statistical properties of the return and volatility of the Nikkei 225. It shows that both follow a long range dependence, which …

The paper analyzes foreign exchange market volatility in four Central European EU accession countries in 2001-2003. By … using a Markov regime-switching model, it identifies two regimes representing high- and low-volatility periods. The … the Czech koruna-Slovak koruna) in the high-volatility period. The paper concludes by discussing the policy implications …

The paper studies how high leverage and crises can arise as a result of changes in the income distribution. Empirically … leverage for the remainder, and an eventual financial and real crisis. The paper presents a theoretical model where these … features arise endogenously as a result of a shift in bargaining powers over incomes. A financial crisis can reduce leverage if …

conditional leverage distribution. For nonbanks, we find a U-shaped relationship between asset size and tax responsiveness …, although this pattern does not hold universally across the conditional leverage distribution. For banks, in contrast, the tax … high conditional leverage ratios feature a significant, positive tax response. …

cross-sectional analysis, the results show that pre-crisis leverage and short-term debt have had negative effects on the … speed of the recovery, while asset tangibility has had positive effects. The negative effect of leverage is non …-linear, being particularly strong in firms with high pre-crisis leverage. Furthermore, the effects are different for advanced and …