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The Real Effects of the Euro: Evidence from Corporate Investments

Bris, Arturo; Koskinen, Yrjö; Nilsson, Mattias - C.E.P.R. Discussion Papers - 2004

Existing evidence shows that the Economic and Monetary Union (EMU) has reduced the cost of capital for firms in the euro area. We study the impact of the adoption of the euro in January 1999 by 11 countries in Europe on the firms’ investment rates, and show that the investment results are...

Persistent link: https://www.econbiz.de/10005123821

The Euro is Good After All: Evidence from Corporate Valuations

Bris, Arturo; Koskinen, Yrjö; Nilsson, Mattias - C.E.P.R. Discussion Papers - 2003

In this Paper we study the changes in corporate valuation induced by the formation of Economic and Monetary Union (EMU) in Europe. We use corporate-level data from ten countries that adopted the euro, the three EU countries that did not join EMU, as well as Norway and Switzerland. We show that...

Persistent link: https://www.econbiz.de/10005123881

The Cost of Capital in International Financial Markets: Local or Global

Koedijk, Kees; Kool, Clemens J. M.; Schotman, Peter C; … - C.E.P.R. Discussion Papers - 2001

This Paper analyses to what extent international and domestic asset pricing models lead to a different estimates of the cost of capital for an individual firm. We distinguish between (i) the multifactor ICAPM of Solnik (1983) and Sercu (1980) including both the global market portfolio and...

Persistent link: https://www.econbiz.de/10005124283

Capital Gains Taxation and the Cost of Capital: Evidence from Unanticipated Cross-Border Transfers of Tax Bases

Huizinga, Harry; Voget, Johannes; Wagner, Wolf - C.E.P.R. Discussion Papers - 2012

In a cross-border takeover, the tax base associated with future capital gains is transferred from target shareholders to acquirer shareholders. Cross-country differences in capital gains tax rates enable us to estimate the discount in target valuation on account of future capital gains. A one...

Persistent link: https://www.econbiz.de/10011084696

EMU and European Stock Market Integration

Hardouvelis, Gikas A; Malliaropoulos, Dimitrios; … - C.E.P.R. Discussion Papers - 1999

The paper examines whether or not the convergence process of European economies towards Economic and Monetary Union has led to increased integration of European stock markets. We estimate a conditional asset pricing model, which allows for a time-varying degree of integration that measures the...

Persistent link: https://www.econbiz.de/10005788933

The Economics of Books

Canoy, Marcel; van der Ploeg, Frederick; Ours, Jan C van - C.E.P.R. Discussion Papers - 2005

The tensions between books and book markets as expressions of culture and books as products in profit-making businesses are analysed and insights from the theory of industrial organisation are given. Governments intervene in the market for books through laws concerning prices of books, grants...

Persistent link: https://www.econbiz.de/10005124150

Does the 'New Economy' Measure up to the Great Inventions of the Past?

Gordon, Robert J - C.E.P.R. Discussion Papers - 2000

past, not in the future. The Internet fails as a Great Invention because much of its use involves substitution of existing … activities from one medium to another, because much Internet investment involves defence of market share rather than creation of … something of social value, because much Internet activity duplicates existing activity like mail order catalogues, while the …

Persistent link: https://www.econbiz.de/10005124176

Chicken and Egg: Competing Matchmakers

Caillaud, Bernard; Jullien, Bruno - C.E.P.R. Discussion Papers - 2001

intermediation on the Internet by allowing registration and transaction prices, and multiple registration. When only registration …

Persistent link: https://www.econbiz.de/10005136667

Digital Goods and the New Economy

Quah, Danny - C.E.P.R. Discussion Papers - 2003

Digital goods are bit strings, sequences of 0s and 1s, that have economic value. They are distinguished from other goods by five characteristics: digital goods are non-rival, infinitely expansible, discrete, aspatial, and recombinant. The New Economy is one where the economics of digital goods...

Persistent link: https://www.econbiz.de/10005067419

Matching Demand and Supply in a Weightless Economy: Market-Driven Creativity With and Without IPRs

Quah, Danny - C.E.P.R. Discussion Papers - 2002

Many cultural products have the same non-rival nature as scientific knowledge. They therefore face identical difficulties in creation and dissemination. One traditional view says market failure is endemic – societies tolerate monopolistic inefficiency in intellectual property (IP) protection...

Persistent link: https://www.econbiz.de/10005498130