Similar Search Results

Do Rural Banks Matter? Evidence from the Indian Social Banking Experiment

Burgess, Robin; Pande, Rohini - C.E.P.R. Discussion Papers - 2004

Lack of access to finance is often cited as a key reason for why poor people remain poor. This Paper uses data on the Indian rural branch expansion programme to provide empirical evidence on this issue. Between 1977 and 1990, the Indian central bank mandated that a commercial bank could open a...

Persistent link: https://www.econbiz.de/10005792249

Sectors and the OECD Business Cycle

Imbs, Jean - C.E.P.R. Discussion Papers - 2000

This paper argues that economic structure is a robust determinant of the OECD business cycle. Countries that share similar manufacturing sectors are shown to display more synchronized business cycles. Interestingly, the well-established rule of trade impacting on rich countries' business cycles...

Persistent link: https://www.econbiz.de/10005788977

Keynes Meets Markowitz: The Trade-off Between Familiarity and Diversification

Boyle, Phelim; Garlappi, Lorenzo; Uppal, Raman; Wang, Tan - C.E.P.R. Discussion Papers - 2010

assets - and Markowitz - who advocates diversification across assets. We rely on the concepts of ambiguity and ambiguity …

Persistent link: https://www.econbiz.de/10008468537

Shareholder Diversification and IPOs

Bodnaruk, Andriy; Kandel, Eugene; Massa, Massimo; … - C.E.P.R. Discussion Papers - 2004

We study IPOs by focusing on the degree of portfolio diversification of the shareholders taking the company public. We … detailed at the stock level, for both private and public companies. We construct several proxies for portfolio diversification … predicted, the degree of diversification explains a significant (economically and statistically) part of the probability of …

Persistent link: https://www.econbiz.de/10005124086

Was Prometheus Unbound by Chance? Risk, Diversification and Growth

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

-spreading (diversification) that the economy can achieve. The desire to avoid highly risky investments slows down capital accumulation and the … equilibrium is inefficient because individuals do not take into account their impact on the diversification opportunities of …

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

The Effects of Focus and Diversification on Bank Risk and Return: Evidence from Individual Bank Loan Portfolios

Acharya, Viral V; Hasan, Iftekhar; Saunders, Anthony - C.E.P.R. Discussion Papers - 2002

We study empirically the effect of focus (specialization) versus diversification on the return and the risk of banks …) focus and diversification using a unique data set that is able to identify individual bank loan exposures to different … expansion into newer or competitive industries. We find that industrial loan diversification reduces bank return while …

Persistent link: https://www.econbiz.de/10005136462

Country and Industry Dynamics in Stock Returns

Catão, Luis A. V.; Timmermann, Allan G - C.E.P.R. Discussion Papers - 2004

An important question in international finance is to what extent stock return volatility is influenced by country location, industry affiliation, and global factors. This Paper develops a new methodology to measure these effects, in which portfolios mimicking ‘pure’ country and industry...

Persistent link: https://www.econbiz.de/10005067673

Risk Sharing, Finance and Institutions in International Portfolios

Fratzscher, Marcel; Imbs, Jean - C.E.P.R. Discussion Papers - 2007

We show that international consumption risk sharing is significantly improved by capital flows, especially portfolio investment. Concomitantly, we show that poor institutions hamper risk sharing, but to an extent that decreases with openness. In particular, risk sharing is prevalent even among...

Persistent link: https://www.econbiz.de/10005497814

Cultural Inertia and Uniformity in Organizations

Carrillo, Juan D; Gromb, Denis - C.E.P.R. Discussion Papers - 2002

We analyse aspects of the structure of organizational culture. We show that old and culturally uniform organizations are prone to cultural inertia; that is they are reluctant to adopt a different culture in response to a change in the environment. Cultural uniformity can be beneficial because the...

Persistent link: https://www.econbiz.de/10005498015

Finance and Efficiency: Do Bank Branching Regulations Matter?

Acharya, Viral V; Imbs, Jean; Sturgess, Jason - C.E.P.R. Discussion Papers - 2007

financial development has important consequences for the efficiency and specialization (or diversification) of investments, in a …

Persistent link: https://www.econbiz.de/10005504526