Josef Zechner

Vienna University of Economics and Business

Prof.

Welthandelsplatz 1

Vienna, Wien A-1019

Austria

SCHOLARLY PAPERS

39

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Top 588

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48,994

SSRN CITATIONS
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Top 1,725

in Total Papers Citations

293

CROSSREF CITATIONS

453

Scholarly Papers (39)

1.
Downloads 24,206 ( 128)
Citation 36

Optimal Capital Allocation Using RAROC and EVA

Journal of Financial Intermediation, Forthcoming
Number of pages: 44 Posted: 11 Sep 1998
Neal Stoughton and Josef Zechner
Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 24,144 (127)
Citation 20

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capital, allocation, risk, management, equity

Optimal Capital Allocation Using Raroc and Eva

Number of pages: 37 Posted: 19 Jan 2004
Neal Stoughton and Josef Zechner
Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 62 (445,475)
Citation 11
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2.
Downloads 3,648 ( 3,700)
Citation 42

Low Risk Anomalies?

Journal of Finance, Forthcoming, Swiss Finance Institute Research Paper No. 19-50
Number of pages: 113 Posted: 13 Apr 2015 Last Revised: 28 Sep 2019
Paul Schneider, Christian Wagner and Josef Zechner
University of Lugano - Institute of Finance, WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 2,862 (5,484)
Citation 29

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low risk anomaly, coskewness, skewness, risk premia, equity options

Low Risk Anomalies?

CFS Working Paper, No. 550
Number of pages: 71 Posted: 26 Oct 2016 Last Revised: 11 Jan 2018
Paul Schneider, Christian Wagner and Josef Zechner
University of Lugano - Institute of Finance, WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 786 (39,894)
Citation 7

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Low risk anomaly, skewness, credit risk, risk premia, equity options

3.

The Dynamics of Capital Allocation

Number of pages: 34 Posted: 16 Dec 2000
Neal Stoughton and Josef Zechner
Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 2,064 (9,497)
Citation 3

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4.

The Cross-Section of Credit Risk Premia and Equity Returns

Journal of Finance, Forthcoming
Number of pages: 56 Posted: 12 Jul 2011 Last Revised: 12 Apr 2015
Nils Friewald, Christian Wagner and Josef Zechner
Norwegian School of Economics (NHH), WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 1,820 (11,660)
Citation 21

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equity returns, default risk, credit risk premia, credit default swaps, cross-sectional asset pricing

5.
Downloads 1,549 ( 15,082)
Citation 6

The COVID-19 Pandemic and Corporate Dividend Policy

Number of pages: 46 Posted: 16 Apr 2020 Last Revised: 29 Jul 2021
Georg Cejnek, Otto Randl and Josef Zechner
ZZ Vermögensverwaltung GmbH, WU Vienna University of Economics and Businessaffiliation not provided to SSRN and Vienna University of Economics and Business
Downloads 1,549 (14,814)
Citation 10

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COVID-19 pandemic, dividends

The Covid-19 Pandemic and Corporate Dividend Policy

Number of pages: 56 Posted: 08 May 2020 Last Revised: 09 Nov 2021
Georg Cejnek, Otto Randl and Josef Zechner
ZZ Vermögensverwaltung GmbH, WU Vienna University of Economics and Businessaffiliation not provided to SSRN and Vienna University of Economics and Business
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6.
Downloads 1,524 ( 15,431)
Citation 21

Corporate Debt Maturity Profiles

Number of pages: 45 Posted: 30 Nov 2011 Last Revised: 30 Aug 2017
Jaewon Choi, Dirk Hackbarth and Josef Zechner
University of Illinois at Urbana-Champaign - Department of Finance, Boston University - Department of Finance & Economics and Vienna University of Economics and Business
Downloads 1,524 (15,162)
Citation 3

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Capital Structure, Debt Structure, Debt Maturity

Corporate Debt Maturity Profiles

Number of pages: 48 Posted: 11 Sep 2017
Jaewon Choi, Dirk Hackbarth and Josef Zechner
University of Illinois at Urbana-Champaign - Department of Finance, Boston University - Department of Finance & Economics and Vienna University of Economics and Business
Downloads 0
Citation 14
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Capital Structure, Debt Maturity, Debt Structure

7.

The Geography of Equity Listing: Why Do European Companies List Abroad?

Number of pages: 59 Posted: 24 Mar 2000
Marco Pagano, Ailsa Röell and Josef Zechner
University of Naples Federico II - Department of Economics and Statistics, Columbia University, School of International and Public Affairs and Vienna University of Economics and Business
Downloads 1,418 (17,272)
Citation 36

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8.

