SHS research database
Securities Holdings Statistics (SHS), compiled by the European System of Central Banks (ESCB) and organized by the European Central Bank have spurred research over the past decade. This page includes an overview of the available research papers based on the literature review of DNB Working Paper No. 757 with regular updates. This site also covers code for the practitioner's guide outlined by Boermans (2022) and useful links.
SHS Literature review
The sample includes 98 academic papers. Figure 1 shows that research using granular Securities Holdings Statistics is growing rapidly. Table 1 provides an overview of published journal articles using granular SHS data, while Table 2 displays ongoing research based on academic working papers. Tables are organized by research theme, year and first author.
Please contact shss@dnb.nl if there are any omissions for future updates.
Last update: May 2024
The growth of SHS research over time
© DNB
You can swipe the table to see more columns.
Journal articles
| No | Theme | Year | First author* | Journal | Short title | SHS type |
|---|---|---|---|---|---|---|
| 1 | Banking and finance | 2017 | Squartini | PhysR E | Enhanced capital-asset pricing model | SHS-S |
| 2 | Banking and finance | 2018 | Anand | JFS | A global study on uncovering financial network structures from partial data | SHS-G |
| 3 | Banking and finance | 2018 | Boermans | AEL | Contingent convertible bonds: Who invests in European CoCos? | SHS-S |
| 4 | Banking and finance | 2018 | Hüser | JFS | The systemic implications of bail-in: a multi-layered network approach | SHS-G |
| 5 | Banking and finance | 2020 | Hüser | JNTF | Mapping bank securities across euro area sectors | SHS-S and SHS-G |
| 6 | Banking and finance | 2020 | Bubeck | JMCB | Negative monetary policy rates and systemic banks' risk‐taking | SHS-G |
| 7 | Banking and finance | 2021 | Martino | JCLS | Towards an optimal composition of bail-inable debtholders? | SHS-S |
| 8 | Banking and finance | 2022 | Aldasoro | JEDC | Contagion accounting in stress-testing | SHS-G |
| 9 | Banking and finance | 2022 | Jourde | JRI | The rising interconnectedness of the insurance sector | SHS-S |
| 10 | Banking and finance | 2022 | Maddaloni | Book* | The new bail-in legislation | SHS-S |
| 11 | Banking and finance | 2024 | Boermans | JBF | Capital regulation induced reaching for systematic yield: Financial instability through fire sales | SHS-S |
| 12 | Banking and finance | 2024 | Sydow | JFS | Shock amplification in an interconnected financial system | SHS-G |
| 13 | Financial markets | 2016 | Boermans | EL | European bond markets: Do illiquidity and concentration aggravate price shocks? | SHS-S |
| 14 | Financial markets | 2022 | Darmouni | JEDC | The rise of bond financing in Europe | SHS-S |
| 15 | Financial markets | 2023 | Kliatskova | JIMF | Insolvency regimes and cross-border investment decisions | SHS-S |
| 16 | Financial markets | 2024 | Fricke | JIE | Cross-border effects of the US money market fund reform | SHS-S |
| 17 | International investment | 2016 | Boermans | FRL | Identifying international investors’ common currency preferences | SHS-S |
| 18 | International investment | 2020 | Boermans | RoIE | International investment positions revisited | SHS-S |
| 19 | International investment | 2021 | de Haan | JIMF | The portfolio holdings of euro area investors: Looking through investment funds | SHS-S |
| 20 | International investment | 2022 | Carvalho | JIMF | Fickle emerging market flows, stable euros, and the dollar risk factor | SHS-S |
| 21 | International investment | 2023 | Carvalho | RoIE | Shifts in the portfolio holdings of euro area investors in the midst of COVID-19 | SHS-S |
| 22 | International investment | 2023 | Boermans | JIE | Sovereign debt ratings and the country composition of cross-border holdings | SHS-S |
| 23 | Monetary policy | 2020 | Arrata | JFE | The scarcity effect of QE on repo rates: Evidence from the euro area | SHS-S |
| 24 | Monetary policy | 2021 | Albertazzi | JFI | Portfolio rebalancing and the transmission of large-scale asset purchase programs | SHS-S and SHS-G |
| 25 | Monetary policy | 2021 | Koijen | JFE | Inspecting the mechanism of quantitative easing in the euro area | SHS-S |
| 26 | Monetary policy | 2023 | Kabaca | EER | Optimal quantitative easing in a monetary union | SHS-S |
| 27 | Sustainable finance | 2022 | Alessi | IRFA | Green Taxonomy alignment versus transition risk in financial portfolios | SHS-S |
| 28 | Sustainable finance | 2023 | Boermans | JCLEP | Preferred habitat investors in the green bond market | SHS-S |
| 29 | Sustainable finance | 2024 | Alessi | JFS | Over with carbon? Investors’ reaction to the Paris Agreement | SHS-S |
You can swipe the table to see more columns.
