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High-Frequency Analysis of Foreign Exchange Interventions: What do we learn?
Menkhoff, Lukas - CESifo - 2008
The high-frequency analysis of foreign exchange dynamics is helpful in order to better identify the impact of central bank interventions. Evidence robustly shows that interventions do indeed move the exchange rate level in the desired direction. Interventions increase volatility in the short run...
Persistent link: https://www.econbiz.de/10005765791
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Large-Scale Disasters and the Insurance Industry
Kraemer, Walter; Schich, Sebastian - CESifo - 2008
We investigate the impact of the 20 largest – in terms of insured losses – man-made or natural disasters on various insurance industry stock indices. We show via an event study that insurance sectors worldwide are quite resilient, in a market–value sense, to unexpected losses to capital:...
Persistent link: https://www.econbiz.de/10005181507
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Fundamentals, Misvaluation, and Investment: The Real Story
Chirinko, Robert S.; Schaller, Huntley - CESifo - 2007
Is real investment fully determined by fundamentals or is it sometimes affected by stock market misvaluation? We … introduce three new tests that: measure the reaction of investment to sales shocks for firms that may be overvalued; use Fama … misvaluation into standard investment equations to estimate the quantitative effect of misvaluation on investment. Overall, the …
Persistent link: https://www.econbiz.de/10005766115
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Do Bubbles Lead to Overinvestment?: A Revealed Preference Approach
Chirinko, Robert S.; Schaller, Huntley - CESifo - 2011
firms in making their investment decisions.We use a revealed preference approach that relies on the pattern of investment … spending – combined with investment theory – to estimate the discount rates used by managers. The standard story predicts that … firms with high stock prices and good investment opportunities should have discount rates that do not differ systematically …
Persistent link: https://www.econbiz.de/10009150640
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The Warsaw Stock Exchange Index WIG: Modelling and Forecasting
Wdowinski, Piotr; Zglinska-Pietrzak, Aneta - CESifo - 2005
In this paper we have assessed an influence of the NYSE Stock Exchange indexes (DJIA and NASDAQ) and European Stock indexes (DAX and FTSE) on the Warsaw Stock Exchange index WIG within a framework of a GARCH model. By applying a procedure of checking predictive quality of econometric models as...
Persistent link: https://www.econbiz.de/10005406048
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Spatial Concentration of Manufacturing Firms in China
Brakman, Steven; Garretsen, Harry; Zhao, Zhao - CESifo - 2014
Applying the methodology developed by Duranton and Overman (2005, 2008), we analyze localization and dispersion of firms in China. Using a unique and detailed dataset on manufacturing firms in China, we are able to follow the changes in location patterns of firms between 2002 and 2008. Our...
Persistent link: https://www.econbiz.de/10010877721
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Foreign Direct Investment Modes and Local Backward Linkages
Milliou, Chrysovalantou; Pavlou, Apostolis - CESifo - 2014
We study a multinational enterprise’s (MNE) choice of foreign direct investment (FDI) mode in a vertically related … unobservability of contract terms favor cross-border acquisition relative to greenfield investment. We also show that while a cross …-border acquisition reduces welfare, greenfield investment can be welfare-improving. These results suggest that policy should distinguish …
Persistent link: https://www.econbiz.de/10010877755
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Unobserved Tax Avoidance and the Tax Elasticity of FDI
Egger, Peter; Merlo, Valeria; Wamser, Georg - CESifo - 2014
This paper investigates the tax responsiveness of multinational firms’ investment decisions in foreign countries …
Persistent link: https://www.econbiz.de/10010877852
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Investment and Financing Strategy of a Multinational Enterprise under Alternative Tax Designs
Gérard, Marcel; Princen, Savina - CESifo - 2012
multinational enterprise regarding the cross border distribution of its investment and the choice of its financing behavior. We …
Persistent link: https://www.econbiz.de/10010877861
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Transfer Pricing: Roles and Regimes
Nielsen, Søren Bo - CESifo - 2014
Against a background of rather mixed evidence about transfer pricing practices in multinational enterprises (MNEs) and varying attitudes on the part of tax authorities, this paper explores how multiple aims in transfer pricing can be pursued across four different transfer pricing regimes. A MNE...
Persistent link: https://www.econbiz.de/10010877968