Similar Search Results

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

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

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

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

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

Bubbles and Central Banks: Historical Perspectives

Brunnermeier, Markus K; Schnabel, Isabel - C.E.P.R. Discussion Papers - 2015

This paper reviews some of the most prominent asset price bubbles from the past 400 years and documents how central banks (or other institutions) reacted to those bubbles. The historical evidence suggests that the emergence of bubbles is often preceded or accompanied by an expansionary monetary...

Persistent link: https://www.econbiz.de/10011249380

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

1
2
3
4
5
6
7
8
Next
Last