Josef Zechner

Vienna University of Economics and Business

Prof.

Welthandelsplatz 1

Vienna, Wien A-1019

Austria

  • Vienna University of Economics and Business

SCHOLARLY PAPERS

36

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44,163

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172

CROSSREF CITATIONS

427

Scholarly Papers (36)

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1.

Optimal Capital Allocation Using RAROC and EVA

Downloads 24,071 ( 99)
Citation 35

Optimal Capital Allocation Using RAROC and EVA

Journal of Financial Intermediation, Forthcoming
Number of pages: 44 Posted: 11 Sep 1998
Neal Stoughton and Josef Zechner
Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 24,010 (95)
Citation 20

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capital, allocation, risk, management, equity

Optimal Capital Allocation Using Raroc and Eva

CEPR Discussion Paper No. 4169
Number of pages: 37 Posted: 19 Jan 2004
Neal Stoughton and Josef Zechner
Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 61 (387,558)
Citation 10
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2.

Low Risk Anomalies?

Downloads 3,375 ( 3,349)
Citation 19

Low Risk Anomalies?

Journal of Finance, Forthcoming
Number of pages: 113 Posted: 13 Apr 2015 Last Revised: 28 Sep 2019
Paul Schneider, Christian Wagner and Josef Zechner
University of Lugano - Institute of Finance, WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 2,699 (4,786)
Citation 14

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low risk anomaly, coskewness, skewness, risk premia, equity options

Low Risk Anomalies?

CFS Working Paper, No. 550
Number of pages: 71 Posted: 26 Oct 2016 Last Revised: 11 Jan 2018
Paul Schneider, Christian Wagner and Josef Zechner
University of Lugano - Institute of Finance, WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 676 (40,518)
Citation 6

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Low risk anomaly, skewness, credit risk, risk premia, equity options

3.

The Dynamics of Capital Allocation

EFA 0328; AFA 2001 New Orleans
Number of pages: 34 Posted: 16 Dec 2000
Neal Stoughton and Josef Zechner
Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 2,051 (7,752)
Citation 3

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4.

The Cross-Section of Credit Risk Premia and Equity Returns

Journal of Finance, Forthcoming
Number of pages: 56 Posted: 12 Jul 2011 Last Revised: 12 Apr 2015
Nils Friewald, Christian Wagner and Josef Zechner
Norwegian School of Economics (NHH), WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 1,731 (10,297)
Citation 13

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equity returns, default risk, credit risk premia, credit default swaps, cross-sectional asset pricing

5.

Corporate Debt Maturity Profiles

Downloads 1,418 ( 14,085)
Citation 16

Corporate Debt Maturity Profiles

Number of pages: 45 Posted: 30 Nov 2011 Last Revised: 30 Aug 2017
Jaewon Choi, Dirk Hackbarth and Josef Zechner
University of Illinois at Urbana-Champaign - Department of Finance, Boston University - Department of Finance & Economics and Vienna University of Economics and Business
Downloads 1,418 (13,812)
Citation 3

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Capital Structure, Debt Structure, Debt Maturity

Corporate Debt Maturity Profiles

CEPR Discussion Paper No. DP12289
Number of pages: 48 Posted: 11 Sep 2017
Jaewon Choi, Dirk Hackbarth and Josef Zechner
University of Illinois at Urbana-Champaign - Department of Finance, Boston University - Department of Finance & Economics and Vienna University of Economics and Business
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Citation 7
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Capital Structure, Debt Maturity, Debt Structure

6.

The Geography of Equity Listing: Why Do European Companies List Abroad?

EFA 0171
Number of pages: 59 Posted: 24 Mar 2000
Marco Pagano, Ailsa Röell and Josef Zechner
University of Naples Federico II - Department of Economics and Statistics, Columbia University, School of International and Public Affairs and Vienna University of Economics and Business
Downloads 1,391 (14,525)
Citation 34

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7.

Leverage Dynamics over the Business Cycle

AFA 2012 Chicago Meetings Paper
Number of pages: 61 Posted: 15 Feb 2011 Last Revised: 24 Nov 2015
Michael Halling, Jin Yu and Josef Zechner
Stockholm School of Economics & Swedish House of Finance, Monash University -Department of Banking and Finance and Vienna University of Economics and Business
Downloads 1,053 (22,074)
Citation 28

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Empirical Corporate Finance, Capital Structure Dynamics, Business Cycle Variation

8.

