All Publications

ZORA Publication List

Publications

• Journal Article

  • 2025

    • Nyborg, Kjell G; Woschitz, Jiri (2025). Robust difference-in-differences analysis when there is a term structure Journal of Financial Economics, 170:104081.

  • 2021

    • Nyborg, Kjell G; Wang, Zexi (2021). The Effect of Stock Liquidity on Cash Holdings: The Repurchase Motiv Journal of Financial Economics, 142(2):905-927.

  • 2020

    • Mukhlynina, Liliya; Nyborg, Kjell G (2020). The Choice of Valuation Techniques in Practice: Education Versus Profession Critical Finance Review, 9(1-2):201-265.

  • 2018

    • Cooper, Ian A; Nyborg, Kjell G (2018). Consistent valuation of project finance and LBOs using the flows-to-equity method European financial management, 24(1):34-52.

  • 2017

    • Nyborg, Kjell G (2017). Central bank collateral frameworks Journal of Banking and Finance, 76:198-214.

  • 2014

    • Nyborg, Kjell G; Östberg, Per (2014). Money and liquidity in financial markets Journal of Financial Economics, 112(1):30-52.

  • 2013

    • Molnár, Peter; Nyborg, Kjell G (2013). Tax-adjusted discount rates: a general formula under constant leverage ratios tax-adjusted discount rates European financial management, 19(3):419-428.
    • Bhattacharya, S; Nyborg, K G (2013). Bank bailout menus Review of Corporate Finance Studies, 2(1):29-61.

  • 2011

    • Fecht, Falko; Nyborg, Kjell G; Rocholl, Jörg (2011). The price of liquidity: The effects of market conditions and bank characteristics Journal of Financial Economics, 102(2):344-362.
    • Anderson, Ronald W; Nyborg, Kjell G (2011). Financing and growth under repeated moral hazard Journal of Financial Intermediation, 20(1):1-24.

  • 2009

    • Bindseil, Ulrich; Nyborg, Kjell G; Strebulaev, Ilya A (2009). Repo auctions and the market for liquidity Journal of Money, Credit and Banking, 41(7):1391-1421.

  • 2008

    • Fecht, Falko; Nyborg, Kjell G; Rocholl, Jörg (2008). Liquidity management and overnight rate calendar effects: Evidence from German banks North American Journal of Economics and Finance, 19(1):7-21.
    • Cooper, Ian A; Nyborg, Kjell G (2008). Tax-adjusted discount rates with investor taxes and risky debt Financial Management, 37(2):365-379.

  • 2007

    • Cooper, Ian; Nyborg, Kjell Gustav (2007). Valuing the Debt Tax Shield Journal of Applied Corporate Finance, 19(2):30-39.

  • 2006

    • Cooper, Ian A; Nyborg, Kjell Gustav (2006). The value of tax shields IS equal to the present value of tax shields Journal of Financial Economics, 81(1):215-225.

  • 2005

    • Keloharju, Matti; Nyborg, Kjell G; Rydqvist, Kristian (2005). Strategic behavior and underpricing in uniform price auctions: Evidence from finnish treasury auctions Journal of Finance, 60(4):1865-1902.

  • 2004

    • Kremer, Ilan; Nyborg, Kjell G (2004). Divisible good auctions: the role of allocation rules RAND Journal of Economics, 35(1):147-159.
    • Kremer, Ilan; Nyborg, Kjell G (2004). Underpricing and market power in uniform price auctions Review of Financial Studies, 17(3):849-877.

  • 2003

    • Nyborg, K G; Strebulaev, Ilya A (2003). Multiple Unit Auctions and Short Squeezes Review of Financial Studies, 17(2):545-580.

  • 2002

    • Nyborg, Kjell G; Rydqvist, Kristian; Sundaresan, Suresh M (2002). Bidder Behavior in Multiunit Auctions: Evidencefrom Swedish Treasury Auctions The Journal of Political Economy, 110(2):394-424.
    • Anderson, Ronald W; Nyborg, Kjell G (2002). Agency and the pace of adoption of new techniques Recherches Economiques de Louvain, 68(1):203-220.

  • 2001

    • Nyborg, Kjell G; Strebulaev, Ilya A (2001). Collateral and short squeezing of liquidity in fixed rate tenders Journal of International Money and Finance, 20(6):769-792.

  • 1999

    • Nyborg, Kjell G (1999). Cross holdings in Germany: comment Journal of Institutional and Theoretical Economics, 155(1):113-118.

