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Default Risk and Equity Returns: A Comparison of the Bank-Based German and the U.S. Financial System
Breig, Christoph; Elsas, Ralf - 2009
In this paper, we address the question whether the impact of default risk on equity returns depends on the financial system firms operate in. Using an implementation of Merton's option-pricing model for the value of equity to estimate firms' default risk, we construct a factor that measures the...
Persistent link: https://www.econbiz.de/10010427776
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Stock return volatility patterns in India
Batra, Amita - 2004
Persistent link: https://www.econbiz.de/10011807534
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Monitoring costs, credit constraints and entrepreneurship
Banerji, Sanjay; Raj, Rajesh S. N.; Sen, Kunal - 2012
The vast majority of firms in developing economies are micro and small enterprises owned by families whose members also provide the labour to the units. Often, they fail to grow in size even with the relaxation of credit constraints. In this paper, we show that frictions in the labour market...
Persistent link: https://www.econbiz.de/10010283965
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Global food price volatility and spikes: An overview of costs, causes, and solutions
von Braun, Joachim; Tadesse, Getaw - 2012
from the supply side, biofuel production from the demand side, and speculation in commodity futures from the market side … speculation in commodity futures are not yet well understood. However, speculative trading in commodity futures should not be … nonmarket contexts that guide the behavioral and strategic choices of speculators. Whereas speculation caused by manipulative …
Persistent link: https://www.econbiz.de/10010323663
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Speculation in Standard Auctions with Resale
Garratt, Rod; Tröger, Thomas - 2005
In standard auctions with symmetric, independent private value bidders resale creates a role for a speculator - a bidder who is commonly known to have no use value for the good on sale. For second-price and English auctions the efficient value-bidding equilibrium coexists with a continuum of...
Persistent link: https://www.econbiz.de/10010263133
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Investigating nonlinear speculation in cattle, corn, and hog futures markets using logistic smooth transition regression models
Röthig, Andreas; Chiarella, Carl - 2006
This article explores nonlinearities in the response of speculators' trading activity to price changes in live cattle, corn, and lean hog futures markets. Analyzing weekly data from March 4, 1997 to December 27, 2005, we reject linearity in all of these markets. Using smooth transition...
Persistent link: https://www.econbiz.de/10010266873
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A General Financial Transaction Tax: A Short Cut of the Pros, the Cons and a Proposal
Schulmeister, Stephan - 2009
The idea of introducing a general financial transaction tax (FTT) has recently attracted rising attention. There are three reasons for this interest: First, the economic crisis was deepened by the instability of stock prices, exchange rates and commodity prices. This instability might be...
Persistent link: https://www.econbiz.de/10011435269
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Asset Price Fluctuations, Financial Crises and the Stabilizing Effects of a General Transaction Tax
Schulmeister, Stephan - 2009
The deepening of the recent crisis was driven by the simultaneous devaluation of stock wealth, housing wealth and commodity wealth. The potential for this devaluation process had been "built up" during the boom of stock prices, house prices and commodity prices between 2003 and 2007. Hence, this...
Persistent link: https://www.econbiz.de/10011435285
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Ethik der Spekulation: Wie (un-)moralisch sind Finanzmarktgeschäfte mit Agrarrohstoffen? Ein ausführliches Interview mit einem Ausblick auf die Rolle zivilgesellschaftlicher Organi...
Pies, Ingo - 2012
-society organizations, that index funds via their financial speculation with agricultural commodities have caused the food crisis in 2007 …
Persistent link: https://www.econbiz.de/10011733826
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Wirtschaftsethik konkret: Wie (un)moralisch ist die Spekulation mit Agrarrohstoffen?
Pies, Ingo - 2012
This article argues that financial market speculation with agricultural commodities is both valuable from an economic … to prohibit such speculation. However, this would be detrimental to the moral goal of improving the global food supply. …
Persistent link: https://www.econbiz.de/10011733829