Florian Heider

European Central Bank (ECB)

Sonnemannstrasse 22

Frankfurt am Main, 60314

Germany

http://https://sites.google.com/site/florianheider2/

Centre for Economic Policy Research (CEPR)

London

United Kingdom

SCHOLARLY PAPERS

25

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Top 2,188

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21,438

SSRN CITATIONS
Rank 611

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Top 611

in Total Papers Citations

1,138

CROSSREF CITATIONS

541

Scholarly Papers (25)

1.
Downloads 3,735 ( 4,038)
Citation 141

The Determinants of Bank Capital Structure

Review of Finance, Vol. 14, pp. 587-622, 2010 , Zentum Fuer Europaeische Wirtschaftsforschung (ZEW) - Center for European Economic Research, Vol. 8, No. 15, 2008
Number of pages: 50 Posted: 02 Mar 2007 Last Revised: 14 Jul 2011
Reint Gropp and Florian Heider
Halle Institute for Economic Research and European Central Bank (ECB)
Downloads 2,719 (6,775)
Citation 19

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capital structure, corporate finance, leverage, bank capital, banking regulation

The Determinants of Bank Capital Structure

ECB Working Paper No. 1096
Number of pages: 52 Posted: 20 Oct 2009
Reint Gropp and Florian Heider
Halle Institute for Economic Research and European Central Bank (ECB)
Downloads 1,016 (30,975)
Citation 9

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bank capital, capital regulation, capital structure, leverage

As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from State Tax Changes

Journal of Financial Economics (JFE), 118, 684-712 (2015)
Number of pages: 73 Posted: 18 Mar 2012 Last Revised: 24 May 2016
European Central Bank (ECB) and Centre for Economic Policy Research (CEPR)Swedish House of Finance
Downloads 3,110 (5,454)
Citation 64

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Capital structure, debt policy, leverage, leverage dynamics, taxes, tradeoff theory, dynamic capital structure models, natural experiments

As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from State Tax Changes

NYU Working Paper No. 2451/31613
Number of pages: 73 Posted: 10 Sep 2013 Last Revised: 14 Oct 2014
European Central Bank (ECB) and Centre for Economic Policy Research (CEPR)Swedish House of Finance
Downloads 138 (289,237)
Citation 1

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Capital structure, debt policy, leverage, leverage dynamics, taxes, trade-off theory, dynamic capital structure models, natural experiments

As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from State Tax Changes

Journal of Financial Economics (JFE), 118, 684-712 (2015), NYU Working Paper No. FIN-12-009
Number of pages: 73 Posted: 21 Sep 2012 Last Revised: 24 May 2016
European Central Bank (ECB) and Centre for Economic Policy Research (CEPR)Swedish House of Finance
Downloads 119 (323,376)

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Capital structure, debt policy, leverage, leverage dynamics, taxes, tradeoff theory, dynamic capital structure models, natural experiments

As Certain as Debt and Taxes: Estimating the Tax Sensitivity of Leverage from Exogenous State Tax Changes

NBER Working Paper No. w18263
Number of pages: 75 Posted: 28 Jul 2012 Last Revised: 28 May 2022
European Central Bank (ECB) and Centre for Economic Policy Research (CEPR)Swedish House of Finance
Downloads 48 (542,947)
Citation 1

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Life Below Zero: Bank Lending Under Negative Policy Rates

Review of Financial Studies, 32, 3728-3761 (2019)
Number of pages: 65 Posted: 05 Jun 2016 Last Revised: 24 Apr 2020
European Central Bank (ECB), Boston University - Questrom School of Business and European Central Bank (ECB)European Central Bank (ECB)
Downloads 2,947 (5,962)
Citation 56

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negative interest rates, deposits, zero lower bound, bank balance-sheet channel, bank risk-taking channel

Life Below Zero: Bank Lending Under Negative Policy Rates

ECB Working Paper No. 2173
Number of pages: 74 Posted: 02 Aug 2018
European Central Bank (ECB), Boston University - Questrom School of Business and European Central Bank (ECB)European Central Bank (ECB)
Downloads 238 (179,099)
Citation 3

