TY  - UNPD
A1  - Zaghini, Andrea
T1  - Fragmentation and heterogeneity in the euro–area corporate bond market: back to normal?
T2  - Center for Financial Studies (Frankfurt am Main): CFS working paper series ; No. 530
N2  - We assess the degree of market fragmentation in the euro-area corporate bond market by disentangling the determinants of the risk premium paid on bonds at origination. By looking at over 2,400 bonds we are able to isolate the country-specific effects which are a suitable indicator of the market fragmentation. We find that, after peaking during the sovereign debt crisis, fragmentation shrank in 2013 and receded to pre-crisis levels only in 2014. However, the low level of estimated market fragmentation is coupled with a still high heterogeneity in actual bond yields, challenging the consistency of the new equilibrium.
T3  - CFS working paper series - 530 
KW  - corporate bond market
KW  - sovereign debt crisis
KW  - financial fragmentation
Y1  - 2016
UR  - http://publikationen.ub.uni-frankfurt.de/frontdoor/index/index/docId/39577
UR  - https://nbn-resolving.org/urn:nbn:de:hebis:30:3-395775
PB  - Center for Financial Studies
CY  - Frankfurt, M.
ER  -