On 4 June 2025, Pia Stoczek successfully defended her doctoral dissertation titled "Essays on the Dynamics in European Corporate Debt Markets". It contains three empirical studies that document the implications of geopolitical changes as well as sustainability and macroeconomic challenges on the European debt markets.
The first paper “Brexit and the Rise of European Corporate Bond Markets” examines the impact of Brexit on the development of the European corporate bond market. Its finds suggest that the European capital market has successfully adapted to the loss of its largest financial centre and shows an increase in corporate bond market activity post-Brexit. The paper offers regulators robust evidence on bond market development during and after geopolitical challenge.
The second paper “Lighting the Green: The Role of Green Bond Sections in the European Market” investigates the role of Green Bond Sections (GBS) in promoting transparency and efficiency in the green bond market. The study shows that bonds listed on GBS experience a lower bid-ask spread compared to those that are not. This indicates that GBS can support investors in green bonds and lead to reduced information asymmetry. These findings highlight the importance of transparent listing requirements in advancing sustainable finance.
The third paper “Controlled Risk-Taking and Corporate QE: Evidence from the Corporate Sector Purchase Programme” explores the effects of the European Central Bank’s Corporate Sector Purchase Programme (CSPP) on the behaviour of lending syndicates in the corporate debt market. It finds that lenders with high exposure to CSPP-eligible borrowers significantly reduce their lending to these firms. Instead, they reallocate capital to new and riskier borrowers but simultaneously also apply risk mitigation strategies. The study provides important evidence on monetary interventions influencing credit allocation and risk-taking in financial markets.
We congratulate Pia for an excellent dissertation and fantastic defence!