Paper No. 19-50
Number of pages: 113 Posted: 13 Apr 2015 Last Revised: 28 Sep 2019
Paul Schneider, Christian Wagner and Josef Zechner
University of Lugano - Institute of Finance, WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 2,799 (5,139)
Citation 27

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low risk anomaly, coskewness, skewness, risk premia, equity options

Low Risk Anomalies?

CFS Working Paper, No. 550
Number of pages: 71 Posted: 26 Oct 2016 Last Revised: 11 Jan 2018
Paul Schneider, Christian Wagner and Josef Zechner
University of Lugano - Institute of Finance, WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 744 (39,592)
Citation 7

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Low risk anomaly, skewness, credit risk, risk premia, equity options

3.

The Dynamics of Capital Allocation

Number of pages: 34 Posted: 16 Dec 2000
Neal Stoughton and Josef Zechner
Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 2,058 (8,732)
Citation 3

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4.

The Cross-Section of Credit Risk Premia and Equity Returns

Journal of Finance, Forthcoming
Number of pages: 56 Posted: 12 Jul 2011 Last Revised: 12 Apr 2015
Nils Friewald, Christian Wagner and Josef Zechner
Norwegian School of Economics (NHH), WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 1,776 (11,050)
Citation 17

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equity returns, default risk, credit risk premia, credit default swaps, cross-sectional asset pricing

5.

Corporate Debt Maturity Profiles

Downloads 1,473 ( 14,872)
Citation 19

Corporate Debt Maturity Profiles

Number of pages: 45 Posted: 30 Nov 2011 Last Revised: 30 Aug 2017
Jaewon Choi, Dirk Hackbarth and Josef Zechner
University of Illinois at Urbana-Champaign - Department of Finance, Boston University - Department of Finance & Economics and Vienna University of Economics and Business
Downloads 1,473 (14,591)
Citation 4

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Capital Structure, Debt Structure, Debt Maturity

Corporate Debt Maturity Profiles

CEPR Discussion Paper No. DP12289
Number of pages: 48 Posted: 11 Sep 2017
Jaewon Choi, Dirk Hackbarth and Josef Zechner
University of Illinois at Urbana-Champaign - Department of Finance, Boston University - Department of Finance & Economics and Vienna University of Economics and Business
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Citation 10
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Capital Structure, Debt Maturity, Debt Structure

6.

The Geography of Equity Listing: Why Do European Companies List Abroad?

Number of pages: 59 Posted: 24 Mar 2000
Marco Pagano, Ailsa Röell and Josef Zechner
University of Naples Federico II - Department of Economics and Statistics, Columbia University, School of International and Public Affairs and Vienna University of Economics and Business
Downloads 1,409 (15,948)
Citation 36

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7.

Leverage Dynamics over the Business Cycle

AFA 2012 Chicago Meetings Paper
Number of pages: 61 Posted: 15 Feb 2011 Last Revised: 24 Nov 2015
Michael Halling, Jin Yu and Josef Zechner
Stockholm School of Economics & Swedish House of Finance, Monash University -Department of Banking and Finance and Vienna University of Economics and Business
Downloads 1,066 (24,220)
Citation 32

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Empirical Corporate Finance, Capital Structure Dynamics, Business Cycle Variation

8.

The COVID-19 Pandemic and Corporate Dividend Policy

Downloads 1,025 ( 25,823)
Citation 4

The COVID-19 Pandemic and Corporate Dividend Policy

Number of pages: 8 Posted: 16 Apr 2020 Last Revised: 17 Apr 2020
Georg Cejnek, Otto Randl and Josef Zechner
ZZ Vermögensverwaltung, WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 1,025 (25,420)
Citation 6

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COVID-19 pandemic, dividends

The Covid-19 Pandemic and Corporate Dividend Policy

CEPR Discussion Paper No. DP14571
Number of pages: 9 Posted: 08 May 2020
Georg Cejnek, Otto Randl and Josef Zechner
ZZ Vermögensverwaltung, WU Vienna University of Economics and Business and Vienna University of Economics and Business
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9.

