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On the Real Effects of Private Equity InvestmentEvidence from New Business Creation

Popov, Alexander; Roosenboom, Peter - European Central Bank - 2009

Using a comprehensive database of European firms, we study how private equityaffects the rate of firm entry. We find that private equity investment benefits newbusiness incorporation, especially in industries with naturally higher entry rates andR&D intensity. A two standard deviation increase...

Persistent link: https://www.econbiz.de/10005866482

Hedge funds and their implications for financial stability

Garbaravicius, Tomas; Dierick, Frank - European Central Bank - 2005

assessment, hedge funds have a role as providers of diversification and liquidity, and they contribute to the integration and …

Persistent link: https://www.econbiz.de/10005530646

Wealth and asset price effects on economic activity

Altissimo, Filippo; Georgiou, Evaggelia; Sastre, Teresa; … - European Central Bank - 2005

Do asset prices affect real activity? This question has taken on a new importance in recent years, as asset values first surged at the end of 1990s and, thereafter, dramatically retreated. This report reviews the available theoretical and empirical evidence regarding asset price and wealth...

Persistent link: https://www.econbiz.de/10005042603

Implications for liquidity from innovation and transparency in the European corporate bond market

Laganá, Marco; Perina, Martin; Köppen-Mertes, Isabel von - European Central Bank - 2006

This paper offers a new framework for the assessment of financial market liquidity and identifies two types: search … liquidity and systemic liquidity. Search liquidity, i.e. liquidity in “normal” times, is driven by search costs required for a … trader to find a willing buyer for an asset he/she is trying to sell or vice versa. Search liquidity is asset specific …

Persistent link: https://www.econbiz.de/10005344808

Market based compensation, price informativeness and short-term trading

Calcagno, Riccardo; Heider, Florian - European Central Bank - 2007

. This trade-off generates a number of insights about the impact of market conditions, e.g. liquidity and trading horizons …

Persistent link: https://www.econbiz.de/10005344830

Capital flows, push versus pull factors and the global financial crisis

Fratzscher, Marcel - European Central Bank - 2011

finds that common shocks – key crisis events as well as changes to global liquidity and risk – have exerted a large effect …

Persistent link: https://www.econbiz.de/10009216681

The price of liquidity: the effects of market conditions and bank characteristics

Fecht, Falko; Nyborg, Kjell G.; Rocholl, Jörg - European Central Bank - 2011

We study the prices that individual banks pay for liquidity (captured by borrowing rates in repos with the central bank … depend in particular on the distribution of liquidity across banks, which is calculated over time using individual banklevel … data on reserve requirements and actual holdings. Banks pay more for liquidity when positions are more imbalanced across …

Persistent link: https://www.econbiz.de/10009278181

Commonality in hedge fund returns: driving factors and implications

Bussière, Matthieu; Hoerova, Marie; Klaus, Benjamin - European Central Bank - 2014

We measure the commonality in hedge fund returns, identify its main driving factor and analyse its implications for financial stability. We find that hedge funds’ commonality increased significantly from 2003 until 2006. We attribute this rise mainly to the increase in hedge funds’ exposure...

Persistent link: https://www.econbiz.de/10010753747

Booms and busts in China's stock market: Estimates based on fundamentals

de Bondt, Gabe; Peltonen, Tuomas A.; Santabárbara, Daniel - European Central Bank - 2010

busts, and analyses equity market reforms and excess liquidity as potential drivers of these stock price misalignments. Our … liquidity, seem to have significantly contributed to these misalignments. JEL Classification: G12, G18 …

Persistent link: https://www.econbiz.de/10008459132

Why the effective price for money exceeds the policy rate in the ECB tenders?

Välimäki, Tuomas - European Central Bank - 2008

liquidity was isolated from their interest rate expectations in March 2004. The paper offers two potential explanations for the … unexpected behavior. First, following the increased precision in the ECB’s liquidity provision after the end-of- period fine … tuning operations were added to the regularly applied tools, even a small bias in the liquidity supply could have resulted in …

Persistent link: https://www.econbiz.de/10005816192