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Aufgabengebiete und Rollenverständnis des modernen Bank-Risikomanagers
An Islamic Jurisprudence (Fiqh) Perspective
The World Rewired
The Legal Tool for Risk-Sharing in Islamic Finance
The Case of Shariah-Compliant and Ethical Equities
Enterprise-wide Risk Management in Theory and Practice

Abstract

This paper employs event study methods to evaluate the effects of ECB’s non-standard monetary policy program announcements on 10-year government bond yields of 11 euro area member states. Measurable effects of announcements arise with a one-day delay meaning that government bond markets take some time to react to ECB announcements. The country-specific extent of yield reduction seems inversely related to the solvency rating of the corresponding countries. The spread between core and periphery countries reduces because of a stronger decrease in the latter. This result is confirmed by letting the announcement variable interact with the current spread level.