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Learning From Stock Prices and Economic Growth

Peress, Joël - C.E.P.R. Discussion Papers - 2011

A competitive stock market is embedded into a neoclassical growth economy to analyze the interplay between the acquisition of information about firms, its partial revelation through stock prices, capital allocation and income. The stock market allows investors to share their costly private...

Persistent link: https://www.econbiz.de/10009293661

Capital Markets, Information Aggregation and Inequality: Theory and Experimental Evidence

Grüner, Hans Peter - C.E.P.R. Discussion Papers - 2008

In most industrialized economies, financial wealth is distributed far more unequally than income. According to Wolff (2007) more than half of the American households possess almost no productive capital while realizing about 20 percent of national income. This mismatch poses a problem for the...

Persistent link: https://www.econbiz.de/10005124084

Diamonds are Forever, Wars are Not: Is Conflict Bad for Private Firms?

Guidolin, Massimo; La Ferrara, Eliana - C.E.P.R. Discussion Papers - 2004

This Paper studies the relationship between civil war and private investment in a poor, resource abundant country using microeconomic data for Angola. We focus on diamond mining firms and conduct an event study on the sudden end of the conflict, marked by the death of the rebel movement leader...

Persistent link: https://www.econbiz.de/10005067422

Privatization and Stock Market Liquidity

Bortolotti, Bernardo; de Jong, Frank; Nicodano, Giovanna; … - C.E.P.R. Discussion Papers - 2004

Using panel data of 19 developed economies in the period 1985-2000, we show that share issue privatization (SIP) strongly affects a fundamental aspect of financial development: market liquidity. First, we identify the channels through which a sustained SIP program boosts the liquidity of the...

Persistent link: https://www.econbiz.de/10005504346

Arbitrage in the Foreign Exchange Market: Turning on the Microscope

Akram, Farooq; Rime, Dagfinn; Sarno, Lucio - C.E.P.R. Discussion Papers - 2008

This paper provides real-time evidence on the frequency, size, duration and economic significance of arbitrage …

Persistent link: https://www.econbiz.de/10005124143

Greek Closed-End Fund Premia: Differences and Similarities with US Premia and Their Implications

Hardouvelis, Gikas A; Tsiritakis, Emmanuel D - C.E.P.R. Discussion Papers - 1996

The prices of Greek closed-end funds behave similarly to the prices of US funds: they deviate substantially from their net asset values (NAVs); they are more volatile than their NAVs; and they are overly-sensitive to the movements of the domestic stock market index. Furthermore, their premia...

Persistent link: https://www.econbiz.de/10005124169

The Dynamics of Financially Constrained Arbitrage

Gromb, Denis; Vayanos, Dimitri - C.E.P.R. Discussion Papers - 2015

We develop a model of financially constrained arbitrage, and use it to study the dynamics of arbitrage capital … the dynamics of arbitrage activity are self-correcting: following a shock that depletes arbitrage capital, profitability … trades, although arbitrageurs cut their positions in these trades the least. When arbitrage capital is more mobile across …

Persistent link: https://www.econbiz.de/10011184076

Can the Fed talk the hind legs off the stock market?

Eijffinger, Sylvester C W; Mahieu, Ronald J; Raes, Louis - C.E.P.R. Discussion Papers - 2011

Deliberately or not, by providing its stance on the prospects of the economy, rationalizing past decisions or announcing future actions, central banks influence financial markets' expectations of its future policy. In bad times, monetary policy communication inducing an upward revision of the...

Persistent link: https://www.econbiz.de/10009147402

Markets in China and Europe on the Eve of the Industrial Revolution

Keller, Wolfgang; Shiue, Carol Hua - C.E.P.R. Discussion Papers - 2004

Current orthodoxy suggests that the Industrial Revolution began in Europe because European institutions promoted comparatively high levels of market efficiency. This Paper compares the actual efficiency of markets in Europe and China, two regions of the world that were relatively advanced in the...

Persistent link: https://www.econbiz.de/10005114184

Can Market Failure Cause Political Failure

Aney, Madhav; Ghatak, Maitreesh; Morelli, Massimo - C.E.P.R. Discussion Papers - 2011

We study how inefficiencies of market failure may be further amplified by political choices made by interest groups created in the inefficient market. We take an occupational choice framework, where agents are endowed heterogeneously with wealth and talent. In our model, market failure due to...

Persistent link: https://www.econbiz.de/10009246601

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