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The Value of the Revolving Door: Political Appointees and the Stock Market

Luechinger, Simon; Moser, Christoph - CESifo - 2012

We analyze stock market reactions to announcements of political appointments from the private sector and corporate appointments of former government officials. Using unique data on corporate affiliations and announcements of all Senate-confirmed U.S. Defense Department appointees of six...

Persistent link: https://www.econbiz.de/10010877749

Do airlines always suffer from crashes?

Ho, Jerry C.; Qiu, Mei; Tang, Xiaojun - In: Economics Letters 118 (2013) 1, pp. 113-117

We examine the impact of aviation disasters on the stock prices of the crash airlines and their rival airlines. Results show that the crash airlines experience deeper negative abnormal returns as the degree of fatality increases. The stock prices of the rival airlines also suffer in large-scale...

Persistent link: https://www.econbiz.de/10010603122

Decomposing abnormal returns in stochastic linear models

Lin, Carl - In: Economics Letters 118 (2013) 1, pp. 143-147

This paper presents a method helpful in analyzing the sources of return in an event study. A generalized decomposition result derived from the differential between two random linear functions attributes the effect of events or regulations on the value of firms to differences in economy-wide and...

Persistent link: https://www.econbiz.de/10010603147

Market Structure and the Cost of Capital

Arouri, Mohamed El Hedi; Rault, Christophe; Sova, Robert; … - CESifo - 2013

We contribute to the finance literature in two main ways. First, we present a theoretical capital asset pricing model …

Persistent link: https://www.econbiz.de/10010877642

An Alternative Conditional Asymmetry Specification for Stock Returns

Brännäs, Kurt; Nordman, Niklas - CESifo - 2001

The paper advances the log-generalized gamma distribution as a suitable generator of conditional skewness. Based on the NYSE composite daily returns an asMA-asQGARCH model along with skewness dynamics is estimated. The results indicate a skewness that varies between sizeable negative skewness...

Persistent link: https://www.econbiz.de/10005765680

The Economics of Insurance, its Borders with Finance and Implications for Systemic Regulation

Thimann, Christian - CESifo - 2015

international finance is ‘what is insurance and where does insurance end?’ This paper aims to elaborate on the economics of … insurance and its borders with general finance. It argues that the classification challenge by regulators partly stems from … terminological confusion between insurance activities and more general financial activities. Insurance and finance both use the same …

Persistent link: https://www.econbiz.de/10011165510

The U.S. Dollar Exchange Rate and the Demand for Oil

Schryder, Selien De; Peersman, Gert - CESifo - 2013

Using recent advances in panel data estimation techniques, we find that an appreciation of the US dollar exchange rate leads to a significant decline in oil demand for a sample of 65 oil-importing countries. The estimated effect turns out to be much larger than the impact of a shift in the...

Persistent link: https://www.econbiz.de/10010877652

Donor Ideology and Types of Foreign Aid

Brech, Viktor; Potrafke, Niklas - CESifo - 2013

We examine how donor government ideology influences the composition of foreign aid flows. We use data for 23 OECD countries over the period 1960-2009 and distinguish between multilateral and bilateral aid, grants and loans, recipient characteristics such as income and political institutions,...

Persistent link: https://www.econbiz.de/10010877746

Trade, Integration, and Interregional Inequality

Hirte, Georg; Lessmann, Christian - CESifo - 2014

We study the effect of international trade and freeness of trade (openness) on interregional inequality within countries. We estimate a model derived from a structural economic-geography approach in which interregional inequality depends on weighted trade shares and trade costs. In addition to...

Persistent link: https://www.econbiz.de/10010877821

EU-Accession Effects on Sectoral Trade: A Helpman-Melitz-Rubinstein Approach with Panel Data

Martínez-Zarzoso, Inmaculada; Vidovic, Martina; Voicu, … - CESifo - 2014

This paper estimates the effects of the EU enlargements in the 2000s for trade in parts and components and trade in final goods separately. A gravity model is applied to disaggregated trade data over the period 1999-2009 for trade between EU and OECD countries. The estimation approach accounts...

Persistent link: https://www.econbiz.de/10010877956