Credit Risk and Dynamic Capital Structure Choice

Downloads 978 ( 24,638)
Citation 26

Credit Risk and Dynamic Capital Structure Choice

EFA 2001 Barcelona Meetings
Number of pages: 28 Posted: 05 Jul 2001
Thomas Dangl and Josef Zechner
Vienna University of Technology and Vienna University of Economics and Business
Downloads 924 (26,288)
Citation 3

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Credit Risk and Dynamic Capital Structure Choice

CEPR Discussion Paper No. 4132
Number of pages: 30 Posted: 03 Jan 2004
Thomas Dangl and Josef Zechner
Vienna University of Technology and Vienna University of Economics and Business
Downloads 54 (411,722)
Citation 3
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9.

Intermediated Investment Management

Journal of Finance, Vol. 66, No. 3, pp. 947-980, 2011
Number of pages: 47 Posted: 25 Mar 2008 Last Revised: 18 Mar 2012
Neal Stoughton, Youchang Wu and Josef Zechner
Vienna University of Economics and Business, University of Oregon - Lundquist College of Business and Vienna University of Economics and Business
Downloads 903 (27,609)
Citation 3

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investment management, intermediation, investment adviser, kickback

10.

Debt Maturity and the Dynamics of Leverage

Downloads 890 ( 28,196)
Citation 22

Debt Maturity and the Dynamics of Leverage

Number of pages: 49 Posted: 06 Mar 2005 Last Revised: 28 Jun 2016
Thomas Dangl and Josef Zechner
Vienna University of Technology and Vienna University of Economics and Business
Downloads 549 (53,296)
Citation 9

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debt maturity, optimal capital structure choice

Debt Maturity and the Dynamics of Leverage

CFS Working Paper, No. 547
Number of pages: 52 Posted: 25 Oct 2016 Last Revised: 11 Jan 2018
Thomas Dangl and Josef Zechner
Vienna University of Technology and Vienna University of Economics and Business
Downloads 341 (94,907)
Citation 15

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debt maturity, optimal capital structure choice

11.

Portfolio Performance, Discount Dynamics, and the Turnover of Closed-End Fund Managers

EFA 2006 Zurich Meetings Paper
Number of pages: 45 Posted: 23 Mar 2005 Last Revised: 27 Nov 2008
Russ Wermers, Youchang Wu and Josef Zechner
University of Maryland - Robert H. Smith School of Business, University of Oregon - Lundquist College of Business and Vienna University of Economics and Business
Downloads 836 (30,827)
Citation 13

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Closed-end fund, manager turnover, discount

12.

Financial Media, Price Discovery, and Merger Arbitrage

CFS WP No. 551
Number of pages: 76 Posted: 26 Oct 2016 Last Revised: 25 Feb 2020
Matthias M. M. Buehlmaier and Josef Zechner
The University of Hong Kong and Vienna University of Economics and Business
Downloads 787 (33,459)
Citation 2

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Financial Media, Merger Arbitrage, Hedge Funds, Market Efficiency, Mergers and Acquisitions

13.

Market Discipline and Internal Governance in the Mutual Fund Industry

Downloads 406 ( 78,162)
Citation 10

Market Discipline and Internal Governance in the Mutual Fund Industry

AFA 2006 Boston Meetings Paper; University of Vienna Finance Working Paper No. 2004-3
Number of pages: 39 Posted: 07 Feb 2005
Thomas Dangl, Youchang Wu and Josef Zechner
Vienna University of Technology, University of Oregon - Lundquist College of Business and Vienna University of Economics and Business
Downloads 281 (117,396)
Citation 4

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mutual funds, portfolio management, governance, market discipline

Market Discipline and Internal Governance in the Mutual Fund Industry

Review of Financial Studies, Forthcoming
Number of pages: 51 Posted: 22 Jun 2006
Thomas Dangl, Youchang Wu and Josef Zechner
Vienna University of Technology, University of Oregon - Lundquist College of Business and Vienna University of Economics and Business
Downloads 125 (245,817)
Citation 6

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mutual funds, portfolio management, governance, market discipline

Market Discipline and Internal Governance in the Mutual Fund Industry

The Review of Financial Studies, Vol. 21, Issue 5, pp. 2307-2343, 2008
Posted: 19 Sep 2008
Thomas Dangl, Youchang Wu and Josef Zechner
Vienna University of Technology, University of Oregon - Lundquist College of Business and Vienna University of Economics and Business

Abstract:

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G11, G23, G30

14.

