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Publications

Josef Zechner

REFE­REED JOUR­NALS
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
Jaewon Choi, Dirk Hack­barth, and Josef Zechner "Corpo­rate Debt Matu­rity Profiles", SSRN Working Paper Series 1966613, 2016
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