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Why EMU is irrelevant for the German economy
Posen, Adam - Center for Financial Studies - 1998
No one seems to be neutral about the effects of EMU on the German economy. Roughly speaking, there are two camps: those who see the euro as the advent of a newly open, large, and efficient regime which will lead to improvements in European and in particular in German competitiveness; those who...
Persistent link: https://www.econbiz.de/10010958722
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Credit risk transfers and the macroeconomy
Faia, Ester - Center for Financial Studies - 2010
credit risk transfer. The possibility of transferring credit reduces the impact of liquidity shocks on bank balance sheets …
Persistent link: https://www.econbiz.de/10010986438
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Der Euro in stürmischen Zeiten : Beiträge von Otmar Issing zur Wirtschafts- und Währungspolitik am Center for Financial Studies 2006-2015
Issing, Otmar - Center for Financial Studies - 2016
Persistent link: https://www.econbiz.de/10011478326
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Die Betreuer am Neuen Markt: eine empirische Analyse
Gerke, Wolfgang; Bosch, Robert - Center for Financial Studies - 1999
Die Betreuer am neuen Markt sollen die Effizienz des Handels durch Bereitstellung zusätzlicher Liquidität erhöhen. Die vorliegende Studie untersucht den Liquiditätsbeitrag der Betreuer in zwei aufeinanderfolgenden Jahren. Die Beteiligung der Betreuer am Umsatz des Marktes hat im beobachteten...
Persistent link: https://www.econbiz.de/10010986407
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Quantifying high-frequency market reactions to real-time news sentiment announcements
Groß-Klußmann, Axel; Hautsch, Nikolaus - Center for Financial Studies - 2009
direction of company-specific news. Information-implied reactions in returns, volatility as well as liquidity demand and supply …, this is only true if news items are classified as highly relevant. Liquidity supply reacts less distinctly due to a …
Persistent link: https://www.econbiz.de/10010986436
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Did fair-value accounting contribute to the financial crisis?
Laux, Christian; Leuz, Christian - Center for Financial Studies - 2009
The recent financial crisis has led to a major debate about fair-value accounting. Many critics have argued that fair-value accounting, often also called mark-to-market accounting, has significantly contributed to the financial crisis or, at least, exacerbated its severity. In this paper, we...
Persistent link: https://www.econbiz.de/10010958489
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Price pressures
Hendershott, Terrence; Menkveld, Albert J. - Center for Financial Studies - 2010
supplying liquidity to asynchronously arriving investors. Empirically, twelve years of daily New York Stock Exchange …
Persistent link: https://www.econbiz.de/10010958491
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The diminishing liquidity premium
Ben-Rephael, Azi; Kadan, Ohad; Wohl, Avi - Center for Financial Studies - 2008
that both the sensitivity of returns to liquidity and liquidity premia have significantly declined over the past four … strategies virtually unprofitable. Our results are robust to several conventional liquidity measures related to volume. When … using liquidity measure that is not related to volume, we find just weak evidence of a liquidity premium even in the early …
Persistent link: https://www.econbiz.de/10010958533
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Does algorithmic trading improve liquidity?
Hendershott, Terrence; Jones, Charles M.; Menkveld, … - Center for Financial Studies - 2008
Algorithmic trading has sharply increased over the past decade. Equity market liquidity has improved as well. Are the … the associations between liquidity and message traffic. Based on within-stock variation, we find that algorithmic trading … and liquidity are positively related. To sort out causality, we use the start of autoquoting on the NYSE as an exogenous …
Persistent link: https://www.econbiz.de/10010958534