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Lombardo, Davide; Pagano, Marco - C.E.P.R. Discussion Papers - 1999

We analyze how the law and its enforcement affect equity market equilibrium. Improvements in the legal system, while …

Persistent link: https://www.econbiz.de/10005792541

Legal Determinants of the Return on Equity

Lombardo, Davide; Pagano, Marco - C.E.P.R. Discussion Papers - 1999

quality of institutions, such as judicial efficiency and rule of law, but have no relationship with measures of shareholder … efficiency and rule of law, but negatively with shareholder rights' protection, controlling for risk and expected earnings growth …

Persistent link: https://www.econbiz.de/10005123538

Why was Stock Market Volatility so High During the Great Depression? Evidence from 10 Countries During the Interwar Period

Voth, Hans-Joachim - C.E.P.R. Discussion Papers - 2002

The extreme levels of stock price volatility found during the Great Depression have often been attributed to political uncertainty. This Paper performs an explicit test of the Merton/Schwert hypothesis that doubts about the survival of the capitalist system were partly responsible. It does so by...

Persistent link: https://www.econbiz.de/10005791692

Uncertainty about Government Policy and Stock Prices

Pástor, Luboš; Veronesi, Pietro - C.E.P.R. Discussion Papers - 2010

We analyze how changes in government policy affect stock prices. Our general equilibrium model features uncertainty about government policy and a government that has both economic and non-economic motives. The government tends to change its policy after performance downturns in the private...

Persistent link: https://www.econbiz.de/10008553062

Short-Selling Bans around the World: Evidence from the 2007-09 Crisis

Beber, Alessandro; Pagano, Marco - C.E.P.R. Discussion Papers - 2009

Most stock exchange regulators around the world reacted to the 2007-2009 crisis by imposing bans or regulatory constraints on short-selling. Short-selling restrictions were imposed and lifted at different dates in different countries, often applied to different sets of stocks and featured...

Persistent link: https://www.econbiz.de/10008474510

Investors' horizons and the Amplification of Market Shocks

Cella, Cristina; Ellul, Andrew; Giannetti, Mariassunta - C.E.P.R. Discussion Papers - 2010

After negative shocks, investors with short trading horizons are inclined or forced to sell their holdings to a larger extent than investors with longer trading horizons. This may amplify the effects of market-wide shocks on stock prices. We test the relevance of this mechanism by exploiting the...

Persistent link: https://www.econbiz.de/10008683532

Is Historical Cost Accounting a Panacea? Market Stress, Incentive Distortions, and Gains Trading

Ellul, Andrew; Jotikasthira, Chotibhak; Lundblad, … - C.E.P.R. Discussion Papers - 2015

We provide new empirical evidence concerning the contentious debate over the use of historical cost (HCA) versus mark-to-market (MTM) accounting in regulating financial institutions. These accounting rules, through their interactions with capital regulations, alter financial institutions’...

Persistent link: https://www.econbiz.de/10011186617

Asset Management Contracts and Equilibrium Prices

Buffa, Andrea; Vayanos, Dimitri; Woolley, Paul - C.E.P.R. Discussion Papers - 2014

We study the joint determination of fund managers' contracts and equilibrium asset prices. Because of agency frictions, investors make managers' fees more sensitive to performance and benchmark performance against a market index. This makes managers unwilling to deviate from the index and...

Persistent link: https://www.econbiz.de/10011084367

Providing financial education: a general equilibrium approach

Padula, Mario; Pettinicchi, Yuri - C.E.P.R. Discussion Papers - 2013

Since the early 2000s, the importance of financial literacy for safe financial behaviors has increased in public debate and has been the motivation for several national and international institutions to launch and promote financial education initiatives. Although discussion on the effects of...

Persistent link: https://www.econbiz.de/10011084571

Laws and Norms

Bénabou, Roland; Tirole, Jean - C.E.P.R. Discussion Papers - 2011

when the descriptive and prescriptive norms conflict. The next main question is the expressive role of law. The choices of … also what shapes social judgements and moral sentiments. Setting law thus means both imposing material incentives and … analysis, combining an informed principal with individually signaling agents, makes precise the notion of expressive law …

Persistent link: https://www.econbiz.de/10009371470

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