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Rumors and Runs in Opaque Markets: Evidence from the Panic of 1907

Fohlin, Caroline; Gehrig, Thomas; Haas, Marlene - C.E.P.R. Discussion Papers - 2015

Using a new daily dataset for all stocks traded on the New York Stock Exchange, we study the impact of information asymmetry during the liquidity freeze and market run of October 1907 - one of the most severe financial crises of the 20th century. We estimate that the run on the market increased...

Persistent link: https://www.econbiz.de/10011207393

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 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

points for Germany and Japan and similar differentials for the other countries. We attribute these findings to strong country …

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

Entrepreneurial Moral Hazard and Bank Monitoring: A Model of the Credit Channel

Repullo, Rafael; Suarez, Javier - C.E.P.R. Discussion Papers - 1999

This paper develops a model of the choice between bank and market finance by entrepreneurial firms that differ in the … value of their net worth. The monitoring associated with bank finance ameliorates a moral hazard problem between the … entrepreneurs and their lenders. The model is used to analyze the different strands of the credit view of the transmission of …

Persistent link: https://www.econbiz.de/10005504796

Cross-Country Causes and Consequences of the 2008 Crisis: Early Warning

Rose, Andrew K; Spiegel, Mark - C.E.P.R. Discussion Papers - 2009

changes in real GDP, the stock market, country credit ratings, and the exchange rate. We explore the linkages between these …

Persistent link: https://www.econbiz.de/10004969128

Euro-Area and US Banks Behavior, and ECB-Fed Monetary Policies during the Global Financial Crisis: A Comparison

Cukierman, Alex - C.E.P.R. Discussion Papers - 2014

This paper compares the behavior of Euro-Area (EA) banks’ credit and reserves with those of US banks following … substantially higher than previously believed, in the EA). The paper shows that, although the behavior of banks’ credit following … differences in the relative importance of banking credit within the total amount of credit intermediated through banks and bond …

Persistent link: https://www.econbiz.de/10011096105

Macro-Financial Linkages: evidence from country-specific VARs

Guarda, Paolo; Jeanfils, Philippe - C.E.P.R. Discussion Papers - 2012

account for 12% of GDP variance and real house prices for 9%). Shocks to the term spread or to leverage (credit-to-GDP ratio …

Persistent link: https://www.econbiz.de/10011083242