Showing 1 - 10 of 47
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
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
This Paper analyses to what extent international and domestic asset pricing models lead to a different estimates of the cost of capital for an individual firm. We distinguish between (i) the multifactor ICAPM of Solnik (1983) and Sercu (1980) including both the global market portfolio and...
Persistent link: https://www.econbiz.de/10005124283
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
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
offered financial education. Both programs included a voluntary after-school savings club that provided students with a locked … money box. After nine months, both programs had significant impacts on savings behavior relative to the control group …, mostly because children moved savings from home to school. We observed few other impacts. We do find that financial education …
Persistent link: https://www.econbiz.de/10011249377
expenditure. We find support for these predictions in three field experiments that randomly assign reminders to new savings …
Persistent link: https://www.econbiz.de/10008550318
between factor- and personal-income distribution are studied in the light of existing analytic results from the precautionary-savings … literature, and by numerical solution experiments. Aggregate savings are an increasing function of non-accumulated income …
Persistent link: https://www.econbiz.de/10005124028
savings, investment, and labour supply in neoclassical models, and to the rate of unemployment in job search models. These …
Persistent link: https://www.econbiz.de/10005124394
This paper examines the relative savings position of migrant households in West Germany, paying particular attention to …), our findings reveal significant differences in the savings rates between foreign-born and German-born individuals. These … the determinants of immigrants’ savings rates reveal that intended return migration does not only affect remittances, but …
Persistent link: https://www.econbiz.de/10005124460