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more highly correlated; moreover, at these times, money supply positively affects financial market liquidity, albeit with a … lag of two weeks. During normal times, increases in mutual fund flows enhance stock market liquidity and trading volume …, but during financial crises, U.S. government bond funds see higher inflows, resulting in increased bond market liquidity …
Persistent link: https://www.econbiz.de/10001629622
Building on recent developments in behavioral asset pricing, we develop a model in which an increase in the dispersion of investor beliefs under short-selling constraints predicts a "bubble," or a rise in a stock's price above its fundamental value. Our model predicts that managers respond to...
Persistent link: https://www.econbiz.de/10001936312
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In this paper, we examine net investment during the early stages of transition using micro data on the population of medium and large industrial firms in the Czech Republic during the 1992-95 period. We examine the relevance of alternative models of investment and test if investment behavior...
Persistent link: https://www.econbiz.de/10005407697
Technological progress is considered as a source of growth and productivity gains for national economies. Thus, understanding the factors that determine the diffusion of new technologies across countries is important to understanding the process of economic development. This project therefore...
Persistent link: https://www.econbiz.de/10005118610
This paper works with a broad data sample of Czech voucher-privatized firms during 1996 - 1999. It analyzes the development of ownership structure and consequently its effect on a firm's performance Ownership concentration had been quite high in 1996 and steadily increased. The single largest...
Persistent link: https://www.econbiz.de/10005556293
We study the capital structure dynamics of Central and Eastern European firms in order to get a better understanding of the quantitative and qualitative development of the financial systems in this region. The dynamic model we use endogenizes the target leverage as well as the adjustment speed...
Persistent link: https://www.econbiz.de/10005134833
This paper introduces two easy to calculate estimators with desirable properties for theautoregressive parameter in dynamic panel data models. The estimators are (nearly) unbiased andperform satisfactorily even for small samples in either the time-series or cross-section dimension.
Persistent link: https://www.econbiz.de/10011257161
Multinational firms are traditionally considered as firms possessing some technological lead and exploiting this proprietary advantage in international markets, but a growing literature has been arguing that multinational firms set up foreign subsidiaries not only as a means to exploit their own...
Persistent link: https://www.econbiz.de/10005062587