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Liquidity and Expected Returns: Lessons from Emerging Markets

Bekaert, Geert; Harvey, Campbell; Lundblad, Christian T - C.E.P.R. Discussion Papers - 2006

Given the cross-sectional and temporal variation in their liquidity, emerging equity markets provide an ideal setting to examine the impact of liquidity on expected returns. Our main liquidity measure is a transformation of the proportion of zero daily firm returns, averaged over the month. We...

Persistent link: https://www.econbiz.de/10005792280

Short- and Long-term Hedging for the Corporation

Dumas, Bernard J - C.E.P.R. Discussion Papers - 1994

of a particular future cash flow involves a forward contract equal but opposite in sign to the exposure of the cash flow …

Persistent link: https://www.econbiz.de/10005136503

The Corporate Governance Role of the Media

Dyck, Alexander; Zingales, Luigi - C.E.P.R. Discussion Papers - 2002

In this Paper we discuss the role of the media in pressuring corporate managers and directors to behave in ways that … anecdotal and systematic evidence that media affect companies’ policy toward the environment and the amount of corporate … focus of the corporate governance debate and for the feasibility of reforms aimed at improving corporate governance around …

Persistent link: https://www.econbiz.de/10005497765

In Search of New Foundations

Zingales, Luigi - C.E.P.R. Discussion Papers - 2000

In this paper I argue that corporate finance theory, empirical research, practical applications, and policy … change the way we do corporate finance, both theoretically and empirically. …

Persistent link: https://www.econbiz.de/10005792089

The Returns to Currency Speculation in Emerging Markets

Burnside, Craig; Eichenbaum, Martin; Rebelo, Sérgio - C.E.P.R. Discussion Papers - 2007

The carry trade strategy involves selling forward currencies that are at a forward premium and buying forward currencies that are at a forward discount. We compare the payoffs to the carry trade applied to two different portfolios. The first portfolio consists exclusively of developed country...

Persistent link: https://www.econbiz.de/10005504278

Macroeconomic Stabilization and Intervention Policy Under an Exchange Rate Band

Beetsma, Roel; van der Ploeg, Frederick - C.E.P.R. Discussion Papers - 1994

The distributional effects of the minimum wage are analysed in a model where skilled and unskilled labour enter the production function. It is argued that distributional goals are best achieved by letting the labour market clear and achieving redistribution through taxes and transfers.

Persistent link: https://www.econbiz.de/10005504279

Bargaining and Sustainability: The Argentine Debt Swap of 2005

Dhillon, Amrita; García-Fronti, Javier; Ghosal, Sayantan; … - C.E.P.R. Discussion Papers - 2005

When Argentine sovereign default in December 2001 led to a collapse of the peso, the burden of dollar debt became demonstrably unsustainable. But it was not clear what restructuring was feasible, nor when. Eventually, in 2005 after a delay of more than three years, a supermajority of creditors...

Persistent link: https://www.econbiz.de/10005504331

Relative Labour Productivity and the Real Exchange Rate in the Long Run: Evidence for a Panel of OECD Countries

Canzoneri, Matthew B; Cumby, Robert; Diba, Behzad - C.E.P.R. Discussion Papers - 1996

The Balassa-Samuelson model, which explains real exchange rate movements in terms of sectoral productivities, rests on two components. First, the model implies that the relative price of non-traded goods in each country should reflect the relative productivity of labour in the traded and...

Persistent link: https://www.econbiz.de/10005504349

The Impact of Creditor Protection on Stock Prices in the Presence of Credit Crunches

Hale, Galina B; Razin, Assaf; Tong, Hui - C.E.P.R. Discussion Papers - 2009

Data show that better creditor protection is correlated across countries with lower average stock market volatility. Moreover, countries with better creditor protection are observed to have suffered lower decline in their stock market indexes during the current financial crisis. To explain this...

Persistent link: https://www.econbiz.de/10004969130

A Distant Mirror of Debt, Default, and Relief

Reinhart, Carmen M.; Trebesch, Christoph - C.E.P.R. Discussion Papers - 2014

We take a first pass at quantifying the magnitudes of debt relief achieved through default and restructuring in two distinct samples: 1979-2010, focusing on credit events in emerging markets, and 1920-1939, documenting the official debt hangover in advanced economies that was created by World...

Persistent link: https://www.econbiz.de/10011083377