Working papers
| No | Theme | Year | First author* | Short title | SHS type |
|---|---|---|---|---|---|
| 1 | Banking and finance | 2018 | Wang | Information contagion and business model similarities | SHS-G |
| 2 | Banking and finance | 2019 | Bekaert | The (re) allocation of bank risk | SHS-S |
| 3 | Banking and finance | 2019 | Fache Rousová | Insurers’ investment strategies: pro-or countercyclical? | SHS-S |
| 4 | Banking and finance | 2019 | Ringe | The dark side of bank resolution: Counterparty risk through bail-in | SHS-S |
| 6 | Banking and finance | 2020 | Mink | How banks respond to distress: Shifting risks in Europe's banking union | SHS-G |
| 7 | Banking and finance | 2021 | Attina | TLAC-eligible debt: Who holds it | SHS-S |
| 8 | Banking and finance | 2021 | Montagna | On the origin of systemic risk | SHS-G |
| 10 | Banking and finance | 2022 | Del Vecchio | A sensitivities based CoVaR approach to assets commonality | SHS-G |
| 11 | Banking and finance | 2022 | di Iasio | A model of system-wide stress simulation | SHS-S |
| 12 | Banking and finance | 2022 | Fukker | Contagion from market price impact | SHS-S |
| 13 | Banking and finance | 2022 | Henricot | Credit default swaps and credit risk reallocation | SHS-G |
| 14 | Banking and finance | 2023 | Allaire | Fund fragility: The role of investor base | SHS-S |
| 15 | Banking and finance | 2023 | Altavilla | Bank bond holdings and bail-in regulatory changes | SHS-G |
| 16 | Banking and finance | 2023 | Kutuk | Public information and stock selection across European financial institutions | SHS-S and SHS-G |
| 17 | Banking and finance | 2023 | Sydow | Banks and non-banks in a joint liquidity-solvency stress test | SHS-S and SHS-G |
| 18 | Banking and finance | 2023 | Fay | Insurers’ investment behaviour and the coronavirus (COVID-19) pandemic | SHS-S |
| 19 | Banking and finance | 2024 | Graig | Do market-based networks reflect true exposures between banks? | SHS-G |
| 20 | Banking and finance | 2024 | Kaufmann | Insurance corporations' balance sheets, financial stability and monetary policy | SHS-S |
| 21 | Financial markets | 2016 | Della Corte | Foreign holders of Italian government debt securities | SHS-S |
| 22 | Financial markets | 2018 | Accornero | Missing investors in the Italian corporate bond market | SHS-S |
| 23 | Financial markets | 2019 | Brand | From cash-to securities-driven euro area repo markets | SHS-S |
| 24 | Financial markets | 2019 | Dötz | Redemptions and asset liquidations in corporate bond funds | SHS-S |
| 25 | Financial markets | 2019 | Grandia | Availability of high-quality liquid assets and monetary policy operations | SHS-S |
| 26 | Financial markets | 2021 | Breckenfelder | Bank balance sheet constraints and bond liquidity | SHS-S |
| 27 | Financial markets | 2022 | Ahmed | Foreign institutional investors, monetary policy, and reaching for yield | SHS-S |
| 28 | Financial markets | 2022 | Breckenfelder | Non-bank liquidity provision to firms | SHS-S |
| 29 | Financial markets | 2022 | Faia | Granular investors and international bond prices: Scarcity-induced safety | SHS-S |
| 30 | Financial markets | 2023 | Bagattini | Liquidity support and distress resilience in bank-affiliated mutual funds. | SHS-G |
| 31 | Financial markets | 2023 | Fache Rousová | Derivative margin calls: A new driver of MMF flows | SHS-S |
| 32 | Financial markets | 2023 | Fricke | Who creates and who bears flow externalities in mutual funds? | SHS-S |
| 33 | Financial markets | 2024 | Gil-Bazo | Geographic shareholder dispersion and mutual fund flow risk | SHS-S |
| 34 | Household finance | 2021 | Lamas | Sectorial holdings and stock prices: The household-bank nexus | SHS-S |
| 35 | Household finance | 2022 | Boermans | Foreign bias in equity portfolios | |
| 36 | Household finance | 2023 | Della Corte | The performance of household-held mutual funds | SHS-S |
| 37 | International investment | 2022 | Carvalho | Brexit, what Brexit? | SHS-S |
| 38 | International investment | 2023 | Beck | Geography of capital allocation in the euro area | SHS-S |
| 39 | International investment | 2023 | Bergant | Cross-border investment in emerging market bonds | SHS-S |
