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Elusive Safety : The New Geography of Capital Flows and Risk
Alfaro, Laura - 2020
Using a unique confidential data set with industry disaggregation of official U.S. claims and liabilities, we find that dollar-denominated securities are increasingly inter-mediated by tax havens financial centers (THFC) and by less regulated funds. These securities are risky and respond to tax...
Persistent link: https://www.econbiz.de/10012834993
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Cross-Border Portfolio Flows and News Media Coverage
Caporale, Guglielmo Maria - 2020
This paper investigates the dynamic linkages between portfolio flows and various news indices (based on both "positive" and "negative" news headlines collected from Bloomberg), whilst also controlling for a comprehensive set of push and pull factors. The monthly panel examined comprises 49...
Persistent link: https://www.econbiz.de/10012840701
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The Global Financial Cycle and Capital Flow Episodes : A Wobbly Link?
Scheubel, Beatrice - 2019
We add to the literature on the influence of the global financial cycle (GFC) and gyrations in capital flows. First, we build a new measure of the GFC based on a structural factor approach, which incorporates theoretical priors in its definition. This measure can also be decomposed in a...
Persistent link: https://www.econbiz.de/10012858195
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Mis-Allocation within Firms : Internal Finance and International Trade
Doerr, Sebastian; Marin, Dalia; Suverato, Davide; … - 2021
This paper develops a novel theory of capital mis-allocation within firms that stems from managers’ empire building and informational frictions within the organization. Introducing an internal capital market into a two-factor model of multi-segment firms, we show that international competition...
Persistent link: https://www.econbiz.de/10013312862
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Trading with the Informed and Against the Uninformed : Flows and Positioning in the Global Currency Market
Barrios, Aldo; Franolic, Robert; Giovanardi, Davide; … - 2022
speculative strategies, while the latter trade for liquidity needs. The implication is we trade in the direction of the funds … yields positive risk-adjusted performance. Incorporating the liquidity trades signal improves risk-adjusted performance and …
Persistent link: https://www.econbiz.de/10014077184
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Have Capital Market Anomalies Worldwide Attenuated in the Recent Era of High Liquidity and Trading Activity?
Auer, Benjamin R. - 2018
We revisit and extend the study by Chordia et al. (2014) which documents that, in recent years, increased liquidity has … characterised by positive trends in liquidity, there is no persuasive time-series and cross-sectional evidence for a negative link … between anomalies in market returns and liquidity. Thus, this proxy of arbitrage activity does not appear to be a key factor …
Persistent link: https://www.econbiz.de/10012908691
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Can lower tax rates be bought? Business rent-seeking and tax competition among US States
Chirinko, Robert S.; Wilson, Daniel J. - 2010
The standard model of strategic tax competition assumes that government policymakers are perfectly benevolent, acting solely to maximize the utility of the representative resident in their jurisdiction. We depart from this assumption by allowing for the possibility that policymakers also may be...
Persistent link: https://www.econbiz.de/10010270483
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Subsidizing renewable energy under capital mobility
Eichner, Thomas; Runkel, Marco - 2010
This paper provides a rationale for subsidizing green (renewable) energy production. Within a multi-country model where energy is produced with mobile capital in green and dirty production, we investigate the countries' decentralized choice of emissions taxes and green energy subsidies. Without...
Persistent link: https://www.econbiz.de/10010274981
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History, expectations, and public policy: Economic development in Eastern Germany
Schäfer, Andreas; Steger, Thomas M. - 2010
Motivated by the process of economic development in Eastern Germany since the German reunification we set up a dynamic macroeconomic model of a small open economy where both capital and labor are mobile and there are increasing returns to scale at the aggregate level. The model features multiple...
Persistent link: https://www.econbiz.de/10010276791
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Journey into the unknown? Economic consequences of factor market integration under increasing returns to scale
Schäfer, Andreas; Steger, Thomas - 2011
What are the dynamic consequences of comprehensive integration shocks? The answer to this question appears all but trivial. We set up a dynamic macroeconomic model of a small open economy where both capital and labor are mobile and there are increasing returns to scale at the aggregate level....
Persistent link: https://www.econbiz.de/10010280639