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All Outputs (10)

Market reaction to bank liquidity regulation (2018)
Journal Article
Bruno, B., Onali, E., & Schaeck, K. (2018). Market reaction to bank liquidity regulation. Journal of Financial and Quantitative Analysis, 53(2), 899-935. https://doi.org/10.1017/S0022109017001089

We measure market reactions to announcements concerning liquidity regulation, a key innovation in the Basel framework. Our initial results show that liquidity regulation attracts negative abnormal returns. However, the price responses are less pronou... Read More about Market reaction to bank liquidity regulation.

Debt priority structure, market discipline, and bank conduct (2017)
Journal Article
Danisewicz, P., McGowan, D., Onali, E., & Schaeck, K. (2018). Debt priority structure, market discipline, and bank conduct. Review of Financial Studies, 31(11), 4493-4555. https://doi.org/10.1093/rfs/hhx111

© The Author 2017. Published by Oxford University Press on behalf of The Society for Financial Studies. All rights reserved. We examine how debt priority structure affects bank funding costs and soundness. Leveraging an unexplored natural experiment... Read More about Debt priority structure, market discipline, and bank conduct.

How should we estimate value-relevance models? Insights from European data (2017)
Journal Article
Onali, E., Ginesti, G., & Vasilakis, C. (2017). How should we estimate value-relevance models? Insights from European data. British Accounting Review, 49(5), https://doi.org/10.1016/j.bar.2017.05.006

We study the consequences of unobserved heterogeneity when employing different econometric methods in the estimation of two major value-relevance models: the Price Regression Model (PRM) and the Return Regression Model (RRM). Leveraging a large panel... Read More about How should we estimate value-relevance models? Insights from European data.

Investor reaction to IFRS for financial instruments in Europe: the role of firm-specific factors (2017)
Journal Article
Onali, E., Ginesti, G., & Ballestra, L. V. (2017). Investor reaction to IFRS for financial instruments in Europe: the role of firm-specific factors. Finance Research Letters, 21, https://doi.org/10.1016/j.frl.2017.01.002

We examine the market reaction to events related to the standard-setting process of International Financial Reporting Standard (IFRS) 9 for over 3,000 European firms that have adopted IFRS. We find that the market reaction to IFRS 9 is largely affect... Read More about Investor reaction to IFRS for financial instruments in Europe: the role of firm-specific factors.

The real effects of banking supervision: Evidence from enforcement actions (2016)
Journal Article
Danisewicz, P., McGowan, D., Onali, E., & Schaeck, K. (2018). The real effects of banking supervision: Evidence from enforcement actions. Journal of Financial Intermediation, 35(A), 86-101. https://doi.org/10.1016/j.jfi.2016.10.003

© 2016 Elsevier Inc. We present a novel way to examine macro-financial linkages by focusing on the real effects of bank supervisors’ enforcement actions. Exploiting plausibly exogenous variation in supervisory monitoring intensity, we show that enfor... Read More about The real effects of banking supervision: Evidence from enforcement actions.

Long memory and multifractality: a joint test (2016)
Journal Article
Goddard, J., & Onali, E. (2016). Long memory and multifractality: a joint test. Physica A: Statistical Mechanics and its Applications, 451, https://doi.org/10.1016/j.physa.2015.12.166

The properties of statistical tests for hypotheses concerning the parameters of the multifractal model of asset returns (MMAR) are investigated, using Monte Carlo techniques. We show that, in the presence of multifractality, conventional tests of lon... Read More about Long memory and multifractality: a joint test.

CEO power, government monitoring, and bank dividends (2015)
Journal Article
Onali, E., Galiakhmetova, R., Molyneux, P., & Torluccio, G. (2016). CEO power, government monitoring, and bank dividends. Journal of Financial Intermediation, 27, https://doi.org/10.1016/j.jfi.2015.08.001

We investigate the role of CEO power and government monitoring on bank dividend policy for a sample of 109 European listed banks for the period 2005–2013. We employ three main proxies for CEO power: CEO ownership, CEO tenure, and unforced CEO turnove... Read More about CEO power, government monitoring, and bank dividends.