| 40 | International investment | 2023 | Fang | Who holds sovereign debt and why it matters | SHS-S |
| 41 | International investment | 2023 | Du Huber | Dollar asset holding | SHS-S aggregates |
| 42 | International investment | 2023 | Jansen | Which exchange rates matter to global investors | SHS-S |
| 43 | Monetary policy | 2018 | Boermans | The impact of the ECB asset purchases on the European bond market structure | SHS-S |
| 44 | Monetary policy | 2018 | Boermans | Quantitative easing and preferred habitat investors in the euro area bond market | SHS-S |
| 45 | Monetary policy | 2019 | Eser | Tracing the impact of the ECB’s asset purchase programme on the yield curve | SHS-S |
| 46 | Monetary policy | 2020 | Bergant | International capital flows at the security level | SHS-S |
| 47 | Monetary policy | 2020 | Ferdinandusse | Quantitative easing and the price-liquidity trade-off. | SHS-S |
| 48 | Monetary policy | 2021 | Jasova | Systemic risk and monetary policy | SHS-S |
| 49 | Monetary policy | 2022 | Greppmair | Securities lender of last resort | SHS-S |
| 50 | Monetary policy | 2022 | Hudepohl | The rebalancing channel of QE | SHS-S |
| 51 | Monetary policy | 2023 | Elsayed | Habitat sweet habitat: The heterogeneous effects of Eurosystem asset purchase programs | SHS-S and SHS-G |
| 52 | Monetary policy | 2023 | Nguyen | Safe asset scarcity and monetary policy transmission | SHS-S |
| 53 | Monetary policy | 2023 | Breckenfelder | Investor heterogeneity and large-scale asset purchases | SHS? |
| 54 | Other | 2021 | Abidi | Bright side of transparency | SHS-S |
| 55 | Other | 2023 | Boermans | The Zelensky Moment: Arms, investments and the Russian invasion | SHS-S |
| 56 | Sustainable finance | 2020 | Boermans | Carbon home bias of European investors | SHS-S |
| 57 | Sustainable finance | 2020 | Mésonnier | Showing off cleaner hands | SHS-S |
| 58 | Sustainable finance | 2021 | Alogoskoufis | ECB economy-wide climate stress test | SHS-G |
| 59 | Sustainable finance | 2022 | Pietsch | Pricing of green bonds: Drivers and dynamics of the greenium | SHS-S |
| 60 | Sustainable finance | 2022 | Aghion | Financial markets and green innovation | SHS-S |
| 61 | Sustainable finance | 2022 | Belloni | Euro area banks' sensitivity to changes in carbon price | SHS-G |
| 62 | Sustainable finance | 2022 | Dubiel-Teleszynski | System-wide amplification of climate risk | SHS-S and SHS-G |
| 63 | Sustainable finance | 2022 | Papoutsi | How unconventional is green monetary policy | SHS-S |
| 64 | Sustainable finance | 2023 | Fricke | Who pays the Greenium? | SHS-S |
| 65 | Sustainable finance | 2023 | Jourde | Climate change and financial stability: A risk assessment of investment funds | SHS-S |
| 66 | Sustainable finance | 2023 | Levels | Green bond home bias and the role of supply and sustainability preferences | SHS-S |
| 67 | Sustainable finance | 2023 | Ehrenbergerová | How do climate policies affect holdings of green and brown firms' securities | SHS-S |
| 68 | Sustainable finance | 2023 | Alessi | Taxonomy-alignment and transition risk: A countrylevel approach | SHS-S |
| 69 | Sustainable finance | 2023 | Jourde | Investor exposure to climate risk through investment funds | SHS-S |
| 70 | Sustainable finance | 2024 | Emiris | Effect of environmental preferences on investor responses to ESG disclosure | SHS-S |
| 71 | Sustainable finance | 2024 | Boermans | Funding the fittest | SHS-S |
Practitioner's guide
This page includes Stata code to facilitate research on portfolio holdings using SHS-S data to analyze portfolio choice regression models based on Boermans (2022). Please acknowlegde this source when using the code.
Other useful links
Aggregate data-series on SHS-S data are available in the ECB Statistical DataWarehouse. The ECB in the Economic Bulletin 2(2) (2015) provides an overview of the information contained in SHS. The ECB official website on SHS contains more information.
Disclaimer: no rights can be obtained from this page. Please contact the author for any errors and omissions. As with many databases and code, these are on an "as is" baisis and the author nor the institution associated with it accept responsibilities for possible inaccuracies.