Stefan Ruenzi

Working paper

Information effects of the Basel bank capital and risk pillar 3 disclosures on equity analyst research – an exploratory examination

An important component of the Basel Committee on Banking Supervision's framework of capital measurement and capital standards is the public disclosure of regulatory information (referred to as “Pillar 3” within the framework). The standard sets minimum requirements for the public disclosure of information on banks’...
Working paper

Does mandatory risk information disclosure affect bank debt design? Cross-country evidence from yankee bond covenants

This paper investigates the impact of mandatory risk disclosure on the design of foreign bank debt. The Basel II and III Accords require the public disclosure of bank regulatory information under the Pillar 3 or market discipline framework. The new information details bank risk exposures...
Working paper

The Impact of Pillar 3 Disclosures on Asymmetric Information and Liquidity in Bank Stocks: Multi-Country Evidence

Theory suggests that increasing the public availability of regulatory information may hurt the information environment of bank stocks. It is therefore not clear whether the Basel Accord’s intent to foster market discipline by requiring banks to publish information on their risk management practices and exposures...
Working paper

Market discipline and Basel Pillar 3 reporting

In this paper we examine the role of Basel Pillar 3 risk reporting in improving market transparency. Pillar 3 reporting requirements vary widely across countries; most banks in Europe release Pillar 3 risk reports annually after their annual reports are published and information contained in...