No. 190: Brexit and European Corporate Bond Markets

Jahr: 2025

Typ: Working Paper

Abstract

We investigate the impact of Brexit on the corporate bond market by analyzing a comprehensive database covering corporate bond listings on European and UK trading venues. We find a significant shift in bond market activity, evidenced by a 49% increase in the number of bond listings in the EEA30 countries relative to the UK market after Brexit. Country-level analyses reveal a staggered effect on market activity, with predominantly international issuers adjusting their bond listings between the initially scheduled Brexit date and the final withdrawal date. At the issuer level, our findings indicate that the relative attractiveness of the EEA30 market has increased post-Brexit. Overall, these results suggest that the European capital market has successfully adapted to the loss of its largest financial center and exhibits a rising corporate bond market activity.

Veröffentlichungsinformationen

TRR 266 researchers

Benedikt Franke University of Würzburg

Benedikt Franke is full professor and chair at the University of Wuerzburg. His research focuses on dept capital markets, disclosure, enforcement and transparency. In addition, he is reviewer for the European Accounting Review. The German Academic Association for Business Research (VHB) and the American and European Accounting Association belong to his memberships. Likewise, his work has been presented at national and international conferences and has been published in refereed academic journals such as the European Accounting Review and the Journal of Banking & Finance.

Urska Kosi Paderborn University

Urska Kosi is Professor for Financial Accounting and Auditing at Paderborn University. Her research interests include corporate debt markets, in particular the effects of financial and sustainability reporting on corporate debt financing, economic consequences of financial reporting practices in private firms and political process of standard setting. She is member of the editorial board of Accounting in Europe and the national representative of Germany at the European Accounting Association.

Pia Stoczek Paderborn University

DOI

DOI Link

Cite this article as

Franke, B., Kosi, U., & Stoczek, P. (2025). Brexit and European Corporate Bond Markets. TRR 266 Accounting for Transparency Working Paper Series No. 190. http://dx.doi.org/10.2139/ssrn.5230141

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Transparency and Financial Markets

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Transparency and Financial Markets

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