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Publications

Josef Zech­ner

REF­ER­EED JOURN­ALS
Jae­won Choi, Dirk Hack­barth, and Josef Zech­ner "Cor­por­ate Debt Ma­tur­ity Pro­files", forth­com­ing, The Journal of Fin­an­cial Eco­nom­ics, 2017
Otto Randl, Josef Zech­ner, “Sov­er­eign Repu­ta­tion and Yield Spreads: A Case Study on Ret­ro­act­ive Le­gis­la­tion”, forth­com­ing, Ger­man Eco­nomic Re­view, 2016
Russ Wer­mers, Youchang Wu, and Josef Zech­ner, "Ma­na­gerial Rents vs. Share­holder Value in Deleg­ated Port­fo­lio Man­age­ment: The Case of Closed-End Funds", The Re­view of Fin­an­cial Stud­ies, 29, 2016, pp. 3428-3470.
Mi­chael Halling, Jin Yu, and Josef Zech­ner, "Lever­age Dy­nam­ics over the Busi­ness Cycle",  The Journal of Fin­an­cial Eco­nom­ics, 122, 2016, pp. 21-41.
Klaus Gu­gler, Nat­alia Ivan­ova, and Josef Zech­ner, „Own­er­ship and Con­trol in Cent­ral and Eastern Europe”, Journal of Cor­por­ate Fin­ance, 26, 2014, pp. 145–163.
Nils Friewald, Chris­tian Wag­ner, and Josef Zech­ner, “The Cross-Sec­tion of Credit Risk Premia and Equity Re­turns”, The Journal of Fin­ance, 69, 2014, pp. 2419-2470.
Chris­topher A. Hen­nessy and Josef Zech­ner, “A The­ory of Debt Mar­ket Il­li­quid­ity and Lever­age Cyc­lic­al­ity”, The Re­view of Fin­an­cial Stud­ies, 24, 2011, pp. 3369-3400.
Neal Stoughton, Youchang Wu and Josef Zech­ner, “In­ter­me­di­ated In­vest­ment Man­age­ment’’, The Journal of Fin­ance, 66, 2011, pp. 947-980.
Jonathan Berk, Richard Stan­ton and Josef Zech­ner, “Hu­man Cap­ital, Bank­ruptcy and Cap­ital Struc­ture”, The Journal of Fin­ance, 65, 2010, pp. 891-92.
Tho­mas Dangl, Youchang Wu and Josef Zech­ner, "Mar­ket Dis­cip­line and In­ternal Gov­ernance in the Mu­tual Fund In­dustry", The Re­view of Fin­an­cial Stud­ies, 21, 2008, pp. 2307-2343.
Josef Zech­ner "Börsen­notier­ungen: Warum und wo? Evid­enz aus The­orie und Em­pirie", Sch­malen­bachs Zeits­chrift für be­trieb­swirtschaft­liche Forschung, 60, 2008, pp. 195-210.Pa­per presen­ted at the award ce­re­mony for hon­or­ary doc­toral de­gree at Lud­wig-Max­imili­ans-Uni­versität, Mu­nich
Mi­chael Halling, Marco Pa­gano, Otto Randl and Josef Zech­ner, "Where Is the Mar­ket? Evid­ence from Cross-L­ist­ings in the United States", The Re­view of Fin­an­cial Stud­ies, 21, 2008, pp. 725-761.
Neal Stoughton and Josef Zech­ner, "Op­timal Cap­ital Al­loc­a­tion us­ing RAROC and EVA", Journal of Fin­an­cial In­ter­me­di­ation, 16, 2007, pp. 312-342.
Tho­mas Dangl and Josef Zech­ner, "Credit Risk and Dy­namic Cap­ital Struc­ture Choice", Journal of Fin­an­cial In­ter­me­di­ation, 2, 2004, pp. 183-204.
Marco Pa­gano, Ailsa A. Röell and Josef Zech­ner, "The Geo­graphy of Equity List­ing: Why Do Com­pan­ies List Abroad?", The Journal of Fin­ance, 57, 2002, pp. 2651-2694.
Sudipto Bhat­tacharya, Man­fred Plank, Günter Strobl and Josef Zech­ner, "Bank Cap­ital Reg­u­la­tion With Ran­dom Audits", Journal of Eco­nomic Dy­nam­ics and Con­trol, 26, 2002, pp. 1301-1321.
