All Publications

ZORA Publication List

Publications

• Journal Article

  • 2025

    • Nyborg, K. G., & Woschitz, J. (2025). Robust difference-in-differences analysis when there is a term structure Journal of Financial Economics, 170, 104081. https://doi.org/10.1016/j.jfineco.2025.104081

  • 2021

    • Nyborg, K. G., & Wang, Z. (2021). The Effect of Stock Liquidity on Cash Holdings: The Repurchase Motiv Journal of Financial Economics, 142, 905–927. https://doi.org/10.1016/j.jfineco.2021.05.027

  • 2020

    • Mukhlynina, L., & Nyborg, K. G. (2020). The Choice of Valuation Techniques in Practice: Education Versus Profession Critical Finance Review, 9, 201–265. https://doi.org/10.1561/104.00000088

  • 2018

    • Cooper, I. A., & Nyborg, K. G. (2018). Consistent valuation of project finance and LBOs using the flows-to-equity method European Financial Management, 24, 34–52. https://doi.org/10.1111/eufm.12136

  • 2017

    • Nyborg, K. G. (2017). Central bank collateral frameworks Journal of Banking and Finance, 76, 198–214. https://doi.org/10.1016/j.jbankfin.2016.12.010

  • 2014

    • Nyborg, K. G., & Östberg, P. (2014). Money and liquidity in financial markets Journal of Financial Economics, 112, 30–52. https://doi.org/10.1016/j.jfineco.2013.12.003

  • 2013

    • Molnár, P., & Nyborg, K. G. (2013). Tax-adjusted discount rates: a general formula under constant leverage ratios tax-adjusted discount rates European Financial Management, 19, 419–428. https://doi.org/10.1111/j.1468-036X.2011.00619.x
    • Bhattacharya, S., & Nyborg, K. G. (2013). Bank bailout menus Review of Corporate Finance Studies, 2, 29–61. https://doi.org/10.1093/rcfs/cft001

  • 2011

    • Fecht, F., Nyborg, K. G., & Rocholl, J. (2011). The price of liquidity: The effects of market conditions and bank characteristics Journal of Financial Economics, 102, 344–362. https://doi.org/10.1016/j.jfineco.2011.05.015
    • Anderson, R. W., & Nyborg, K. G. (2011). Financing and growth under repeated moral hazard Journal of Financial Intermediation, 20, 1–24. https://doi.org/10.1016/j.jfi.2009.12.001

  • 2009

    • Bindseil, U., Nyborg, K. G., & Strebulaev, I. A. (2009). Repo auctions and the market for liquidity Journal of Money, Credit and Banking, 41, 1391–1421. https://doi.org/10.1111/j.1538-4616.2009.00261.x

  • 2008

    • Fecht, F., Nyborg, K. G., & Rocholl, J. (2008). Liquidity management and overnight rate calendar effects: Evidence from German banks North American Journal of Economics and Finance, 19, 7–21. https://doi.org/10.1016/j.najef.2007.09.003
    • Cooper, I. A., & Nyborg, K. G. (2008). Tax-adjusted discount rates with investor taxes and risky debt Financial Management, 37, 365–379. https://doi.org/10.1111/j.1755-053X.2008.00016.x

  • 2007

    • Cooper, I., & Nyborg, K. G. (2007). Valuing the Debt Tax Shield Journal of Applied Corporate Finance, 19, 30–39. https://doi.org/10.1111/j.1745-6622.2007.00135.x

  • 2006

    • Cooper, I. A., & Nyborg, K. G. (2006). The value of tax shields IS equal to the present value of tax shields Journal of Financial Economics, 81, 215–225. https://doi.org/10.1016/j.jfineco.2005.07.003

  • 2005

    • Keloharju, M., Nyborg, K. G., & Rydqvist, K. (2005). Strategic behavior and underpricing in uniform price auctions: Evidence from finnish treasury auctions Journal of Finance, 60, 1865–1902. https://doi.org/10.1111/j.1540-6261.2005.00782.x

  • 2004

    • Kremer, I., & Nyborg, K. G. (2004). Divisible good auctions: the role of allocation rules RAND Journal of Economics, 35, 147–159. https://doi.org/10.2307/1593734
    • Kremer, I., & Nyborg, K. G. (2004). Underpricing and market power in uniform price auctions Review of Financial Studies, 17, 849–877. https://doi.org/10.1093/rfs/hhg051

  • 2003

    • Nyborg, K. G., & Strebulaev, I. A. (2003). Multiple Unit Auctions and Short Squeezes Review of Financial Studies, 17, 545–580. https://doi.org/10.1093/rfs/hhg038

  • 2002

    • Nyborg, K. G., Rydqvist, K., & Sundaresan, S. M. (2002). Bidder Behavior in Multiunit Auctions: Evidencefrom Swedish Treasury Auctions Journal of Political Economy, 110, 394–424. https://doi.org/10.1086/338748
    • Anderson, R. W., & Nyborg, K. G. (2002). Agency and the pace of adoption of new techniques Recherches Economiques de Louvain, 68, 203–220. https://doi.org/10.3917/rel.681.0203

  • 2001

    • Nyborg, K. G., & Strebulaev, I. A. (2001). Collateral and short squeezing of liquidity in fixed rate tenders Journal of International Money and Finance, 20, 769–792. https://doi.org/10.1016/S0261-5606(01)00023-7

