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Kristian Blickle
Former Member
Last Name
Blickle
First name
Kristian
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+41 71 224 7040
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1 - 10 of 10
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PublicationBorrowing Constraints, Home Ownership and Housing Choice: Evidence from Intra‐Family Wealth TransfersWe study the impact of borrowing constraints on home ownership and housing demand by comparing the tenure choice and housing quality of consumers who receive intra‐family wealth transfers to those that do not. Our analysis is based on household‐level panel data providing information on the receipt of wealth transfers, changes in tenure status as well as changes in the size and quality of housing. On average we find that the receipt of a wealth transfer increases the propensity of consumers to transition from renters to home‐owners by 6–8 percentage points (35% of the sample mean). Additional analyses suggest that this effect is unlikely to be driven by wealth effects and can thus be attributed to the relaxation of borrowing constraints. By contrast, wealth transfers do not increase the likelihood that existing homeowners “trade‐up” to larger homes in better locations.Type: journal articleJournal: Journal of Money, Credit and BankingVolume: Vol. 51, Nos. 2-3,
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PublicationAnnouncement Effects of Contingent Convertible Securities: Evidence from the Global Banking IndustryThis paper investigates the announcement effects of CoCo bonds issued by global banks between January 2009 and June 2014. Using a sample of 34 financial institutions, we examine abnormal stock price reactions and CDS spread changes before and after the announcement dates. We find that the announcement of CoCos correlates with positive abnormal stock returns and negative CDS spread changes in the immediate post-announcement period. We explain these effects with a set of theories including the lowered probability of costly bankruptcy proceedings, a signaling framework based on pecking order theory and the cost advantage of CoCos over equity (tax shield).Type: journal articleJournal: European financial managementVolume: 23Issue: 1DOI: 10.1111/eufm.12092
Scopus© Citations 16 -
PublicationType: conference paper
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PublicationImmigration, Real Estate Prices and the Consumption Decision of Native Households( 2016)
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PublicationHousing Collateral and Small Firm Activity in Europe( 2016-06-30)
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PublicationImmigration, Real Estate Prices and Consumption Effects for Native HouseholdsPast studies find that high rates of immigration can have a pronounced effect on both, housing rents and prices (see e.g. Saiz, 2011 for a discussion). These changes in the value of real estate will impact different types of native households in different ways. On the one hand, households that own a home may be able to consume a wealth gain and experience an increase in utility. Households that rent, on the other hand, may be forced to migrate to less attractive regions. In this paper, we analyze the effect of high rates of immigration on the real estate market and, in a second step, the impact that these price changes have on the location- and tenure-choice of families who live in affected areas. For our empirical analysis, we use highly granular data from Switzerland. Switzerland presents an especially useful case for our purposes for three reasons. First, it has experienced substantial net immigration for several years (193,000 persons alone in 2013 according to the Bundesamt für Statistik, 2015). Secondly, Switzerland is comparable, in culture and language, to its neighbours: Germany, France, Italy, Austria, and Liechtenstein. Our results may be applicable to these countries, which have themselves faced substantial immigration recently. Our research relates to work on the impact that immigration exerts on real estate prices (Ley et al. 2013, 2001; Frey, 1996) but also on the community composition (Borjas, 2002, 2013). Our work consequently adds to the growing field of gentrification (Guerrieri et al. 2010; Becker and Murphy, 2003; Borjas, 1995) and on factors affecting home ownership (Gyourko and Linneman, 1995, Andrews and Sánchez, 2011). We contribute to the above mentioned literature in several ways. First, we use highly detailed immigration data that allows us to disentangle which type of immigration drives price changes. We are furthermore able to observe the response of local households to price changes while controlling for a number of confounding influences. Finally, we extend the gentrification literature to a new country, strongly affected by immigration.Type: book section
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PublicationType: working paperVolume: 2018Issue: 2018/09
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PublicationType: working paperVolume: 2016/15Issue: 15
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PublicationLiquidity Constraints, Wealth Transfers and Home OwnershipWe study the impact of liquidity constraints on home ownership by comparing the tenure and housing choice of households who receive intra-family wealth transfers to those that do not. Our analysis is based on household-level panel data providing annual information on household characteristics, wealth transfers, tenure status as well as changes in the size and quality of housing. Our treatment effect estimates suggest that wealth transfers increase the propensity of households to transition to ownership by 15 to 20 percentage points. By contrast, wealth transfers do not increase the likelihood that existing homeowners “trade-up” to larger homes in better locations.