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A Theory of Income Smoothing When Insiders Know More Than Outsiders
Acharya, Viral V; Lambrecht, Bart - C.E.P.R. Discussion Papers - 2012
independent auditing mitigates the problem, implying that accounting quality can enhance investments, size of public stock markets …
Persistent link: https://www.econbiz.de/10011083832
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Europe's 'New' Stock Markets
Bottazzi, Laura; Da Rin, Marco - C.E.P.R. Discussion Papers - 2002
equity capital at IPO. Third, the adoption of US GAAP accounting standards substantially increases firms’ ability to raise …
Persistent link: https://www.econbiz.de/10005123860
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Factors and Effects of Trade Reorientation in Hungary
Halpern, László - C.E.P.R. Discussion Papers - 1993
The collapse of the CMEA completed the Hungarian trade reorientation during the second half of the 1980s. Panel model estimations of trade reorientation reveal that cost efficiency, export subsidy and foreign demand played important and varying roles between 1981 and 1990. During the last two...
Persistent link: https://www.econbiz.de/10005666895
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Stock Market Quality in the Prescence of a Traded Option
de Jong, Cyriel; Koedijk, Kees; Schnitzlein, Charles - C.E.P.R. Discussion Papers - 2002
We use a controlled economic experiment to examine the implications of asymmetric information for informational linkages between a stock market and a traded call option on that stock. The setting is based on the Kyle model and Back (1993). We find that an insider trades aggressively in both the...
Persistent link: https://www.econbiz.de/10005789115
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Which Firms Benefit More from Financial Development?
Bena, Jan; Jurajda, Stepan - C.E.P.R. Discussion Papers - 2007
We test whether more developed financial systems are better at tackling asymmetric information proxied by firm age and size. Comparing the growth effect of financial development (FD) across firms of different type, we find that FD disproportionately fosters the growth of young companies, while...
Persistent link: https://www.econbiz.de/10005067499
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Insider Trading in the Bond Market: Evidence from Loan Sale Events
Massa, Massimo; Schmidt, Daniel - C.E.P.R. Discussion Papers - 2015
We investigate the pricing implications of the parallel trading of loans and bonds of the same firm. We show that loan, by making lenders share sensitive information about the borrower with the loan market participants, lower the information advantage of the asset managers affiliated to the...
Persistent link: https://www.econbiz.de/10011186624
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Cross-Border Liquidity, Relationships and Monetary Policy: Evidence from the Euro Area Interbank Crisis
Abbassi, Puriya; Bräuning, Falk; Fecht, Falko; … - C.E.P.R. Discussion Papers - 2015
We analyze the impact of financial crises and monetary policy on the supply of wholesale funding liquidity, and also on the compositional supply effects through cross-border and relationship lending. For empirical identification, we draw on the proprietary bank-to-bank European interbank dataset...
Persistent link: https://www.econbiz.de/10011196038
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Fiscal Discoveries and Sudden Decouplings
Catão, Luis A. V.; Fostel, Ana; Rancière, Romain - C.E.P.R. Discussion Papers - 2013
The recent Eurozone debt crisis has witnessed sharp decouplings in cross-country bond yields without commensurate shifts in relative fundamentals. We rationalize this phenomenon in a model wherein countries with different fundamentals are on different equilibrium paths all along, but which...
Persistent link: https://www.econbiz.de/10011084395
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Interest Rate Signals and Central Bank Transparency
Gosselin, Pierre; Lotz, Aileen; Wyplosz, Charles - C.E.P.R. Discussion Papers - 2007
The present paper extends the literature on central bank transparency that relies on information heterogeneity among private agents in four directions. First, it adds the interest rate to the list of signals that the central bank can reveal. Second, it allows for more than one economic...
Persistent link: https://www.econbiz.de/10005661638
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Monetary and Exchange Rate Policy in Korea: Assessments and Policy Issues
Eichengreen, Barry - C.E.P.R. Discussion Papers - 2004
This Paper considers monetary and exchange rate policy in Korea since the financial crisis of 1997-98. The Bank of … Korea has adopted much of the apparatus of inflation targeting, with a band for target inflation and a Monetary Policy … trade and investment as Korea, currency movements contain information useful for forecasting inflation and the output gap …
Persistent link: https://www.econbiz.de/10005136674