Showing 1 - 10 of 209
This paper presents in a systematic (normative) manner the salient features of a SWF‘s governance structure, in relation to its objectives and investment management that can ensure its efficient operation and enhance its financial performance. In this context, it distinguishes among the...
Persistent link: https://www.econbiz.de/10013071922
This paper analyzes how differences in legal origin, judicial efficiency, and investor protection affect firm leverage and earnings volatility across developing countries. Using a large number of developing countries, four main findings are highlighted. First, firms in civil legal origin...
Persistent link: https://www.econbiz.de/10013025428
Annual stress tests have become a regular part of the supervisors' toolkit following the global financial crisis. We investigate their capital market implications in the United States by looking at price and trade reactions, information asymmetry and uncertainty indicators, and bank activities....
Persistent link: https://www.econbiz.de/10012999744
This paper studies whether bank ownership influenced lending behavior during the COVID-19 shock. It finds that, similar …
Persistent link: https://www.econbiz.de/10014239345
Understanding the impact of climate mitigation policies is key to designing effective carbon pricing tools. We use institutional features of the EU Emissions Trading System (ETS) and high-frequency data on more than 2,000 publicly listed European firms over 2011-21 to study the impact of carbon...
Persistent link: https://www.econbiz.de/10014257754
We analyze the corporate green bond market under a rational framework without an innate green preference, using a simple adverse selection model. Firms can use green bonds to signal their green credentials to investors. Transition risk stems from uncertainty over the introduction of carbon...
Persistent link: https://www.econbiz.de/10014258404
in advanced economies are key cyclical determinants of liquidity in Chilean equities. Evidence from a cross-section of …
Persistent link: https://www.econbiz.de/10012977357
. Traditional market makers have changed their liquidity provision by increasingly switching from risk warehousing to risk …-complementing the authorities' work-we suggest i) providing incentives for liquidity provision, ii) improving market safeguards, and iii …
Persistent link: https://www.econbiz.de/10013003019
Quantitative easing could improve market liquidity through many channels such as relaxing bank funding constraints …, increasing risk appetite, and facilitating trades. However, it can also reduce market liquidity when the increase in the central …) effects of the Bank of Japan (BOJ)'s JGB purchases on market liquidity. Moreover, we also find evidence that such scarcity …
Persistent link: https://www.econbiz.de/10012913879
This paper explores the concept of global liquidity, its measurement and macro-financial importance. We construct two … sets of indicators for global liquidity: a quantity series distinguishing between core and noncore liabilities of financial … between shocks to the supply and demand for global liquidity, and isolate their impact on the economy. Our results confirm …
Persistent link: https://www.econbiz.de/10013098562