Robert Heinkel, Alan Kraus and Josef Zech­ner, "The Ef­fect of Green In­vest­ment on Cor­por­ate Be­ha­vi­our", Journal of Fin­an­cial and Quant­it­at­ive Ana­lysis, 36, 2001, pp. 431-450.
Marco Pa­gano, Otto Randl, Ailsa Röell and Josef Zech­ner, "What Makes Stock Ex­changes Suc­ceed? Evid­ence from Cross-L­ist­ing De­cisions", European Eco­nomic Re­view, 45, 2001, pp. 770-782.
Neal Stoughton, Kit Pong Wong and Josef Zech­ner, "IPOs and Pro­duct Qual­ity", The Journal of Busi­ness, 74, 2001, pp. 375-408.
Klaus Gu­gler, Alex Stom­per and Josef Zech­ner, "Own­er­ship- and Board-­Struc­tures in Aus­tria", Zf­B-Ergänzung­sheft, 1, 2000, pp. 23-43.
Vojis­lav Mak­simovic, Al­ex­an­der Stom­per and Josef Zech­ner, "Cap­ital Struc­ture, In­form­a­tion Ac­quis­i­tion and In­vest­ment De­cisions in an In­dustry Frame­work", European Fin­ance Re­view, 2, 1999, pp. 251-271.
Neal Stoughton and Josef Zech­ner, "IPO-Mech­an­isms, Mon­it­or­ing and Own­er­ship Struc­ture", Journal of Fin­an­cial Eco­nom­ics, 49, 1998, pp. 45-77.
Josef Zech­ner, "Com­ment on 'Mon­it­or­ing, Im­pli­cit Con­tract­ing, and the Lack ofPer­man­ence of Lever­aged Buy­outs’", European Fin­ance Re­view, 1, 1997, pp. 165-168.
Josef Zech­ner, "Fin­an­cial Mar­ket - Pro­duct Mar­ket In­ter­ac­tions in In­dustry Equi­lib­rium: Im­plic­a­tions for In­form­a­tion Ac­quistion De­cisions", European Eco­nomic Re­view, 40, 1996, pp. 883-896.
Ger­hard Ort­ner, Ad­olf Stepan and Josef Zech­ner, "Polit­ical Stock Mar­kets, The Aus­trian Ex­per­i­ences", Zeits­chrift für Be­trieb­swirtschaft, Ergänzung­sheft 4, 1995, pp. 123-136.
Anat R. Ad­mati, Paul Pflei­derer and Josef Zech­ner, "Large Share­holder Act­iv­ism, Risk Shar­ing, and Fin­an­cial Mar­ket Equi­lib­rium", The Journal of Polit­ical Economy, 102, 1994, pp. 1097-1130.
Robert Heinkel and Josef Zech­ner, "Fin­an­cial Dis­tress and Op­timal Cap­ital Struc­ture Ad­just­ments", Journal of Eco­nom­ics and Man­ange­ment Strategy, 2, 1993, pp. 531-565.
Laurie Bag­well and Josef Zech­ner, "In­flu­ence Costs and Cap­ital Struc­ture", The Journal of Fin­ance, 48, 1993, pp. 975-1008.
Vojis­lav Mak­simovic and Josef Zech­ner, "Debt, Agency Costs and In­dustry Equi­lib­rium", The Journal of Fin­ance, 46, 1991, pp. 1619-1643.
Ed­win O. Fis­cher and Josef Zech­ner, "Die Lösung des Risiko­an­reiz­prob­lems durch die Aus­gabe von Op­tion­san­lei­hen", Zeits­chrift für be­trieb­liche Forschung, 42, 1990, pp. 334-342.
Zech­ner, "Tax Cli­en­teles and Op­timal Cap­ital Struc­ture un­der Un­cer­tainty", The Journal of Busi­ness, 63, 1990, pp. 465-491.
Robert Heinkel and Josef Zech­ner, "The Role of Debt and Pre­ferred Stock as a Solu­tion to Ad­verse In­vest­ment In­cent­ives", Journal of Fin­an­cial and Quant­it­at­ive Ana­lysis, 25, 1990, pp. 1-24.
