• Bank Supervision after the Financial Crisis: Signals from the Market for Liquidity 

      Nyborg, Kjell G. (Discussion paper;14/15, Working paper, 2015-04-10)
      The financial turmoil that we have been living with since August 2007 has left central banks, regulators, politicians, and economists with two big, overriding questions: How do we best get out of the crisis and how should ...
    • Bidding and performance in repo auctions : evidence from ECB open market operations 

      Bindseil, Ulrich; Nyborg, Kjell G.; Strebulaev, Ilya A. (Discussion paper, Working paper, 2005-07)
      Repo auctions are used to inject central bank funds against collateral into the banking sector. The ECB uses standard discriminatory auctions and hundreds of banks participate. The amount auctioned over the monthly reserve ...
    • Monetary policy implementation: A European Perspective 

      Bindseil, Ulrich; Nyborg, Kjell G. (Discussion paper, Working paper, 2007-02)
      Monetary policy implementation is one of the most significant areas of interaction between central banking and financial markets. Historically, how this interaction takes place has been viewed as having an important impact ...
    • Tax-adjusted discount rates with investor taxes and risky debt 

      Cooper, Ian A.; Nyborg, Kjell G. (Discussion paper, Working paper, 2005-10)
      This paper derives tax-adjusted discount rate formulas with Miles-Ezzell leverage policy, investor taxes, and risky debt in the context of a standard tax system. This expands on other formulas that are commonly used and ...
    • The value of tax shields IS equal to the present value of tax shields 

      Cooper, Ian A.; Nyborg, Kjell G. (Discussion paper, Working paper, 2005-07)
      Fernandez (2004b) argues that the present value effect of the tax saving on debt cannot be calculated as simply the present value of the tax shields associated with interest. This contradicts standard results in the ...
    • Valuing the Debt Tax Shield 

      Cooper, Ian A.; Nyborg, Kjell G. (Discussion paper, Working paper, 2007)
      The tax shield from debt represents a significant proportion of total value for many companies, projects, and transactions. Accurate valuation of the debt tax shield is of more importance than ever as leverage is now ...