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Determinants of Voluntary Bank Disclosure: Evidence from Japanese Shinkin Banks

Spiegel, Mark M.; Yamori, Nobuyoshi - CESifo - 2004

Disclosure is widely regarded as a necessary condition for market discipline in a modern financial sector. However, the … determinants of disclosure decisions are still unknown, particularly among banks. This paper investigates the determinants of … disclosure by Japanese Shinkin banks in 1996 and 1997. This period is unique because disclosure of non-performing loans was …

Persistent link: https://www.econbiz.de/10005406090

Communicating Subjective Evaluations

Lang, Matthias - CESifo - 2014

Should principals explain and justify their evaluations? Suppose the principal’s evaluation is private information, but she can provide justification by sending a costly cheap-talk message. If she does not provide justification, her message space is restricted, but the message is costless. I...

Persistent link: https://www.econbiz.de/10010781550

Strategic Complementarity, Fragility, and Regulation

Vives, Xavier - CESifo - 2011

disclosure or introducing a derivatives market may backfire, aggravating fragility (in particular when the asset side of a … financial intermediary is opaque); the regulator should set together disclosure and prudential policy. The model is applied to …

Persistent link: https://www.econbiz.de/10009144883

Collateral and its Substitutes in Emerging Markets' Lending

Menkhoff, Lukas; Neuberger, Doris; Rungruxsirivorn, Ornsiri - CESifo - 2011

Due to opaque information and weak enforcement in emerging loan markets, the need for collateral is high, whereas borrowers lack adequate assets to pledge as collateral. How is this puzzle solved? We find for a representative sample from Northeast Thailand that indeed most loans do not include...

Persistent link: https://www.econbiz.de/10009320789

How Important are Foreign Banks in the Financial Development of European Transition Countries?

Naaborg, Ilko; Scholtens, Bert; Haan, Jakob de; Bol, Hanneke - CESifo - 2003

This paper analyzes the development of the banking sector in European transition countries. We find that, although bank assets increased during the 1990s, credit to the private sector remained relatively low. Foreign-owned banks have become major players in the financial system of these...

Persistent link: https://www.econbiz.de/10005094365

Prediction Markets for Economic Forecasting

Snowberg, Erik; Wolfers, Justin; Zitzewitz, Eric - CESifo - 2012

Prediction markets - markets used to forecast future events - have been used to accurately forecast the outcome of political contests, sporting events, and, occasionally, economic outcomes. This chapter summarizes the latest research on prediction markets in order to further their utilization by...

Persistent link: https://www.econbiz.de/10010877703

Point and Density Forecasts for the Euro Area Using Bayesian VARs

Berg, Tim Oliver; Henzel, Steffen - CESifo - 2014

Recent articles suggest that a Bayesian vector autoregression (BVAR) with shrinkage is a good forecast device even when the number of variables is large. In this paper we evaluate different variants of the BVAR with respect to their forecast accuracy for euro area real GDP growth and HICP...

Persistent link: https://www.econbiz.de/10010877728

Determinants of Country Beta Risk in Poland

Wdowinski, Piotr - CESifo - 2004

In the paper we analyze determinants of the capital market beta risk in Poland in the monthly period 1996-2002. The beta risk is measured as a time-varying parameter estimated in a regression of the Warsaw stock indexes (WIG and WIG20 separately) on major foreign stock market indexes (DJIA,...

Persistent link: https://www.econbiz.de/10005249463

Forecasting Time Series Subject to Multiple Structural Breaks

Pesaran, M. Hashem; Pettenuzzo, Davide; Timmermann, Allan - CESifo - 2004

This paper provides a novel approach to forecasting time series subject to discrete structural breaks. We propose a …

Persistent link: https://www.econbiz.de/10005766178

Predictive Ability of Business Cycle Indicators under Test: A Case Study for the Euro Area Industrial Production

Carstensen, Kai; Wohlrabe, Klaus; Ziegler, Christina - CESifo - 2010

to forecasting area-wide industrial production. To this end, we use various tests that are designed to compare competing …

Persistent link: https://www.econbiz.de/10008498989