Risk Control in Asset Management: Motives and Concepts

Downloads 385 ( 83,146)
Citation 2

Risk Control in Asset Management: Motives and Concepts

Number of pages: 35 Posted: 23 Mar 2014
Thomas Dangl, Otto Randl and Josef Zechner
Vienna University of Technology, WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 268 (123,313)
Citation 1

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risk management, marginal risk contributions, downside risk, parameter uncertainty, model uncertainty

Risk Control in Asset Management: Motives and Concepts

CFS Working Paper, No. 546
Number of pages: 38 Posted: 19 Oct 2016 Last Revised: 18 Jan 2018
Thomas Dangl, Otto Randl and Josef Zechner
Vienna University of Technology, WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 117 (258,448)
Citation 1

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15.

Managerial Rents vs. Shareholder Value in Delegated Portfolio Management: The Case of Closed-End Funds

Downloads 376 ( 85,504)
Citation 8

Managerial Rents vs. Shareholder Value in Delegated Portfolio Management: The Case of Closed-End Funds

Review of Financial Studies, Forthcoming
Number of pages: 60 Posted: 21 Nov 2012 Last Revised: 04 Jul 2016
Youchang Wu, Russ Wermers and Josef Zechner
University of Oregon - Lundquist College of Business, University of Maryland - Robert H. Smith School of Business and Vienna University of Economics and Business
Downloads 335 (96,761)
Citation 3

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closed-end fund, closed-end fund discount, portfolio manager, managerial rent

Managerial Rents vs. Shareholder Value in Delegated Portfolio Management: The Case of Closed-End Funds

CFS Working Paper, No. 548
Number of pages: 63 Posted: 26 Oct 2016 Last Revised: 11 Jan 2018
Youchang Wu, Russ Wermers and Josef Zechner
University of Oregon - Lundquist College of Business, University of Maryland - Robert H. Smith School of Business and Vienna University of Economics and Business
Downloads 41 (463,658)
Citation 11

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G23, G34

16.

Market Implied Costs of Bankruptcy

Number of pages: 57 Posted: 12 Sep 2013 Last Revised: 07 Jul 2017
Johann Reindl, Neal Stoughton and Josef Zechner
BI Norwegian Business School, Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 354 (91,649)
Citation 6

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bankruptcy costs, capital structure, default, equity prices

17.

Where is the Market? Evidence from Cross-Listings

Downloads 354 ( 91,649)
Citation 21

Where is the Market? Evidence from Cross-Listings

EFA 2004 Maastricht Meetings Paper No. 4399
Number of pages: 29 Posted: 23 Jun 2004
Michael Halling, Marco Pagano, Otto Randl and Josef Zechner
University of Vienna - Department of Business Engineering, University of Naples Federico II - Department of Economics and Statistics, WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 334 (97,111)
Citation 12

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trading volume, cross-listing, flow-back

Where is the Market? Evidence from Cross-Listings

CEPR Discussion Paper No. 4987
Number of pages: 34 Posted: 05 Aug 2005
Michael Halling, Marco Pagano, Otto Randl and Josef Zechner
University of Vienna - Department of Business Engineering, University of Naples Federico II - Department of Economics and Statistics, WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 20 (582,465)
Citation 1
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Trading volume, cross-listing, flow-back

18.

The COVID-19 Pandemic and Corporate Dividend Policy

Downloads 335 ( 97,437)
Citation 4

The COVID-19 Pandemic and Corporate Dividend Policy

Number of pages: 8 Posted: 16 Apr 2020 Last Revised: 17 Apr 2020
Georg Cejnek, Otto Randl and Josef Zechner
ZZ Vermögensverwaltung, WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 335 (96,761)
Citation 4

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COVID-19 pandemic, dividends

The Covid-19 Pandemic and Corporate Dividend Policy

CEPR Discussion Paper No. DP14571
Number of pages: 9 Posted: 08 May 2020
Georg Cejnek, Otto Randl and Josef Zechner
ZZ Vermögensverwaltung, WU Vienna University of Economics and Business and Vienna University of Economics and Business
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19.

Sovereign Bond Risk Premiums

Number of pages: 53 Posted: 09 Jun 2013
Engelbert J. Dockner, Manuel Mayer and Josef Zechner
WU Vienna University of Economics and Business (deceased), Oesterreichische Nationalbank (OeNB) and Vienna University of Economics and Business
Downloads 284 (116,633)
Citation 4

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Bond risk premiums, market and credit risk factors, financial repression

20.

