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Agent Behaviour, Financial Market and Welfare Theory

Paranque, Bernard; Baets, Walter; Pruden, Henry - EconWPA - 2005

when they have to manage risk and their portfolio. If we follow Kaldor and its definition of speculation, then we could …

Persistent link: https://www.econbiz.de/10005413089

Analysis of UAE Bank Stocks

Rao, Ananth - EconWPA - 2003

Listing of stocks on the stock exchange offers business firms several advantages such as diversification, liquidity, establishing a value for the firm etc. The present paper analyses stocks of six commercial banks (viz., Dubai Commercial Bank, Emirates Bank International, National Bank of Dubai,...

Persistent link: https://www.econbiz.de/10005413135

Adverse Selection and the Accelerator

House, Christopher L. - EconWPA - 2002

This paper reexamines the relationship between financial market imperfections and economic instability. I present a model in which financial accelerator effects come from adverse selection in credit markets. Unlike other models of the financial accelerator, the model I present has the potential...

Persistent link: https://www.econbiz.de/10005076745

Mispricing and Lasting Arbitrage between Parallel Markets in the Czech Republic

Hanousek, Jan; Nemecek, Libor - EconWPA - 2001

If co-existing parallel markets are efficient, then arbitrage will maintain a correct pricing relationship. A related question is whether two parallel emerging markets offering more or less the same securities but using different institutional designs, can behave as a single, fully integrated...

Persistent link: https://www.econbiz.de/10005077009

How Do Firms Choose Their Lenders? An Empirical Investigation

Cantillo, Miguel; Wright, Julian - EconWPA - 1998

This article investigates which firms borrow directly from the capital markets and which raise funds through intermediaries. Our empirical results show that large companies with abundant cash and collateral tap the credit markets directly. These markets cater to safe and profitable industries,...

Persistent link: https://www.econbiz.de/10005134863

Nonparametric Efficiency Testing of Asian Stock Markets Using Weekly Data

LOS, CORNELIS A. - EconWPA - 2004

The efficiency of speculative markets, as represented by Fama's 1970 fair game model, is tested on weekly price index … efficiency of nervous systems. In particular, the stationarity and independence of the price innovations are tested over ten … stock market efficiency is: Singapore, Thailand, Indonesia, Malaysia, Hong Kong and Taiwan. Singapore's stock market pricing …

Persistent link: https://www.econbiz.de/10005076962

TECHNICAL ANALYSIS ON FOREIGN EXCHANGE: 1975 - 2004

Rubio, Fernando - EconWPA - 2004

that these excess returns are compensation for bearing excessive risk. However, the most of these strategies require too …

Persistent link: https://www.econbiz.de/10005134787

DO EXTERNAL FUNDS YIELD LOWER RETURNS ? RECENT EVIDENCE FROM EAST ASIAN ECONOMIES

Pal, Sarmistha; Driffield, Nigel - EconWPA - 2003

Using a large firm level panel data set from four Asian countries, this paper compares the returns to various internal and external funds. A novel feature of our analysis is that we distinguish between financially constrained and unconstrained firms and determine selectivity-corrected estimates...

Persistent link: https://www.econbiz.de/10005076952

SAVINGS MOBILIZATION ROLE OF NIGERIAN COMMERCIAL BANKS:AN ANALYTICAL POLICY STUDY

NWAOBI, GODWIN CHUKWUDUM - EconWPA - 2003

CAPITAL ACCUMULATION HAS BEEN EMPHASISED AS THE MAJOR FACTOR GOVERING THE RATE OF DEVELOPMENT. THIS STUDY THEREFORE AIMS EXPLORING IN THE LIGHT OF PAST TRENDS, THE ROLE AND SCOPE OF COMMERCIAL BANKS AS FINANCIAL INTERMEDIARIES IN MOBILIZING DOMESTIC SAVINGS FOR DEVELOPMENT AND THE CONSTRAINTS IN...

Persistent link: https://www.econbiz.de/10005076971

Equilibrium in financial markets with adverse selection

Takalo, Tuomas; Toivanen, Otto - EconWPA - 2004

We study a financial market adverse selection model where all agents are endowed with initial wealth and choose to invest as entrepreneurs or financiers, or not to invest. We show that often a lack of outside finance leads to the emergence of financial markets where availability of outside...

Persistent link: https://www.econbiz.de/10005134723

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