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The existence of informationally efficient markets when individuals are rational

Muendler, Marc-Andreas - 2004

A rational-expectations equilibrium with positive demand for financial information does exist under fully revealing … average portfolio demand information in equilibrium if they can adjust portfolio size. More information diminishes the … endowments strongly differ from the average portfolio are worse off. Under fully revealing price, information market equilibria …

Persistent link: https://www.econbiz.de/10011451345

Regional implications of financial market development : credit rationing, trade, and location

Ehrlich, Maximilian von; Seidel, Tobias - 2013

of economic activity with information on the access to credit and the dependence on external finance. Our estimates for …

Persistent link: https://www.econbiz.de/10009690748

Financial system architecture and the patterns of international trade

Amissah, Emmanuel Bentum; Bougheas, Spiros P.; Defever, … - 2016

Countries differ on the extent to which their financial system relies on banks or on the financial market. We offer a model featuring a possible two way relationship between countries' financial system architecture and their comparative advantage. Countries specialising in bank dependent sectors...

Persistent link: https://www.econbiz.de/10011492076

The political economy of corruption and the role of financial institutions : presented at CESifo Area Conference on Public Sector Economics, May 2004

Boerner, Kira; Hainz, Christa - 2004

In transition and developing countries, we observe rather high levels of corruption even if they have democratic political systems. This is surprising from a political economy perspective, as the majority of people generally suffers from high corruption levels. Our model is based on the fact...

Persistent link: https://www.econbiz.de/10011451286

Imperfect financial markets as a commitment device for the government

Simon, Jenny - 2014

When the government lacks the ability to commit to a tax policy over time, agents' involvement in imperfect financial markets can be welfare improving. Agents borrow against their promised income in markets that are incomplete in the sense that claims cannot be resold without loss. Taking these...

Persistent link: https://www.econbiz.de/10010383198

Reputational herding in financial markets : a laboratory experiment

Roider, Andreas; Voskort, Andrea - 2015

We study reputational herding in financial markets in a laboratory experiment. In the spirit of Dasgupta and Prat (2008), career concerns are introduced in a sequential asset market, where wages for investors are set by subjects in the role of employers. Employers can observe investment...

Persistent link: https://www.econbiz.de/10010472692

Asymmetric connectedness on the US stock market : bad and good volatility spillovers

Baruník, Jozef; Kočenda, Evžen; Vácha, Lukáš - 2015

This paper suggests how to quantify asymmetries in volatility spillovers that emerge due to bad and good volatility. Using data covering most liquid U.S. stocks in seven sectors, we provide ample evidence of the asymmetric connectedness of stocks at the disaggregate level. Moreover, the...

Persistent link: https://www.econbiz.de/10010509638

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/10013489574

Financial crisis, economic recovery and banking development in former Soviet Union economies

Huang, Haizhou; Marin, Dalia; Xu, Chenggang - 2003

This paper explains both the onset of the financial crisis in 1998 and the striking economic recovery afterwards in Russia and other Former Soviet Union (FSU) economies. Before the crisis banks do not lend to the real sector of the economy and firms use non-bank finance, including trade credits...

Persistent link: https://www.econbiz.de/10011514178

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 over the 1980-2008 period, using pooled mean group estimator in a dynamic heterogeneous panel setting. We show that financial development does not have a linear positive...

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

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