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The roots of the 2008 financial crisis are often traced back to the collapse of the housing bubble. The factors that precipitated the crisis, and propagated its effects on firms and consumers to produce an economic contraction, are still the subject of ongoing debate among academics, policy...
Persistent link: https://www.econbiz.de/10009450957
This dissertation addresses issues concerning liquidity and its volatility. It consists of two essays. The first essay, "Liquidity, Macro Factors and the U.S. Equity Flows to Emerging Markets", examines the role of liquidity on equity flows from the U.S. to fifteen emerging markets around the...
Persistent link: https://www.econbiz.de/10009451126
This paper examines pricing in the market for depositary receipts, securities designed to track the performance of a stock index that trade like shares of stock. Arbitrage costs are low because these assets have low fundamental risk, low transactions costs, and high dividend yields. We find that...
Persistent link: https://www.econbiz.de/10009459103
The most important factor that affects the decision making process in finance is the risk which is usually measured by variance (total risk) or systematic risk (beta). Since investors' sentiment (whether she is an optimist or pessimist) plays a very important role in the choice of beta measure,...
Persistent link: https://www.econbiz.de/10009460468
This thesis addresses asset pricing in Chinese A-share stock markets using a dataset consisting of all shares listed in Shanghai and Shenzhen stock exchanges from January 1997 to December 2007. The empirical work is carried out based on two theoretical foundations: the efficient market...
Persistent link: https://www.econbiz.de/10009461170
Financialization is a process whereby financial markets, financial institutions and financial elites gain greater … influence over economic policy and economic outcomes. Financialization transforms the functioning of economic system at both the … contribute to wage stagnation. Additionally, there are reasons to believe that financialization may render the economy prone to …
Persistent link: https://www.econbiz.de/10009467755
Recent research has explored the growing ‘financialization’ process in the U.S. and other advanced economies. The term … explore the relationship between financialization in the U.S economy and real investment at the firm level. Using data from a … financialization. First, increased financial investment and increased financial profit opportunities may have crowded out real …
Persistent link: https://www.econbiz.de/10009467773
dynamics, fluctuate around the long waves. The second essay,“Macroeconomic Implications of Financialization,” examines …
Persistent link: https://www.econbiz.de/10009467960
together various arguments related to financialization (in the broad sense) from a macroeconomic point of view and investigate … financialization. Households experience higher debt levels. Rising profits of businesses come with only moderate investment. The notion …
Persistent link: https://www.econbiz.de/10009468084
financialization and neo-liberal policy changes on income shares. …
Persistent link: https://www.econbiz.de/10009468219