Credit Risk and Dynamic Capital Structure Choice

Downloads 992 ( 26,884)
Citation 27

Credit Risk and Dynamic Capital Structure Choice

Number of pages: 28 Posted: 05 Jul 2001
Thomas Dangl and Josef Zechner
Vienna University of Technology and Vienna University of Economics and Business
Downloads 938 (28,719)
Citation 3

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Credit Risk and Dynamic Capital Structure Choice

Number of pages: 30 Posted: 03 Jan 2004
Thomas Dangl and Josef Zechner
Vienna University of Technology and Vienna University of Economics and Business
Downloads 54 (447,881)
Citation 4
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10.

Debt Maturity and the Dynamics of Leverage

Number of pages: 64 Posted: 06 Mar 2005 Last Revised: 26 Oct 2020
Thomas Dangl and Josef Zechner
Vienna University of Technology and Vienna University of Economics and Business
Downloads 978 (27,442)
Citation 10

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debt maturity, optimal capital structure choice

11.

Intermediated Investment Management

Journal of Finance, Vol. 66, No. 3, pp. 947-980, 2011, EFA 2007 Ljubljana Meetings Paper, AFA 2009 San Francisco Meetings Paper
Number of pages: 47 Posted: 25 Mar 2008 Last Revised: 18 Mar 2012
Neal Stoughton, Youchang Wu and Josef Zechner
Vienna University of Economics and Business, University of Oregon - Lundquist College of Business and Vienna University of Economics and Business
Downloads 916 (30,182)
Citation 8

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investment management, intermediation, investment adviser, kickback

12.

Financial Media, Price Discovery, and Merger Arbitrage

CFS WP No. 551
Number of pages: 77 Posted: 26 Oct 2016 Last Revised: 20 Jul 2020
Matthias M. M. Buehlmaier and Josef Zechner
The University of Hong Kong and Vienna University of Economics and Business
Downloads 859 (33,015)
Citation 2

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Financial Media, Merger Arbitrage, Hedge Funds, Market Efficiency, Mergers and Acquisitions

13.

Portfolio Performance, Discount Dynamics, and the Turnover of Closed-End Fund Managers

EFA 2006 Zurich Meetings Paper, AFA 2008 New Orleans Meetings Paper
Number of pages: 45 Posted: 23 Mar 2005 Last Revised: 27 Nov 2008
Russ Wermers, Youchang Wu and Josef Zechner
University of Maryland - Robert H. Smith School of Business, University of Oregon - Lundquist College of Business and Vienna University of Economics and Business
Downloads 845 (33,758)
Citation 12

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Closed-end fund, manager turnover, discount

14.

Disaster Resilience and Asset Prices

Downloads 504 ( 66,726)
Citation 25

Disaster Resilience and Asset Prices

Number of pages: 40 Posted: 19 May 2020
Marco Pagano, Christian Wagner and Josef Zechner
University of Naples Federico II - Department of Economics and Statistics, WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 504 (66,018)
Citation 34

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asset pricing, rare disasters, social distance, resilience, pandemics

Disaster Resilience and Asset Prices

CEPR Discussion Paper No. DP14773
Number of pages: 43 Posted: 28 May 2020
Marco Pagano, Christian Wagner and Josef Zechner
University of Naples Federico II - Department of Economics and Statistics, WU Vienna University of Economics and Business and Vienna University of Economics and Business
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Asset Pricing, Pandemics, Rare Disasters, resilience, social distance

15.

Market Discipline and Internal Governance in the Mutual Fund Industry

Downloads 411 ( 85,093)
Citation 14

Market Discipline and Internal Governance in the Mutual Fund Industry

University of Vienna, Department of Finance Working Paper No. 2004-3, AFA 2006 Boston Meetings Paper
Number of pages: 39 Posted: 07 Feb 2005
Thomas Dangl, Youchang Wu and Josef Zechner
Vienna University of Technology, University of Oregon - Lundquist College of Business and Vienna University of Economics and Business
Downloads 283 (128,109)
Citation 3

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mutual funds, portfolio management, governance, market discipline

Market Discipline and Internal Governance in the Mutual Fund Industry

Review of Financial Studies, Forthcoming
Number of pages: 51 Posted: 22 Jun 2006
Thomas Dangl, Youchang Wu and Josef Zechner
Vienna University of Technology, University of Oregon - Lundquist College of Business and Vienna University of Economics and Business
Downloads 128 (263,831)
Citation 10

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mutual funds, portfolio management, governance, market discipline

Market Discipline and Internal Governance in the Mutual Fund Industry

The Review of Financial Studies, Vol. 21, Issue 5, pp. 2307-2343, 2008
Posted: 19 Sep 2008
Thomas Dangl, Youchang Wu and Josef Zechner
Vienna University of Technology, University of Oregon - Lundquist College of Business and Vienna University of Economics and Business

Abstract:

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G11, G23, G30

16.

