Showing 1 - 10 of 196
In this paper, we examine whether legal systems affect the structure of capital markets in terms of the development of bond markets versus equity markets. Using a dataset of 42 developed and developing countries, we document that a country's legal system, especially investor protections,...
Persistent link: https://www.econbiz.de/10011110744
The capital market of an economy is considered to be well developed, only when a parallel development is ensured both in the equity and the debt segment. There is no doubt that the equity market in India is quite well developed and plays a crucial role in the growth of Indian economy. At the...
Persistent link: https://www.econbiz.de/10011112601
Recently, credit ratings have been enhancing the influence on issuers as well as the national economy. This paper explains the historical development and several current features of the Japanese bond market, and discusses why credit ratings gained a significant role in the 1990s. We also present...
Persistent link: https://www.econbiz.de/10005105705
The paper investigates excess co-movement in asset prices in South Africa between 1995 and 2005 using the definition of excess comovement as correlation between two asset prices beyond what could be explained by key economic fundamentals. The results of the study suggest that there is excess...
Persistent link: https://www.econbiz.de/10008685534
This paper considers the robustness of equilibria to a small amount of incomplete information, where players are allowed to have heterogenous priors. An equilibrium of a complete information game is robust to incomplete information under non-common priors if for every incomplete information game...
Persistent link: https://www.econbiz.de/10011107849
We propose new specifications that explicitly account for information noise in the input data of bankruptcy hazard models. The specifications are motivated by a theory of modeling credit risk with incomplete information (Duffie and Lando [2001]). Based on over 2 million firm-months of data...
Persistent link: https://www.econbiz.de/10011108267
In this paper, we consider a two-period model of migration and remittances as implicit contract in a context of asymmetric information. Our model offers new theoretical findings with respect to the previous literature on the main determinants of remittances. According to self-interest thesis,...
Persistent link: https://www.econbiz.de/10011110267
Recent experimental research has shown that when rating systems are available, buyers are more generous in accepting unfair offers made by sellers. It has also shown that sellers make fairer decisions when they are rated, while some studies show that they are little affected by the rating...
Persistent link: https://www.econbiz.de/10011110716
The paper studies incentives for cooperative research vis-à-vis non-cooperative research under incomplete information …
Persistent link: https://www.econbiz.de/10011112302
This paper studies incentives for cooperative research vis-à-vis non-cooperative research in an incomplete information …-cooperative research goes down compared to the case of symmetric information; hence RJV incentives of the firms are larger under asymmetric …
Persistent link: https://www.econbiz.de/10011114283