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Bacchetta, Philippe; Tille, Cédric; Van Wincoop, Eric - 2011

There has been a long debate about whether speculators are stabilizing or not. We consider a model where speculators have a stabilizing role in normal times, but may also provoke large risk panics. The very feature that makes arbitrageurs liquidity providers in normal times, namely their...

Persistent link: https://www.econbiz.de/10009009577

Sustainable finance literacy and the determinants of sustainable investing

Filippini, Massimo; Leippold, Markus; Wekhof, Tobias - 2022

This paper introduces the concept of sustainable finance literacy, which refers to retail investors' knowledge of regulations, norms, and standards for financial products with sustainable characteristics. We survey a large sample of Swiss households and measure different literacy concepts using...

Persistent link: https://www.econbiz.de/10012800915

Can the government be an effective venture capital investor?

Fraschini, Martina; Maino, Andrea; Somoza, Luciano - 2022 - This version: April 2022

In recent years, governments have allocated increasing capital to direct startup funding through Government-sponsored Venture Capital funds (GVC). In this paper, we study the role of GVCs in the venture capital market and their relationship with Private Venture Capitalists (PVC). Using European...

Persistent link: https://www.econbiz.de/10013192216

The tax cuts and jobs act : which firms won? Which lost?

Wagner, Alexander F.; Zeckhauser, Richard; Ziegler, … - 2020

The Tax Cut and Jobs Act (TCJA) slashed corporations' median effective tax rates from 31.7% to 20.8%. Nevertheless, 15 …% of firms experienced an increase. One fifth of firms recorded nonrecurring tax costs or benefits exceeding 3% of total …

Persistent link: https://www.econbiz.de/10012270766

Company stock reactions to the 2016 election shock : Trump, taxes and trade

Wagner, Alexander F.; Zeckhauser, Richard; Ziegler, … - 2017

restrictive. Relative stock prices responded appropriately. High-tax firms and those with large deferred tax liabilities (DTLs …) gained; those with significant deferred tax assets from net operating loss carryforwards (NOL DTAs) lost. Domestically … consequences (DTLs, NOL DTAs, tax rates) were priced faster than more complex issues (net DTLs, foreign exposure). In sum, the …

Persistent link: https://www.econbiz.de/10011609357

Consumption taxes and corporate investment

Jacob, Martin; Michaely, Roni; Müller, Maximilian André - 2019

While consumers nominally pay the consumption tax, theoretical and empirical evidence is mixed on whether corporations … of the consumption tax. We corroborate the validity of our findings using 86 consumption tax changes in a cross …

Persistent link: https://www.econbiz.de/10012100883

Paths to convergence : stock price behavior after Donald Trump's election

Wagner, Alexander F.; Zeckhauser, Richard; Ziegler, … - 2018 - This version: February 10, 2018

How do market prices adjust towards stability after a shock? Tracking individual stock prices following their dramatic shakeup after Donald Trump's surprise election provides an answer. Prices moved overwhelmingly in the appropriate direction on the first post-election day, albeit much too...

Persistent link: https://www.econbiz.de/10011814700

Short selling regulation after the financial crisis : first principles revisited

Grünewald, Seraina Neva; Wagner, Alexander F.; Weber, … - 2009

This article examines the recent regulatory developments with regard to short selling. Short selling regulation is an important factor in firm governance because it affects the way in which firms are subject to market discipline. We begin with a comprehensive compilation of emergency...

Persistent link: https://www.econbiz.de/10003970469

House prices, disposable income, and permanent and temporary shocks

Fraser, Patricia; Hoesli, Martin; McAlevey, Lynn George - 2009

Using quarterly data over 1973:4-2008:2, two-variable systems of house prices and income are specified for three major house-owning economies: New Zealand (N.Z.), the U.K. and the U.S. After considering differences in price−income relationships over sub-periods, the analysis compares responses...

Persistent link: https://www.econbiz.de/10003971258

Taming manias: on the origins, inevitability, prediction and regulation of bubbles and crashes

Satinover, Jeffrey; Sornette, Didier - 2010

Chapter Summary: We consider the recent financial crisis as an overlapping sequence of interdependent financial bubbles followed by their collapse. Governments and regulatory agencies have made it a prime goal to moderate future crises. Many attempts at financial, economic and social engineering...

Persistent link: https://www.econbiz.de/10008797062

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