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Transparency, Liberalization and Financial Crises
Mehrez, Gil; Kaufmann, Daniel - EconWPA - 2003
transparency We construct a model with imperfect information where banks cannot distinguish between aggregate shocks on the one …, significantly so in countries with poor transparency. …
Persistent link: https://www.econbiz.de/10005561599
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Towards Transparency in Finance and Governance
Vishwanath, Tara; Kaufmann, Daniel - EconWPA - 2003
The study of transparency is increasingly a more topical, broadly relevant, but also more under-researched enterprise …. The Asian financial crisis has highlighted not only the welfare consequences of financial sector transparency, sparking a … series of yet unresolved debates, but has also linked this relatively narrow problem to the broader context of transparency …
Persistent link: https://www.econbiz.de/10005561607
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Liquidity Effects of Changes in a Pan-European Stock Index
Pape, Ulrich; Schmidt-Tank, Stephan - EconWPA - 2005
that has been brought forward in the literature is the liquidity hypothesis according to which an increase in liquidity … after an addition is responsible for the observed rise in value. In the following paper, we examine liquidity effects on … as indicators for liquidity. While there is a medium term price effect, bid-ask spreads do not change significantly due …
Persistent link: https://www.econbiz.de/10005413217
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Is there a difference in treatment between solicited and unsolicited bank ratings and, if so, why?
Roy, Patrick Van - EconWPA - 2005
This paper analyses the effect of soliciting a rating on the rating outcome of banks. This type of analysis sheds light on an important policy question, namely whether there is a difference in treatment between banks which request a rating and those which do not. Using a sample of Asian banks...
Persistent link: https://www.econbiz.de/10005134763
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Economic evaluation of bank exit regimes in US, EU and Japanese financial centres
Granlund, Peik - EconWPA - 2004
This paper evaluates bank exit regimes in selected financial centres using econometric methods. The focus is on bank exit regimes applicable to commercial banks in New York, London, Frankfurt, Helsinki and Tokyo in 1998–2002. Bank exit regimes are studied from the perspective of bank creditors...
Persistent link: https://www.econbiz.de/10005134896
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Persistence Characteristics of the Chinese Stock Markets
Los, Cornelis A.; Yu, Bing - EconWPA - 2005
This paper identifies such fundamental characteristics as the lack of ergodicity, stationarity, and independence, and it identifies the degree of initial persistence of the Chinese stock markets when they were more regulated. The index series are from the Shanghai (SHI) stock market and Shenzhen...
Persistent link: https://www.econbiz.de/10005561572
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Another Look at Option Listing Effects
Mayhew, Stewart; Mihov, Vassil - EconWPA - 2000
Previous research has documented that the introduction of options seems to affect the volatility, liquidity, price and …
Persistent link: https://www.econbiz.de/10005134669
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The Degree of Stability of Price Diffusion
Los, Cornelis A. - EconWPA - 2005
The distributional form of financial asset returns has important implications for the theoretical and empirical analyses in economics and finance. It is now a well-established fact that financial return distributions are empirically nonstationary, both in the weak and the strong sense. One first...
Persistent link: https://www.econbiz.de/10005134704
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The Impact of the Suspension of Opening and Closing Call
Camilleri, Silvio John; Green, Christopher J. - EconWPA - 2005
India in 1999. We compare volatility, efficiency and liquidity (VEL) of securities before and after suspension, and estimate … liquidity externalities associated with auctions, a point previous noted for industrial countries. We conclude that opening and …
Persistent link: https://www.econbiz.de/10005134759
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Disclosure to an Audience with Limited Attention
Hirshleifer, David; LIM, SONYA SEONGYEON; Teoh, Siew Hong - EconWPA - 2004
In our model, informed players decide whether or not to disclose, and observers allocate attention among disclosed signals, and toward reasoning through the implications of a failure to disclose. In equilibrium disclosure is incomplete, and observers are unrealistically optimistic. Nevertheless,...
Persistent link: https://www.econbiz.de/10005407521