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Lüders, Erik; Lüders-Amann, Inge; Schröder, Michael - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2004

Recent research suggests that the power law is one of the most universal laws in nature and it also seems to work quite fine in economics and finance. In this paper we show that the power law explains extremely well the relationship between the value of broad-based market indices and their...

Persistent link: https://www.econbiz.de/10005098187

Price Discovery for Cross-Listed Securities from Emerging Eastern European Countries

Wölfle, Marco - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2007

This study provides empirical evidence verifying the theory of price discovery for Eastern European enterprises based on their cross-listing on Western European exchanges. Despite the fact that the crosslisting behavior of companies has been analyzed very actively since the mid-70s, many...

Persistent link: https://www.econbiz.de/10005097674

How integrated are the European retail financial markets? A cointegration analysis

Heinemann, Friedrich; Schüler, Martin - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2002

With the introduction of the Euro, a single European money market has emerged. Further wholesale financial markets are …

Persistent link: https://www.econbiz.de/10005097922

What is the wind behind the sails to go abroad? Empirical evidence from the mutual fund industry

Lang, Gunnar; Schäfer, Henry - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2013

Specific industry factors determining cross-border business set-up in the European mutual fund industry are analyzed to contribute to the understanding of production specificities in the financial industry. The findings indicate that the decision on where to domicile a fund is not primarily...

Persistent link: https://www.econbiz.de/10010985661

How does the domiciliation decision affect mutual fund fees?

Lang, Gunnar; Köhler, Matthias - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011

In this paper, we analyze whether the domiciliation decision of mutual funds has an impact on fund fees. To explain the fee price-setting of mutual funds, we consider characteristics specific to funds, fund companies, and countries. We find that fees vary considerably across fund types and...

Persistent link: https://www.econbiz.de/10010985715

Individual exchange rate forecasts and expected fundamentals

Dick, Christian D.; MacDonald, Ronald; Menkhoff, Lukas - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2011

This paper suggests that exchange rates are related to economic fundamentals over medium-term horizons, such as a month or longer. We find from a large panel of individual professionals' forecasts that good exchange rate forecasts benefit from the proper understanding of fundamentals,...

Persistent link: https://www.econbiz.de/10009369493

Cointegration of real estate stocks and REITs with common stocks, bonds and consumer price inflation: an international comparison

Westerheide, Peter - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2006

This paper analyses the performance of real estate securities and their relationship to other asset classes as well as to consumer price inflation in an international comparison over the period from 1990 to 2004. The analysis focuses on the long run relationships, applying three different...

Persistent link: https://www.econbiz.de/10005097780

The Economic Impact of Olympic Games: Evidence from Stock Markets

Dick, Christian D.; Wang, Qingwei - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2008

By means of an event study of stock market reactions to the announcement of the Olympic Games host cities, we find a significant and positive announcement effect of hosting the Summer Games, with a cumulative abnormal return of about 2% within a few days. We do not find any significant results...

Persistent link: https://www.econbiz.de/10005098178

Readdressing the trade effect of the Euro: Allowing for currency misalignment

Hogrefe, Jan; Jung, Benjamin; Kohler, Wilhelm K. - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 2010

We know that euro-area member countries have absorbed asymmetric shocks in ways that are inconsistent with a common … estimates of the euro effect on trade based on misalignment. This reveals asymmetric trade effects and heterogeneous outlooks … across countries for the costs and benefits from adopting the euro. …

Persistent link: https://www.econbiz.de/10008494183

Labour mobility - an adjustment mechanism in Euroland? Empirical evidence for Western Germany, France and Italy

Puhani, Patrick A. - Zentrum für Europäische Wirtschaftsforschung (ZEW) - 1999

The purpose of this paper is to evaluate whether labour mobility is likely to act as a sufficient adjustment mechanism in the face of asymmetric shocks in Euroland. To this end, we estimate the elasticity of migration with respect to changes in unemployment and income on the basis of regional...

Persistent link: https://www.econbiz.de/10005098249