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Cutting out the Middleman: Crowdinvesting, Efficiency, and Inequality

Grüner, Hans Peter; Siemroth, Christoph - C.E.P.R. Discussion Papers - 2015

We show that direct investments by consumers without the use of financial intermediaries can efficiently allocate financial capital to firms seeking funding for production of a novel consumption good. In our setting, consumers are also investors, and their privately known consumption preferences...

Persistent link: https://www.econbiz.de/10011201361

Was Prometheus Unbound by Chance? Risk, Diversification and Growth

Acemoglu, Daron; Zilibotti, Fabrizio - C.E.P.R. Discussion Papers - 1996

growth. At early stages of development, the presence of indivisible projects limits the degree of risk … inability to diversify idiosyncratic risks introduces high uncertainty in the growth process. The typical development pattern … financial deepening and lastly, steady growth. ‘Lucky’ countries will spend relatively less time in the primitive accumulation …

Persistent link: https://www.econbiz.de/10005124312

Adjustment to Target Capital, Finance and Growth

Ciccone, Antonio; Papaioannou, Elias - C.E.P.R. Discussion Papers - 2006

? We argue that if this was the case, financially developed countries should see faster growth in industries with … investment opportunities due to global demand and productivity shifts. Testing this cross-industry cross-country growth …

Persistent link: https://www.econbiz.de/10005504771

Do Funds Make More When They Trade More?

Pastor, Lubos; Stambaugh, Robert F.; Taylor, Lucian - C.E.P.R. Discussion Papers - 2014

We find that active mutual funds perform better after trading more. This time-series relation between a fund’s turnover and its subsequent benchmarkadjusted return is especially strong for small, high-fee funds. These results are consistent with high-fee funds having greater skill to identify...

Persistent link: https://www.econbiz.de/10011083863

The Evolution of Aggregate Stock Ownership---A Unified Explanation

Rydqvist, Kristian; Spizman, Joshua; Strebulaev, Ilya - C.E.P.R. Discussion Papers - 2009

Since World War II, direct stock ownership by households has largely been replaced by indirect stock ownership by financial institutions. We argue that tax policy is the driving force. Using long time-series from eight countries, we show that the fraction of household ownership decreases with...

Persistent link: https://www.econbiz.de/10004969127

The Microstructure of Stock Markets

Biais, Bruno; Glosten, Larry; Spatt, Chester S - C.E.P.R. Discussion Papers - 2002

We survey the literature analysing the price formation and trading process, and the consequences of market organization for price discovery and welfare. We develop a united perspective on theoretical, empirical and experimental approaches. We discuss the evidence on transaction costs and the...

Persistent link: https://www.econbiz.de/10005788974

Financial Distress and Bank Restructuring of Small to Medium Size UK Companies

Franks, Julian R; Sussman, Oren - C.E.P.R. Discussion Papers - 2003

We use a unique data set to analyse how UK banks deal with small to medium size distressed firms both inside and outside bankruptcy. The approach to bankruptcy is contract-based, with lenders and borrowers relying on procedures written into the debt contract, and where the courts are largely...

Persistent link: https://www.econbiz.de/10005788979

Liquidity Risk, Leverage and Long-Run IPO Returns

Eckbo, B Espen; Norli, Øyvind - C.E.P.R. Discussion Papers - 2005

We examine the risk-return characteristics of a rolling portfolio investment strategy where more than six thousand Nasdaq initial public offering (IPO) stocks are bought and held for up to five years. The average long-run portfolio return is low, but IPO stocks appear as ‘longshots’, as...

Persistent link: https://www.econbiz.de/10005124287

Arbitrage with Inelastic Liquidity Demand and Financial Constraints

Attari, Mukarram; Mello, Antonio S - C.E.P.R. Discussion Papers - 2001

This paper derives arbitrage trading strategies taking into account the fact that the actions of arbitrageurs impact prices. This avoids the difficulty of having to rely on exogenous position limits to prevent infinite arbitrage profits. When arbitrageurs are financially constrained their...

Persistent link: https://www.econbiz.de/10005136768

Financial Market Imperfections and Home Ownership: A Comparative Study

Chiuri, Maria Concetta; Jappelli, Tullio - C.E.P.R. Discussion Papers - 2001

on the relationship between saving and growth. …

Persistent link: https://www.econbiz.de/10005792193

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