Narrow search
Showing 1 - 10 of 705
Cover Image
Migration, Spillovers,and Trade Diversion: The Impact of Internationalization on Stock Market Liquidity
Levine, Ross; Schmukler, Sergio - National Bureau of Economic Research (NBER) - 2003
What is the impact of firms that cross-list, issue depositary receipts, or raise capital in international stock markets on the liquidity of remaining firms in domestic markets? Using a panel of over 3,200 firms from 55 countries during 1989-2000, we find that internationalization reduces the...
Persistent link: https://www.econbiz.de/10005828772
Cover Image
An Asset-Pricing View of External Adjustment
Pavlova, Anna; Rigobon, Roberto - National Bureau of Economic Research (NBER) - 2007
Recent evidence on the importance of cross-border equity flows calls for a rethinking of the standard theory of external adjustment. We introduce equity holdings and portfolio choice into an otherwise conventional open-economy dynamic equilibrium model. Our model is simple and admits a...
Persistent link: https://www.econbiz.de/10005828886
Cover Image
External Adjustment, Global Imbalances and Valuation Effects
Gourinchas, Pierre-Olivier; Rey, Helene - National Bureau of Economic Research (NBER) - 2013
We provide an overview of the recent developments of the literature on the determinants of long term capital flows, global imbalances and valuation effects. We present the main stylized facts of the new international financial landscape in which external balance sheets of countries have grown in...
Persistent link: https://www.econbiz.de/10010678470
Cover Image
Systemic Sovereign Credit Risk: Lessons from the U.S. and Europe
Ang, Andrew; Longstaff, Francis A. - National Bureau of Economic Research (NBER) - 2011
We study the nature of systemic sovereign credit risk using CDS spreads for the U.S. Treasury, individual U.S. states, and major European countries. Using a multifactor affine framework that allows for both systemic and sovereign-specific credit shocks, we find that there is considerable...
Persistent link: https://www.econbiz.de/10009002580
Cover Image
The International Monetary System: Living with Asymmetry
Obstfeld, Maurice - National Bureau of Economic Research (NBER) - 2011
This paper analyzes current stresses in the two key areas that concerned the architects of the original Bretton Woods system: international liquidity and exchange rate management. Despite radical changes since World War II in the market context for liquidity and exchange rate concerns, they...
Persistent link: https://www.econbiz.de/10009372417
Cover Image
On the International Transmission of Shocks: Micro-Evidence from Mutual Fund Portfolios
Raddatz, Claudio E.; Schmukler, Sergio - National Bureau of Economic Research (NBER) - 2011
This paper uses micro-level data on mutual funds from different financial centers investing in equity and bonds to study how investors and managers behave and transmit shocks across countries. The paper finds that the volatility of mutual fund investments is driven quantitatively by both the...
Persistent link: https://www.econbiz.de/10009277244
Cover Image
Measuring Sovereign Contagion in Europe
Pelizzon, Loriana; Rigobon, Roberto; Caporin, Massimiliano - National Bureau of Economic Research (NBER) - 2013
This paper analyzes the sovereign risk contagion using credit default swaps (CDS) and bond premiums for the major … risk spillover among these countries is not affected by the size of the shock, implying that so far contagion has remained … contagion. This methodology is particularly well-suited to deal with nonlinear and unstable transmission mechanisms. …
Persistent link: https://www.econbiz.de/10010796746
Cover Image
Are the Gains from Foreign Diversification Diminishing? Assessing the Impact with Cross-listed Stocks
Lewis, Karen K.; Lai, Sandy - National Bureau of Economic Research (NBER) - 2012
How important is foreign diversification? In this paper, we re-examine this question motivated by findings from the literature about foreign companies that are listed on US exchanges. Specifically, domestic portfolios including cross-listed stocks can provide the same diversification as foreign...
Persistent link: https://www.econbiz.de/10010652305
Cover Image
How Firms Use Domestic and International Corporate Bond Markets
Levine, Ross; Schmukler, Sergio; Gozzi, Juan Carlos; … - National Bureau of Economic Research (NBER) - 2012
This paper provides the first comprehensive documentation of the main features of corporate bond issues in domestic and international markets and analyzes how firms use these markets after they internationalize. We find that debt issues in domestic and international bond markets have different...
Persistent link: https://www.econbiz.de/10009421976
Cover Image
International Portfolio Diversification and Multilateral Effects of Correlations
Bergin, Paul; Pyun, Ju Hyun - National Bureau of Economic Research (NBER) - 2012
Not only are investors biased toward home assets, but when they do invest abroad, they appear to favor countries with returns more correlated with home assets. Often attributed to a preference for familiarity, this ‘correlation puzzle’ further reduces effective diversification. However, a...
Persistent link: https://www.econbiz.de/10009654195