Similar Search Results

Firms vs. insiders as traders of last resort

Marín, José M.; Sureda-Gomila, Antoni - Department of Economics and Business, Universitat … - 2006

We explore the role of corporate insiders vs. firms as traders of last resort. We develop a simple model of insider trading in which insiders provide price support, as well as liquidity, in security markets. Consistent with the model predictions we find that in the US markets insiders’ trading...

Persistent link: https://www.econbiz.de/10005772333

Prime property institutions for a subprime era: Toward innovative models of homeownership

Arruñada, Benito; Lehavi, Amnon - Department of Economics and Business, Universitat … - 2010

This Article breaks new ground toward contractual and institutional innovation in models of homeownership, equity building, and mortgage enforcement. Inspired by recent developments in the affordable housing sector and other types of public financing schemes, we suggest extending institutional...

Persistent link: https://www.econbiz.de/10008635848

The changing relationship between tax and financial reporting in Spain

Nobes, Christopher; Oliveras, Ester; Puig, Xavier - Department of Economics and Business, Universitat … - 2004

The degree of connection between tax and financial reporting is regarded as a key factor in the study of international … accounting issues except, in outline only, depreciation and the tax-free revaluation of assets from 1977 to 1983. The absence of … a detailed study of the major tax/accounting linkages for Spain is of particular importance because the relationship is …

Persistent link: https://www.econbiz.de/10005572666

A century of global equity market correlations

Quinn, Dennis; Voth, Joachim - Department of Economics and Business, Universitat … - 2006

In this paper, we use a unique long-run dataset of regulatory constraints on capital account openness to explain stock market correlations. Since stock returns themselves are highly volatile, any examination of what drives correlations needs to focus on long runs of data. This is particularly...

Persistent link: https://www.econbiz.de/10005827461

Reputation and honesty in a market for information

Charness, Gary; Garoupa, Nuno - Department of Economics and Business, Universitat … - 1998

Previous works on asymmetric information in asset markets tend to focus on the potential gains in the asset market itself. We focus on the market for information and conduct an experimental study to explore, in a game of finite but uncertain duration, whether reputation can be an effective...

Persistent link: https://www.econbiz.de/10005772009

Systemic risk, interbank relations and liquidity provision by the Central Bank

Freixas, Xavier; Parigi, Bruno; Rochet, Jean Charles - Department of Economics and Business, Universitat … - 1998

We model systemic risk in an interbank market. Banks face liquidity needs as consumers are uncertain about where they need to consume. Interbank credit lines allow to cope with these liquidity shocks while reducing the cost of maintaining reserves. However, the interbank market exposes the...

Persistent link: https://www.econbiz.de/10005772571

Optimal bail out policy, conditionality and constructive ambiguity

Freixas, Xavier - Department of Economics and Business, Universitat … - 1999

This paper addresses the issue of the optimal behaviour of the Lender of Last Resort (LOLR) in its microeconomic role regarding individual financial institutions in distress. It has been argued that the LOLR should not intervene at the microeconomic level and let any defaulting institution face...

Persistent link: https://www.econbiz.de/10005572632

Private borrowing during the financial revolution: Hoare’s Bank and its customers, 1702-1724

Temin, Peter; Voth, Joachim - Department of Economics and Business, Universitat … - 2005

The financial revolution improved the British government’s ability to borrow, and thus its ability to wage war. North andWeingast argued that it also permitted private parties to borrow more cheaply and widely.We test these inferences with evidence from a London bank.We confirm that private...

Persistent link: https://www.econbiz.de/10005704946

Understanding portfolio efficiency with conditioning information

Peñaranda, Francisco - Department of Economics and Business, Universitat … - 2009

We show that unconditionally efficient returns do not achieve the maximum unconditional Sharpe ratio, neither display zero unconditional Jensen’s alphas, when returns are predictable. Next, we define a new type of efficient returns that is characterized by those unconditional properties. We...

Persistent link: https://www.econbiz.de/10005827435

A subsampling approach to estimating the distribution of diversing statistics with application to assessing financial market risks

Bertail, Patrice; Haefke, Christian; Politis, Dimitris N.; … - Department of Economics and Business, Universitat … - 2001

In this paper we propose a subsampling estimator for the distribution of statistics diverging at either known rates when the underlying time series in strictly stationary abd strong mixing. Based on our results we provide a detailed discussion how to estimate extreme order statistics with...

Persistent link: https://www.econbiz.de/10005827491