Leverage Dynamics over the Business Cycle

AFA 2012 Chicago Meetings Paper
Number of pages: 61 Posted: 15 Feb 2011 Last Revised: 24 Nov 2015
Michael Halling, Jin Yu and Josef Zechner
University of Luxembourg, Monash University -Department of Banking and Finance and Vienna University of Economics and Business
Downloads 1,071 (26,181)
Citation 34

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Empirical Corporate Finance, Capital Structure Dynamics, Business Cycle Variation

9.

Debt Maturity and the Dynamics of Leverage

Number of pages: 64 Posted: 06 Mar 2005 Last Revised: 26 Oct 2020
Thomas Dangl and Josef Zechner
Vienna University of Technology and Vienna University of Economics and Business
Downloads 1,034 (27,533)
Citation 10

Abstract:

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debt maturity, optimal capital structure choice

10.

Financial Media, Price Discovery, and Merger Arbitrage

Review of Finance, 25(4) (2021), 997-1046, CFS WP No. 551
Number of pages: 77 Posted: 26 Oct 2016 Last Revised: 03 Aug 2021
Matthias M. M. Buehlmaier and Josef Zechner
The University of Hong Kong and Vienna University of Economics and Business
Downloads 999 (28,943)
Citation 2

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Financial Media, Merger Arbitrage, Hedge Funds, Market Efficiency, Mergers and Acquisitions

11.
Downloads 997 ( 29,010)
Citation 27

Credit Risk and Dynamic Capital Structure Choice

Number of pages: 28 Posted: 05 Jul 2001
Thomas Dangl and Josef Zechner
Vienna University of Technology and Vienna University of Economics and Business
Downloads 943 (30,934)
Citation 3

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Credit Risk and Dynamic Capital Structure Choice

Number of pages: 30 Posted: 03 Jan 2004
Thomas Dangl and Josef Zechner
Vienna University of Technology and Vienna University of Economics and Business
Downloads 54 (476,418)
Citation 4
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12.

Intermediated Investment Management

Journal of Finance, Vol. 66, No. 3, pp. 947-980, 2011, EFA 2007 Ljubljana Meetings Paper, AFA 2009 San Francisco Meetings Paper
Number of pages: 47 Posted: 25 Mar 2008 Last Revised: 18 Mar 2012
Neal Stoughton, Youchang Wu and Josef Zechner
Vienna University of Economics and Business, University of Oregon - Lundquist College of Business and Vienna University of Economics and Business
Downloads 919 (32,591)
Citation 8

Abstract:

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investment management, intermediation, investment adviser, kickback

13.

Portfolio Performance, Discount Dynamics, and the Turnover of Closed-End Fund Managers

EFA 2006 Zurich Meetings Paper, AFA 2008 New Orleans Meetings Paper
Number of pages: 45 Posted: 23 Mar 2005 Last Revised: 27 Nov 2008
Russ Wermers, Youchang Wu and Josef Zechner
University of Maryland - Robert H. Smith School of Business, University of Oregon - Lundquist College of Business and Vienna University of Economics and Business
Downloads 850 (36,270)
Citation 12

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Closed-end fund, manager turnover, discount

14.
Downloads 793 ( 39,914)
Citation 34

Disaster Resilience and Asset Prices

Number of pages: 82 Posted: 19 May 2020 Last Revised: 24 Nov 2021
Marco Pagano, Christian Wagner and Josef Zechner
University of Naples Federico II - Department of Economics and Statistics, WU Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 793 (39,362)
Citation 53

Abstract:

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asset pricing, rare disasters, social distance, resilience, pandemics

Disaster Resilience and Asset Prices

Number of pages: 43 Posted: 28 May 2020
Marco Pagano, Christian Wagner and Josef Zechner
University of Naples Federico II - Department of Economics and Statistics, WU Vienna University of Economics and Business and Vienna University of Economics and Business
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Asset Pricing, Pandemics, Rare Disasters, resilience, social distance

15.

Primary Corporate Bond Markets and Social Responsibility

Swedish House of Finance Research Paper No. 20-13
Number of pages: 50 Posted: 10 Sep 2020 Last Revised: 27 Sep 2021
Michael Halling, Jin Yu and Josef Zechner
University of Luxembourg, Monash University -Department of Banking and Finance and Vienna University of Economics and Business
Downloads 489 (74,527)
Citation 1

Abstract:

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corporate bond market, credit risk, corporate social responsibility, ESG

16.

How Did COVID-19 Affect Firms' Access to Public Capital Markets?