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negative interest rates, deposits, zero lower bound, bank balance-sheet channel, bank risk-taking channel

Life Below Zero: Bank Lending Under Negative Policy Rates

CEPR Discussion Paper No. DP13191
Number of pages: 68 Posted: 24 Sep 2018
European Central Bank (ECB), Boston University - Questrom School of Business and European Central Bank (ECB)European Central Bank (ECB)
Downloads 2 (912,865)
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bank balance-sheet channel, bank risk-taking channel, deposits, Negative Interest Rates, zero lower bound

Liquidity Hoarding and Interbank Market Spreads: The Role of Counterparty Risk

Journal of Financial Economics (JFE), 118, 336-354 (2015)
Number of pages: 53 Posted: 22 Mar 2009 Last Revised: 24 May 2016
Florian Heider, Marie Hoerova and Cornelia Holthausen
European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 1,836 (12,722)
Citation 8

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Interbank market; Endogenous liquidity; Counterparty risk; Asymmetric information; Market break-down; Financial crisis

Liquidity Hoarding and Interbank Market Spreads: The Role of Counterparty Risk

ECB Working Paper No. 1126
Number of pages: 66 Posted: 12 Dec 2009
Florian Heider, Marie Hoerova and Cornelia Holthausen
European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 725 (49,260)
Citation 7

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Financial crisis, Interbank market, Liquidity, Counterparty risk, Asymmetric information

Liquidity Hoarding and Interbank Market Spreads: The Role of Counterparty Risk

CEPR Discussion Paper No. DP7762
Number of pages: 59 Posted: 05 Apr 2010
Florian Heider, Marie Hoerova and Cornelia Holthausen
European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 5 (873,184)
Citation 18
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Asymmetric information, Counterparty risk, Financial crisis, Interbank market, Liquidity

5.
Downloads 1,811 ( 13,237)
Citation 21

Capital Structure, Risk and Asymmetric Information

Quarterly Journal of Finance, Vol 1 (4), 767-809 (2011)
Number of pages: 57 Posted: 21 Jul 2004 Last Revised: 25 Jul 2012
Nikolay Halov and Florian Heider
New York University - Stern School of Business and European Central Bank (ECB)
Downloads 1,511 (17,214)
Citation 23

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capital structure, risk, asymmetric information, pecking-order hypothesis, adverse selection

Capital Structure with Asymmetric Information About Value and Risk: Theory and Empirical Analysis

NYU Working Paper No. S-CDM-03-17
Number of pages: 59 Posted: 05 Nov 2008
Nikolay Halov and Florian Heider
New York University - Stern School of Business and European Central Bank (ECB)
Downloads 204 (207,388)

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Capital Structure with Asymmetric Information About Value and Risk: Theory and Empirical Analysis

NYU Working Paper No. FIN-03-026
Number of pages: 53 Posted: 11 Nov 2008
Nikolay Halov and Florian Heider
New York University - Stern School of Business and European Central Bank (ECB)
Downloads 96 (374,613)
Citation 1

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6.

A Theory of Bank Liquidity Requirements

Columbia Business School Research Paper No. 14-39
Number of pages: 43 Posted: 07 Aug 2014 Last Revised: 15 Apr 2015
Charles W. Calomiris, Florian Heider and Marie Hoerova
Columbia University - Columbia Business School, European Central Bank (ECB) and European Central Bank (ECB)
Downloads 1,631 (15,611)
Citation 40

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Liquidity regulation, reserve requirements, bank runs, deposit insurance, moral hazard, risk management

7.

The Role of Financial Markets and Innovation in Productivity and Growth in Europe

ECB Occasional Paper No. 72
Number of pages: 51 Posted: 26 Sep 2007
European Central Bank (ECB), European Central Bank (ECB), London Business School and European Central Bank (ECB)
Downloads 796 (44,105)
Citation 5

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Risk-Sharing or Risk-Taking? Counterparty Risk, Incentives and Margins

Journal of Finance, 71, 1669-1698 (2016)
Number of pages: 80 Posted: 16 Mar 2010 Last Revised: 24 Apr 2020
Bruno Biais, Florian Heider and Marie Hoerova
Centre for Economic Policy Research (CEPR), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 544 (71,353)
Citation 28

