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From Financial Liberalization to Banking Failure: Starting on the Wrong Foot?
Fischer, Klaus P.; Smaoui, Houcem - EconWPA - 1997
In this paper we attempt to identify the characteristics of banks that are most likely to be at the origin of a banking crisis following a financial liberalization (FL) process. We do this analysis in response to the observed fact that FL processes arse often followed by banking crisis that cost...
Persistent link: https://www.econbiz.de/10005134840
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Why Do Investors Still Hope? The Soviet Repudiation Puzzle (1918- 1919)
Kim, Oosterlinck - EconWPA - 2004
Based on an original database, this paper provides an empirical study of Tsarist bond prices reactions after their repudiation by the Soviets. For the two years following the repudiation two striking features of a representative Tsarist bond traded in Paris are highlighted: first, the price...
Persistent link: https://www.econbiz.de/10005556882
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Financial Liberalization Causes Banking System Fragility
Fischer, Klaus P.; Chenard, Martin - EconWPA - 1997
This paper explores theoretically and empirically the link between Financial Liberalization (FL) and the banking crisis that often follow. We also investigate the proposition, classical in development economics, that FL should result in an increase in supply of funds to the real sector. To...
Persistent link: https://www.econbiz.de/10005561748
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Initial Performance of Greek IPOs, Underwriter’s Reputation and Oversubscription
Kenourgios, Dimitris; Papathanasiou, Spyros; Melas, … - EconWPA - 2005
determinants of short-run underpricing of 169 IPOs listed on the Athens Stock Exchange (ASE) over the period 1997-2002. The initial … evidence of significant underpricing. Furthermore, the cross sectional analysis on the determinants of the IPOs shows that both … the underwriters’ prestige and the times of oversubscription significantly affect the underpricing level of the IPOs over …
Persistent link: https://www.econbiz.de/10005561626
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Finance Constraints and Inventory Investment: Empirical Tests with Panel Data
Cunningham, Rose - EconWPA - 2004
The author empirically tests two aspects of the interaction between financial variables and inventory investment: negative cash flow and finance constraints due to asymmetric information. This is one of the first studies of inventory investment and finance constraints using Canadian data. A...
Persistent link: https://www.econbiz.de/10005076725
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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
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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 data of six Asian stock markets - Hong Kong, Indonesia, Malaysia, Singapore, Taiwan and Thailand - using Sherry's (1992) non-parametric methods. These scientific testing methods...
Persistent link: https://www.econbiz.de/10005076962
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Long-Run Cash-Flow and Discount-Rate Risks in the Cross-Section of US Returns
Koubouros, Michail; Malliaropulos, Dimitrios; … - EconWPA - 2005
This paper decomposes the overall market beta of common stocks into four parts reflecting uncertainty related to the long-run dynamics of stock- specific and market-wide cash flows and discount rates. We employ a discrete time version of Merton�s Intertemporal CAPM to test whether these four...
Persistent link: https://www.econbiz.de/10005076992
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CORTE TRANSVERSAL DE LOS RETORNOS ESPERADOS EN EL MERCADO ACCIONARIO CHILENO
Rubio, Fernando - EconWPA - 2004
La presente investigación intenta replicar el trabajo de Fama y French (1992) para el mercado chileno, dentro de cierto marco de limitaciones generales. Específicamente, el objetivo de la investigación es evaluar el rol conjunto del beta de mercado, el tamaño, la razón utilidad a precio, el...
Persistent link: https://www.econbiz.de/10005076996
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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