KHAS Finance Webinars – Dr. Johannes Breckenfelder

The guest of the Finance Webinars series organized by Kadir Has University International Trade and Finance Department is Dr. Johannes Breckenfelder (European Central Bank) on April 12. You may follow Dr. Breckenfelder’s speech titled “Bank Balance Sheet Constraints and Bond Liquidity” on Zoom at 17.00 (GMT+3).

The webinar will be in English.

Abstract: We explore the ties between bonds and individual dealers formed through home advantage and the persistence of previous underwriting relationships. Building on these connections, we show that the introduction of the leverage ratio for the European banks had a large impact on exposed bonds’ liquidity. Moreover, based on these ties, we show that bond mutual fund panic following the 2020 pandemic outbreak affected substantially more mutual funds with the larger exposures to dealer banks’ balance sheet constraints. ECB Working Paper, available at SSRN: https://ssrn.com/abstract=3929823 

About the Speaker: Johannes Breckenfelder is a Senior Economist in the Financial Research Division of the European Central Bank. He earned his Ph.D. in Finance from the Stockholm School of Economics in 2014. He spent the academic year 2011/2012 visiting Harvard University. Prior to this, he obtained his Master of Science in Finance and Econometrics from the University of York. Breckenfelder is conducting empirical research in financial and monetary economics, with a particular interest in market microstructure, banking, and monetary policy transmission.  

Date: Tuesday, April 12, 17.00 (GMT+3)   
Title: Bank Balance Sheet Constraints and Bond Liquidity 
Zoom Meeting ID: 834 8630 9469
Zoom Link: https://us02web.zoom.us/j/83486309469