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Hedging, Insurance, Derivatives, Moral hazard, Risk management, Counterparty risk, Contagion, Margin requirements

Risk-Sharing or Risk-Taking? Counterparty Risk, Incentives and Margins

ECB Working Paper No. 1413
Number of pages: 49 Posted: 13 Jan 2012
Bruno Biais, Florian Heider and Marie Hoerova
Centre for Economic Policy Research (CEPR), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 164 (251,146)
Citation 3

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insurance, moral hazard, counterparty risk, margin requirements, derivatives

9.
Downloads 510 ( 78,177)
Citation 10

Interbank Lending, Credit Risk Premia and Collateral

ECB Working Paper No. 1107
Number of pages: 46 Posted: 13 Nov 2009
Florian Heider and Marie Hoerova
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 308 (137,883)

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Financial crisis, Interbank market, Liquidity, Credit risk, Collateral

Interbank Lending, Credit Risk Premia and Collateral

International Journal of Central Banking, Vol. 5, pp. 1-39
Number of pages: 37 Posted: 08 Dec 2009
Florian Heider and Marie Hoerova
European Central Bank (ECB) and European Central Bank (ECB)
Downloads 202 (209,284)

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Financial crisis, Interbank market, Liquidity, Credit risk, Collateral

The Benefit and Cost of Winner-Picking: Redistribution Vs. Incentives

Journal of Institutional and Theoretical Economics, Vol.165, pp. 622-649, 2009
Number of pages: 33 Posted: 04 Jul 2001 Last Revised: 15 Jul 2010
Axel Gautier and Florian Heider
University of Liège - Research Center on Public and Population Economics and European Central Bank (ECB)
Downloads 439 (92,655)
Citation 3

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Internal Capital Markets, Conglomerate Discount, Transfers, Moral-hazard

The Benefit and Cost of Winner-Picking: Redistribution vs. Incentives

NYU Working Paper No. FIN-02-015
Posted: 03 Nov 2008
Axel Gautier and Florian Heider
University of Liège - Research Center on Public and Population Economics and European Central Bank (ECB)

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11.
Downloads 413 (100,293)
Citation 2

Banks and Negative Interest Rates

Annual Review of Financial Economics, Vol. 13, pp. 201-218, 2021
Posted: 09 Nov 2021
Florian Heider, Farzad Saidi and Glenn Schepens
European Central Bank (ECB), Centre for Economic Policy Research (CEPR) and European Central Bank (ECB)

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Banks and Negative Interest Rates

Number of pages: 26 Posted: 24 Jan 2021
European Central Bank (ECB), Boston University - Questrom School of Business and European Central Bank (ECB)European Central Bank (ECB)
Downloads 265 (161,059)
Citation 1

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deposits, negative interest rates, zero lower bound, bank lending, bank risk taking, euro-area heterogeneity

Banks and Negative Interest Rates

ECB Working Paper No. 2021/2549
Number of pages: 30 Posted: 19 May 2021
European Central Bank (ECB), University of Bonn and European Central Bank (ECB)European Central Bank (ECB)
Downloads 148 (273,646)
Citation 1

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Variation Margins, Fire Sales, and Information-Constrained Optimum

Review of Economic Studies, accepted for publication
Number of pages: 78 Posted: 30 Nov 2015 Last Revised: 24 Apr 2020
Bruno Biais, Florian Heider and Marie Hoerova
University of Toulouse 1 - Toulouse School of Economics (TSE), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 396 (104,416)
Citation 2

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variation margins, fire sales, pecuniary externality, moral hazard, constrained efficiency, regulation

Variation Margins, Fire Sales, and Information-Constrained Optimality

CEPR Discussion Paper No. DP13192
Number of pages: 63 Posted: 24 Sep 2018
Bruno Biais, Florian Heider and Marie Hoerova
University of Toulouse 1 - Toulouse School of Economics (TSE), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 1 (929,419)
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constrained efficiency, fire sales, macro-prudential regulation, Pecuniary externalities, variation margins

13.

