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Private information, human capital, and optimal “home bias” in financial markets

Ehrlich, Isaac; Shin, Jong Kook; Yin, Yong - 2011

By allowing for imperfectly informed markets and the role of private information, we offer new insights about observed deviations of portfolio concentrations in domestic relative to foreign risky assets, or "home bias", from what standard finance models predict. Our model ascribes the "bias" to...

Persistent link: https://www.econbiz.de/10009516904

Financial development, environmental quality, trade and economic growth : what causes what in MENA countries

Omri, Anis; Daly, Saida; Rault, Christophe; Chaibi, Anissa - 2015

This paper examines the relationship between financial development, CO2 emissions, trade and economic growth using simultaneous-equation panel data models for a panel of 12 MENA countries over the period 1990-2011. Our results indicate that there is evidence of bidirectional causality between...

Persistent link: https://www.econbiz.de/10010488272

Financial globalization and economic policies

Kose, M. Ayhan; Prasad, Eswar S.; Rogoff, Kenneth S.; … - 2009

We review the large literature on various economic policies that could help developing economies effectively manage the process of financial globalization. Our central findings indicate that policies promoting financial sector development, institutional quality and trade openness appear to help...

Persistent link: https://www.econbiz.de/10003816538

Thresholds in the process of international financial integration

Kose, M. Ayhan; Prasad, Eswar S.; Taylor, Ashley D. - 2009

The financial crisis has re-ignited the fierce debate about the merits of financial globalization and its implications for growth, especially for developing countries. The empirical literature has not been able to conclusively establish the presumed growth benefits of financial integration....

Persistent link: https://www.econbiz.de/10003831857

Capital market integration and gender inequality

Komura, Mizuki; Ogawa, Hikaru - 2018

induces empirically observed declines in fertility rates throughout the world. …

Persistent link: https://www.econbiz.de/10011925357

The determinants of China's international portfolio equity allocations

Agarwal, Isha; Gu, Grace Weishi; Prasad, Eswar S. - 2020

We analyze shifts in the structure of China's capital outflows over the past decade. The composition of gross outflows has shifted from accumulation of foreign exchange reserves by the central bank to nonofficial outflows. Unlocking the enormous pool of domestic savings could have a significant...

Persistent link: https://www.econbiz.de/10012178659

Business education and portfolio returns

Altmejd, Adam; Jansson, Thomas; Karabulut, Yigitcan - 2024

Using university admission cutoffs that generate exogenous variation in college-major choices, we provide causal evidence that enrollment in a business or economics program leads individuals to invest significantly more in the stock market, earn higher portfolio returns, and ultimately...

Persistent link: https://www.econbiz.de/10014529731

International capital market integration, educational choice and economic growth

Egger, Hartmut; Egger, Peter; Falkinger, Josef; … - 2005

thereby fosters economic growth. We apply a structural estimation approach to fully track the endogenous mechanisms of the …

Persistent link: https://www.econbiz.de/10003291728

International specialization and the return to capital

Batista, Catia; Potin, Jacques - 2010

How does factor accumulation affect the pattern of international specialization and returns to capital? We provide a new integrated treatment to this question using a panel of 44 developing and developed countries over the period 1976-2000. We confirm the Heckscher-Ohlin prediction that, with...

Persistent link: https://www.econbiz.de/10003933636

Testing CAPM with a large number of assets

Pesaran, M. Hashem; Yamagata, Takashi - 2012

This paper is concerned with testing the time series implications of the capital asset pricing model (CAPM) due to … evidence against Sharpe-Lintner CAPM is found mainly during the recent financial crisis. Furthermore, a strong negative … during episodes of market inefficiencies. -- CAPM ; testing for alpha ; market efficiency ; long/short equity returns ; large …

Persistent link: https://www.econbiz.de/10009535779

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