How Did COVID-19 Affect Firms' Access to Public Capital Markets?

Swedish House of Finance Research Paper No. 20-15
Number of pages: 35 Posted: 11 May 2020 Last Revised: 16 Sep 2020
Michael Halling, Jin Yu and Josef Zechner
Stockholm School of Economics & Swedish House of Finance, Monash University -Department of Banking and Finance and Vienna University of Economics and Business
Downloads 410 (85,375)
Citation 3

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Corporate bond market, pandemic, COVID-19

17.

Market Implied Costs of Bankruptcy

Number of pages: 57 Posted: 12 Sep 2013 Last Revised: 07 Jul 2017
Johann Reindl, Neal Stoughton and Josef Zechner
BI Norwegian Business School, Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 400 (87,847)
Citation 9

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bankruptcy costs, capital structure, default, equity prices

18.

Risk Control in Asset Management: Motives and Concepts

Downloads 395 ( 89,134)
Citation 1

Risk Control in Asset Management: Motives and Concepts

Number of pages: 35 Posted: 23 Mar 2014
Thomas Dangl, Otto Randl and Josef Zechner
Vienna University of Technology, WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 269 (135,144)

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risk management, marginal risk contributions, downside risk, parameter uncertainty, model uncertainty

Risk Control in Asset Management: Motives and Concepts

CFS Working Paper, No. 546
Number of pages: 38 Posted: 19 Oct 2016 Last Revised: 18 Jan 2018
Thomas Dangl, Otto Randl and Josef Zechner
Vienna University of Technology, WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 126 (267,042)
Citation 1

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19.

Managerial Rents vs. Shareholder Value in Delegated Portfolio Management: The Case of Closed-End Funds

Downloads 383 ( 92,378)
Citation 10

Managerial Rents vs. Shareholder Value in Delegated Portfolio Management: The Case of Closed-End Funds

Review of Financial Studies, Forthcoming
Number of pages: 60 Posted: 21 Nov 2012 Last Revised: 04 Jul 2016
Youchang Wu, Russ Wermers and Josef Zechner
University of Oregon - Lundquist College of Business, University of Maryland - Robert H. Smith School of Business and Vienna University of Economics and Business
Downloads 339 (105,416)
Citation 3

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closed-end fund, closed-end fund discount, portfolio manager, managerial rent

Managerial Rents vs. Shareholder Value in Delegated Portfolio Management: The Case of Closed-End Funds

CFS Working Paper, No. 548
Number of pages: 63 Posted: 26 Oct 2016 Last Revised: 11 Jan 2018
Youchang Wu, Russ Wermers and Josef Zechner
University of Oregon - Lundquist College of Business, University of Maryland - Robert H. Smith School of Business and Vienna University of Economics and Business
Downloads 44 (489,936)
Citation 11

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G23, G34

20.

Where is the Market? Evidence from Cross-Listings

Downloads 358 ( 99,809)
Citation 21

Where is the Market? Evidence from Cross-Listings

Number of pages: 29 Posted: 23 Jun 2004
Michael Halling, Marco Pagano, Otto Randl and Josef Zechner
University of Vienna - Department of Business Engineering, University of Naples Federico II - Department of Economics and Statistics, WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 338 (105,763)
Citation 12

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trading volume, cross-listing, flow-back

Where is the Market? Evidence from Cross-Listings

CEPR Discussion Paper No. 4987
Number of pages: 34 Posted: 05 Aug 2005
Michael Halling, Marco Pagano, Otto Randl and Josef Zechner
University of Vienna - Department of Business Engineering, University of Naples Federico II - Department of Economics and Statistics, WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 20 (631,046)
Citation 1
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Trading volume, cross-listing, flow-back

21.

Valuation and Long-Term Growth Expectations

Number of pages: 61 Posted: 03 Dec 2019 Last Revised: 06 Jan 2021
Angel Tengulov, Josef Zechner and Jeffrey Zwiebel
Vanderbilt University - Finance, Vienna University of Economics and Business and Stanford Graduate School of Business
Downloads 322 (112,322)

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Valuation, Terminal Value, Long-Term Growth Rates, Market Efficiency

22.

