We investigate the causal structure of financial systems by accounting for contemporaneous relationships. To identify structural parameters, we introduce a novel non-parametric approach that exploits the fact that most financial data empirically exhibit heteroskedasticity. The identification...

In this paper we examine the nonlinear relation between the EUA price and its fundamentals, such as energy prices, macroeconomic risk factors and weather conditions. By estimating a Markov regime-switching model, we find that the relation between the EUA price and its fundamentals varies over...

In this paper we examine the nonlinear relation between the EUA price and its fundamentals, such as energy prices, macroeconomic risk factors and weather conditions. By estimating a Markov regime-switching model, we find that the relation between the EUA price and its fundamentals varies over...

This paper empirically examines the significance of credit ratings for optimal capital structure decisions. Non-financial Asian listed companies, evaluated by Standard and Poor's, are selected from 2000 to 2016. Panel data analysis with pooled ordinary least square (OLS), fixed effect (FE), and...

In January, 2005, the EU launched the first international emissions trading system (EU ETS), aimed at reducing carbon emissions in a cost-effective way by means of a market-based instrument. In this paper, we use the treatment/control, before/after design of the natural experiment approach to...

We identify a puzzling management practice gap in China. In the South, a one standard deviation increase in firms' management competency is associated with a 7.5 percent improvement in sales productivity and a 29.2 increase in profitability. But such associations are muted for firms located in...

This research study aims to investigate the potential inner factors of the lending rate in the commercial banking sector of Pakistan. For this purpose, seven bank-specific explanatory variables (capital adequacy, management efficiency, liquidity, asset quality, investment to asset, loan to asset...

This paper analyzes the link between the current account and the terms of trade, in the case of Argentina's economy. SVAR models with long-term restrictions and annual data covering the period 1986-2014 are used. The response functions suggest a positive reaction from the current account to...

This paper analyses the Spanish residential demand of a bundle of goods conforming the basic services of the households (i.e. electricity, natural gas and drinking water) in 2012. The analysis is made using a QUAIDS model modified in order to consider the censoring in the consumption of natural...

The main purpose of this study is to investigate empirically the impact of energy consumption and economic growth on the environmental degradation as measured by CO2 emissions. We utilize the cointegration test, the fully modified OLS, and the panel causality to examine the causality between...