Lessons Learned from Student Managed Portfolios

Journal of Investment Management, Forthcoming
Number of pages: 35 Posted: 25 Oct 2014 Last Revised: 03 Jul 2018
Stephan Kranner, Neal Stoughton and Josef Zechner
Vienna University of Economics and Business, Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 264 (125,945)
Citation 1

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student funds, portfolio management, behavioral finance

21.

The Maturity Premium

Downloads 243 (137,018)
Citation 1

The Maturity Premium

Number of pages: 52 Posted: 13 Nov 2018 Last Revised: 16 Jan 2020
Maria Chaderina, Patrick Weiss and Josef Zechner
University of Oregon - Lundquist College of Business, Vienna Graduate School of Finance (VGSF) and Vienna University of Economics and Business
Downloads 242 (137,093)
Citation 2

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maturity, value premium, debt overhang, cross-section of stock returns, CAPM

The Maturity Premium

CEPR Discussion Paper No. DP14570
Number of pages: 55 Posted: 08 May 2020
Maria Chaderina, Patrick Weiss and Josef Zechner
University of Oregon - Lundquist College of Business, Vienna Graduate School of Finance (VGSF) and Vienna University of Economics and Business
Downloads 1 (736,721)
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CAPM, Cross-section of stock returns, Debt overhang, Maturity, value premium

22.

Valuation and Long-Term Growth Expectations

Number of pages: 60 Posted: 03 Dec 2019
Angel Tengulov, Josef Zechner and Jeffrey Zwiebel
Vanderbilt University - Owen Graduate School of Management, Vienna University of Economics and Business and Stanford Graduate School of Business
Downloads 239 (139,303)

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Valuation, Terminal Value, Long-Term Growth Rates, Market Efficiency

23.

Granularity of Corporate Debt

Number of pages: 46 Posted: 20 Oct 2017 Last Revised: 25 Oct 2017
Jaewon Choi, Dirk Hackbarth and Josef Zechner
University of Illinois at Urbana-Champaign - Department of Finance, Boston University - Department of Finance & Economics and Vienna University of Economics and Business
Downloads 211 (156,961)
Citation 6

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Capital Structure, Debt Structure, Debt Maturity

24.

Where is the Market? Evidence from Cross-Listings in the U.S.

Number of pages: 39 Posted: 14 Mar 2006
Michael Halling, Marco Pagano, Otto Randl and Josef Zechner
Stockholm School of Economics & Swedish House of Finance, University of Naples Federico II - Department of Economics and Statistics, WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 208 (159,113)
Citation 8

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cross-listing, trading volume, trade creation

25.

Disaster Resilience and Asset Prices

Downloads 173 (187,982)
Citation 12

Disaster Resilience and Asset Prices

Number of pages: 40 Posted: 19 May 2020
Marco Pagano, Christian Wagner and Josef Zechner
University of Naples Federico II - Department of Economics and Statistics, WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 173 (187,996)
Citation 6

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asset pricing, rare disasters, social distance, resilience, pandemics

Disaster Resilience and Asset Prices

CEPR Discussion Paper No. DP14773
Number of pages: 43 Posted: 28 May 2020
Marco Pagano, Christian Wagner and Josef Zechner
University of Naples Federico II - Department of Economics and Statistics, WU Vienna University of Economics and Business and Vienna University of Economics and Business
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Asset Pricing, Pandemics, Rare Disasters, resilience, social distance

26.

Human Capital, Bankruptcy and Capital Structure

NBER Working Paper No. w13014
Number of pages: 39 Posted: 06 Apr 2007 Last Revised: 25 Jul 2010
Jonathan Berk, Richard Stanton and Josef Zechner
Stanford Graduate School of Business, University of California, Berkeley - Haas School of Business and Vienna University of Economics and Business
Downloads 142 (221,702)
Citation 21

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27.

The Cross-Section and Time Series of Corporate Bond Returns

Number of pages: 3 Posted: 17 Aug 2010
Arne Westerkamp and Josef Zechner
Vienna University of Economics and Business - Department of Accounting and Finance and Vienna University of Economics and Business
Downloads 127 (241,993)

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Corporate bond pricing, asset pricing

28.

