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BRICS joint financial architecture : the New Development Bank

Silva, Luciana Acioly da - 2019

institutions established after the Second World War, NDB still faces important challenges to meet those goals. …

Persistent link: https://www.econbiz.de/10012061815

The time-varying impact of systematic risk factors on corporate bond spreads

Klein, Arne Christian; Pliszka, Kamil - 2018

During the global financial crisis, stressed market conditions led to skyrocketing corporate bond spreads that could not be explained by conventional modeling approaches. This paper builds on this observation and sheds light on time-variations in the relationship between systematic risk factors...

Persistent link: https://www.econbiz.de/10011855295

Foreign exchange interventions and their impact on expectations : evidence from the USD/ILS options market

Hertrich, Markus; Nathan, Daniel - 2022

Using confidential daily data, we analyse how the intervention episode of the Bank of Israel (BOI) from 2013 to 2019 has affected the foreign value of the Israeli new shekel (ILS) and the expectations about its future value. We find that interventions amounting to US dollar (USD) 1 billion are...

Persistent link: https://www.econbiz.de/10013259481

Is local bias a cross-border phenomenon? : evidence from individual investors’ international asset allocation

Baltzer, Markus; Stolper, Oscar; Walter, Andreas - 2013

stocks (local bias). We hypothesize that individual investors’ local bias is not limited to the domestic sphere but instead … also determines their international investment decisions. Our results confirm the presence of a cross-border local bias … display a significantly lower foreign investment bias towards investment opportunities in that country and (ii) that this drop …

Persistent link: https://www.econbiz.de/10009740268

The impact of climate policies on financial markets : evidence from the EU Carbon Border Adjustment Mechanism

Shi, Mengjie; Zhang, Yupu; Meinerding, Christoph - 2025 - This version: March 7, 2025

The introduction of the EU Carbon Border Adjustment Mechanism (CBAM) has triggered statistically significant negative stock market responses for firms within the EU. Comparing EU customers that have non-EU suppliers in CBAM-affected industries with their non- treated peers in the control group,...

Persistent link: https://www.econbiz.de/10015410676

Behavioral biases in marketing

Guhl, Daniel; Klapper, Daniel; Massner, Katharina; … - 2017

Psychology and economics (the mixture of which is known as behavioral economics) are two fundamental disciplines underlying marketing. Various marketing studies document the non-rational behavior of consumers, even though behavioral biases might not always be consistently termed or formally...

Persistent link: https://www.econbiz.de/10011762602

What do economists tell us about venture capital contracts

Tykvová, Tereza - 2000

Venture capital markets are characterized by multiple incentive problems and asymmetric information in an uncertain environment. All kinds of agency problems are present: moral hazard, adverse selection, hold-up problems, window dressing, etc. Entrepreneurs and venture capitalists enter into...

Persistent link: https://www.econbiz.de/10013428358

Information transmission between banks and the market for corporate control

Bittner, Christian; Fecht, Falko; Pala, Melissa; Saidi, … - 2022

This paper provides evidence of deliberate private-information disclosure within banks’ international business networks. Using supervisory trade-level data, we show that banks with closer ties to a target advisor in a takeover buy more stocks of the target firm prior to the deal announcement,...

Persistent link: https://www.econbiz.de/10013336388

Mandatory financial information disclosure and credit ratings

Vanhaverbeke, Steven; Balsmeier, Benjamin; Doherr, Thorsten - 2022

When firms are forced to publicly disclose financial information, credit rating agencies are supposed to improve their risk assessments. Theory predicts such an information quality effect but also an adverse reputational concerns effect because credit analysts may become increasingly concerned...

Persistent link: https://www.econbiz.de/10013411270

OTC discount

Roure, Calebe de; Mönch, Emanuel; Pelizzon, Loriana; … - 2019

We study price dispersion and venue choice in the interdealer market for German sovereign bonds, where an exchange and over-the-counter segments coexist. We show that 85% of OTC traded prices are favorable with respect to exchange quotes, indicating the prevalence of an OTC discount. This...

Persistent link: https://www.econbiz.de/10012125222