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We analyze the interaction between bank and market finance in a model where bankers gather information through monitoring and screening.We show that,if a market is established characterized by a disclosure law such that entrepreneurs wishing to raise market finance can credibly disclose their...
Persistent link: https://www.econbiz.de/10005015425
This study contributes to the debate on financial development and economic growth in Malaysia using quarterly observations for a sample period from 1980 to 2002. It utilises a battery of financial indicators. Based on multivariate framework which takes real interest rate and capital stock into...
Persistent link: https://www.econbiz.de/10005260031
By applying the pooled mean group estimator to a large panel up to 40 countries over the 1960–2009 period, this study finds that financial structure is significantly cointegrated to both economic growth and its volatility. In particular, the relationship is positive in nature, suggesting that...
Persistent link: https://www.econbiz.de/10010719389
We show evidence of a contemporaneous relation between stock market liquidity and the business cycle. Stock market liquidity worsen when the economy is slowing down, and this effect is most pronounced for small firms. Using data for both the US and Norway, we find strong evidence that stock...
Persistent link: https://www.econbiz.de/10005481442
The paper analyzes stock-price reactions to stock recommendations published in printed Swedish media and also trading volumes at and around the publication day, bid/ask spreads, and the post-publication drift in recommended stocks for the period 1995-2000. Its small size and limited number of...
Persistent link: https://www.econbiz.de/10005423912
Since World War II, direct stock ownership by households has largely been replaced by indirect stock ownership by …
Persistent link: https://www.econbiz.de/10004969127
economists do the world a disservice if we echo it. I will not offer a competing black box [to explain the size of the finance …
Persistent link: https://www.econbiz.de/10011129978
Five years after the financial crisis, the global economy remains unbalanced and many of the advanced countries are still struggling to return to robust, sustainable growth. Taking a historical perspective, I argue that this predicament reflects a failure to adjust to profound changes in the...
Persistent link: https://www.econbiz.de/10011135886
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