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International Capital Markets, Oil Producers and the Green Paradox

Meijden, Gerard C. van der; Ploeg, Frederick Van der; … - CESifo - 2014

-period world with identical homothetic preferences and without investment, the global interest rate falls and the Green Paradox … weakens. With investment or a relatively more impatient oil-importing region, the Green Paradox may be strengthened because …

Persistent link: https://www.econbiz.de/10011264741

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

Taking the Lord's Name in Vain: The Impact of Connected Directors on 19th Century British Banks

Grossman, Richard S.; Imai, Masami - CESifo - 2014

This paper utilizes data on the presence of prominent individuals—that is, those with political (e.g., Members of Parliament) and aristocratic titles (e.g., lords)--on the boards of directors of English and Welsh banks from 1879-1909 to investigate whether the appointment of well-connected...

Persistent link: https://www.econbiz.de/10011099763

Privatisation and Institutions: A Cross Country Analysis

Bortolotti, Bernardo; Siniscalco, Domenico; Fantini, … - CESifo - 2000

Privatisation, i.e. the transfer of ownership and control of state-owned enterprises, is a worldwide phenomenon. Which political, economic and institutional factors are shaping this process? This paper addresses the issue presenting new evidence from a sample of 49 countries. From an empirical...

Persistent link: https://www.econbiz.de/10005765761

Privatisation Around the World: New Evidence from Panel Data

Bortolotti, Bernardo; Fantini, Marcella; Siniscalco, … - CESifo - 2001

This paper presents new evidence about privatisation processes and their determinants from a panel of 34 countries over the 1977-99 period. The empirical analysis shows that privatisation takes place typically in wealthy and democratic countries, endowed with deep and liquid stock markets, and...

Persistent link: https://www.econbiz.de/10005094183

The Value of the Revolving Door: Political Appointees and the Stock Market

Luechinger, Simon; Moser, Christoph - CESifo - 2012

We analyze stock market reactions to announcements of political appointments from the private sector and corporate appointments of former government officials. Using unique data on corporate affiliations and announcements of all Senate-confirmed U.S. Defense Department appointees of six...

Persistent link: https://www.econbiz.de/10010877749

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

Asymmetry in Volatility: A Comparison of Developed and Transition Stock Markets

Wdowinski, Piotr; Malecka, Marta - CESifo - 2010

ARCH modelling framework of Engle (1982) and its GARCH generalization of Bollerslev (1986) gave a huge impetus to econometric model building in the field of financial time series with time-varying variance. The main idea of the models was to describe the most typical features of capital markets...

Persistent link: https://www.econbiz.de/10008583696

The Environmental and Macroeconomic Effects of Socially Responsible Investment

Dam, Lammertjan; Heijdra, Ben J. - CESifo - 2008

We analyze the effects of socially responsible investment and public abatement on environmental quality and the economy … socially responsible investment behaviour by households partially offsets the positive effects on environmental quality of …

Persistent link: https://www.econbiz.de/10005196236

Long Run and Cyclical Dynamics in the US Stock Market

Caporale, Guglielmo Maria; Gil-Alana, Luis A. - CESifo - 2007

This paper examines the long-run dynamics and the cyclical structure of various series related to the US stock market using fractional integration. We implement a procedure which enables one to consider unit roots with possibly fractional orders of integration both at the zero (long-run) and the...

Persistent link: https://www.econbiz.de/10005094381