The Maturity Premium

Downloads 302 (121,144)

The Maturity Premium

Number of pages: 59 Posted: 13 Nov 2018 Last Revised: 21 Apr 2021
Maria Chaderina, Patrick Weiss and Josef Zechner
University of Oregon - Lundquist College of Business, Vienna Graduate School of Finance (VGSF) and Vienna University of Economics and Business
Downloads 301 (120,864)
Citation 1

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maturity, value premium, debt overhang, cross-section of stock returns, CAPM

The Maturity Premium

CEPR Discussion Paper No. DP14570
Number of pages: 55 Posted: 08 May 2020
Maria Chaderina, Patrick Weiss and Josef Zechner
University of Oregon - Lundquist College of Business, Vienna Graduate School of Finance (VGSF) and Vienna University of Economics and Business
Downloads 1 (793,125)
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CAPM, Cross-section of stock returns, Debt overhang, Maturity, value premium

23.

Sovereign Bond Risk Premiums

Number of pages: 53 Posted: 09 Jun 2013
Engelbert J. Dockner, Manuel Mayer and Josef Zechner
WU Vienna University of Economics and Business (deceased), Oesterreichische Nationalbank (OeNB) and Vienna University of Economics and Business
Downloads 292 (124,610)
Citation 4

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Bond risk premiums, market and credit risk factors, financial repression

24.

Primary Corporate Bond Markets and Social Responsibility

Swedish House of Finance Research Paper No. 20-13
Number of pages: 36 Posted: 10 Sep 2020 Last Revised: 07 Jan 2021
Michael Halling, Jin Yu and Josef Zechner
Stockholm School of Economics & Swedish House of Finance, Monash University -Department of Banking and Finance and Vienna University of Economics and Business
Downloads 286 (128,330)

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corporate bond market, credit risk, corporate social responsibility, ESG

25.

Granularity of Corporate Debt

Number of pages: 46 Posted: 20 Oct 2017 Last Revised: 25 Oct 2017
Jaewon Choi, Dirk Hackbarth and Josef Zechner
University of Illinois at Urbana-Champaign - Department of Finance, Boston University - Department of Finance & Economics and Vienna University of Economics and Business
Downloads 275 (133,760)
Citation 8

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Capital Structure, Debt Structure, Debt Maturity

26.

Lessons Learned from Student Managed Portfolios

Journal of Investment Management, Forthcoming
Number of pages: 35 Posted: 25 Oct 2014 Last Revised: 03 Jul 2018
Stephan Kranner, Neal Stoughton and Josef Zechner
Vienna University of Economics and Business, Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 269 (135,824)
Citation 1

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student funds, portfolio management, behavioral finance

27.

The Dynamics of Corporate Debt Structure

Downloads 241 (151,522)
Citation 4

The Dynamics of Corporate Debt Structure

Swedish House of Finance Research Paper No. 20-3
Number of pages: 58 Posted: 02 Dec 2019 Last Revised: 18 Sep 2020
Michael Halling, Jin Yu and Josef Zechner
Stockholm School of Economics & Swedish House of Finance, Monash University -Department of Banking and Finance and Vienna University of Economics and Business
Downloads 241 (151,005)
Citation 3

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corporate debt structure dynamics, debt concentration, business cycle variation, cluster analysis

The Dynamics of Corporate Debt Structure

CEPR Discussion Paper No. DP14572
Number of pages: 53 Posted: 08 May 2020
Michael Halling, Jin Yu and Josef Zechner
Stockholm School of Economics & Swedish House of Finance, Monash University -Department of Banking and Finance and Vienna University of Economics and Business
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business cycle variation, clus- ter analysis, corporate debt structure dynamics, debt concentration

28.

Where is the Market? Evidence from Cross-Listings in the U.S.

Number of pages: 39 Posted: 14 Mar 2006
Michael Halling, Marco Pagano, Otto Randl and Josef Zechner
Stockholm School of Economics & Swedish House of Finance, University of Naples Federico II - Department of Economics and Statistics, WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 208 (174,387)
Citation 8

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cross-listing, trading volume, trade creation

29.

