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Institutional presence in secondary bank bond markets : how does it affect liquidity and volatility?

Oprică, Silviu; Weistroffer, Christian - 2019

Using newly available information on euro area sectoral holdings of securities, this paper investigates to what extent …

Persistent link: https://www.econbiz.de/10012009073

What drives EU banks' stock returns? : bank-level evidence using the dynamic dividend-discount model

Castrén, Olli (contributor); … - 2006

We combine the dynamic dividend-discount model with an accounting-based vector autoregression framework that allows for a decomposition of EU banks.stock returns to cash-flow and expected return news components. The main findings are that while the bulk of the variability of EU banks.stock...

Persistent link: https://www.econbiz.de/10003375090

Negative monetary policy rates and systemic banks' risk-taking : evidence from the euro area securities register

Bubeck, Johannes; Maddaloni, Angela; Peydró, José-Luis - 2020

the introduction of negative deposit rates by the European Central Bank in June 2014 and a novel securities register for … they do not pass negative rates to retail customers, in turn investing more in securities, especially in those yielding … higher returns. Effects are stronger for less capitalized banks, private sector (financial and non-financial) securities and …

Persistent link: https://www.econbiz.de/10012206320

Quality of public finances and growth

Afonso, António; Ebert, Werner; Schuknecht, Ludger; … - 2005

In this paper we review the linkages between the quality of public finances, that is, the level and composition of public expenditure and its financing via revenue and deficits, and economic growth. We review the various channels through which public finances affect growth and its underlying...

Persistent link: https://www.econbiz.de/10002813412

Pricing payment cards

Bedre-Defolie, Özlem; Calvano, Emilio - 2009

In a payment card association such as Visa, each time a consumer pays by card, the bank of the merchant (acquirer) pays an interchange fee (IF) to the bank of the cardholder (issuer) to carry out the transaction. This paper studies the determinants of socially and privately optimal IFs in a card...

Persistent link: https://www.econbiz.de/10003969459

Paying for payments : free payments and optimal interchange fees

Korsgaard, Søren - 2014

Persistent link: https://www.econbiz.de/10010382018

Financial returns, sentiment and market volatility : a dynamic assessment

Borgioli, Stefano; Gallo, Giampiero M.; Ongari, Chiara - 2024

In 1936, John Maynard Keynes proposed that emotions and instincts are pivotal in decision-making, particularly for investors. Both positive and negative moods can influence judgments and decisions, extending to economic and financial choices. Intuitions, emotional states, and biases...

Persistent link: https://www.econbiz.de/10015179749

Country and sector-specific spillover effects in the euro area, the United States and Japan

Kaltenhaeuser, Bernd - 2003

Within a two-step GARCH framework we explore the linkages between equity returns of ten sectors in the euro area, the United States and Japan, respectively. Our estimation framework allows a distinction to be made between spillover effects originating from one of the three currency areas and...

Persistent link: https://www.econbiz.de/10009635881

Finance and growth in the EU

De Ávila, Diego Romero - 2003

This paper analyses the link between finance and growth by studying the effect that the process of financial deregulation and harmonisation of banking laws at the EU level has brought about on growth over the last 40 years. Our main findings point to the existence of a positive long-run growth...

Persistent link: https://www.econbiz.de/10009635911

Indeterminacy of rational expectations equilibria in sequential financial markets

Donati, Paola - 2003

We provide a general characterization of the structure of rational expectations equilibria of any degree of revelation for pure exchange, sequential economies, with deffinitely many states of private information, an incomplete financial market and nominal assets. We estimate the dimension of the...

Persistent link: https://www.econbiz.de/10009635915