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Explaining Forward Exchange Bias .... Intra-day

Lyons, Richard K; Rose, Andrew K - C.E.P.R. Discussion Papers - 1994

Intra-day interest rates are zero. Consequently, a foreign exchange dealer can short a vulnerable currency in the morning, close this position in the afternoon, and never face an interest cost. This tactic might seem especially attractive in times of crisis, since it suggests an immunity to the...

Persistent link: https://www.econbiz.de/10005124023

The more we know on the fundamental, the less we agree on the price

Kondor, Péter - C.E.P.R. Discussion Papers - 2011

market. This can explain the empirical facts that after public announcements trading volume increases, more private …

Persistent link: https://www.econbiz.de/10009144734

Where is the Market? Evidence from Cross-Listings

Halling, Michael; Pagano, Marco; Randl, Otto; Zechner, Josef - C.E.P.R. Discussion Papers - 2005

We investigate the distribution of trading volume across different venues after a company lists abroad. In most cases …-sectional variation in the persistence and magnitude of foreign trading. The ratio between foreign and domestic trading volume is higher …

Persistent link: https://www.econbiz.de/10005789007

Trading Volume and Asset Liquidity

Pagano, Marco - C.E.P.R. Discussion Papers - 1986

inefficient equilibrium, characterized by low trading volume and low liquidity. …

Persistent link: https://www.econbiz.de/10005792361

The Microstructure of the Euro Money Market

Hartmann, Philipp; Manna, Michele; Manzanares, Andres - C.E.P.R. Discussion Papers - 2001

, quoting activity, trading volume and bid-ask spreads in the overnight deposit segment. Volatility and spreads increase right …

Persistent link: https://www.econbiz.de/10005123983

Does FOMC News Increase Global FX Trading?

Fischer, Andreas M; Ranaldo, Angelo - C.E.P.R. Discussion Papers - 2008

Does global currency volume increase on days when the Federal Open Market Committee (FOMC) meets? To test the … hypothesis of excess currency volume on FOMC days, we use a novel data set from the Continuous Linked Settlement (CLS) Bank. The … CLS measure captures roughly half of the global trading volume in foreign exchange (FX) markets. We find strong evidence …

Persistent link: https://www.econbiz.de/10005136771

Overconfidence and Trading Volume

Glaser, Markus; Weber, Martin - C.E.P.R. Discussion Papers - 2003

control for several other determinants of trading volume in a cross-sectional regression analysis. In connection with other … hypothesis by correlating individual overconfidence scores with several measures of trading volume of individual investors … control, unrealistic optimism). The measures of trading volume were calculated by the trades of 215 individual investors who …

Persistent link: https://www.econbiz.de/10005656212

A Meta-Analysis of the Effect of Common Currencies on International Trade

Rose, Andrew K - C.E.P.R. Discussion Papers - 2003

34 recent studies have investigated the effect of currency union on trade, resulting in 754 point estimates of the effect. This Paper is a quantitative attempt to summarize the current state of debate; meta-analysis is used to combine the disparate estimates. The chief findings are that: a) the...

Persistent link: https://www.econbiz.de/10005067570

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

The Stock Market Crash of 2008 Caused the Great Recession: Theory and Evidence

Farmer, Roger E A - C.E.P.R. Discussion Papers - 2011

This paper argues that the stock market crash of 2008, triggered by a collapse in house prices, caused the Great Recession. The paper has three parts. First, it provides evidence of a high correlation between the value of the stock market and the unemployment rate in U.S. data since 1929....

Persistent link: https://www.econbiz.de/10009351524