Market-Based Compensation, Price Informativeness and Short-Term Trading

ECB Working Paper No. 735
Number of pages: 45 Posted: 31 Mar 2007
Riccardo Calcagno and Florian Heider
Politecnico di Torino and European Central Bank (ECB)
Downloads 311 (137,153)

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Executive compensation, moral hazard, liquidity, trading, stock price informativeness

Lending-of-Last-Resort Is as Lending-of-Last-Resort Does: Central Bank Liquidity Provision and Interbank Market Functioning in the Euro Area

Journal of Financial Intermediation, Forthcoming
Number of pages: 58 Posted: 23 Sep 2015 Last Revised: 24 May 2016
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 234 (182,037)
Citation 25

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Lender-of-last-resort, Interbank Markets, Financial Crisis, Sovereign Debt Crisis, Central Bank Policy

Lending-of-Last-Resort is as Lending-of-Last-Resort Does: Central Bank Liquidity Provision and Interbank Market Functioning in the Euro Area

ECB Working Paper No. 1886
Number of pages: 62 Posted: 25 Feb 2016
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 49 (538,126)

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lender-of-last-resort, interbank markets, financial crisis, sovereign debt

Lending-of-Last-Resort is as Lending-of-Last-Resort Does: Central Bank Liquidity Provision and Interbank Market Functioning in the Euro Area

CEPR Discussion Paper No. DP10901
Number of pages: 62 Posted: 28 Oct 2015
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 1 (929,419)
Citation 2
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central bank policy, financial crisis, interbank markets, lender-of-last-resort, sovereign debt crisis

A Corporate Finance Perspective on Environmental Policy

Number of pages: 34 Posted: 05 Jan 2022 Last Revised: 25 Jan 2022
Florian Heider and Roman Inderst
European Central Bank (ECB) and Goethe University Frankfurt
Downloads 169 (244,847)

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pigou tax, financing, climate change

A Corporate Finance Perspective on Environmental Policy

SAFE Working Paper No. 345
Number of pages: 36 Posted: 24 Mar 2022
Florian Heider and Roman Inderst
European Central Bank (ECB) and Goethe University Frankfurt
Downloads 63 (478,143)

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A Corporate Finance Perspective on Environmental Policy

CEPR Discussion Paper No. DP16878
Number of pages: 36 Posted: 04 Feb 2022
Florian Heider and Roman Inderst
European Central Bank (ECB) and Goethe University Frankfurt
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climate change, Financing, Pigou Tax

16.

Stressed Interbank Markets: Evidence from the European Financial and Sovereign Debt Crisis

ECB Working Paper No. 1925
Number of pages: 50 Posted: 29 Jun 2016
Banco de España, European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 204 (207,558)
Citation 1

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interbank markets, financial crisis, European sovereign debt crisis, payment systems, Furfine algorithm

17.
Downloads 201 (210,424)
Citation 4

Loan Prospecting

Review of Financial Studies, 25, 2381-2415
Number of pages: 48 Posted: 26 Feb 2011 Last Revised: 15 Apr 2015
Roman Inderst and Florian Heider
Goethe University Frankfurt and European Central Bank (ECB)
Downloads 167 (247,277)

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Banking, Soft Information, Loan Officers, Multi-task Moral-hazard, Competition

Loan Prospecting

ECB Working Paper No. 1439
Number of pages: 52 Posted: 09 Jul 2012
Florian Heider and Roman Inderst
European Central Bank (ECB) and Goethe University Frankfurt
Downloads 34 (619,487)
Citation 4

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Banking, soft information, loan officers, multi-task moral-hazard, competition

18.

On Collateral: Implications for Financial Stability and Monetary Policy

ECB Working Paper No. 2107
Number of pages: 51 Posted: 10 Nov 2017
Stefano Corradin, Florian Heider and Marie Hoerova
European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 168 (245,691)
Citation 3

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Repo, Haircuts, Margins, Central-Clearing Counterparties, Central Bank Policies

19.

Monetary Policy in a Low Interest Rate Environment: Reversal Rate and Risk-Taking

ECB Working Paper No. 2021/2593
Number of pages: 57 Posted: 02 Oct 2021
Florian Heider and Agnese Leonello
European Central Bank (ECB) and European Central Bank, Financial Research Division
Downloads 104 (355,235)

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bank lending, deposits, equity multiplier, zero-lower bound

20.

