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This study focuses on the diversification benefits of the most developed equity markets of Central and Eastern Europe … (CEE). To evaluate these benefits of diversification we use so-called spanning tests based on a stochastic discount factor …
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The recent crisis in the United States has often been associated with substantial amounts of policy uncertainty. In this paper we ask how uncertainty about fiscal policy affects the impact of fiscal policy changes on the economy when the government tries to counteract a deep recession. The...
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the nature of the task at the second date further shows that learning is unencumbered by a change in environment. Our …
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disagreement regardless of cognitive ability. Learning about the state of the world has little effect on the evolution of perceived …
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-offs and write-downs, we examine the impact of loan portfolio sector concentration on credit risk. By controlling for common … risk factors, we separate the bank-specific selection and monitoring abilities from the composition of the loan portfolio …
Persistent link: https://www.econbiz.de/10010233376