Please use this identifier to cite or link to this item: http://hdl.handle.net/10419/208363
Authors: 
De Santis, Roberto A.
Zaghini, Andrea
Year of Publication: 
2019
Series/Report no.: 
ECB Working Paper No. 2329
Abstract: 
We assess the effect and the timing of the corporate arm of the ECB quantitative easing (CSPP) on corporate bond issuance. Because of several contemporaneous measures, to isolate the programme effects we rely on one key eligibility feature: the euro denomination of newly issued bonds. We find that the significant increase in bonds issuance by eligible firms is due to the CSPP and that this effect took at least six months to unfold. This result holds even when comparing firms with similar ratings, thus providing evidence that unconventional monetary policy can foster a financing diversification regardless of firms' risk profile.
Subjects: 
Quantitative easing
CSPP
corporate bond market
JEL: 
E52
G15
G32
Persistent Identifier of the first edition: 
ISBN: 
978-92-899-3898-3
Document Type: 
Working Paper

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