We study the impact of ambiguity on two alternative institutions of nancial intermediationin an economy where consumers face uncertain liquidity needs. The ambiguitythe consumers experience is modeled by the degree of condence in their additive beliefs. Weanalyze the optimal liquidity allocation...

Industrial policies greening the economy aim to accelerate the transition to net zero. We show that the United States (US) Inflation Reduction Act improved the supply of climate finance globally. Using granular data on global investment funds, we identify a novel international spillover channel...

This paper examines for the first time the relationship between China banks’ efficiency and its share price performance. Our analysis consists of three parts. First, we calculate the annual share price returns of the banks for each year between 1997 and 2006. Then we employ Data Envelopment...

The aim of this article is to verify whether the creation of safe assets (sovereign bond-backed securities, SBBS) proposed in 2012 by the so-called group of ‘euro-nomics’ is a way to promote financial safety and risk-sharing in the EMU. In particular, attention is given to the shortcomings...

This study aims to compare the financial performance of several green stock market indices with their conventional counterparts. Several time periods are analyzed, and several financial indicators are considered. It appears that the StoxxGlobal ESG Environnemental Leader outperforms its...

This paper considers price volatility as the reason for description of the second-degree economic variables, trades and expectations aggregated during certain time interval Δ. We call it - the second-order economic theory. The n-th degree products of costs and volumes of trades, performed by...

We develop a model of hedge fund returns, which reflect the contractual relationships between a hedge fund, its investors and its prime brokers. These relationships are modelled as short option positions held by the hedge fund, wherein the “funding option” reflects the short option position...

The aim of this paper is to analyse the progress made in the process of European integration from two points of view: regulation and supervision. We first briefly outline the main steps in the development of the Financial Services Action Plan - FSAP and the process of Comitology, defined by the...

In a period of increasing foreign bank entry, the popular question of “what does foreign bank entry bring to the Turkish banking sector?” can partly be answered with respect to the productivity effects. This paper aims to find the productivity change in the banking sector between 1990 and...

Share prices of financial companies from the S&P 500 list have been modeled by a linear function of consumer price indices in the USA. The Johansen and Engle-Granger tests for cointegration both demonstrated the presence of an equilibrium long-term relation between observed and predicted time...