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Produce or speculate? : asset bubbles, occupational choice and efficiency
Cahuc, Pierre; Challe, Edouard - 2009
, thereby causing rational bubbles to lose their efficiency properties. Moreover, if speculation can be carried out by skilled …
Persistent link: https://www.econbiz.de/10003926432
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How does the economic uncertainty affect asset prices under normal and financial distress times?
Balcilar, Mehmet; Ozdemir, Zeynel Abidin; Ozdemir, Huseyin - 2022
By using a nonlinear VAR model, we investigate whether the response of the US stock and housing markets to uncertainty shocks depends on financial conditions. Our model allows us to change the response of the US financial markets to volatility shocks in periods of normal and financial distress....
Persistent link: https://www.econbiz.de/10013198932
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CEO turnover, firm performance and enterprise reform in China : evidence from new micro data
Kato, Takao (contributor); Long, Cheryl (contributor) - 2006
Using comprehensive financial and accounting data on China's listed firms from 1998 to 2002, augmented by unique data … listing suspension mechanism, i.e., the ST designation, adopted by China's securities regulatory agency appears to be … literature on economic transition, our findings suggest that any fundamental improvement in China's corporate governance will …
Persistent link: https://www.econbiz.de/10003253453
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Prediction markets in theory and practice
Wolfers, Justin (contributor); Zitzewitz, Eric (contributor) - 2006
Prediction Markets, sometimes referred to as "information markets", "idea futures" or "event futures", are markets where participants trade contracts whose payoffs are tied to a future event, thereby yielding prices that can be interpreted as market-aggregated forecasts. This article summarizes...
Persistent link: https://www.econbiz.de/10003289880
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Investor protection and the value of shares : evidence from statutory rules governing variations of shareholders’ class rights in Russia
Muravyev, Alexander - 2009
This paper uses a quasi-experimental framework provided by recent changes in Russian corporate law to study the effect of investor protection on the value of shares. The legal change analyzed involves the empowerment of preferred (non-voting) shareholders to veto unfavorable changes in their...
Persistent link: https://www.econbiz.de/10003932236
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The value relevance of top executive departures : evidence from the Netherlands
Cools, Cornelis (contributor); Praag, Mirjam van (contributor) - 2007
On theoretical grounds, monitoring of top executives by the (supervisory) board is expected to be value relevant. The empirical evidence is ambiguous and we analyze three non-competing explanations for this ambiguity: (i) The positive effect on firm value of board monitoring is hidden in stock...
Persistent link: https://www.econbiz.de/10003561623
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Predictability of asset returns and the efficient market hypothesis
Pesaran, M. Hashem - 2010
This paper is concerned with empirical and theoretical basis of the Efficient Market Hypothesis (EMH). The paper begins with an overview of the statistical properties of asset returns at different frequencies (daily, weekly and monthly), and considers the evidence on return predictability, risk...
Persistent link: https://www.econbiz.de/10003985756
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Exponent of cross-sectional dependence : estimation and inference
Bailey, Natalia; Kapetanios, George; Pesaran, M. Hashem - 2012
An important issue in the analysis of cross-sectional dependence which has received renewed interest in the past few years is the need for a better understanding of the extent and nature of such cross dependencies. In this paper we focus on measures of cross-sectional dependence and how such...
Persistent link: https://www.econbiz.de/10009530816
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League-table incentives and price bubbles in experimental asset markets
Cheung, Stephen L.; Coleman, Andrew - 2011
indicative of speculation and do not always crash back. -- league tables ; price bubbles ; managed funds markets ; tournament …
Persistent link: https://www.econbiz.de/10009306962
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Give me your wired and your highly skilled : measuring the impact of immigration policy on employers and shareholders
Lin, Carl - 2011
The paper links finance theory to labor economics and political economy in the context of migration and immigration policy. Most research treating the impact of immigration has focused on the consequences for employees as measured by wages, earnings, and employment. Less is known about the...
Persistent link: https://www.econbiz.de/10009308050