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Short-Term Price Overreactions: Identification, Testing, Exploitation

Caporale, Guglielmo Maria; Gil-Alana, Luis A.; Plastun, Alex - CESifo - 2014

This paper examines short-term price reactions after one-day abnormal price changes and whether they create exploitable profit opportunities in various financial markets. A t-test confirms the presence of overreactions and also suggests that there is an “inertia anomaly”, i.e. after an...

Persistent link: https://www.econbiz.de/10011075719

Creative Destruction and Productive Preemption

Norbäck, Pehr-Johan; Persson, Lars; Svensson, Roger - CESifo - 2013

preemptive acquisitions by incumbents are shown to stimulate the process of creative destruction by increasing the …

Persistent link: https://www.econbiz.de/10010877893

Sovereign Defaults: The Price of Haircuts

Cruces, Juan J.; Trebesch, Christoph - CESifo - 2011

A main puzzle in the sovereign debt literature is that defaults have only minor effects on subsequent borrowing costs and access to credit. This paper comes to a different conclusion. We construct the first complete database of investor losses (“haircuts”) in all restructurings with foreign...

Persistent link: https://www.econbiz.de/10009325807

Efficiency and Environmental Impacts of Electricity Restructuring on Coal-Fired Power Plants

Chan, H. Ron; Fell, Harrison; Lange, Ian A.; Li, Shanjun - CESifo - 2013

We investigate the impacts of electricity market restructuring on fuel efficiency, utilization and, new to this area … exclusively on coal-fired power plants and uses panel data covering several years after implementation of restructuring. The … estimation compares how investor-owned (IOs) plants in states with restructuring changed their behavior relative to IOs in states …

Persistent link: https://www.econbiz.de/10010631776

Drivers and Obstacles to Banking SMEs: The Role of Competition and the Institutional Framework

Torre, Augusto de la; Pería, María Soledad Martínez; … - CESifo - 2009

Small and medium enterprises (SMEs) are important for employment and economic activity; however, they are perceived to lack adequate financing, which hampers their growth. As a consequence, governments have implemented a number of programs to foster SME lending and attention has focused on...

Persistent link: https://www.econbiz.de/10004979421

Systemic Crises and Growth

Ranciere, Romain; Tornell, Aaron; Westermann, Frank - CESifo - 2005

In this paper, we document the fact that countries that have experienced occasional financial crises have, on average, grown faster than countries with stable financial conditions. We measure the incidence of crisis with the skewness of credit growth, and find that it has a robust negative...

Persistent link: https://www.econbiz.de/10005405758

Financial Constraints and other Obstacles: Are they a Threat to Innovation Activity?

Loeff, Sybrand Schim van der; Mohnen, Pierre; Palm, Franz; … - CESifo - 2008

In this paper we examine the importance of financial and other obstacles to innovation in the Netherlands using statistical information from the CIS 3.5 innovation survey. We report results on the effect of these obstacles on the firms’ decision to abandon, prematurely stop, seriously slow...

Persistent link: https://www.econbiz.de/10005406079

Microeconometric Evidence of Financing Frictions and Innovative Activity

Tiwari, Amaresh K.; Mohnen, Pierre; Palm, Franz; Loeff, … - CESifo - 2014

Using Dutch data we empirically investigate how financing and innovation vary across firm characteristics. We find that when firms face financial constraints, debt financing and innovation choices are not independent of firm characteristics, and R&D slows down. In the absence of financial...

Persistent link: https://www.econbiz.de/10010743448

The Effects of International Financial Integration in a Model with Heterogeneous Firms and Credit Frictions

Clemens, Christiane; Heinemann, Maik - CESifo - 2013

This paper examines the consequences of international financial integration in a two–sector heterogeneous–agent dynamic general equilibrium model of occupational choice with financial constraints and idiosyncratic risks. We discuss the macroeconomic and distributional effects of financial...

Persistent link: https://www.econbiz.de/10010703423

Up or Down? Capital Income Taxation in the United States and the United Kingdom

Polito, Vito - CESifo - 2010

Empirical evidence suggests that the Effective Marginal Tax Rate (EMTR) on income from capital has increased considerably in both the United States and the United Kingdom over the period 1982-2005. This evidence contradicts the corporate tax literature which predicts that the EMTR should instead...

Persistent link: https://www.econbiz.de/10008799731