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Strangling speculation: The effect of the 1903 Viennese futures trading ban
Wurm, Laura - 2021
How does futures trading affect spot price volatility? This paper uses a unique early-twentieth century natural experiment to test what happens when futures trading no longer exists. In 1903, futures trading in the Viennese grain market was banned. The permanency of this ban makes it ideal for...
Persistent link: https://www.econbiz.de/10012745152
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Wind-down of bank trading books: Operational aspects and hidden costs
Santoni, Alessandro; Rossignol, Ghislain; Akhouen, Richard - 2023
The writing of this article predates by several months the failure of Silicon Valley Bank and the takeover of Credit Suisse which occurred in March 2023. It does not represent the views of the European Central Bank (ECB) and should not be construed as linked to or an advice for the winding down...
Persistent link: https://www.econbiz.de/10014374601
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Why do firms engage in selective hedging?
Adam, Tim R.; Fernando, Chitru S.; Salas, Jesus M. - 2012
Surveys of corporate risk management document that selective hedging, where managers incorporate their market views into firms' hedging programs, is widespread in the U.S. and other countries. Stulz (1996) argues that selective hedging could enhance the value of firms that possess an information...
Persistent link: https://www.econbiz.de/10010281517
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Managerial overconfidence and corporate risk management
Adam, Tim R.; Fernando, Chitru S.; Golubeva, Evgenia - 2012
We show that managerial overconfidence, which has been found to influence a number of corporate financial decisions, also affects corporate risk management. We find that managers increase their speculative activities using derivatives following speculative gains, while they do not reduce their...
Persistent link: https://www.econbiz.de/10010281528
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How has CDO market pricing changed during the turmoil? Evidence from CDS index tranches
Scheicher, Martin - 2008
This paper applies regression analysis to investigate the fundamental factors of the variation of CDS index tranches. The sample comprises daily data on the tranche premia of the European iTraxx and North American CDX index from the start of the market in summer 2004 to January 2008. I estimate...
Persistent link: https://www.econbiz.de/10011604956
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Steht der deutsche Aktienmarkt unter politischem Einfluss?
Gottschalk, Katrin; Bohl, Martin T. - 2005
. Während sich die bis dato verfügbaren Studien über politisch bedingte Aktienmarktanomalien auf die USA konzentrieren …, analysieren wir deren Existenz in deutschen Aktienrenditen. Im Gegensatz zu den empirischen Ergebnissen für die USA zeigen sich … lassen. In Übereinstimmungen mit den für die USA verfügbaren Evidenzen ist auch für Deutschland von einem politisch …
Persistent link: https://www.econbiz.de/10010296346
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Hunger durch Agrarspekulation? Lessons (not) learned
Pies, Ingo - 2022
Spekulation durch künstliche Verknappung (= Weizenhortung) exzessive Preissteigerungen ausgelöst hat. Drittens kritisiert er die … are related. Secondly, it explains why current data do not suggest that excessive speculation through artificial scarcity …
Persistent link: https://www.econbiz.de/10013259721
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Wie (un)moralisch ist Agrarspekulation?
Pies, Ingo - 2022
Spekulation durch künstliche Verknappung (= Weizenhortung) exzessive Preissteigerungen ausgelöst hat. Drittens beantwortet er die … are related. Secondly, it explains why current data do not suggest that excessive speculation through artificial scarcity …
Persistent link: https://www.econbiz.de/10013357508
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Naked short selling: The emperor`s new clothes?
Yadav, Pradeep K.; Fotak, Veljko; Raman, Vikas - 2009
Regulatory and media concern has focused heavily on the potentially manipulative distortion of market prices associated with naked short selling. However, naked shorting can also have beneficial effects for liquidity and pricing efficiency. We empirically investigate the impact of naked...
Persistent link: https://www.econbiz.de/10010302542
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International Stock Return Predictability Under Model Uncertainty
Schrimpf, Andreas - 2008
This paper examines return predictability when the investor is uncertain about the right state variables. A novel feature of the model averaging approach used in this paper is to account for finite-sample bias of the coefficients in the predictive regressions. Drawing on an extensive...
Persistent link: https://www.econbiz.de/10010298059