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The ties that bind : railroad Gauge Standards, sollusion, and internal trade in the 19th century U.S.
Gross, Daniel P. - 2016
Collusion is widely condemned for its negative effects on consumer welfare and market efficiency. In this paper, I show that collusion may also in some cases facilitate the creation of unexpected new sources of value. I bring this possibility into focus through the lens of a historical episode...
Persistent link: https://www.econbiz.de/10011876523
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How Much Will Climate Change Hurt the Dollar in Your Pocket?
Ko, David; Busellato, Richard - 2023
Climate change is making resources scarce, and our investments to build a new net-zero world are driving an insane demand for resources. This leaves the world economy caught between a rock and a hard place. Using a bankruptcy model with conservative estimates of the impact, we estimate public...
Persistent link: https://www.econbiz.de/10014253951
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Stock Markets, Banks and Economic Growth : Some Evidence on the Role of Stock Price Informativeness
Cheng, Fang Chin - 2011
This paper extends the economic growth model tested by Levine and Zervos (1998) by including a measure for capital allocation efficiency proxied by stock price informativeness. Using a sample of 59 countries, this study finds that stock price informativeness as measured by firm-specific return...
Persistent link: https://www.econbiz.de/10013121128
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Stock Price Informativeness and Output Growth : Some Evidence from Emerging Economies
Cheng, Fang Chin - 2013
This paper extends the output growth model tested by Levine and Zervos (1998) by including a measure for capital allocation efficiency proxied by stock price informativeness. Using a sample of 62 countries, this study finds that stock price informativeness as measured by firm-specific return...
Persistent link: https://www.econbiz.de/10013084065
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Stock Price Informativeness, Analyst Coverage and Economic Growth : Evidence from Emerging Markets
Cheng, Fang Chin - 2013
This paper extends the output growth model tested by Levine and Zervos (1998) by including a channel for capital allocation efficiency proxied by stock price informativeness. Using a sample of 59 countries, this study finds that stock price informativeness as measured by firm-specific return...
Persistent link: https://www.econbiz.de/10013088911
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Stock Price Informativeness, Analyst Coverage and Economic Growth : Evidence from Emerging Markets
Cheng, Fang Chin - 2013
This paper extends the output growth model tested by Levine and Zervos (1998) by including a channel for capital allocation efficiency proxied by stock price informativeness. Using a sample of 59 countries, this study finds that stock price informativeness as measured by firm-specific return...
Persistent link: https://www.econbiz.de/10013090426
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Stock Price Informativeness and Output Growth : Some Evidence from Emerging Economies
Cheng, Fang Chin - 2015
This paper extends the output growth model tested by Levine and Zervos (1998) by including a measure for capital allocation efficiency proxied by stock price informativeness. Using a sample of 62 countries, this study finds that stock price informativeness as measured by firm-specific return...
Persistent link: https://www.econbiz.de/10013017471
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Stock Price Informativeness and Output Growth : Some Evidence from Emerging Economies
Cheng, Fang Chin - 2013
This paper extends the output growth model tested by Levine and Zervos (1998) by including a measure for capital allocation efficiency proxied by stock price informativeness. Using a sample of 62 countries, this study finds that stock price informativeness as measured by firm-specific return...
Persistent link: https://www.econbiz.de/10013077682
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Imperfect competition in derivatives markets
Brinkmann, Christina - 2022 - This version: March 20, 2022
Since the push towards central clearing in derivatives markets after the global financial crisis, an open question has … been how the development has affected competition. This paper models imperfect competition between dealers in derivatives … markets. Two risk-neutral dealers offer derivatives to risk-averse clients with a hedging need, and compete in price (fee) and …
Persistent link: https://www.econbiz.de/10013163197
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Volmageddon and the failure of short volatility products
Augustin, Patrick; Cheng, Ing-Haw; Van den Bergen, Ludovic - 2021
The rapid growth of exchange traded products (ETPs) has raised concerns about their implications for financial stability. A case in point is the abrupt market crash of short volatility strategies on February 5th 2018. In this paper, we describe this “Volmageddon” event and illustrate the...
Persistent link: https://www.econbiz.de/10012585893