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Return and Volatility Reactions to Monthly Announcements of Business Cycle Forecasts: An Event Study Based on High-Frequency Data
Steiner, Christian; Groß, Anne; Entorf, Horst - 2009
This article contributes to the literature on macroeconomic announcements and their impact on asset prices by investigating how the 15-second Xetra DAX returns reflect the monthly announcements of the two best known business cycle forecasts for Germany, i.e. the ifo Business Climate Index and...
Persistent link: https://www.econbiz.de/10010298727
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Trading dynamics with adverse selection and search: Market freeze, intervention and recovery
Chiu, Jonathan; Koeppl, Thorsten - 2011
We study the trading dynamics in an asset market where the quality of assets is private information of the owner and finding a counterparty takes time. When trading of a financial asset ceases in equilibrium as a response to an adverse shock to asset quality, a large player can resurrect the...
Persistent link: https://www.econbiz.de/10010290315
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The announcement effect: Evidence from open market desk data
Jordà, Òscar; Demiralp, Selva; Liu, Holly; Williams, … - 2001
This paper investigates the ability of the Federal Reserve to manipulate the overnight rate without open market operations (which Demiralp and Jorda (2000) term the announcement effect), using high-frequency, open-market-desk data. Using similar data, Hamilton (1997) takes advantage of forecast...
Persistent link: https://www.econbiz.de/10010318605
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Does the Adverse Announcement Effect of Climate Policy Matter? - A Dynamic General Equilibrium Analysis
Riekhof, Marie-Catherine; Bröcker, Johannes - 2016
We consider a carbon emissions tax announced today, but implemented after a known time-lag. Before implementation, the announcement induces higher emissions than without intervention. In welfare terms, this adverse announcement effect could more than outweigh the gain after tax implementation....
Persistent link: https://www.econbiz.de/10011753318
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Bidder cash reserve effect under the precautionary motive: Evidence from UK
Gao, Ning; Mohamed, Abdulkadir - 2011
Cash-rich bidders in UK have better announcement abnormal returns than cash-poor ones during 1984-2007, contrasting previous findings in the US. The positive cash reserve effect is mainly from bidders of high long-run growth or those with non-trivial institutional holdings. Moreover, cash-rich...
Persistent link: https://www.econbiz.de/10010409434
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What drives bidder cash reserve effects in acquisitions: Agency conflicts or precautionary motive?
Gao, Ning - 2011
A cash-rich company is less likely to be a bidder during 1994-2008 in the US, contrasting the findings based on earlier sample period. This is mainly due to the companies with high residual market-to-book ratios (i.e. the residual of the actual market-to-book ratio regressed on measures of...
Persistent link: https://www.econbiz.de/10010409445
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Immigrants' Language Skills: The Australian Experience in a Longitudinal Survey
Chiswick, Barry R.; Lee, Yew Liang; Miller, Paul W. - 2002
Australia, is used to test the model. This survey had three waves, at about 6 months, 18 months and 3? years after immigration …
Persistent link: https://www.econbiz.de/10010262738
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Immigrants' Language Skills and Visa Category
Chiswick, Barry R.; Lee, Yew Liang; Miller, Paul W. - 2002
for Australia. It focuses on both visa category and variables derived from an economic model of the determinants of …
Persistent link: https://www.econbiz.de/10010262780
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The Determinants of the Geographic Concentration among Immigrants: Application to Australia
Chiswick, Barry R.; Lee, Yew Liang; Miller, Paul W. - 2002
concentrated. Testing the model for Australia shows that the extent of geographic concentration of immigrant groups is negatively … related to age at migration, duration of residence in Australia and the proportion of the birthplace group that is fluent in … the country of origin and the place of residence in Australia. …
Persistent link: https://www.econbiz.de/10010262788
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Longitudinal Analysis of Immigrant Occupational Mobility: A Test of the Immigrant Assimilation Hypothesis
Chiswick, Barry R.; Lee, Yew Liang; Miller, Paul W. - 2002
tests the hypotheses using data on adult males from the Longitudinal Survey of Immigrants to Australia. The theoretical … includes data on pre-immigration occupation, the ?first? occupation in Australia (at 6 months) and the occupation after about 3 ….5 years in Australia. The hypotheses are supported by the empirical analysis. …
Persistent link: https://www.econbiz.de/10010262795