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This research examines WHY and HOW a new approach to Enterprise Strategy and IT planning can be adopted in the European national financial sector by using Enterprise Architecture (EA). EA has been promoted as a key tool for transformation and modernisation of the enterprise. By following best practices from successful case studies and the European Central Bank (ECB), the claim is that the adoption of EA will ensure that IT resources and business processes are planned, leveraged, and coordinated better in national financial sectors. In our five supporting papers, several qualitative case studies in Europe were investigated by applying an interpretive perspective. According to common belief EA connects business and IT; it is an important tool for survival and growth. Many EA endeavours, however, fail. The question is how can risks of EA implementation failure be reduced at an early stage? Underlying questions concern: why would a particular organisation need EA, can implementation risks be identified and are solutions available to reduce the failure rate? In order to answer research questions a literature study is performed to build the Business Transformation Enablement Program framework (BTEP). It advocates deliberate motivation, active risk management and an iterative and incremental implementation of EA. Next to the literature, the framework is validated through the Small National Bank (SNB) implementation. Data was collected in both structured, semi-structured and ad-hoc methods. Grounded theory techniques were used to analyse the data logically, using existing theory only as prior constructs. The theoretical abstractions, generalisations and experience generated in the research process have been published and availed to specialised groups.

Thesis (Ph. D.)--West Virginia University, 2003. / Title from document title page. Document formatted into pages; contains vi, 92 p. : ill. Includes abstract. Includes bibliographical references (p. 85-92).

This dissertation studies topics in financial economics. In the first chapter, Raising Bond Capital in Segmented Markets, I study the cost of bond capital. The cost of bond capital to firms that is determined at issuance often exceeds yields trading in secondary bond markets. I find that the difference between yields at issuance and in secondary markets, the ``issuance premium'', spikes in bad times, increasing firms' costs of capital. This suggests that the economics of the relatively understudied primary bond markets -- where firms sell new bonds via underwriters to investors -- are important for understanding firms' costs of capital and access to credit over the cycle. Leveraging new data on bond issuance, I estimate a model of primary markets that explains the issuance premium and its impact on bond issuance volume. Using high-frequency variation in bond supply as an instrument, I find that investors are more sensitive to issuance premiums than the remainder of credit spreads. As issuance premiums rise in bad times, the share of more price-elastic short-term investors endogenously increases, supporting bond volumes. The preferences of primary market investors therefore directly affect the transmission of shocks to firms' costs of capital and bond issuance volume, as well as the price impacts of corporate bond purchase policies. The second chapter, Bond Market Stimulus: Firm-Level Evidence from 2020-21, is co-authored with Olivier Darmouni. We use micro-data on corporate balance sheets to study firm behavior after the unprecedented policy support to corporate bond markets in 2020. We find that as bond yields fell, firms issued bonds to accumulate large and persistent amounts of liquid assets instead of investing. Conceptually, the benefits depend on how highly bond issuers valued this liquidity at the margin. We show they generally had access to bank liquidity that they chose not to use: many issuers left their credit lines untouched, while others used bonds to repay existing loans. Moreover, equity payouts remained high: almost half of issuers still repurchased shares in Spring 2020. In the third chapter, Global Demand Spillovers: the Role of Underwriting Networks, I study the role of underwriter networks in transmitting demand shocks across global jurisdictions. Using novel data and a difference-in-differences strategy, I find that central bank corporate bond purchases spill over to foreign jurisdictions through bond underwriting networks. The diff-in-diff exploits the European Central Bank's 2016 corporate sector purchase program. I compare U.S. firms connected to underwriters with more or less Eurozone clients. Firms connected with banks with more European clients had larger orderbooks and issued more at lower costs. Treated firms do not increase real investment, but rather increase equity payouts. I identify bond underwriting networks as a novel channel through which demand shocks spread across borders. These results matter for understanding the overall impact of corporate quantitative easing programs.

After decades of political and technical efforts to supranationalise prudential regulation at the EU level, a key step to bridge the gap between rule-making centralisation and its decentralised implementation has been the establishment of the Single Supervisory Mechanism (SSM). In spite of its major accomplishments, the SSM faces a key challenge: achieving supervisory consistency in essentially diversified euro area banking systems. This dissertation identifies the building blocks of supervisory consistency and the sources of diversity inherent in banking supervision; it also distinguishes internal from external dimensions of consistency, which correspond to national and banking diversities, respectively. Drawing on the qualitative analysis of official documents, speeches, public hearings, and interviews with national and supranational supervisors, banks, banks associations, and EU institutions, the research examines the relationships shaping the balance between consistency in integrated markets and diversity, by focusing on the SSM’s prudential and regulatory competences. It first traces and compares the evolution of supervisory governance through literature- and empirically-driven governance indicators and their conceptualisation. It then analyses the changing nature of the supervisory instruments beyond the hard-soft law dichotomy. The German and Italian cases are used to test the capacity of the supranational supervisor to accommodate diversity, and illustrate how different supervisory styles have emerged over time. This study argues that centralisation, methodological standardisation, and the development of non-binding policy documents are important for the achievement of consistent results. However, the effectiveness of supranational law and its enforcement by the European Central Bank involve fundamental trade-offs: a more limited local autonomy, institutional overlap, communication and transparency concerns from banks, and legitimacy issues arising from supervisory instruments, can compromise the system. Nonetheless, thanks to its resources and privileged Banking Union-wide position, the SSM is well-placed to strengthen sensitivity to diversity in order to manage the current transformation of traditional banking paradigms.

This thesis deals with the monetary policy of the European Central Bank. At the beginning of the work is described historical development. The next section focuses on the implementation of monetary policy, including the performance goals in the first twelve years of operation, with emphasis on the consequences of the global financial crisis. The last section summarizes the problems of the euro area financial and economic crisis of the years 2007/2008. In addition to the ECB's response to the crisis in the form of non-standard measures is decommissioned range of issues relating to fiscal policy and debt crisis euro area.

Zugl.: Halle (Saale), University, Habil.-Schr., 2005.

Thesis (Ph. D.)--University of Missouri-Columbia, 2002. / Typescript. Vita. Includes bibliographical references (leaves 155-164). Also available on the Internet.

Thesis (Ph. D.)--University of Missouri-Columbia, 2002. / Typescript. Vita. Includes bibliographical references (leaves 155-164). Also available on the Internet.