Citi-IESE Credit and Debt Markets Project
A research project led by IESE's Center for International Finance
The Citi-IESE Credit and Debt Markets Research Project is born of the unprecedented economic disruption caused by COVID-19. The economic downturn prompted by the pandemic has raised financial stress levels at corporations across the globe. At the same time, non-investment grade financing markets in Europe have grown considerably in recent decades, with their larger probability of default. Taken together, Europe is facing an increasing number of troubled companies, large amounts of non-investment grade debt and economic turbulence. This will require hundreds of European companies to go through some form of balance sheet restructuring in the coming years. This situation requires new knowledge and understanding of debt markets, bankruptcy and restructuring systems and distress predictors, along with government and central bank policies in these areas. The Credit and Debt Markets Research Project seeks to provide that expertise.
The project forms part of IESE’s Center for International Finance (CIF), which advocates a multidisciplinary approach to generate and disseminate knowledge and promotes best practices in financial institutions and capital markets. To this end, it spearheads leading-edge research, academic events and conferences, and communication platforms to bring the Center’s findings to a wider audience.
The project is grateful for the support of:
Research Topics
IESE’s Credit and Debt Markets Research Project will carry out research in six main areas:
Credit and Debt Markets Research Project
Credit and Debt Markets Research Project

Christian Eufinger
Director of Credit and Debt Markets Research Project & Associate Professor

Yuki Sakasai
Senior Research Associate
Research Fellows
Research Fellows
Advisory Committee
Advisory Committee

Franz Heukamp
Dean, IESE

Frits Prakke
Founding Partner, Alchemy Special Opportunities
IESE CIF Management
IESE CIF Management
Publications
Published work
- Zombie Credit and (Dis-)Inflation: Evidence from Europe. Acharya, V. V., Crosignani, M., Eisert, T., Eufinger, C. (2023). Journal of Finance, forthcoming.
- Earnings Management to Avoid Debt Covenant Violations and Future Performance. Dyreng, S., Hillegeist, S.A., Peñalva, F. (2022). European Accounting Review, 31 (2), 311-343. doi:10.1080/09638180.2020.1826337.
- Conservatisms in debt contracting: theory and empirical evidence. Peñalva, F., Wagenhor, A. (2019). Accounting and Business Research, 49 (6), 619-647. doi:10.1080/00014788.2019.1609899.
- Merger Activity in Industry Equilibrium. Dimopoulos, T., Sacchetto, S. (2017). Journal of Financial Economics, 126 (1), 200-226. doi:10.1016/j.jfineco.2017.06.014.
Working papers
- Debt Renegotiation and the Properties of Accounting Information: Evidence from a Bankruptcy Reform. Bonetti, P. (2021).
- AI Adoption and Firm Performance: Management versus IT. Alekseeva, L., Giné, M., Samila, S., Taska, B. (2020).
- Financial Asset Aggregation and Information Loss. Curtis, A., Loh, W. T., Raney, A. R. (2023).
Published work
- Whatever It Takes: The Real Effects of Unconventional Monetary Policy. Acharya, V. V., Eisert, T., Eufinger, C., Hirsch, C. (2019). The Review of Financial Studies, 32 (9), 3366-3411. doi:10.1093/rfs/hhz005.
- Interbank Networks and Backdoor Bailouts: Benefiting from Other Banks’ Government Guarantees. Eisert, T., Eufinger, C. (2019). Management Science, 65 (8), 3470-3469. doi:10.1287/mnsc.2017.2968.
- Real Effects of the Sovereign Debt Crisis in Europe: Evidence from Syndicated Loans. Acharya, V. V., Eisert, T., Eufinger, C., Hirsch, C. (2018). The Review of Financial Studies, 31 (8), 2855-2896. doi:10.1093/rfs/hhy045.
- Making Room for the Needy: The Credit-Reallocation Effects of the ECB’s Corporate QE. Arce, Ó., Mayordomo, S., Gimeno, R. (2021). Review of Finance, 25 (1), 43-84.
- Bank capital requirements, loan guarantees and firm performance. Mayordomo, S., Moreno, A., Ongena, S., Rodríguez-Moreno, M. (2021). Journal of Financial Intermediation, 45, 100825.
- Did the bank capital relief induced by the Supporting Factor enhance SME lending?. Mayordomo, S., Rodríguez-Moreno, M. (2021). Journal of Financial Intermediation, 36, 45-57.
- Evidence from the adoption of IFRS 9 and the impact of COVID-19 on lending and regulatory capital on Spanish Banks. López-Espinosa, G., Peñalva, F., (2023). The Journal of Accounting and Public Policy, forthcoming.
Working papers
- Banks vs. Firms: Who Benefits from Credit Guarantees? Martin, A., Mayordomo, S., Vanasco, V. (2023).
- Access to credit and firm survival: the case of zero-bank-debt firms. Blanco, R., García-Posada, M., Mayordomo, S., Rodríguez-Moreno, M. (work in progress)
- How do changes in financial reporting standards affect relationship lending? Dejuan-Bitria,D., Mayordomo, S., Roibás, I. (work in progress)
- Provisioning based on Expected Credit Losses and Risk-taking Discipline. Ormazabal, G., Peñalva, F. (work in progress)
Published work
- Executive Compensation Tied to ESG Performance: International Evidence. Cohen, S., Kadach, I., Ormazabal, G., Reichelstein, S. (2023). Journal of Accounting Research, 61 (3), 805-853. doi:10.1111/1475-679X.12481.
- Institutional Investors, Climate Disclosure, and Carbon Emissions. Cohen, S. Kadach, I., Ormazabal, G. (2023). Journal of Accounting and Economics, 81. doi:10.2139/ssrn.4138869. forthcoming
- The Big three and corporate carbon emissions around the world. Azar, J., Duro, M., Kadach, I., Ormazabal, G. (2021). Journal of Financial Economics, 142 (2), 674-696. doi:10.1016/j.jfineco.2021.05.007.
- Climate Finance. Fernando, N. (2023). NPV Publishing.
Working papers
- Climate Risk, Soft Information, and Credit Supply. Álvarez, L., Mayordomo, S., Vergara-Alert, C., Vives, X. (2023).
- Mortgage Markets with Climate-Change Risk: Evidence from Wildfires in California. Issler, P., Stanton, R., Vergara-Alert, C., Wallace, N. (2020).
- Market-wide Effects of Regulating Environmental Disclosure. Bonetti, P., Kadach, I., Ormazabal, G. (work in progress)
- Social Capital and External Financing Costs. Ippolito, F., Sacchetto, S., Zhou, F. (work in progress)