Human Capital, Bankruptcy and Capital Structure

NBER Working Paper No. w13014
Number of pages: 39 Posted: 06 Apr 2007 Last Revised: 25 Jul 2010
Jonathan Berk, Richard Stanton and Josef Zechner
Stanford Graduate School of Business, University of California, Berkeley - Haas School of Business and Vienna University of Economics and Business
Downloads 161 (218,614)
Citation 27

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30.

The Stability of Dividends and Wages: Effects of Competitor Inflexibility

CFS Working Paper, No. 549, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 563/2018
Number of pages: 55 Posted: 26 Oct 2016 Last Revised: 27 Jan 2020
Daniel A. Rettl, Alex Stomper and Josef Zechner
University of Georgia - Department of Banking and Finance, Humboldt University of Berlin - School of Business and Economics and Vienna University of Economics and Business
Downloads 136 (251,046)

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risk-sharing within firms, payout stability, wage stability, competitor inflexibility

31.

The Cross-Section and Time Series of Corporate Bond Returns

Number of pages: 3 Posted: 17 Aug 2010
Arne Westerkamp and Josef Zechner
Vienna University of Economics and Business - Department of Accounting and Finance and Vienna University of Economics and Business
Downloads 130 (259,836)

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Corporate bond pricing, asset pricing

32.

Liquidity and Feasible Debt Relief

EFA 2009 Bergen Meetings Paper
Number of pages: 45 Posted: 20 Feb 2009
Josef Zechner and Chris Hennessy
Vienna University of Economics and Business and London Business School
Downloads 109 (295,230)

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Liquidity, Debt, Restructuring

33.

Stock-Oil Comovement: Fundamentals or Financialization?

Number of pages: 45 Posted: 15 Oct 2020 Last Revised: 03 Feb 2021
Alessandro Melone, Otto Randl, Leopold Sögner and Josef Zechner
Vienna Graduate School of Finance (VGSF), WU Vienna University of Economics and Business, Institute for Advanced Studies (IHS) and Vienna University of Economics and Business
Downloads 81 (356,767)

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Asset Comovements, Oil Futures, VAR Return Decomposition, Real Economy

34.

Sovereign Reputation and Yield Spreads: A Case Study on Retroactive Legislation

Downloads 79 (362,013)

Sovereign Reputation and Yield Spreads: A Case Study on Retroactive Legislation

Number of pages: 32 Posted: 09 Jun 2016
Otto Randl and Josef Zechner
WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 46 (480,883)

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Sovereign debt, reputation, retroactive legislation

Sovereign Reputation and Yield Spreads: A Case Study on Retroactive Legislation

CFS Working Paper, No. 545
Number of pages: 35 Posted: 18 Oct 2016
Otto Randl and Josef Zechner
WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 33 (545,315)

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35.

Equilibrium Policy Portfolios When Some Assets are Non-Tradable

Number of pages: 35 Posted: 09 Jan 2019 Last Revised: 31 Jan 2019
Otto Randl, Arne Westerkamp and Josef Zechner
WU Vienna University of Economics and Business, Vienna University of Economics and Business - Department of Accounting and Finance and Vienna University of Economics and Business
Downloads 62 (412,829)

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asset allocation, policy portfolios, non-tradable assets

36.

Where is the Market? Evidence from Cross-Listings in the United States

Review of Financial Studies, Vol. 21, Issue 2, pp. 725-761, 2008
Posted: 26 Jun 2008
Michael Halling, Marco Pagano, Otto Randl and Josef Zechner
Stockholm School of Economics & Swedish House of Finance, University of Naples Federico II - Department of Economics and Statistics, WU Vienna University of Economics and Business and Vienna University of Economics and Business

Abstract:

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G15, G30

37.

The Geography of Equity Listing: Why Do Companies List Abroad?

Posted: 06 Jun 2003
Marco Pagano, Ailsa Röell and Josef Zechner
University of Naples Federico II - Department of Economics and Statistics, Columbia University, School of International and Public Affairs and Vienna University of Economics and Business

Abstract:

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38.

Ipos and Product Quality

Journal of Business
Posted: 12 Oct 2000
Neal Stoughton, Kit Pong Wong and Josef Zechner
Vienna University of Economics and Business, University of Hong Kong and Vienna University of Economics and Business

Abstract:

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