  • 1996

    • Franks, Julian R; Nyborg, Kjell G; Torous, Walter N (1996). A Comparison of US, UK, and German Insolvency Codes Financial Management, 25(3):86-101.
    • Nyborg, Kjell G; Sundaresan, Suresh (1996). Discriminatory versus uniform Treasury auctions: Evidence from when-issued transactions Journal of Financial Economics, 42(1):63-104.

• Book Section

  • 2023

    • Cooper, Ian A; Nyborg, Kjell G (2023). LBO Valuation Using Flows-to-Equity In: Cumming, Douglas; Hammer, Benjamin . The Palgrave Encyclopedia of Private Equity. Cham: Palgrave Macmillan, 153.

  • 2008

    • Nyborg, Kjell G; Bindseil, Ulrich (2008). Monetary Policy Implementation In: Freixas, Xavier; Hartmann, Philipp . Handbook of European Financial Markets and Institutions. Cambridge: Oxford University Press, 742-778.

• Dissertation

  • 2021

    • Lentner, Philipp . The effect of monetary policy on covered bonds 2021, University of Zurich, Faculty of Economics.

• Master's Thesis

  • 2024

    • Swiac, Oskar . The Role of the US Dollar in Global Monetary System 2024, University of Zurich, Faculty of Economics.
    • Von Alten, Lucas . How primary dealer privileges relate to overpricing occurrences in EMU government bond auctions 2024, University of Zurich, Faculty of Economics.
    • Oser, Kevin . Corporate Green Bonds: Greenwashing or Credible Signal?

• Monograph

  • 2016

    • Nyborg, Kjell G (2016). Collateral frameworks: The open secret of central banks Cambridge: Cambridge University Press.

• Newspaper Article

  • 2017

    • Nyborg, Kjell G . Collateral Policy - Central Banking's Powerful Secret Ingredient In: International Banker, 1 June 2017, 43-45.
    • Nyborg, Kjell G . Das offene Geheimnis der Zentralbanken In: NZZ, 26 January 2017, 30.

  • 2011

    • Nyborg, Kjell G . Stabilisierung der Euro-Zone durch Besicherung von Bonds In: Neue Zürcher Zeitung, 189, 16 August 2011, 23.

• Published Research Report

  • 2024

    • Nyborg, Kjell G; Pasche, Cyril (2024). Central Banks: Money, Policies, and Impact Zürich: Swiss Finance Institute.

• Scientific Publication in Electronic Form

  • 2017

    • Nyborg, Kjell G (2017). Collateral frameworks: The open secret of central banks London: VoxEU, CEPR Policy Portal.

• Working Paper

  • 2023

    • Cooper, Ian Anthony; Nyborg, Kjell G (2023). LBO Valuation Using Flows to Equity Swiss Finance Institute Research Paper 23-74, University of Zurich.
    • Nyborg, Kjell G; Woschitz, Jiri (2023). The price of money: The reserves convertibility premium over the term structure CEPR Discussion Papers 18371, University of Zurich.

  • 2019

    • Nyborg, Kjell G; Wang, Zexi (2019). The effect of stock liquidity on cash holdings: The repurchase motiv Swiss Finance Institute Research Paper 19-30, University of Zurich.
    • Nyborg, Kjell G (2019). Repo Rates and the Collateral Spread Puzzle Swiss Finance Institute Research Paper 19-04, University of Zurich.
    • Nyborg, Kjell G; Rösler, Cornelia (2019). Repo Rates and the Collateral Spread: Evidence Swiss Finance Institute Research Paper 19-05, University of Zurich.

  • 2016

    • Nyborg, Kjell G; Fecht, Falko; Rocholl, Jörg; Woschitz, Jiri (2016). Collateral, Central Bank Repos, and Systemic Arbitrage Swiss Finance Institute Research Paper 16-66, University of Zurich.

  • 2015

    • Nyborg, Kjell G (2015). Central Bank Collateral Frameworks Swiss Finance Institute Research Paper 15-10, University of Zurich.

  • 2013

    • Nyborg, Kjell G; Wang, Zexi (2013). Stock Liquidity and Corporate Cash Holdings: Feedback and the Cash as Ammunition Hypothesis Swiss Finance Institute Research Paper 13-36, University of Zurich.

  • 2010

    • Nyborg, Kjell G; Östberg, Per Nils Anders (2010). Money and liquidity in financial markets Swiss Finance Institute Research Paper 10-25, University of Zurich.

  • 2002

    • Nyborg, Kjell G; Keloharju, Matti; Malkamäki, Markku; Rydqvist, Kristian (2002). A Descriptive Analysis of the Finnish Treasury Bond Market 1991-1999 Bank of Finland Research Discussion 16, University of Zurich.