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Privatization, Political Risk and Stock Market Development in Emerging Economies

Perotti, Enrico C.; van Oijen, Pieter - 1999

This paper investigates whether privatization in emerging economies has a significant indirect effect on local stock … market development through the resolution of political risk. We argue that a sustained privatization program represents a … regulatory and private property rights. We present evidence suggesting that progress in privatization is indeed correlated with …

Persistent link: https://www.econbiz.de/10010324472

Ranking Systemically Important Financial Institutions

Dungey, Mardi; Luciani, Matteo; Veredas, David - 2012

We propose a simple network–based methodology for ranking systemically important financial institutions. We view the risks of firms –including both the financial sector and the real economy– as a network with nodes representing the volatility shocks. The metric for the connections of the...

Persistent link: https://www.econbiz.de/10010326485

Quantifying Systemic Risk in the Presence of Unlisted Banks: Application to the Dutch Financial Sector

Dimitrov, Daniel; van Wijnbergen, Sweder - 2022

We propose a credit portfolio approach for evaluating systemic risk and attributing it across institutions. We construct a model that can be estimated from high-frequency CDS data. This captures risks from privately held institutions and cooperative banks, extending approaches that rely on...

Persistent link: https://www.econbiz.de/10013356490

Macroprudential Regulation: A Risk Management Approach

van Wijnbergen, Sweder; Dimitrov, Daniël - 2023

We address the problem of regulating the size of banks' macroprudential capital buffers by using market-based estimates of systemic risk and by developing a modeling mechanism through which capital buffers can be allocated efficiently across systemic banks. First, a Distance-to-Default type...

Persistent link: https://www.econbiz.de/10014321775

Quantifying Systemic Risk in the Presence of Unlisted Banks: Application to the European Banking Sector

Dimitrov, Daniel; van Wijnbergen, Sweder - 2023

We propose a credit portfolio approach for evaluating systemic risk and attributing it across institutions. We construct a model that can be estimated from high-frequency CDS data. This captures risks from publicly traded banks, privately held institutions, and coöperative banks, extending...

Persistent link: https://www.econbiz.de/10014321802

The Political Origin of Pension Funding

Perotti, Enrico; Schwienbacher, Armin - 2007

The paper seeks to explain the huge cross country variation in private pension funding,shaped by historical choice made when universal pension systems were created after theGreat Depression. According to Perotti and von Thadden (2006), large inflationaryshocks due to war damage devastated middle...

Persistent link: https://www.econbiz.de/10010325298

The Elimination of Broker Voting in Director Elections

Akyol, Ali; Raff, Konrad; Verwijmeren, Patrick - 2012

After pressure from shareholder activists, proxy advisory firms, and the New York Stock Exchange, the Securities and Exchange Commission has eliminated uninstructed broker voting in director elections. We observe that average director approval rates remain high after the change in regulation,...

Persistent link: https://www.econbiz.de/10010326302

Short-Selling Bans around the World: Evidence from the 2007-09 Crisis

Beber, Alessandro; Pagano, Marco - 2010

Most stock exchange regulators around the world reacted to the 2007-2009 crisis byimposing bans or regulatory constraints on short-selling. Short-selling restrictions wereimposed and lifted at different dates in different countries, often applied to different sets ofstocks and featured different...

Persistent link: https://www.econbiz.de/10010325910

Competing for Dark Trades

Irvine, Paul J.; Karmaziene, Egle - 2023

We use recent European restrictions to evaluate how traders substitute across available dark pools. Our findings suggest that restricting dark trading at the most prominent platform has a detrimental effect on dark trading activity. Annual dark trading in a restricted stock decreases by more...

Persistent link: https://www.econbiz.de/10014321793

Winning by Losing: Evidence on Overbidding in Mergers

Malmendier, Ulrike; Moretti, Enrico; Peters, Florian - 2011

Do shareholders of acquiring companies profit from acquisitions, or do acquiring CEOs overbidand destroy shareholder value? Answering this question is difficult since the hypotheticalcounterfactual is hard to determine. We exploit merger contests to address the identificationissue. In those...

Persistent link: https://www.econbiz.de/10010326182

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