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Outside versus inside bonds: A Modigliani-Miller type result for liquidity constrained economies
Berentsen, Aleksander; Waller, Christopher Jude - 2010
When agents are liquidity constrained, two options exist - sell assets or borrow. We compare the allocations arising in …
Persistent link: https://www.econbiz.de/10010277131
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Measuring Market Expectations
Baumeister, Christiane - 2021
Asset prices are a valuable source of information about financial market participants.expectations about key macroeconomic variables. However, the presence of time-varying risk premia requires an adjustment of market prices to obtain the market's rational assessment of future price and policy...
Persistent link: https://www.econbiz.de/10012658011
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The Liquidity Channel of Fiscal Policy
Bayer, Christian - 2020
—the liquidity premium. We rationalize this finding in an estimated heterogeneous-agent New-Keynesian (HANK) model with incomplete … markets and portfolio choice, in which public debt affects private liquidity. In this environment, the short-run fiscal … multiplier is amplified by the countercyclical liquidity premium. This liquidity channel stabilizes investment and crowds in …
Persistent link: https://www.econbiz.de/10012830353
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Gender Quotas: Challenging the Boards, Performance, and the Stock Market
Ferrari, Giulia; Ferraro, Valeria; Profeta, Paola; … - 2016
In 2011, Italy introduced gender quotas for boards of directors of companies listed on its stock market. Comparing before and after the reform within firms, we find that quotas are associated with a higher share of female board directors, higher levels of education of board members, and a lower...
Persistent link: https://www.econbiz.de/10011555526
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IMF surveillance and financial markets: A political economy analysis
Fratzscher, Marcel; Reynaud, Julien - 2010
The International Monetary Fund (IMF) is in the process of re-inventing itself with bilateral and multilateral surveillance emerging as a key function. The paper analyses how IMF surveillance announcements may be influenced by political power that member countries exert at the IMF. First, we...
Persistent link: https://www.econbiz.de/10010270537
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Sovereign rating news and financial markets spillovers: Evidence from the European debt crisis
Arezki, Rabah; Candelon, Bertrand; Sy, Amadou - 2011
This paper examines the spillover effects of sovereign rating news on European financial markets during the period 2007-2010. Our main finding is that sovereign rating downgrades have statistically and economically significant spillover effects both across countries and financial markets. The...
Persistent link: https://www.econbiz.de/10010275006
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Cryptocurrency Market Reactions to Regulatory News
Auer, Raphael A.; Claessens, Stijn - 2020
Cryptocurrencies are often thought to operate out of the reach of national regulation, but in fact their valuations, transaction volumes and user bases react substantially to news about regulatory actions. The impact depends on the specific regulatory category to which the news relates: events...
Persistent link: https://www.econbiz.de/10012207993
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Too Complex to Digest? Federal Tax Bills and Their Processing in US Financial Markets
Bennani, Hamza; Neuenkirch, Matthias - 2022
In this paper, we analyze whether the complexity of tax bills affects financial markets. Based on the Flesch-Kincaid grade level of the 32 tax bills identified by Romer and Romer (2010) in the period 1962–2003, we assess the relationship between tax bills' complexity and financial markets...
Persistent link: https://www.econbiz.de/10013470311
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Seven Pitfalls of Technical Analysis
Caporale, Guglielmo Maria; Plastun, Alex - 2023
This paper examines the main drawbacks of technical analysis. Although this is widely used by practitioners, from an academic perspective it can only be seen as a form of "voodoo finance". In particular, it runs into the following pitfalls: Subjectivity; Doubtful assumptions; Unjustified...
Persistent link: https://www.econbiz.de/10014290123
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J'Accuse! Antisemitism and Financial Markets in the Time of the Dreyfus Affair
Do, Quoc-Anh; Galbiati, Roberto; Marx, Benjamin; … - 2023
We study the stock market performance of firms with Jewish board members during the "Dreyfus Affair" in 19th century France. In a context of widespread latent antisemitism, initial accusations made against the Jewish officer Alfred Dreyfus led to short-lived abnormal negative returns for...
Persistent link: https://www.econbiz.de/10014469520