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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)

77 Bastwick Street

London, EC1V 3PZ

United Kingdom

  • European Central Bank (ECB)

  • Centre for Economic Policy Research (CEPR)

SCHOLARLY PAPERS

17

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CITATIONS
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131

Scholarly Papers (17)

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1.

The Determinants of Bank Capital Structure

Downloads 3,049 ( 2,639)
Citation 33

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 2,221 (4,476)
Citation 33

Abstract:

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 828 (22,110)
Citation 33

Abstract:

bank capital, capital regulation, capital structure, leverage

2.

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

Downloads 2,438 ( 3,882)
Citation 9

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
Florian Heider and Alexander Ljungqvist
European Central Bank (ECB) and New York University (NYU) - Department of Finance
Downloads 2,262 (4,339)
Citation 9

Abstract:

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
Florian Heider and Alexander Ljungqvist
European Central Bank (ECB) and New York University (NYU) - Department of Finance
Downloads 92 (234,618)
Citation 9

Abstract:

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
Florian Heider and Alexander Ljungqvist
European Central Bank (ECB) and New York University (NYU) - Department of Finance
Downloads 73 (271,058)
Citation 9

Abstract:

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
Florian Heider and Alexander Ljungqvist
European Central Bank (ECB) and New York University (NYU) - Department of Finance
Downloads 11 (508,773)
Citation 9

Abstract:

3.

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

Downloads 2,134 ( 4,906)
Citation 44

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 1,582 (8,028)
Citation 44

Abstract:

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 547 (39,253)
Citation 44

Abstract:

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 (540,471)
Citation 44

Abstract:

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

4.

Capital Structure, Risk and Asymmetric Information

Downloads 1,556 ( 8,429)
Citation 18

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 1,289 (11,227)
Citation 18

Abstract:

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 187 (132,803)

Abstract:

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 80 (256,615)

Abstract:

5.

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

Downloads 555 ( 39,045)
Citation 7

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

Journal of Finance, Forthcoming
Number of pages: 80 Posted: 16 Mar 2010 Last Revised: 11 Sep 2015
Bruno Biais, Florian Heider and Marie Hoerova
Centre for Economic Policy Research (CEPR), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 410 (56,441)
Citation 7

Abstract:

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 145 (166,628)
Citation 7

Abstract:

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

6.

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
Philipp Hartmann, Florian Heider, Elias Papaioannou and Marco Lo Duca
European Central Bank (ECB), European Central Bank (ECB), London Business School and European Central Bank (ECB)
Downloads 433 (46,225)
Citation 10

Abstract:

7.

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

Downloads 417 ( 55,860)
Citation 1

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 Liege - Research Center on Public and Population Economics and European Central Bank (ECB)
Downloads 417 (55,320)
Citation 1

Abstract:

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 Liege - Research Center on Public and Population Economics and European Central Bank (ECB)

Abstract:

8.

Interbank Lending, Credit Risk Premia and Collateral

Downloads 378 ( 62,874)
Citation 1

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 216 (115,496)
Citation 1

Abstract:

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 162 (151,304)
Citation 1

Abstract:

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

9.

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 354 (20,333)
Citation 1

Abstract:

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

10.

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
EMLYON Business School and European Central Bank (ECB)
Downloads 269 (88,511)
Citation 1

Abstract:

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

11.

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

Downloads 194 (128,432)

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
Carlos Garcia-de-Andoain, Florian Heider, Marie Hoerova and Simone Manganelli
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 156 (156,352)

Abstract:

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
Carlos Garcia-de-Andoain, Florian Heider, Marie Hoerova and Simone Manganelli
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 37 (374,321)

Abstract:

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
Carlos Garcia-de-Andoain, Florian Heider, Marie Hoerova and Simone Manganelli
European Central Bank (ECB), European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 1 (568,796)

Abstract:

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

12.

Loan Prospecting

Downloads 160 (152,771)
Citation 3

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 138 (173,478)
Citation 2

Abstract:

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 22 (445,185)
Citation 3

Abstract:

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

13.

Clearing, Counterparty Risk and Aggregate Risk

Downloads 59 (300,408)
Citation 3

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 58 (307,125)
Citation 3

Abstract:

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

Clearing, Counterparty Risk, and Aggregate Risk

IMF Economic Review, Vol. 60, Issue 2, pp. 193-222, 2012
Number of pages: 30 Posted: 30 Jun 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 1 (568,796)
Citation 3

Abstract:

14.

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

Downloads 47 (333,886)

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

Number of pages: 39 Posted: 25 May 2016 Last Revised: 29 Apr 2017
Riccardo Calcagno and Florian Heider
EMLYON Business School and European Central Bank (ECB)
Downloads 47 (339,628)

Abstract:

Market-Based Pay, Efficient Markets, Liquidity, Information Aggregation

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
EMLYON Business School and European Central Bank (ECB)
Downloads 0

Abstract:

efficient markets, information aggregation, liquidity, market-based pay

15.

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
Juan Carlos Frutos, Carlos Garcia-de-Andoain, Florian Heider and Patrick Papsdorf
Banco de España, European Central Bank (ECB), European Central Bank (ECB) and European Central Bank (ECB)
Downloads 0 (223,386)

Abstract:

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

16.

Life Below Zero: Bank Lending Under Negative Policy Rates

Number of pages: 67 Posted: 05 Jun 2016 Last Revised: 02 May 2017
Florian Heider, Farzad Saidi and Glenn Schepens
European Central Bank (ECB), Stockholm School of Economics and European Central Bank
Downloads 0 (15,139)

Abstract:

monetary policy, zero lower bound, negative interest rates, bank lending

17.

Optimal Margins and Equilibrium Prices

Number of pages: 45 Posted: 30 Nov 2015
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 0 (189,453)

Abstract:

Insurance; Derivatives; Moral hazard; Risk-management; Margin requirements; Contagion; Fire-sales

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