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Schulz, Karl - 2021

Wealthier households obtain higher returns on their investments than poorer ones. How should the tax system account for this return inequality? I study capital taxation in an economy in which return rates endogenously correlate with wealth. The leading example is a financial market, where the...

Persistent link: https://www.econbiz.de/10012499593

Asset allocation and monetary policy : evidence from the eurozone

Hau, Harald; Lai, Sandy - 2014

The eurozone has a single short-term nominal interest rate, but monetary policy conditions measured by real short-term interest rates varied substantially across countries in the period 2003 - 2010. We use this cross-country variation in the (local) tightness of monetary policy to examine its...

Persistent link: https://www.econbiz.de/10010413745

Sustainable stocks and the Russian war on Ukraine : an event study in Europe

Kick, Andreas; Rottmann, Horst - 2022

The popularity of sustainable investments is unbroken and attracts investors and researchers alike. Modelling the properties of such 'green' firms, Pástor, Stambaugh, and Taylor 2021 consider a hedge against climate risks in their theoretical model. Likewise, it could be assumed that companies...

Persistent link: https://www.econbiz.de/10013255954

The political economy of financial systems : evidence from suffrage reforms in the last two centuries

Degryse, Hans; Lambert, Thomas; Schwienbacher, Armin - 2013 - This version: August 23, 2013

Initially, voting rights were limited to wealthy elites providing political support for stock markets. The franchise expansion induces the median voter to provide political support for banking development as this new electorate has lower financial holdings and benefits less from the uncertainty...

Persistent link: https://www.econbiz.de/10010223450

Determinants of stock market correlations : accounting for model uncertainty and reverse causality in a large panel setting

Afonso, António; Beck, Krzysztof; Jackson, Karen - 2022

equity flows. With the expected future growth of economies and their capital markets as well as deepening financial …

Persistent link: https://www.econbiz.de/10013380503

Rumors and runs in opaque markets : evidence from the panic of 1907

Fohlin, Caroline; Gehrig, Thomas P.; Haas, Marlene - 2016

Using a new daily dataset for all stocks traded on the New York Stock Exchange between 1905 and 1910, we study the impact of information asymmetry during the liquidity freeze and market run of October 1907 - one of the most severe financial crises of the 20th century. We estimate that the market...

Persistent link: https://www.econbiz.de/10011522131

Cybercrime on the ethereum blockchain

Hornuf, Lars; Momtaz, Paul; Nam, Rachel J.; Yuan, Ye - 2023

We propose a taxonomy of cybercrime on the Ethereum blockchain and examine how cybercrime impacts victims' risk-taking and returns. Our difference-in-differences analysis of a sample of victims and matched non-victims suggests that victims increase their long-term total risk-taking and earn...

Persistent link: https://www.econbiz.de/10014323138

Downward revision of investment decisions after corporate tax hikes

Link, Sebastian; Menkhoff, Manuel; Peichl, Andreas; … - 2022

This paper estimates the causal effect of corporate tax hikes on firm investment based on more than 1,400 local tax changes. By observing planned and realized investment volumes in a representative sample of German manufacturing firms, we can study how tax hikes induce firms to revise their...

Persistent link: https://www.econbiz.de/10013255860

Is the relationship between financial development and economic growth monotonic? : evidence from a sample of middle income countries

Samargandi, Nahla; Fidrmuc, Jan; Ghosh, Sugata - 2014

We revisit the relationship between financial development and economic growth in a panel of 52 middle income countries … financial development does not have a linear positive long-run impact on economic growth in this sample. When we consider a non …-linear relationship between financial development and growth, we find an inverted U-shaped relationship between finance and growth in the …

Persistent link: https://www.econbiz.de/10010340261

Ethnic fractionalization, governance and loan defaults in Africa

Andrianova, Svetlana; Baltagi, Badi H.; Demetriades, … - 2014

We present a theoretical model of moral hazard and adverse selection in an imperfectly competitive loans market that is suitable for application to Africa. The model allows for variation in both the level of contract enforcement (depending on the quality of governance) and the degree of market...

Persistent link: https://www.econbiz.de/10010424751

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