Med afsæt i et historisk lavt dividende-pris (D-P) forhold har Tom Engsted & Carsten Tanggaard prædikteret, at det danske aktiemarked vil falde med 50 % i.f.t niveauet i 1996, idet en tilbagevenden af D-P ratioen til det historiske gennemsnit hævdes primært at komme i stand via styrtdykkende...

We estimate a well-specified two-state regime-switching model for Danish stock returns. The model identifies two regimes which have low return-low volatility and high return-high volatility, respectively. The low return-low volatility regime dominated, except in a few, short episodes, until the...

Using annual data over the post-World War I-period, we estimate a fundamentals-based empirical model for the dividend-price ratio of Danish stocks. The key fundamentals-variable is a time-varying discount rate, decomposed into time-varying measures for the growth-adjusted real interest rate and...

We analyze the investment behavior of private clients concerning structured products. To ascertain their stated and revealed preferences, we use a questionnaire and a field experiment, respectively. The real product issued in the field experiment is comparable to one product in the questionnaire...

Security Transaction Tax (STT) was introduced in the Indian capital market in 2004. It is a tax on transaction of equities as well as their derivatives. Despite the reduction in STT over the years, it constitutes a large percentage (next only to brokerage fee) of the total cost of trading. The...

Commodity derivatives were introduced in India with a dual purpose of promoting price discovery and enhancing risk management in the commodities market. A transaction tax (of 0.01 per cent) on commodity futures trading was introduced in the Union Budget 2013-14. This study examines the rationale...

Trading in commodity derivatives on exchange platforms is an instrument to achieve price discovery, better price risk management, besides helping macro-economy with better resource allocation. Since the inception (2003) of national online trading on multi-commodity exchange platforms, the trade...