Research

Auctions

“Strategic Behavior and Underpricing in Uniform Price Auctions: Evidence from Finnish Treasury Auctions” (with Matti Keloharju and Kristian Rydqvist), 2005, Journal of Finance, 60(4), 1865-1902.
“Underpricing and Market Power in Uniform Price Auctions” (with Ilan Kremer), 2004, Review of Financial Studies, 17(3), 849-877.
“Multiple Unit Auctions and Short Squeezes” (with Ilya A. Strebulaev), 2004, Review of Financial Studies, 17(2), 545-580.
“Divisible Good Auctions: The Role of Allocation Rules” (with Ilan Kremer), 2004, RAND Journal of Economics, 35(1), 147-159.
“Bidder Behavior in Multiunit Auctions: Evidence from Swedish Treasury Auctions” (with Kristian Rydqvist and Suresh Sundaresan), 2002, Journal of Political Economy, 110(2), 394-424.
“Discriminatory versus Uniform Treasury Auctions: Evidence from When-Issued Transactions” (with Suresh Sundaresan), 1996, Journal of Financial Economics, 42(1), 63-104.

Note: For more details and links see the Collateral Book tab on this webpage

“Collateral Frameworks: The Open Secret of Central Banks”, 2017, Cambridge University Press.

“Central Bank Collateral Frameworks,” 2017, Journal of Banking and Finance, 76, 198-214. Reprinted: Journal of Banking and Finance, 83, 232-248.
“Money and Liquidity in Financial Markets” (with Per Östberg), 2014, Journal of Financial Economics, 112(1), 30-52.
“The Price of Liquidity: The Effects of Market Conditions and Bank Characteristics” (with Falko Fecht and Jörg Rocholl), 2011, Journal of Financial Economics, 102(2), 344-362.
“Repo Auctions and the Market for Liquidity” (with Ulrich Bindseil and Ilya A. Strebulaev), 2009, Journal of Money, Credit, and Banking, 41(7), 1391-1421.
“Liquidity Management and Overnight Rate Calendar Effects: Evidence from German Banks” (with Falko Fecht and Jörg Rocholl), 2008, North American Journal of Economics & Finance, 19(1), 7-21.

“Monetary Policy Implementation,” in Handbook of European Financial Markets and Institutions (Edited by Xavier Freixas, Philipp Hartmann and Colin Mayer), Oxford University Press, 2008, 742-778 (with Ulrich Bindseil).
“A Descriptive Analysis of the Finnish Treasury Bond Market 1991-1999” (with Matti Keloharju, Markku Malkamäki, and Kristian Rydqvist), 2002, Finnish Journal of Business Economics, 51(3), 259-279.
“Collateral and Short Squeezing of Liquidity in Fixed Rate Tenders” (with Ilya A. Strebulaev), 2001, Journal of International Money and Finance, 20(6), 769-792.

”Robust difference-in-differences analysis when there is a term structure,” (with Jiri Woschitz), University of Zurich, October 2021.
“The price of money: How collateral policy affects the yield curve,” (with Jiri Woschitz), University of Zurich, October 2021.

”Repo Rates and the Collateral Spread Puzzle,” University of Zurich, Swiss Finance Institute, and CEPR, February 2019.
”Repo Rates and the Collateral Spread: Evidence,” (with Cornelia Rösler), University of Zurich, Swiss Finance Institute, and CEPR, February 2019.
”Central Bank Collateral Policy and Financial Fragility,” University of Zurich and Swiss Finance Institute, June 2016.
“Stock Correlations: Trading, Liquidity, and Uncertainty,” (with Per Östberg and Zexi Wang), University of Zurich and Swiss Finance Institute, February 2016.
“Collateral, Central Bank Repos, and Systemic Arbitrage” (with Falko Fecht, Jörg Rocholl, and Jiri Woschitz), University of Zurich and Swiss Finance Institute, February 2016.
“Bidding and Performance in Repo Auctions: Evidence from ECB Open Market Operations” (with Ulrich Bindseil and Ilya A. Strebulaev), 2002, ECB working paper 157.

“The Choice of Valuation Techniques in Practice: Education versus Profession” (with Lilia Mukhlynina), 2020, in Critical Finance Review, 9, 201-265.
“Consistent Valuation of Project Finance and LBO’s Using the Flows-to-Equity Method” (with Ian Cooper), 2018, in European Financial Management, 24, 34-52.
“Tax-Adjusted Discount Rates: A General Formula under Constant Leverage Ratios” (with Peter Molnár), 2013, European Financial Management, 19(3), 419-428 (lead article).
“Tax-Adjusted Discount Rates With Investor Taxes and Risky Debt” (with Ian Cooper), 2008, Financial Management, 37(2), 365-379.
“Valuing the Debt Tax Shield” (with Ian Cooper), 2007, Journal of Applied Corporate Finance, 19(2), 50-59.
“The Value of Tax Shields IS Equal to the Present Value of Tax Shields” (with Ian Cooper), 2006, Journal of Financial Economics, 81(1), 215-225.

“The Effect of Stock Liquidity on Cash Holdings: The Repurchase Motive” (with Zexi Wang), 2021, Journal of Financial Economics 142, 905–927.
“Bank Bailout Menus” (with Sudipto Bhattacharya), 2013, Review of Corporate Finance Studies, 2(1), 29-61.
Winner of the 2014 Best Paper Award of Review of Corporate Finance Studies.
“Financing and Corporate Growth under Repeated Moral Hazard” (with Ronald W. Anderson), 2011, Journal of Financial Intermediation, 20(1), 1-24 (lead article).
“Agency and the Pace of Adoption of New Techniques” (with Ronald W. Anderson), 2002, Louvain Economic Review, 68(1-2), 203-220.

“Cross Holdings in Germany: Comment,” 1999, Journal of Institutional and Theoretical Economics, 155(1), 113-118.
“A Comparison of US, UK, and German Insolvency Codes” (with Julian Franks and Walter Torous), 1996, Financial Management, 25(3), 86-101.
“Control Rights, Debt Structure and the Loss of Private Benefits: The Case of the UK Insolvency Code” (with Julian Franks), 1996, Review of Financial Studies, 9(4), 1165-1210.
“The Use and Pricing of Convertible Bonds,” 1996, Applied Mathematical Finance, 3(3), 167-190.
“Convertible Debt as Delayed Equity: Forced versus Voluntary Conversion and the Information Role of Call Policy,” 1995, Journal of Financial Intermediation, 4(4), 358-395.