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Corporate Governance and Dividend Policy in Poland
Kowalewski, Oskar; Stetsyuk, Ivan; Talavera, Oleksandr - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2007
This study examines the relation between corporate governance practices measured by Transparency Disclosure Index (TDI) and dividend policy in Poland. Our empirical approach, constructs measures of the quality of the corporate governance for 110 non-financial companies listed on Warsaw Stock...
Persistent link: https://www.econbiz.de/10004963769
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Modellgestützte Analyse der ökologischen Steuerreform mit LEAN, PANTA RHEI: und dem Potsdamer Mikrosimulationsmodell
Bach, Stefan; Kohlhaas, Michael; Meyer, Bernd; … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2001
A first systematic, model-based analysis of the environmental fiscal reform in Germany indicates moderate but slightly positive effects on employment, energy consumption and CO2 emissions. Two macro-sectoral models - an econometric model and an empirical general equilibrium model - were applied;...
Persistent link: https://www.econbiz.de/10005068667
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Price Discovery and Trade Fragmentation in a Multi-Market Environment: Evidence from the MTS System
Caporale, Guglielmo Maria; Girardi, Alessandro - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2011
This paper proposes new metrics for the process of price discovery on the main electronic trading platform for euro-denominated government securities. Analysing price data on daily transactions for 107 bonds over a period of twenty-seven months, we find a greater degree of price leadership of...
Persistent link: https://www.econbiz.de/10009228758
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Quoted Spreads and Trade Imbalance Dynamics in the European Treasury Bond Market
Caporale, Guglielmo Maria; Girardi, Alessandro; … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010
documents the existence of an asymmetric relationship between market liquidity and trading imbalances: when quoted spreads rise … (fall) and liquidity falls (increases) buy (sell) orders tend to prevail. Risk-averse market-makers, with inventory … characteristics, stock market volatility, macroeconomic releases and liquidity management operations of the monetary authorities. …
Persistent link: https://www.econbiz.de/10008742946
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Uncertainty Determinants of Corporate Liquidity
Baum, Christopher F.; Caglayan, Mustafa; Stephan, Andreas; … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006
develop a partial equilibrium model of precautionary demand for liquid assets showing that firms alter their liquidity ratio … increase their liquidity ratios when macroeconomic uncertainty or idiosyncratic uncertainty increases. …
Persistent link: https://www.econbiz.de/10004963667
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How Much Fiscal Backing Must the ECB Have?: The Euro Area Is Not the Philippines
Belke, Ansgar - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2010
The ECB has accepted increasing amounts of rubbish collateral since the crisis started leading to exposure to serious private sector credit risk (i.e. default risk) on its collateralised lending and reverse operations ("repo"). This has led some commentators to argue that the ECB needs "fiscal...
Persistent link: https://www.econbiz.de/10008535997
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The Effects of Industry-Level Uncertainty on Cash Holdings: The Case of Germany
Baum, Christopher F.; Schäfer, Dorothea; Talavera, … - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2006
increases the firm will increase its optimal level of liquidity. We test this hypothesis using a panel of German firms drawn …
Persistent link: https://www.econbiz.de/10005068997
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Die Auswirkungen der Geldmenge und des Kreditvolumens auf die Immobilienpreise: ein ARDL-Ansatz für Deutschland
Belke, Ansgar - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2009
Die aktuellen Finanzmarktturbulenzen wurden durch Entwicklungen im Immobiliensektor ausgelöst. Vor diesem Hintergrund analysiert dieser Beitrag den Zusammenhang zwischen den Immobilienpreisen und der Geldmengen- und Kreditvolumensentwicklung für den Zeitraum 1992 -2006 (westdeutsche...
Persistent link: https://www.econbiz.de/10008509517
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Do Eurozone Countries Cheat with Their Budget Deficit Forecasts?
Brück, Tilman; Stephan, Andreas - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2005
We estimate the political economy determinants of budget deficit forecast errors. Since the adoption of the Stability Pact, Eurozone governments have manipulated forecasts before elections. The political orientation and the institutional design of governments also affects the quality of forecasts.
Persistent link: https://www.econbiz.de/10005018688
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The Perfect Finance Minister: Whom to Appoint as Finance Minister to Balance the Budget?
Jochimsen, Beate R.; Thomasius, Sebastian - DIW Berlin (Deutsches Institut für Wirtschaftsforschung) - 2012
The role and influence of the finance minister within the cabinet are discussed with increasing prominence in the recent theoretical literature on the political economy of budget deficits. It is generally assumed that the spending ministers can raise their reputation purely with new or more...
Persistent link: https://www.econbiz.de/10009646236