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Quantitative Easing and Bank Lending : Evidence from Japan

Bowman, David - 2011

Prior to the recent financial crisis, one of the most prominent examples of unconventional monetary stimulus was Japan … effects were overwhelmed by the contractionary forces in Japan's post-bubble economy. In the spirit of Kashyap and Stein (2000 … lending of a key element of QEP, the Bank of Japan's injections of liquidity into the interbank market. We identify a robust …

Persistent link: https://www.econbiz.de/10013122198

Foreign exposure through domestic equities

Cai, Fang; Warnock, Francis E. - In: Finance Research Letters 9 (2012) 1, pp. 8-20

We show that US investors obtain substantial foreign exposure through their holdings of domestic equities. Domestic multinationals, in particular, provide significant foreign exposure. We also find that, although the average US investor is less tilted toward domestic multinationals,...

Persistent link: https://www.econbiz.de/10010578022

Institutional Herding in the Corporate Bond Market

Cai, Fang - 2013

We find substantial herding in U.S. corporate bonds among bond fund managers, much higher than that previously documented for the equity market. Herding is generally stronger among illiquid bonds, and buy herding and sell herding are driven by different factors. In particular, sell herding...

Persistent link: https://www.econbiz.de/10013087481

Was There Front Running During the Ltcm Crisis?

Cai, Fang - 2003

This paper uses a unique dataset of audit trail transactions to examine the trading behavior of market makers in the Treasury bond futures market when Long-Term Capital Management (LTCM) faced binding margin constraints in 1998. Although identities are concealed in the dataset, I find strong...

Persistent link: https://www.econbiz.de/10012740001

Does the Market Conspire Against the Weak? An Empirical Study of Front Running Behavior During the Ltcm Crisis

Cai, Fang - 2002

Most microstructure models assume that market makers are uninformed and that they trade competitively. However, empirical evidence about market makers' trading behavior is still relatively scant. This paper uses a unique audit trail transactions dataset to investigate the trading behavior of...

Persistent link: https://www.econbiz.de/10012741697

Quantitative easing and bank lending : evidence from Japan

Bowman, David; Cai, Fang; Davies, Sally M.; Kamin, Steven - In: Journal of international money and finance 57 (2015), pp. 15-30

Persistent link: https://www.econbiz.de/10011478199

Quantitative easing and bank lending : evidence from Japan

Bowman, David; Cai, Fang; Davies, Sally M.; Kamin, Steven - 2011

Persistent link: https://www.econbiz.de/10009560258

How has Economic Restructuring Affected China’s Urban Workers?*

Giles, John; Park, Albert; Cai, Fang - 2003

Using data from the China Urban Labor Survey conducted in five large Chinese cities at year end 2001, we quantify the …

Persistent link: https://www.econbiz.de/10009477027

Do migrants really save more? Understanding the impact of remittances on savings in rural China

Zhu, Yu; Wu, Zhongmin; Wang, Meiyan; Du, Yang; Cai, Fang - 2009

This paper studies the impact of remittances on the savings behaviour of rural households in China, using a cross …

Persistent link: https://www.econbiz.de/10010277831

Gender wage differentials in China's urban labour market

Wang, Meiyan; Cai, Fang - 2006

This paper describes and decomposes wage differences between female and male workers. The results indicate that females receive low wages because of unequal pay within sectors, and that the wage gap caused by the difference in sectoral attainment is small. The results also reveal that a lion’s...

Persistent link: https://www.econbiz.de/10010284723

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