Clearing, Counterparty Risk and Aggregate Risk

ECB Working Paper No. 1481
Number of pages: 49 Posted: 18 Oct 2012
Bruno Biais, Florian Heider and Marie Hoerova
University of Toulouse 1 - Toulouse School of Economics (TSE), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 103 (355,235)
Citation 6

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Risk-sharing, moral hazard, optimal contracting, counterparty risk, central clearing counterparty, mutualization, aggregate and idiosyncratic risk

21.

The Role of Financial Stability Considerations in Monetary Policy and the Interaction with Macroprudential Policy in the Euro Area

ECB Occasional Paper No. 2021272
Number of pages: 142 Posted: 23 Sep 2021 Last Revised: 18 Nov 2021
ECB -DG Monetary Policy, Banque de France, European Central Bank (ECB), De Nederlandsche Bank, European Central Bank (ECB), Deutsche Bundesbank - Economics Department, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Banque de France, European Central Bank (ECB), European Central Bank, Bank of Slovenia, European Central Bank (ECB), University of Navarra - Department of Microbiology and Infectious Diseases, Banque de France - Centre de Recherche, Bank of Italy, Banco de España, Deutsche Bundesbank, Central Bank of Malta, Bank of Greece, Bank of Greece, European Central Bank (ECB), Banco de Portugal, European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, Bank of Finland, European Central Bank (ECB)CEPR, Bank of Slovenia, National Bank of Belgium, Central Bank of Cyprus, Latvijas Banka, De Nederlandsche Bank, Oesterreichische Nationalbank (OeNB), Deutsche Bundesbank, Bank of Italy, De Nederlandsche Bank - Monetary and Economic Policy Department, European Central Bank (ECB), European Central Bank (ECB), Deutsche Bundesbank, University of Giessen - Department of Economics and Bank of Slovenia
Downloads 87 (395,051)

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financial frictions, Monetary policy, systemic risk

22.

Stock-Based Pay, Liquidity, and the Role of Market Making

Journal of Economic Theory, Forthcoming
Number of pages: 34 Posted: 25 Sep 2019 Last Revised: 11 Aug 2021
Riccardo Calcagno and Florian Heider
Politecnico di Torino and European Central Bank (ECB)
Downloads 62 (475,238)

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stock-based pay, liquidity, information trading, market making, stock-market efficiency

23.

Variation margins, fire sales, and information-constrained optimality

ECB Working Paper No. 2191
Number of pages: 69 Posted: 31 Oct 2018
Bruno Biais, Florian Heider and Marie Hoerova
University of Toulouse 1 - Toulouse School of Economics (TSE), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 39 (577,260)
Citation 2

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variation margins, fire sales, pecuniary externalities, constrained efficiency, macro-prudential regulation

The Augmented Bank Balance-Sheet Channel of Monetary Policy

Number of pages: 64 Posted: 28 Mar 2022
Deutsche Bundesbank, Banco de Portugal, European Central Bank (ECB), University of Bonn, European Central Bank (ECB)European Central Bank (ECB) and Bank of Portugal
Downloads 35 (613,422)

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transmission of monetary policy, bank lending, bank risk taking, bank balance sheets, euro-area heterogeneity

The Augmented Bank Balance-Sheet Channel of Monetary Policy

CEPR Discussion Paper No. DP17056
Number of pages: 68 Posted: 29 Mar 2022
Deutsche Bundesbank, Banco de Portugal, Bank of Portugal, European Central Bank (ECB), Boston University - Questrom School of Business and European Central Bank (ECB)European Central Bank (ECB)
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bank balance sheets, bank lending, bank risk taking, euro-area heterogeneity, Transmission of monetary policy

25.

Liquidity, Information Aggregation, and Market-Based Pay in an Efficient Market

CEPR Discussion Paper No. DP11298
Number of pages: 45 Posted: 01 Jun 2016
Riccardo Calcagno and Florian Heider
Politecnico di Torino and European Central Bank (ECB)
Downloads 0 (906,128)
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efficient markets, information aggregation, liquidity, market-based pay