Similar Search Results

Market power in outputs and inputs: an empirical application to banking

Adams, Robert M.; Roller, Lars-Hendrik; Sickles, Robin C. - Federal Reserve Board (Board of Governors of the … - 2002

of banking competition and simultaneously estimate bank conduct in output (loan) and input (deposit) markets. Our results … suggest that firms display some degree of non-competitive behavior in both the loan and the deposit markets. Moreover, we find …

Persistent link: https://www.econbiz.de/10005514170

Initial public offerings in hot and cold markets

Helwege, Jean; Liang, Nellie - Federal Reserve Board (Board of Governors of the … - 2003

observed in the market. Many theories predict that hot IPO markets are characterized by clusters of firms in particular …. We compare firms that go public in a number of hot and cold markets during 1975- 2000, examining them at the time of the … narrow set of industries and hot markets for many industries occur at the same time. We also find few distinctions in quality …

Persistent link: https://www.econbiz.de/10005393924

The information content of forward and futures prices: market expectations and the price of risk

Chernenko, Sergey V. - Federal Reserve Board (Board of Governors of the … - 2004

Forward and futures rates are frequently used as measures of market expectations. In this paper we apply standard forecast efficiency tests, and some newer exact sign and rank tests, to a wide range of forward and futures rates, and in this way test whether these are in fact rational...

Persistent link: https://www.econbiz.de/10005712843

The home market and the pattern of trade: round three

Holmes, Thomas J.; Stevens, John J. - Federal Reserve Board (Board of Governors of the … - 2002

Does national market size matter for industrial structure? Round One (Krugman) answered in the affirmative: Home market effects matter. Round Two (Davis) refuted this, arguing that an assumption of convenience--transport costs only for the differentiated goods--conveniently obtained the result....

Persistent link: https://www.econbiz.de/10005721132

Cash flows and discount rates, industry and country effects, and co-movement in stock returns

Ammer, John; Wongswan, Jon - Federal Reserve Board (Board of Governors of the … - 2004

This paper examines the relative importance of global, country-specific, and industry-specific factors in both the cash flow and discount rate components of equity returns between 1995 and 2003. Our framework draws upon previously separate literatures on country versus industry effects and...

Persistent link: https://www.econbiz.de/10005368137

Stock markets, growth, and policy

Levine, Ross - Federal Reserve Board (Board of Governors of the … - 1990

specifically, it demonstrates that stock markets--by facilitating the ability to trade ownership of firms without disrupting the … studies of the role played by financial institutions other than stock markets in promoting growth, this paper contributes to a … toward financial markets, this paper helps to explain simultaneously the observed differences in growth rates across …

Persistent link: https://www.econbiz.de/10005368147

The stock market and exchange rate dynamics

Gavin, Michael K. - Federal Reserve Board (Board of Governors of the … - 1986

This paper articulates a model of the small, open economy in which the stock market, rather than the bond market, determines domestic aggregate demand. It resembles in many respects the widely adopted dynamic Mundell-Fleming approach, but can, in some circumstances, exhibit output and asset...

Persistent link: https://www.econbiz.de/10005368168

On risk, rational expectations, and efficient asset markets

Stevens, Guy V.G.; Akbarian, Dara - Federal Reserve Board (Board of Governors of the … - 1994

The notion of asset market efficiency -- that market prices "fully reflect" all available information -- requires the operation of mechanisms that rapidly incorporate new information into asset prices. Particularly problematic -- both theoretically and empirically -- has been the case where new...

Persistent link: https://www.econbiz.de/10005368265

Real-time price discovery in global stock, bond and foreign exchange markets

Andersen, Torben G.; Bollerslev, Tim; Diebold, Francis X.; … - Federal Reserve Board (Board of Governors of the … - 2006

foreign exchange markets to real-time U.S. macroeconomic news. We find that news produces conditional mean jumps; hence high …-frequency stock, bond and exchange rate dynamics are linked to fundamentals. Equity markets, moreover, react differently to news … over the cycle. Hence our results qualify earlier work suggesting that bond markets react most strongly to macroeconomic …

Persistent link: https://www.econbiz.de/10005368290

Inflation, inflation risk, and stock returns

Ammer, John - Federal Reserve Board (Board of Governors of the … - 1994

This paper investigates the empirical relation between inflation and stock returns in ten industrialized countries, with a focus on the implications for links between inflation and the macroeconomy. The stock return decomposition of Campbell and Shiller (1988) is used to determine the extent to...

Persistent link: https://www.econbiz.de/10005368374