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Testing for Convergence in Stock Markets: A Non-Linear Factor Approach

Caporale, Guglielmo Maria; Erdogan, Burcu; Kuzin, Vladimir - CESifo - 2009

This paper applies the Phillips and Sul (2007) method to test for convergence in stock returns to an extensive dataset including monthly stock price indices for five EU countries (Germany, France, the Netherlands, Ireland and the UK) as well as the US over the period 1973-2008. We carry out the...

Persistent link: https://www.econbiz.de/10008572486

Investor Protection and Foreign Stakeholders

Giofré, Maela - CESifo - 2010

Different investor classes are endowed with different rights, and conflicting interests among them can make protections afforded to one party detrimental to another. Indeed, we find that investor protection laws have sizeable "cross" effects on foreign portfolio investment and the direction of...

Persistent link: https://www.econbiz.de/10008572590

Gold, Oil, and Stocks: Dynamic Correlations

Baruník, Jozef; Kocenda, Evžen; Vácha, Lukáš - CESifo - 2015

We employ a wavelet approach and conduct a time-frequency analysis of dynamic correlations between pairs of key traded assets (gold, oil, and stocks) covering the period from 1987 to 2012. The analysis is performed on both intra-day and daily data. We show that heterogeneity in correlations...

Persistent link: https://www.econbiz.de/10011272625

Electoral Control when Policies are for Sale

Farvaque, Etienne; Lagadec, Gael - CESifo - 2009

This article analyses the dynamics of electoral promises, building on an electoral competition model with endogenous policies. It extends the Grossman-Helpman (1994) model [Grossman G., Helpman E. [1994], "Protection for sale", American Economic Review, 84, 4, 833-850] to include sanctions from...

Persistent link: https://www.econbiz.de/10005765809

Do Elections Affect the Composition of Fiscal Policy?

Katsimi, Margarita; Sarantides, Vassilis - CESifo - 2010

This paper investigates the impact of elections on the level and composition of fiscal instruments using a sample of 19 … find that elections shift public spending towards current and away from capital expenditures. Moreover, although we find no … evidence for an electoral cycle for government deficit and expenditures, we do find a negative effect of elections on revenue …

Persistent link: https://www.econbiz.de/10008534045

Reforming Legislatures: Is one House better than two?

Facchini, Giovanni; Testa, Cecilia - CESifo - 2009

elections, we show that when time constraints are binding, bicameralism might lead to a decline in the legislator's bargaining …

Persistent link: https://www.econbiz.de/10004979403

It's the Media, Stupid - How Media Activity Shapes Public Spending

Bruns, Christian; Himmler, Oliver - CESifo - 2008

Politicians seeking reelection need voters to know what they have done for them. Thus, incentives may arise to spend more money where media coverage is higher. We present a simple model to explain the allocation of public spending across jurisdictions contingent on media activity. An incumbent...

Persistent link: https://www.econbiz.de/10005181563

Reelection Threshold Contracts in Politics

Gersbach, Hans; Liessem, Verena - CESifo - 2001

anonymous elections in democracies. …

Persistent link: https://www.econbiz.de/10005196248

Selfish and Prospective: Theory and Evidence of Pocketbook Voting

Elinder, Mikael; Jordahl, Henrik; Poutvaara, Panu - CESifo - 2008

We present and test a theory of prospective and retrospective pocketbook voting. Focusing on two large reforms in Sweden, we establish a causal chain from policies to sizeable individual gains and losses and then to voting. The Social Democrats proposed budget cuts affecting parents with young...

Persistent link: https://www.econbiz.de/10005196265

Lexicographic Voting

Klingelhöfer, Jan - CESifo - 2012

This paper reconsiders the division of the literature on electoral competition into models with forward-looking voters and those with backward-looking voters by combining ideas from both strands of the literature. As long as there is no uncertainty about voters’ policy preferences and parties...

Persistent link: https://www.econbiz.de/10010539147

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