Swedish House of Finance Research Paper No. 20-15
Number of pages: 35 Posted: 11 May 2020 Last Revised: 16 Sep 2020
Michael Halling, Jin Yu and Josef Zechner
University of Luxembourg, Monash University -Department of Banking and Finance and Vienna University of Economics and Business
Downloads 481 (76,051)
Citation 8

Abstract:

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Corporate bond market, pandemic, COVID-19

17.

Market Implied Costs of Bankruptcy

Number of pages: 57 Posted: 12 Sep 2013 Last Revised: 07 Jul 2017
Johann Reindl, Neal Stoughton and Josef Zechner
BI Norwegian Business School, Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 432 (86,408)
Citation 9

Abstract:

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bankruptcy costs, capital structure, default, equity prices

Market Discipline and Internal Governance in the Mutual Fund Industry

University of Vienna, Department of Finance Working Paper No. 2004-3, AFA 2006 Boston Meetings Paper
Number of pages: 39 Posted: 07 Feb 2005
Thomas Dangl, Youchang Wu and Josef Zechner
Vienna University of Technology, University of Oregon - Lundquist College of Business and Vienna University of Economics and Business
Downloads 285 (136,389)
Citation 4

Abstract:

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mutual funds, portfolio management, governance, market discipline

Market Discipline and Internal Governance in the Mutual Fund Industry

Review of Financial Studies, Forthcoming
Number of pages: 51 Posted: 22 Jun 2006
Thomas Dangl, Youchang Wu and Josef Zechner
Vienna University of Technology, University of Oregon - Lundquist College of Business and Vienna University of Economics and Business
Downloads 134 (272,080)
Citation 10

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mutual funds, portfolio management, governance, market discipline

Market Discipline and Internal Governance in the Mutual Fund Industry

The Review of Financial Studies, Vol. 21, Issue 5, pp. 2307-2343, 2008
Posted: 19 Sep 2008
Thomas Dangl, Youchang Wu and Josef Zechner
Vienna University of Technology, University of Oregon - Lundquist College of Business and Vienna University of Economics and Business

Abstract:

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G11, G23, G30

19.
Downloads 404 ( 93,381)
Citation 2

Risk Control in Asset Management: Motives and Concepts

Number of pages: 35 Posted: 23 Mar 2014
Thomas Dangl, Otto Randl and Josef Zechner
Vienna University of Technology, WU Vienna University of Economics and Businessaffiliation not provided to SSRN and Vienna University of Economics and Business
Downloads 270 (144,321)
Citation 1

Abstract:

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risk management, marginal risk contributions, downside risk, parameter uncertainty, model uncertainty

Risk Control in Asset Management: Motives and Concepts

CFS Working Paper, No. 546
Number of pages: 38 Posted: 19 Oct 2016 Last Revised: 18 Jan 2018
Thomas Dangl, Otto Randl and Josef Zechner
Vienna University of Technology, WU Vienna University of Economics and Businessaffiliation not provided to SSRN and Vienna University of Economics and Business
Downloads 134 (272,080)
Citation 1

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Managerial Rents vs. Shareholder Value in Delegated Portfolio Management: The Case of Closed-End Funds

Review of Financial Studies, Forthcoming
Number of pages: 60 Posted: 21 Nov 2012 Last Revised: 04 Jul 2016
Youchang Wu, Russ Wermers and Josef Zechner
University of Oregon - Lundquist College of Business, University of Maryland - Robert H. Smith School of Business and Vienna University of Economics and Business
Downloads 344 (111,286)
Citation 3

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closed-end fund, closed-end fund discount, portfolio manager, managerial rent

Managerial Rents vs. Shareholder Value in Delegated Portfolio Management: The Case of Closed-End Funds

CFS Working Paper, No. 548
Number of pages: 63 Posted: 26 Oct 2016 Last Revised: 11 Jan 2018
Youchang Wu, Russ Wermers and Josef Zechner
University of Oregon - Lundquist College of Business, University of Maryland - Robert H. Smith School of Business and Vienna University of Economics and Business
Downloads 47 (506,981)
Citation 11

Abstract:

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G23, G34

21.
Downloads 386 ( 98,442)
Citation 1

The Maturity Premium

Number of pages: 59 Posted: 13 Nov 2018 Last Revised: 21 Apr 2021
Maria Chaderina, Patrick Weiss and Josef Zechner
University of Oregon - Lundquist College of Business, Vienna Graduate School of Finance (VGSF) and Vienna University of Economics and Business
Downloads 385 (97,905)
Citation 1

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maturity, value premium, debt overhang, cross-section of stock returns, CAPM

The Maturity Premium

Number of pages: 55 Posted: 08 May 2020
Maria Chaderina, Patrick Weiss and Josef Zechner
University of Oregon - Lundquist College of Business, Vienna Graduate School of Finance (VGSF) and Vienna University of Economics and Business
Downloads 1 (837,651)
Citation 1
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CAPM, Cross-section of stock returns, Debt overhang, Maturity, value premium

22.

