I explore which firm and loan characteristics decrease or exacerbate information asymmetry
in the trading of private debt. I find that loans of public firms, loans with an available credit …

In this article, three oft‐mentioned special characteristics of the real estate asset market—
high transaction costs, marketing period risk and return predictability—are addressed in …

Spain enacted a number of important debt management initiatives in 1997 to prepare its
Treasury bond market for European Monetary Union. We interpret the impacts of these …

We examine the uncertainty–liquidity connection in the corporate bond market. Using
monthly corporate bond data from 2005 to 2010, we construct proxies for parameter …

I employ unique data on secondary loan trades to explore how information asymmetry and
the quality of financial reporting affect the trading spreads of private debt securities. There …

Market liquidity is of value to both investors and issuers of securities, and is therefore a
crucial factor in asset pricing. For the important asset class of Eurobonds, significant …

We investigate nontradable and tradable identical Treasury derivatives. The nontradability
premium is statistically and economically significant, and it covaries positively with interest …

Focusing on the role of the investment horizon, we analyze the inflation-hedging abilities of
stocks, bonds, cash and direct commercial real estate investments. Based on vector …

An dieser Stelle möchte ich mich sehr herzlich bei meinem Doktorvater, Herrn Prof. Dr.
Manfred Steiner, für die wissenschaftliche Betreuung meiner Arbeit und die umfassende …

Financial market liquidity is an important yardstick of value for investors and central
monetary authorities. Secondary market liquidity itself cannot be observed directly and is …