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

  • European Central Bank (ECB)

  • Centre for Economic Policy Research (CEPR)

SCHOLARLY PAPERS

19

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17,149

CITATIONS
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471

Scholarly Papers (19)

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1.

The Determinants of Bank Capital Structure

Downloads 3,380 ( 2,943)
Citation 118

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 2,397 (5,149)
Citation 2

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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 983 (21,634)

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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 2,898 ( 3,826)
Citation 29

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 Stockholm School of Economics
Downloads 2,679 (4,267)
Citation 8

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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
Florian Heider and Alexander Ljungqvist
European Central Bank (ECB) and Stockholm School of Economics
Downloads 115 (240,371)
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
Florian Heider and Alexander Ljungqvist
European Central Bank (ECB) and Stockholm School of Economics
Downloads 87 (290,867)

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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: 07 May 2013
Florian Heider and Alexander Ljungqvist
European Central Bank (ECB) and Stockholm School of Economics
Downloads 17 (556,622)
Citation 1

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3.

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

Downloads 2,385 ( 5,316)
Citation 53

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 1,713 (9,100)
Citation 6

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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 667 (37,347)
Citation 3

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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 (639,072)
Citation 1
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Asymmetric information, Counterparty risk, Financial crisis, Interbank market, Liquidity

4.

Life Below Zero: Bank Lending Under Negative Policy Rates

Downloads 2,224 ( 5,968)
Citation 15

Life Below Zero: Bank Lending Under Negative Policy Rates

Review of Financial Studies, forthcoming
Number of pages: 65 Posted: 05 Jun 2016 Last Revised: 03 Oct 2018
Florian Heider, Farzad Saidi and Glenn Schepens
European Central Bank (ECB), Boston University - Questrom School of Business and ECB -Financial Research Division
Downloads 2,048 (6,698)
Citation 16

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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
Florian Heider, Farzad Saidi and Glenn Schepens
European Central Bank (ECB), Boston University - Questrom School of Business and ECB -Financial Research Division
Downloads 175 (170,554)

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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
Florian Heider, Farzad Saidi and Glenn Schepens
European Central Bank (ECB), Boston University - Questrom School of Business and ECB -Financial Research Division
Downloads 1 (681,267)
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bank balance-sheet channel, bank risk-taking channel, deposits, Negative Interest Rates, zero lower bound

5.

Capital Structure, Risk and Asymmetric Information

Downloads 1,690 ( 9,490)
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 1,409 (12,486)
Citation 17

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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 190 (158,242)

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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 91 (282,485)
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 1,264 (15,068)
Citation 20

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

7.

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

Downloads 620 ( 41,849)
Citation 28

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 470 (59,017)
Citation 8

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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 150 (194,854)
Citation 1

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

8.

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 562 (47,517)
Citation 1

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9.

Interbank Lending, Credit Risk Premia and Collateral

Downloads 434 ( 65,593)
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 250 (120,973)

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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 184 (162,975)

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

10.

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

Downloads 424 ( 67,445)
Citation 3

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 424 (66,813)
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 Liege - Research Center on Public and Population Economics and European Central Bank (ECB)

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11.

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 287 (105,182)

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

12.

Variation Margins, Fire Sales, and Information-Constrained Optimum

Downloads 247 (123,020)
Citation 2

Variation Margins, Fire Sales, and Information-Constrained Optimum

Number of pages: 68 Posted: 30 Nov 2015 Last Revised: 08 Jun 2019
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 246 (123,004)
Citation 1

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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 (681,267)
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constrained efficiency, fire sales, macro-prudential regulation, Pecuniary externalities, variation margins

13.

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

Downloads 239 (127,214)
Citation 10

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 195 (154,502)
Citation 5

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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
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 43 (419,054)

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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
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 (681,267)
Citation 2
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central bank policy, financial crisis, interbank markets, lender-of-last-resort, sovereign debt crisis

14.

Loan Prospecting

Downloads 177 (168,802)
Citation 22

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 152 (192,707)

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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 25 (505,629)

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

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 140 (205,633)

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

16.

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 88 (286,332)

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

17.

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 76 (312,851)
Citation 1

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

18.

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 14 (554,523)

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

19.

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 (666,984)
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efficient markets, information aggregation, liquidity, market-based pay