Valuation and Long-Term Growth Expectations

Number of pages: 77 Posted: 03 Dec 2019 Last Revised: 01 Nov 2021
Angel Tengulov, Josef Zechner and Jeffrey Zwiebel
University of Kansas - School of Business, Vienna University of Economics and Business and Stanford Graduate School of Business
Downloads 384 (99,026)

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Valuation, Terminal Value, Long-Term Growth Rates, Machine Learning, Market Efficiency

23.
Downloads 362 (105,799)
Citation 21

Where is the Market? Evidence from Cross-Listings

Number of pages: 29 Posted: 23 Jun 2004
University of Vienna - Department of Business Engineering, University of Naples Federico II - Department of Economics and Statistics, WU Vienna University of Economics and Businessaffiliation not provided to SSRN and Vienna University of Economics and Business
Downloads 342 (112,018)
Citation 12

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trading volume, cross-listing, flow-back

Where is the Market? Evidence from Cross-Listings

Number of pages: 34 Posted: 05 Aug 2005
University of Vienna - Department of Business Engineering, University of Naples Federico II - Department of Economics and Statistics, WU Vienna University of Economics and Businessaffiliation not provided to SSRN and Vienna University of Economics and Business
Downloads 20 (670,663)
Citation 1
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Trading volume, cross-listing, flow-back

24.
Downloads 315 (123,297)
Citation 3

The Dynamics of Corporate Debt Structure

Swedish House of Finance Research Paper No. 20-3
Number of pages: 61 Posted: 02 Dec 2019 Last Revised: 29 Jul 2021
Michael Halling, Jin Yu and Josef Zechner
University of Luxembourg, Monash University -Department of Banking and Finance and Vienna University of Economics and Business
Downloads 315 (122,559)
Citation 3

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corporate debt structure dynamics, debt concentration, business cycle variation, cluster analysis

The Dynamics of Corporate Debt Structure

Number of pages: 53 Posted: 08 May 2020
Michael Halling, Jin Yu and Josef Zechner
University of Luxembourg, Monash University -Department of Banking and Finance and Vienna University of Economics and Business
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business cycle variation, clus- ter analysis, corporate debt structure dynamics, debt concentration

25.

Granularity of Corporate Debt

Number of pages: 46 Posted: 20 Oct 2017 Last Revised: 25 Oct 2017
Jaewon Choi, Dirk Hackbarth and Josef Zechner
University of Illinois at Urbana-Champaign - Department of Finance, Boston University - Department of Finance & Economics and Vienna University of Economics and Business
Downloads 310 (125,421)
Citation 9

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Capital Structure, Debt Structure, Debt Maturity

26.

Sovereign Bond Risk Premiums

Number of pages: 53 Posted: 09 Jun 2013
Engelbert J. Dockner, Manuel Mayer and Josef Zechner
WU Vienna University of Economics and Business (deceased), Oesterreichische Nationalbank (OeNB) and Vienna University of Economics and Business
Downloads 300 (129,916)
Citation 4

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Bond risk premiums, market and credit risk factors, financial repression

27.

Lessons Learned from Student Managed Portfolios

Journal of Investment Management, Forthcoming
Number of pages: 35 Posted: 25 Oct 2014 Last Revised: 03 Jul 2018
Stephan Kranner, Neal Stoughton and Josef Zechner
Vienna University of Economics and Business, Vienna University of Economics and Business and Vienna University of Economics and Business
Downloads 277 (141,206)
Citation 1

Abstract:

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student funds, portfolio management, behavioral finance

28.

Where is the Market? Evidence from Cross-Listings in the U.S.

Number of pages: 39 Posted: 14 Mar 2006
University of Luxembourg, University of Naples Federico II - Department of Economics and Statistics, WU Vienna University of Economics and Businessaffiliation not provided to SSRN and Vienna University of Economics and Business
Downloads 210 (184,941)
Citation 8

Abstract:

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cross-listing, trading volume, trade creation

29.

