This study offers a new perspective on crisis transmission through an examination of herding contagion during 2008-global financial crisis across Asian and European financial markets. Using a bivariate GARCH-BEKK model, results show that the volatility of US stock market during the subprime...

This paper documents the effect of herd behaviour on the US S%P100 and US DJIA stock market's stocks volatility. We investigated the presence and the change of herding behaviour in the US S%P100 and US DJIA stock markets during January 2000 to July 2012. Results provide strong and coherent...

This paper examines the existence of herding in the US market. We study the turnover effect on herding movement by modifying the Cross-Sectional Standard Deviation (CSSD) model and the Cross-Sectional Absolute Deviation (CSAD) model. Results are inconclusive about the presence of herding in the...

The number of institutions in the US banking industry has decreased from around 14,000 in the 1980s to fewer than 7,000 presently. Any change in the number of banks must be due to the formation of new banks, mergers among existing banks, and the failure of existing banks. Over the years from the...

This paper examines two important issues related to bank mergers in India. First, we estimate potential economic gains of state-owned banks from consolidation. Scale economies, returns to scale and profit efficiency of state-owned banks during 1986 to 2007 are estimated based on stochastic...

This study, based on Indian banking mergers, examines the impact of mergers on both the stock market wealth creation and operating performance. The study also analyses the performance of the merged banks in relation to a control group based on financial ratios. The results of cumulative abnormal...

The subprime crisis raised some fundamental questions about the usefulness of mainstream economics. This paper considers the shortcomings of the new neoclassical synthesis and the new macroeconomic consensus in analysing the causes and consequences of the crisis. It demonstrates that the major...