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Hau, Harald; Lai, Sandy - C.E.P.R. Discussion Papers - 2012

This paper provides evidence for a causal effect of equity prices on corporate investment and employment. We use fire … whose stocks are most underpriced have considerably lower investment and employment than industry peers not subject to any … fire sale discount. The causal effect of underpricing on investment is found to be largely concentrated on the most …

Persistent link: https://www.econbiz.de/10011084351

Information Aggregation in a DSGE Model

Hassan, Tarek; Mertens, Thomas M. - C.E.P.R. Discussion Papers - 2014

, the correlation between consumption and investment growth is 0.29 when households have no information about the future …

Persistent link: https://www.econbiz.de/10011083546

Global Risk, Investment and Emotions

Bosman, R.A.J; Winden, Frans A.A.M. van - C.E.P.R. Discussion Papers - 2006

choice problem concerns the investment of an amount of money in a safe option and a risky option when there is a 'global risk … by its main contenders Rank-Dependent Utility and Cumulative Prospect Theory. An explanation is offered by taking account …

Persistent link: https://www.econbiz.de/10005791308

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

We develop a model of portfolio choice to nest the views of Keynes - who advocates concentration in a few familiar assets - and Markowitz - who advocates diversification across assets. We rely on the concepts of ambiguity and ambiguity aversion to formalize the idea of an investor’s...

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

Fiddling with Value: Violins as an Investment?

Graddy, Kathryn; Margolis, Philip - C.E.P.R. Discussion Papers - 2007

This paper measures the returns to investing in violins using two different datasets. One dataset includes 75 observations on repeat sales of the same violins at auction starting in the mid-19th century and another dataset includes over 2000 observations on individual violin sales at auction...

Persistent link: https://www.econbiz.de/10005661782

The Euro and International Capital Markets

Detken, Carsten; Hartmann, Philipp - C.E.P.R. Discussion Papers - 2000

international financing as well as for international investment. The times series collected for these measures allow for the … immediately became the second most widely used currency for international financing and investment. For the flow of international … of the year. The Euro's international investment role appears more static though, since most of the early external asset …

Persistent link: https://www.econbiz.de/10005123910

Which Investors Fear Expropriation? Evidence from Investors' Stock Picking

Giannetti, Mariassunta; Simonov, Andrei - C.E.P.R. Discussion Papers - 2003

Using a data-set that provides unprecedented details on individual investors’ stockholdings, we analyse whether investors take into account corporate governance when they select stocks. After controlling for the supply effect via free float and other firm characteristics, we find that all...

Persistent link: https://www.econbiz.de/10005114455

Now-casting and the real-time data flow

Banbura, Marta; Giannone, Domenico; Modugno, Michele; … - C.E.P.R. Discussion Papers - 2012

The term now-casting is a contraction for now and forecasting and has been used for a long-time in meteorology and recently also in economics In this paper we survey recent developments on economic now-casting with special focus on those models that formalize key features of how market...

Persistent link: https://www.econbiz.de/10011084671

Fiscal Policy and the Current Account

Ali Abbas, S.M.; Bouhga-Hagbe, Jacques; Fatás, Antonio; … - C.E.P.R. Discussion Papers - 2010

This paper examines the relationship between fiscal policy and the current account, drawing on a larger country sample than in previous studies and using panel regressions, vector auto-regressions, and an analysis of large fiscal and external adjustments. On average, a strengthening in the...

Persistent link: https://www.econbiz.de/10008468562

An Area-Wide Real-Time Database for the Euro Area

Giannone, Domenico; Henry, Jérôme; Lalik, Magdalena; … - C.E.P.R. Discussion Papers - 2010

This paper describes how we constructed a real-time database for the euro area covering more than 200 series regularly published in the European Central Bank Monthly Bulletin, as made available ahead of publication to the Governing Council members before their first meeting of the month. We...

Persistent link: https://www.econbiz.de/10008468678

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