Human Capital, Bankruptcy and Capital Structure

Number of pages: 39 Posted: 06 Apr 2007 Last Revised: 25 Jul 2021
Jonathan Berk, Richard Stanton and Josef Zechner
Stanford Graduate School of Business, University of California, Berkeley - Haas School of Business and Vienna University of Economics and Business
Downloads 173 (219,853)
Citation 27

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30.

The Stability of Dividends and Wages: Effects of Competitor Inflexibility

CFS Working Paper, No. 549, European Corporate Governance Institute (ECGI) - Finance Working Paper No. 563/2018
Number of pages: 55 Posted: 26 Oct 2016 Last Revised: 27 Jan 2020
Daniel A. Rettl, Alex Stomper and Josef Zechner
University of Georgia - Department of Banking and Finance, Humboldt University of Berlin - School of Business and Economics and Vienna University of Economics and Business
Downloads 161 (233,614)

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risk-sharing within firms, payout stability, wage stability, competitor inflexibility

31.

Stock-Oil Comovement: Fundamentals or Financialization?

Number of pages: 45 Posted: 15 Oct 2020 Last Revised: 03 Feb 2021
Vienna Graduate School of Finance (VGSF), WU Vienna University of Economics and Businessaffiliation not provided to SSRN, Institute for Advanced Studies (IHS) and Vienna University of Economics and Business
Downloads 160 (234,892)

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Asset Comovements, Oil Futures, VAR Return Decomposition, Real Economy

32.

The Cross-Section and Time Series of Corporate Bond Returns

Number of pages: 3 Posted: 17 Aug 2010
Arne Westerkamp and Josef Zechner
Vienna University of Economics and Business - Department of Accounting and Finance and Vienna University of Economics and Business
Downloads 134 (271,074)

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Corporate bond pricing, asset pricing

33.

Liquidity and Feasible Debt Relief

EFA 2009 Bergen Meetings Paper
Number of pages: 45 Posted: 20 Feb 2009
Josef Zechner and Chris Hennessy
Vienna University of Economics and Business and London Business School
Downloads 109 (314,749)

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Liquidity, Debt, Restructuring

Sovereign Reputation and Yield Spreads: A Case Study on Retroactive Legislation

Number of pages: 32 Posted: 09 Jun 2016
Otto Randl and Josef Zechner
WU Vienna University of Economics and Businessaffiliation not provided to SSRN and Vienna University of Economics and Business
Downloads 46 (511,646)

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Sovereign debt, reputation, retroactive legislation

Sovereign Reputation and Yield Spreads: A Case Study on Retroactive Legislation

CFS Working Paper, No. 545
Number of pages: 35 Posted: 18 Oct 2016
Otto Randl and Josef Zechner
WU Vienna University of Economics and Businessaffiliation not provided to SSRN and Vienna University of Economics and Business
Downloads 34 (574,004)

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35.

Equilibrium Policy Portfolios When Some Assets are Non-Tradable

Number of pages: 35 Posted: 09 Jan 2019 Last Revised: 31 Jan 2019
Otto Randl, Arne Westerkamp and Josef Zechner
WU Vienna University of Economics and Businessaffiliation not provided to SSRN, Vienna University of Economics and Business - Department of Accounting and Finance and Vienna University of Economics and Business
Downloads 70 (412,507)

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asset allocation, policy portfolios, non-tradable assets

36.

Can EFTs Contribute to Systemic Risk?

ESRB: Advisory Scientific Committee Reports 2019/9
Number of pages: 40 Posted: 05 Nov 2020
University of Naples Federico II - Department of Economics and Statistics, European Systemic Risk Board and Vienna University of Economics and Business
Downloads 55 (465,071)
Citation 5

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37.

Where is the Market? Evidence from Cross-Listings in the United States

Review of Financial Studies, Vol. 21, Issue 2, pp. 725-761, 2008
Posted: 26 Jun 2008
University of Luxembourg, University of Naples Federico II - Department of Economics and Statistics, WU Vienna University of Economics and Businessaffiliation not provided to SSRN and Vienna University of Economics and Business

Abstract:

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G15, G30

38.

The Geography of Equity Listing: Why Do Companies List Abroad?

Posted: 06 Jun 2003
Marco Pagano, Ailsa Röell and Josef Zechner
University of Naples Federico II - Department of Economics and Statistics, Columbia University, School of International and Public Affairs and Vienna University of Economics and Business

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39.

Ipos and Product Quality

Journal of Business
Posted: 12 Oct 2000
Neal Stoughton, Kit Pong Wong and Josef Zechner
Vienna University of Economics and Business, University of Hong Kong and Vienna University of Economics and Business

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