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Why Does Sovereign Risk Differ for Domestic and Foreign Investors? Evidence from Scandinavia, 1938­­–1948
Waldenström, Daniel - 2006
Recent theoretical models suggest that the costs governments face when defaulting on their domestic and external debt may differ considerably. This paper examines if this proposed cost difference is reflected in sovereign risk spreads across domestic and foreign markets. Specifically, I analyze...
Persistent link: https://www.econbiz.de/10010320163
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Does sovereign risk differ for domestic and foreign investors? Historical evidence from Scandinavian bond markets
Waldenström, Daniel - 2005
This paper shows that geographical investor heterogeneity strongly influences sovereign risk. While standard sovereign debt models mainly attribute the absence of sovereign defaults to foreign creditor retaliation, a new theoretical literature argues that domestic creditors also affect borrowing...
Persistent link: https://www.econbiz.de/10010281261
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Does sovereign risk differ for domestic and foreign investors? : historical evidence from Scandinavian bond markets
Waldenström, Daniel (contributor) - 2005 - [Elektronische Ressource], Rev. February 18, 2005
This paper shows that geographical investor heterogeneity strongly influences sovereign risk. While standard sovereign debt models mainly attribute the absence of sovereign defaults to foreign creditor retaliation, a new theoretical literature argues that domestic creditors also affect borrowing...
Persistent link: https://www.econbiz.de/10002577962
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The First Global Emerging Markets Investor : Foreign & Colonial Investment Trust 1880-1913
Esteves, Rui - 2013
The Foreign and Colonial Investment Trust is the oldest surviving closed end fund, having been established in 1868. Its early success and emulation were related to its identification of a missing market - the provision of a wholesale diversified vehicle for the investing public. This paper is a...
Persistent link: https://www.econbiz.de/10013091332
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Why Does Sovereign Risk Differ for Domestic and External Debt? Evidence from Scandinavia, 1938-1948
Waldenström, Daniel - 2010
This study shows empirically that the political costs of sovereign default can differ considerably for domestic and external debt. The analysis uses new evidence from Danish and Swedish bond markets around World War II, a time when markets went from being fully integrated to fully segmented...
Persistent link: https://www.econbiz.de/10013152419
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News media and investor sentiment over the long run
Hanna, Alan J.; Turner, John D.; Walker, Clive B. - 2017
This paper studies the effect of investor sentiment on the London stock market on a daily basis over the period 1899 to 2010. We use a broad mix of reporting from the Financial Times as our proxy for investor sentiment. The main contribution of this paper is threefold. First, newspaper...
Persistent link: https://www.econbiz.de/10011706359
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Share trading activity and the rise of the rentier in the UK before 1920
Acheson, Graeme G.; Coyle, Christopher; Jordan, David P.; … - 2018
Using a hand-collected dataset, we examine share trading activity over the period 1882 to 1920 for the North British and Mercantile Insurance Company, one of the largest UK companies of the time. Our main finding is that the steady flow of rentiers into the shareholding constituency of this...
Persistent link: https://www.econbiz.de/10011799911
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News Media and Investor Sentiment over the Long Run
Hanna, Alan - 2017
This paper studies the effect of investor sentiment on the London stock market on a daily basis over the period 1899 to 2010. We use a broad mix of reporting from the Financial Times as our proxy for investor sentiment. The main contribution of this paper is threefold. First, newspaper...
Persistent link: https://www.econbiz.de/10012948904
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Underpricing of initial public offerings in experimental asset markets
Füllbrunn, Sascha; Neugebauer, Tibor; Nicklisch, Andreas - 2019
The underpricing of initial public offerings is a well-documented fact of empirical equity market research. Theories … explain this underpricing with market imperfections. We study three empirically relevant IPO mechanisms under almost perfect … report underpricing in each of these IPO mechanisms. Uncertainty about the aftermarket behavior may partly explain IPO excess …
Persistent link: https://www.econbiz.de/10012233231
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Non-proportional thinking in IPOs
Bourjade, Sylvain; Fraccaro, Annalisa; Meloso, Debrah; … - In: Applied economics 55 (2023) 2, pp. 146-154
Persistent link: https://www.econbiz.de/10013494409