Ed­win O. Fis­cher, Robert Heinkel and Josef Zech­ner, "Dy­namic Re­cap­it­al­iz­a­tion Policies and the Role of Call Premia and Is­sue Dis­counts", Journal of Fin­an­cial and Quant­it­at­ive Ana­lysis, 24, 1989, pp. 427-446.
Vojis­lav Mak­simovic, Gor­don Sick and Josef Zech­ner, "Com­ment on For­ward Mar­kets, Stock Mar­kets and the The­ory of the Firm", The Journal of Fin­ance, 44, 1989, pp. 525-528.
Ed­win O. Fis­cher, Robert Heinkel and Josef Zech­ner, "Op­timal Dy­namic Cap­ital Struc­ture Choice: The­ory and Tests", The Journal of Fin­ance, 44, 1989, pp. 19-40.
Ron­ald Giam­marino, Eduardo Schwartz and Josef Zech­ner, "Mar­ket Valu­ation of Bank As­sets and De­posit In­sur­ance in Canada", Ca­na­dian Journal of Eco­nom­ics, 22, 1989, pp. 109-127.
Mi­chael J. Bren­nan, Vojis­lav Mak­simovic and Josef Zech­ner, "Vendor Fin­an­cing", The Journal of Fin­ance, 43, 1988, 1127-1141.
Peter Swoboda and Josef Zech­ner, "The Crit­ical Im­pli­cit Tax Rate and Cap­ital Struc­ture", Journal of Bank­ing and Fin­ance, 10, 1986, pp. 327-341.
Peter Swoboda and Josef Zech­ner, "Un­ternehmenssteuer­ung und Risikokapit­al­b­ildung", Be­trieb­swirtschaft­liche Forschung and Praxis, 5, 1985, pp. 403-420.
Moon Lee and Josef Zech­ner, "Debt Taxes and In­ter­na­tional Equi­lib­rium", Journal of In­ter­na­tional Money and Fin­ance, 3, 1984, pp. 345-357.
BOOK CHAPTER
Tho­mas Dangl, Otto Randl, and Josef Zech­ner,  2015. Risk Con­trol in As­set Man­age­ment: Motives and Con­cepts. In: In­nov­a­tions in Quant­it­at­ive Risk Man­age­ment, Hrsg. Glau, Kath­rin, Scherer, Mat­thias, Zagst, Rudi, 239-266. Cham Heidel­berg New York Dordrecht Lon­don: Springer.
Josef Zech­ner, "Aspekte der ak­tuel­len Cor­por­ate Fin­ance Diskus­sion: Kon­f­likte und Lösun­gen zwis­chen Mehrheits- und Mind­er­heits­gesell­schaftern", Susanne Kalss and Peter Dor­alt (ed­it­ors), Franz Klein "Vor­reiter des mo­d­ernen Ak­tien- und Gmb­H-Rechts", Man­z­sche Ver­lags- und Uni­versitäts­buch­hand­lung, 2004, pp. 75-91.
Neal Stoughton and Josef Zech­ner, "Konzepte zur Risiko-Er­tragssteuer­ung in Kred­itin­sti­tuten", Hand­buch Risiko­man­age­ment, 2, Uh­len­bruch Ver­lag, 2000, pp. 879-902.
Josef Zech­ner, "Die Struk­tur der Kapit­aladäquan­zricht­linie und res­ulti­er­ende Um­set­zung­s­prob­leme", P. Har­old (ed­itor), Kapit­aladäquanz im BWG, 1997, pp. 44-59.
Peter Swoboda and Josef Zech­ner, "Fin­an­cial Struc­ture and the Tax Sys­tem", R. Jar­row, V. Mak­simovic, and B. Ziemba (ed­it­ors), Hand­books in Op­er­a­tions Re­search and Man­age­ment Science, El­sevier Science Pub­lish­ers, 1995, pp. 767-790.
Vojis­lav Mak­simovic and Josef Zech­ner, "Vendor Fin­an­cing", The New Pal­grave Dic­tion­ary of Money and Fin­ance, 1992, pp. 759-761.
Maurice Levi and Josef Zech­ner, "For­eign Cur­rency Ex­pos­ure", R. Aliber (ed­itor), Hand­book of In­ter­na­tional Fin­an­cial Man­age­ment, Dow Jones Ir­win, 1989, pp. 411-443.
