This article uncovers the role of financial clustering in creating competitive advantage forincumbents in the Singapore Financial Centre. The revelatory case of the underresearchedSingapore cluster reveals (a) how clustering conditions have influenced thedevelopment of the City as a financial...

This paper explores the sources of agglomeration externalities in enhancing firmperformance, in particular, the pecuniary externality that supports firms’ bottom line.The fundamental argument on increasing returns leads to the premise that cluster sizehas beneficial influence to firm...

Für eine Gruppe von DAX-Unternehmen wird die Bedeutung von Noise Trading für das Pricing von Stamm- und Vorzugsaktien untersucht. Dabei kann für Renditen von Long-Short Portfolios gebildet aus Index- und Nicht-Indexgattung Excess-Comovement mit dem Markt nachgewiesen werden. Unter der...

A growing number of studies in finance decompose multi-period buy-and-hold portfolioreturns into a series of single period returns. The method used to decomposethese returns is important because researchers use them in tests of asset pricing modelsand market efficiency and in evaluating the...

We use a unique dataset of bond downgrades from a niche rating company that has been found to be reacting faster to publicly available information than its competitors. Using regime-switching models we propose risk measures to quantify stock return disturbances (distress costs) associated with...

This paper examines the price impact of trading intensity on an emerging futures market. Utilizing anovel volume-augmented duration model of price discovery, the intensity effect is decomposed intoliquidity and information components for the MexDer 28-day interest rate futures contract. We...

Under the VAT system of the European Union, domestic supplies of financial services are exempt. That exemption has significant drawbacks, not least of which is that it compromises the neutrality of the tax. In this article, the author indicates how, depending on government policy views,...

Bank failures around the world during the recent financial crisis put taxpayers on the hook for trillions of dollars in government backstopping. In future, requiring banks to issue contingent capital, which would convert from debt to equity when banks run into trouble, is one way to help avoid...

The efficient channelling of funds and allocation of financial resources are roles expected to be undertaken in the financial system to facilitate productive growth in the real sector of the economy. There have been overlapping roles in the Nigerian financial system and this has resulted to...

The main focus of this research is to juxtapose the features of microfinancing and the institutional forbearance of economic development in Nigeria. Based on empirical study, it has been observed that poverty is multifaceted and its persistence is due to lack of productive resources. The...