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How does investor sentiment affect stock market crises? Evidence from panel data
Zouaoui, M.; Nouyrigat, G.; Beer, F. - HAL - 2010
We test the impact of investor sentiment on a panel of international stock markets. Specifically, we examine the influence of investor sentiment on the probability of stock market crises. We find that investor sentiment increases the probability of occurrence of stock market crises within a...
Persistent link: https://www.econbiz.de/10008790351
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Tobin tax and trading volume tightening: a reassessment
Damette, Olivier; Goutte, Stéphane - HAL - 2014
This article extends the previous literature on the Tobin tax and financial transaction tax. We investigate the linkages between trading volumes and transaction costs using both a linear and a nonlinear methodology. In stark contrast with previous studies, we consider the possibility that our...
Persistent link: https://www.econbiz.de/10010821381
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Trading Volume and Market Efficiency: An Agent Based Model with Heterogenous Knowledge about Fundamentals
Lespagnol, Vivien; Rouchier, Juliette - HAL - 2014
This paper studies the effect of investor's bounded rationality on market dynamics. In an order driven market, we consider a few-types model where two risky assets are exchanged. Agents differ by their behavior, knowledge, risk aversion and investment horizon. The investor's demand is defined by...
Persistent link: https://www.econbiz.de/10010933931
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Can the Mortensen-Pissarides Model Match the Housing Market Facts ?
Lisi, Gaetano - HAL - 2012
This paper examines whether the baseline Mortensen-Pissarides matching model can account for the housing market facts, namely, the existence of price dispersion, the positive correlation between housing price and trading volume, and between housing price and time-on-the-market. Our main finding...
Persistent link: https://www.econbiz.de/10009652973
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Liquidity generated by heterogeneous beliefs and costly estimations
Shen, Min; Turinici, Gabriel - HAL - 2012
We study the liquidity, defined as the size of the trading volume, in a situation where an infinite number of agents with heterogeneous beliefs reach a trade-off between the cost of a precise estimation (variable depending on the agent) and the expected wealth from trading. The "true" asset...
Persistent link: https://www.econbiz.de/10010548256
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Liquidity generated by heterogeneous beliefs and costly estimations
Shen, Min; Turinici, Gabriel - HAL - 2012
We study the liquidity, de ned as the size of the trading volume, in a situation where an in nite number of agents with heterogeneous beliefs reach a trade-o between the cost of a precise estimation (variable depending on the agent) and the expected wealth from trading. The \true" asset price is...
Persistent link: https://www.econbiz.de/10010550926
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Stochastic dominance with respect to a capacity and risk measures
Grigorova, Miryana - HAL - 2011
Pursuing our previous work in which the classical notion of increasing convex stochastic dominance relation with respect to a probability has been extended to the case of a normalised monotone (but not necessarily additive) set function also called a capacity, the present paper gives a...
Persistent link: https://www.econbiz.de/10009368022
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Innovation and Leapfrogging in the Chinese Automobile Industry: Examples from Geely, BYD and Shifeng
Wang, Hua; Kimble, Chris - HAL - 2013
History provides numerous examples of incumbent market leaders being leapfrogged by newcomers that have exploited the opportunities offered by new technologies. In light of the growing number of ecological threats linked to the use of the internal combustion engine, can Chinese auto...
Persistent link: https://www.econbiz.de/10010820814
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BASIC effect on global climate governance. Power changes and regime shifts
Berthaud, Pierre; Voituriez, Tancrède - HAL - 2013
the BASIC countries (Brazil, South Africa, India and China) in this indeterminacy. Mobilising the analytical tools of …
Persistent link: https://www.econbiz.de/10010820964
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China Apparel in Textiles World Values Chains
Ruffier, Jean - HAL - 2012
This paper analyses the expansion of China's clothing industry in world textile value chains. Using data from … interviews and observations throughout factory visits in China and other countries we show how private Guangdong entrepreneurs … started China's clothing manufacturing. Lacking experience in consumer markets and designing, original equipment manufacturing …
Persistent link: https://www.econbiz.de/10010820997