Josef Zech­ner, "Cor­por­ate and Per­sonal In­come Taxes and Op­timal Cap­ital Struc­ture", H. Göppl and R. Henn (ed­it­ors), Geld, Banken und Ver­sicher­ungen, Band II, 1984, pp. 1169-1173.

Ed­win O. Fis­cher and Josef Zech­ner, "Dif­fu­sion Pro­cess Spe­cific­a­tions for In­terest Rates", G. Bam­berg and K. Spre­mann (ed­it­ors), Lec­ture Notes in Eco­nom­ics and Mathem­at­ical Sys­tems, Vol. 227. Risk and Cap­ital, Springer Ver­lag, Ber­lin Heidel­berg, 1984, pp. 64-73.

ARTICLES IN PRO­CEED­INGS
Ed­win O. Fis­cher and Josef Zech­ner, „Dif­fu­sion Pro­cess Spe­cific­a­tions for In­terest Rates“, Lec­ture Notes in Eco­nom­ics and Mathem­at­ical Sys­tems, Vol.227. Risk and Cap­ital. Hrsg. G. Bam­berg and K. Spre­mann. Springer Ver­lag, Ber­lin Heidel­berg, 1984, pp. 64-73.
Josef Zech­ner, “Tech­no­lo­gical Change and Firms´ Choice of Stock Mar­kets”, Das Neue Mil­lenium – Zeit für ein neues öko­nomisches Paradigma?”, 28. Volk­swirtschaft­liche Ta­gung 2000, pp. 164-171.
Klaus Gu­gler, Susanne Kalss, Al­ex­an­der Stom­per and Josef Zech­ner, „The Sep­ar­a­tion of Own­er­ship and Con­trol in Aus­tria“, in „The Con­trol of Cor­por­ate Europe“, Ed­it­ors: Fab­ri­cio Barca and Marco Becht, Ox­ford Uni­versity Press, 2001.
MONO­GRAPHS
Peter Swoboda, Ad­olf Stepan und Josef Zech­ner „Kos­ten­rech­nung und Pre­ispolitik“ 21., er­weit­erte Au­flage, Linde Ver­lag Wien, 2001.
Josef Zech­ner, „Der Ein­fluß von Steuern auf die op­ti­male Kapit­al­stuk­tur vonUn­ternehmun­gen“, Öster­reichis­che Akademie der Wis­senschaften, Wien, 1989.
WORK­ING PA­PERS
Paul Schneider, Chris­tian Wag­ner, and Josef Zech­ner "Low Risk An­om­alies?", SSRN Work­ing Pa­per Ser­ies 2593519, 2016
Otto Randl, Arne West­er­kamp, and Josef Zech­ner "Policy Port­fo­lios When Some As­sets are Non-Trade­able", 2014
Jo­hann Reindl, Neal Stoughton, and Josef Zech­ner, "Mar­ket Im­plied Costs of Bank­ruptcy", SSRN Work­ing Pa­per Ser­ies 2324097, 2016
Mat­thias M. M. Buehl­maier and Josef Zech­ner, "Fin­an­cial Me­dia, Price Dis­cov­ery, and Mer­ger Ar­bit­rage". SSRN Work­ing Pa­per Ser­ies 2858999, 2016

En­gel­bert J. Dock­ner, Manuel Mayer, and Josef Zech­ner, “Sov­er­eign Bond Risk Premi­ums”. SSRN Work­ing Pa­per Ser­ies 2275916, 2013

Russ Wer­mers, Youchang Wu and Josef Zech­ner, “Port­fo­lio Per­form­ance, Dis­count Dy­nam­ics, and the Turnover of Closed-End Fund Man­agers”. SSRN Work­ing Pa­per Ser­ies 687142, 2008
Tho­mas Dangl and Josef Zech­ner, “Debt Ma­tur­ity and the Dy­nam­ics of Lever­age”. SSRN Work­ing Pa­per Ser­ies 890228, 2016
Neal Stoughton and Josef Zech­ner, “The Dy­nam­ics of Cap­ital Al­loc­a­tion”. SSRN Work­ing Pa­per Ser­ies 249987, 2000