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Why European Banks Adjust Their Dividend Payouts?

Belloni, Marco; Grodzicki, Maciej; Jarmuzek, Mariusz - 2022

, over a decade and a half preceding the pandemic, bank dividend payouts were adjusted in line with the motivations found in … the literature. Banks change their dividend payouts because they would like to signal good profitability to shareholders …-wide recommendations to suspend dividend payouts, banks would likely have reduced the payouts only slightly in the first year of the …

Persistent link: https://www.econbiz.de/10014239398

Competition Among Exchanges and Enforcement Policy

Pescatori, Andrea - 2013

In this paper, we explore how competition among stock exchanges, operated as self-regulatory organizations (SROs), affects the design of their members' surveillance. We develop a model where two for-profit SROs compete for trading volume, while brokers execute transactions on behalf of the...

Persistent link: https://www.econbiz.de/10013086309

Asian Flu or Wall Street Virus? Price and Volatility Spillovers of the Tech and Non-Tech Sectors in the United States and Asia

Chan-Lau, Jorge A. - 2006

This paper, using T-GARCH models, finds that the United States has been the major source of price and volatility spillovers to stock markets in the Asian region during three different periods in the last decade: the pre-Long Term Capital Management crisis period the tech bubble period, and the...

Persistent link: https://www.econbiz.de/10012735587

Have Institutional Investors Destabilized Emerging Markets?

Aitken, Brian - 2006

In the past few years there has been a large increase in portfolio capital flows into emerging markets, mostly fueled by mutual funds and other institutional investors. Based on a simple variance ratio test, this paper finds that emerging stock markets as a group experienced a sharp increase in...

Persistent link: https://www.econbiz.de/10012782065

The End : A New Indicator of Financial and Nonfinancial Corporate Sector Vulnerability

Chan-Lau, Jorge A. - 2006

This paper describes a corporate sector vulnerability indicator, the expected number of defaults (END), based on the joint occurrence of defaults among a number of firms and/or institutions. The END indicator is general enough to assess systemic risk in the corporate and financial sectors, as...

Persistent link: https://www.econbiz.de/10012783331

Asia's Stock Markets : Are There Crouching Tigers and Hidden Dragons?

Ong, Li - 2014

Stock markets play a key role in corporate financing in Asia. However, despite their increasing importance in terms of size and cross-border investment activity, the region's markets are reputed to be more “idiosyncratic” and less reliant on economic and corporate fundamentals in their...

Persistent link: https://www.econbiz.de/10013056805

Asset Bubbles : Re-Thinking Policy for the Age of Asset Management

Jones, Bradley - 2015

In distilling a vast literature spanning the rational — irrational divide, this paper offers reflections on why asset bubbles continue to threaten economic stability despite financial markets becoming more informationally-efficient, more complete, and more heavily influenced by sophisticated...

Persistent link: https://www.econbiz.de/10013026923

Handle with Care : Regulatory Easing in Times of COVID-19

Valencia, Fabián; Varghese, Richard; Yao, Weija; … - 2021

The policy response to the COVID-19 shock included regulatory easing across many jurisdictions to facilitate the flow of credit to the economy and mitigate a further ampli-fication of the shock through tighter financial conditions. Using an intraday event study,this paper examines how stock...

Persistent link: https://www.econbiz.de/10013226445

Labor Costs and Corporate Investment in Italy

Garcia-Macia, Daniel - 2020

The recovery of private investment in Italy has lagged its euro area peers over the past decade. This paper examines the role of elevated labor costs in hindering the recovery. Specifically, labor costs rose faster than labor productivity prior to the global financial crisis and have remained...

Persistent link: https://www.econbiz.de/10012839312

Do Temporary Business Tax Cuts Matter? A General Equilibrium Analysis

Gbohoui, William - 2019

This paper develops a dynamic general equilibrium model to assess the effects oftemporary business tax cuts. First, the analysis extends the Ricardian equivalence result toan environment with production and establishes that a temporary tax cut financed by afuture tax-increase has no real effect...

Persistent link: https://www.econbiz.de/10012889161

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