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U.S. Monetary Shocks and Global Stock Prices
Laeven, Luc; Tong, Hui - C.E.P.R. Discussion Papers - 2010
This paper studies how U.S. monetary policy affects global stock prices. We find that global stock prices respond strongly to changes in U.S. interest rate policy, with stock prices increasing (decreasing) following unexpected monetary loosening (tightening). This impact is more pronounced for...
Persistent link: https://www.econbiz.de/10008692313
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Can the Fed talk the hind legs off the stock market?
Eijffinger, Sylvester C W; Mahieu, Ronald J; Raes, Louis - C.E.P.R. Discussion Papers - 2011
Deliberately or not, by providing its stance on the prospects of the economy, rationalizing past decisions or announcing future actions, central banks influence financial markets' expectations of its future policy. In bad times, monetary policy communication inducing an upward revision of the...
Persistent link: https://www.econbiz.de/10009147402
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Carry
Koijen, Ralph; Moskowitz, Tobias J; Pedersen, Lasse Heje; … - C.E.P.R. Discussion Papers - 2013
generalized version of the uncovered interest rate parity and expectations hypothesis in favor of models with varying risk premia …
Persistent link: https://www.econbiz.de/10011083673
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Collateralisation bubbles when investors disagree about risk
Broer, Tobias; Kero, Afroditi - C.E.P.R. Discussion Papers - 2014
contributed to higher asset prices through increased use of collateralisation, which allows risk-neutral investors to realise … perceived gains from trade. Investors with lower risk perceptions buy collateralised loans, whose downside-risk they perceive as … small. Investors with higher risk perceptions buy upside-risk through asset purchase and collateralised loan issuance …
Persistent link: https://www.econbiz.de/10011084220
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The Inefficient Markets Hypothesis: Why Financial Markets Do Not Work Well in the Real World
Farmer, Roger E A; Nourry, Carine; Venditti, Alain - C.E.P.R. Discussion Papers - 2013
efficiently allocate risk. Our work demonstrates that financial markets, by their very nature, cannot be Pareto efficient, except …
Persistent link: https://www.econbiz.de/10011084682
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Hope, Change, and Financial Markets: Can Obama's Words Drive the Market?
Sazedj, Sharmin; Tavares, José - C.E.P.R. Discussion Papers - 2011
Barack Obama’s victory in the 2009 presidential elections in the United States is widely credited to his personal charisma and his extraordinary rhetorical powers, as revealed throughout the campaign. President Obama was inaugurated in the midst of the worst economic crisis in the country,...
Persistent link: https://www.econbiz.de/10009399716
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Liquidity Constraints and Entrepreneurial Performance
Hvide, Hans K; Møen, Jarle - C.E.P.R. Discussion Papers - 2007
If entrepreneurs are liquidity constrained and cannot borrow to operate on an efficient scale, those with more personal wealth should do better than those with less wealth. We investigate this hypothesis using a unique datset from Norway. Consistent with liquidity constraints being present, we...
Persistent link: https://www.econbiz.de/10005791690
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Can Information Heterogeneity Explain the Exchange Rate Determination Puzzle?
Bacchetta, Philippe; van Wincoop, Eric - C.E.P.R. Discussion Papers - 2003
Empirical evidence shows that macroeconomic fundamentals have little explanatory power for nominal exchange rates. On the other hand, the recent ‘microstructure approach to exchange rates’ has shown that most exchange rate volatility at short to medium horizons is related to order flows....
Persistent link: https://www.econbiz.de/10005662225
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Corporate Cash and Employment
Bacchetta, Philippe; Benhima, Kenza; Poilly, Céline - C.E.P.R. Discussion Papers - 2014
In the aftermath of the U.S. financial crisis, both a sharp drop in employment and a surge in corporate cash have been observed. In this paper, based on U.S. data, we document that the negative relationship between the corporate cash ratio and employment is systematic, both over time and across...
Persistent link: https://www.econbiz.de/10011145443
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Contrasting Trends in Firm Volatility: Theory and Evidence
Thesmar, David; Thoenig, Mathias - C.E.P.R. Discussion Papers - 2009
risk taking is a choice variable at the firm-level. Due to general equilibrium feedback, we find that an increase in stock …
Persistent link: https://www.econbiz.de/10005791686