  • 1999

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

  • 1996

    • Franks, J. R., Nyborg, K. G., & Torous, W. N. (1996). A Comparison of US, UK, and German Insolvency Codes Financial Management, 25, 86–101. https://doi.org/10.2307/3665810
    • Nyborg, K. G., & Sundaresan, S. (1996). Discriminatory versus uniform Treasury auctions: Evidence from when-issued transactions Journal of Financial Economics, 42, 63–104. https://doi.org/10.1016/0304-405X(95)00871-B

• Book Section

  • 2023

    • Cooper, I. A., & Nyborg, K. G. (2023). LBO Valuation Using Flows-to-Equity In D. Cumming & B. Hammer (Eds.), The Palgrave Encyclopedia of Private Equity (p. 153). Palgrave Macmillan. https://doi.org/10.1007/978-3-030-38738-9_153-1

  • 2008

    • Nyborg, K. G., & Bindseil, U. (2008). Monetary Policy Implementation In X. Freixas & P. Hartmann (Eds.), Handbook of European Financial Markets and Institutions (pp. 742–778). Oxford University Press.

• Dissertation

  • 2025

    • Schneider, B. E. (2025). Essays on signaling, sustainability, and collateral in fixed-income markets (Dissertation, University of Zurich)

  • 2021

    • Lentner, P. (2021). The effect of monetary policy on covered bonds (Dissertation, University of Zurich)

• Master's Thesis

  • 2024

    • Swiac, O. (2024). The Role of the US Dollar in Global Monetary System (Master’s thesis, University of Zurich) https://doi.org/10.5167/uzh-257031
    • Von Alten, L. (2024). How primary dealer privileges relate to overpricing occurrences in EMU government bond auctions (Master’s thesis, University of Zurich) https://doi.org/10.5167/uzh-253205
    • Oser, K. (2024). Corporate Green Bonds: Greenwashing or Credible Signal? (Master’s thesis, University of Zurich) https://doi.org/10.5167/uzh-253919

• Monograph

  • 2016

    • Nyborg, K. G. (2016). Collateral frameworks: The open secret of central banks Cambridge University Press. https://doi.org/10.1017/9781316659250

• Newspaper Article

  • 2017

    • Nyborg, K. G. (2017, June 1). Collateral Policy - Central Banking’s Powerful Secret Ingredient. International Banker, 43–45. https://internationalbanker.com/banking/collateral-policy-central-bankings-powerful-secret-ingredient/
    • Nyborg, K. G. (2017, January 26). Das offene Geheimnis der Zentralbanken NZZ, 30–30. https://www.nzz.ch/wirtschaft/zu-wenig-beachtete-besicherungspolitik-das-offene-geheimnis-der-zentralbanken-ld.141886

  • 2011

    • Nyborg, K. G. (2011, August 16). Stabilisierung der Euro-Zone durch Besicherung von Bonds Neue Zürcher Zeitung, 23–23.

• Published Research Report

  • 2024

    • Nyborg, K. G., & Pasche, C. (2024). Central Banks: Money, Policies, and Impact (SFI Public Discussion Note). Swiss Finance Institute. https://www.sfi.ch/en/publications/pdn-central-banks

• Scientific Publication in Electronic Form

  • 2017

    • Nyborg, K. G. (2017). Collateral frameworks: The open secret of central banks http://voxeu.org/article/how-central-bank-collateral-frameworks-distort-economy

• Working Paper

  • 2023

    • Cooper, I. A., & Nyborg, K. G. (2023). LBO Valuation Using Flows to Equity (No. 23–74; Swiss Finance Institute Research Paper). https://doi.org/10.2139/ssrn.4558785
    • Nyborg, K. G., & Woschitz, J. (2023). The price of money: The reserves convertibility premium over the term structure (No. 18371; CEPR Discussion Papers). https://cepr.org/publications/dp18371

  • 2019

    • Nyborg, K. G., & Wang, Z. (2019). The effect of stock liquidity on cash holdings: The repurchase motiv (No. 19–30; Swiss Finance Institute Research Paper). https://doi.org/10.2139/ssrn.3398154
    • Nyborg, K. G., & Rösler, C. (2019). Repo Rates and the Collateral Spread: Evidence (No. 19–05; Swiss Finance Institute Research Paper). https://doi.org/10.2139/ssrn.3335201
    • Nyborg, K. G. (2019). Repo Rates and the Collateral Spread Puzzle (No. 19–04; Swiss Finance Institute Research Paper). https://doi.org/10.2139/ssrn.3335203

  • 2016

    • Nyborg, K. G., Fecht, F., Rocholl, J., & Woschitz, J. (2016). Collateral, Central Bank Repos, and Systemic Arbitrage (No. 16–66; Swiss Finance Institute Research Paper). https://doi.org/10.2139/ssrn.2871337

  • 2015

    • Nyborg, K. G. (2015). Central Bank Collateral Frameworks (No. 15–10; Swiss Finance Institute Research Paper). https://doi.org/10.2139/ssrn.2576075

  • 2013

    • Nyborg, K. G., & Wang, Z. (2013). Stock Liquidity and Corporate Cash Holdings: Feedback and the Cash as Ammunition Hypothesis (No. 13–36; Swiss Finance Institute Research Paper). http://ssrn.com/abstract=2285535

  • 2010

    • Nyborg, K. G., & Östberg, P. N. A. (2010). Money and liquidity in financial markets (No. 10–25; Swiss Finance Institute Research Paper). http://ssrn.com/abstract=1625648

  • 2002

    • Nyborg, K. G., Keloharju, M., Malkamäki, M., & Rydqvist, K. (2002). A Descriptive Analysis of the Finnish Treasury Bond Market 1991-1999 (No. 16; Bank of Finland Research Discussion, Vol. 51).