Similar Search Results

The Emergence of the Euro as an International Currency

Alogoskoufis, George; Portes, Richard; Rey, Hélène - C.E.P.R. Discussion Papers - 1997

*The European Union will enter Stage Three of Economic and Monetary Union (EMU) in 1999. The development of euro … financial markets and thickness externalities in the use of the euro as means of payment will be the major factors determining … the importance of the euro as an international currency. As euro securities markets become deeper and more liquid and …

Persistent link: https://www.econbiz.de/10005662175

The Determinants of Cross-Border Equity Flows

Portes, Richard; Rey, Hélène - C.E.P.R. Discussion Papers - 1999

We apply a new approach to a new panel data set on bilateral gross cross-border equity flows between 14 countries, 1989-96. The remarkably good results have strong implications for theories of asset trade. We find that the geography of information heavily determines the pattern of international...

Persistent link: https://www.econbiz.de/10005067617

Entrepreneurial Learning, the IPO Decision, and the Post-IPO Drop in Firm Profitability

Pástor, Luboš; Taylor, Lucian; Veronesi, Pietro - C.E.P.R. Discussion Papers - 2007

We develop a model in which an entrepreneur learns about the average profitability of a private firm before deciding whether to take the firm public. In this decision, the entrepreneur trades off diversification benefits of going public against benefits of private control. The model predicts...

Persistent link: https://www.econbiz.de/10005666477

Estimating the Intertemporal Risk-Return Tradeoff Using the Implied Cost of Capital

Pástor, Luboš; Sinha, Meenakshi; Swaminathan, Bhaskaran - C.E.P.R. Discussion Papers - 2006

the world market level. Some of our evidence is consistent with international integration of the G-7 financial markets. …

Persistent link: https://www.econbiz.de/10005667005

Predictive Systems: Living with Imperfect Predictors

Pástor, Luboš; Stambaugh, Robert F. - C.E.P.R. Discussion Papers - 2007

The standard regression approach to modeling return predictability seems too restrictive in one way but too lax in another. A predictive regression models expected returns as an exact linear function of a given set of predictors but does not exploit the likely economic property that innovations...

Persistent link: https://www.econbiz.de/10005124082

Technological Revolutions and Stock Prices

Pástor, Luboš; Veronesi, Pietro - C.E.P.R. Discussion Papers - 2005

During technological revolutions, stock prices of innovative firms tend to exhibit high volatility and bubble-like patterns, which are often attributed to investor irrationality. We develop a general equilibrium model that rationalizes the observed price patterns. The high volatility results...

Persistent link: https://www.econbiz.de/10005067467

Sovereign CDS and Bond Pricing Dynamics in the Euro-area

Palladini, Giorgia; Portes, Richard - C.E.P.R. Discussion Papers - 2011

six Euro-area countries over the period 2004-2011. As a first step, the supposed non stationarity of the two series is …

Persistent link: https://www.econbiz.de/10009365646

Finance, Trade and Development: Issues in Transatlantic Cooperation

Portes, Richard - C.E.P.R. Discussion Papers - 1986

Despite current economic problems and conflicts - or perhaps as their cause - the concordance of policies among the major industrial countries in the first half of the 1980s in dealing with finance, trade and development is at a peak. This has been the result not so much of cooperation or...

Persistent link: https://www.econbiz.de/10005666448

Global Financial Markets and Financial Stability: Europe's Role

Portes, Richard - C.E.P.R. Discussion Papers - 1999

interaction between globalisation and regional integration. This paper discusses the internationalisation of the euro and draws …Europe's contribution to the international financial system is a new currency, the euro. Economic and Monetary Union in …

Persistent link: https://www.econbiz.de/10005666555

Optimal Currency Shares in International Reserves: The Impact of the Euro and the Prospects for the Dollar

Papaioannou, Elias; Portes, Richard; Siourounis, Gregorios - C.E.P.R. Discussion Papers - 2006

Foreign exchange reserve accumulation has risen dramatically in recent years. The introduction of the euro, greater … currencies. Making various assumptions on expected currency returns and the variance-covariance structure, we assess how the euro …-free) currency. (ii) The optimum portfolios show a much lower weight for the euro than is observed. This suggests that the euro may …

Persistent link: https://www.econbiz.de/10005791662