The Stability of Dividends and Wages: Effects of Competitor Inflexibility

CFS Working Paper, No. 549
Number of pages: 55 Posted: 26 Oct 2016 Last Revised: 27 Jan 2020
Daniel A. Rettl, Alex Stomper and Josef Zechner
University of Georgia - Department of Banking and Finance, Humboldt University of Berlin - School of Business and Economics and Vienna University of Economics and Business
Downloads 124 (246,327)

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risk-sharing within firms, payout stability, wage stability, competitor inflexibility

29.

The Dynamics of Corporate Debt Structure

Downloads 122 (249,376)

The Dynamics of Corporate Debt Structure

Swedish House of Finance Research Paper No. 20-3
Number of pages: 50 Posted: 02 Dec 2019 Last Revised: 21 Feb 2020
Michael Halling, Jin Yu and Josef Zechner
Stockholm School of Economics & Swedish House of Finance, Monash University -Department of Banking and Finance and Vienna University of Economics and Business
Downloads 122 (250,385)

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corporate debt structure dynamics, debt concentration, business cycle variation, cluster analysis

The Dynamics of Corporate Debt Structure

CEPR Discussion Paper No. DP14572
Number of pages: 53 Posted: 08 May 2020
Michael Halling, Jin Yu and Josef Zechner
Stockholm School of Economics & Swedish House of Finance, Monash University -Department of Banking and Finance and Vienna University of Economics and Business
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business cycle variation, clus- ter analysis, corporate debt structure dynamics, debt concentration

30.

Liquidity and Feasible Debt Relief

EFA 2009 Bergen Meetings Paper
Number of pages: 45 Posted: 20 Feb 2009
Josef Zechner and Chris Hennessy
Vienna University of Economics and Business and London Business School
Downloads 106 (275,887)

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Liquidity, Debt, Restructuring

31.

How Did COVID-19 Affect Firms' Access to Public Capital Markets?

Number of pages: 35 Posted: 11 May 2020 Last Revised: 24 Jun 2020
Michael Halling, Jin Yu and Josef Zechner
Stockholm School of Economics & Swedish House of Finance, Monash University -Department of Banking and Finance and Vienna University of Economics and Business
Downloads 103 (281,431)
Citation 1

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Corporate bond market, pandemic, COVID-19

32.

Sovereign Reputation and Yield Spreads: A Case Study on Retroactive Legislation

Downloads 77 (337,528)

Sovereign Reputation and Yield Spreads: A Case Study on Retroactive Legislation

Number of pages: 32 Posted: 09 Jun 2016
Otto Randl and Josef Zechner
WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 45 (446,382)

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Sovereign debt, reputation, retroactive legislation

Sovereign Reputation and Yield Spreads: A Case Study on Retroactive Legislation

CFS Working Paper, No. 545
Number of pages: 35 Posted: 18 Oct 2016
Otto Randl and Josef Zechner
WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 32 (507,162)

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33.

Equilibrium Policy Portfolios When Some Assets are Non-Tradable

Number of pages: 35 Posted: 09 Jan 2019 Last Revised: 31 Jan 2019
Otto Randl, Arne Westerkamp and Josef Zechner
WU Vienna University of Economics and Business, Vienna University of Economics and Business - Department of Accounting and Finance and Vienna University of Economics and Business
Downloads 46 (434,236)

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asset allocation, policy portfolios, non-tradable assets

34.

Where is the Market? Evidence from Cross-Listings in the United States

Review of Financial Studies, Vol. 21, Issue 2, pp. 725-761, 2008
Posted: 26 Jun 2008
Michael Halling, Marco Pagano, Otto Randl and Josef Zechner
Stockholm School of Economics & Swedish House of Finance, University of Naples Federico II - Department of Economics and Statistics, WU Vienna University of Economics and Business and Vienna University of Economics and Business

Abstract:

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G15, G30

35.

The Geography of Equity Listing: Why Do Companies List Abroad?

The Journal of Finance, Vol. 57, pp. 2651-2694, 2002
Posted: 06 Jun 2003
Marco Pagano, Ailsa Röell and Josef Zechner
University of Naples Federico II - Department of Economics and Statistics, Columbia University, School of International and Public Affairs and Vienna University of Economics and Business

Abstract:

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36.

Ipos and Product Quality

Journal of Business
Posted: 12 Oct 2000
Neal Stoughton, Kit Pong Wong and Josef Zechner
Vienna University of Economics and Business, University of Hong Kong and Vienna University of Economics and Business

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