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Did politicians use non-public macroeconomic information in their stock trades? : evidence from the STOCK Act of 2012
Karadas, Serkan; Schlosky, Minh Tam; Hall, Joshua C. - In: Journal of risk and financial management : JRFM 14 (2021) 6, pp. 1-18
. There is also evidence in the literature to suggest that the STOCK Act was able to deter politicians from trading based on … non-public information. However, the question of whether politicians made informed trades at the market level (using non … and find that the STOCK Act adversely affected the ability of politicians’ aggregated stock trades to predict the stock …
Persistent link: https://www.econbiz.de/10012588160
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Political rights, taxation, and firm valuation : evidence from Saxony around 1900
Lehmann-Hasemeyer, Sibylle H.; Hauber, Philipp; Opitz, … - 2012
The extension of the franchise to social groups with less property and income is associated with greater income redistribution from the rich to the poor and extension in the provision of public goods, which leads to the growth of government expenditure. All of these expected changes are costly...
Persistent link: https://www.econbiz.de/10009656177
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On the macroeconomic effects of reinvestments in asset purchase programmes
Gerke, Rafael; Kienzler, Daniel; Scheer, Alexander - 2022
A feature of recent monetary policy asset purchase programmes is the reinvestment policy: the central bank announces to keep the overall volume of assets on its balance sheet constant for some time. In this paper, we systematically assess the macroeconomic effects of such reinvestment policies....
Persistent link: https://www.econbiz.de/10013460153
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Blockholders : A Survey of Theory and Evidence
Edmans, Alex - 2019
This paper reviews the theoretical and empirical literature on the role of blockholders (large shareholders) in corporate governance. We start with the underlying property rights of public corporations; we discuss how blockholders are critical in addressing free-rider problems and why, like...
Persistent link: https://www.econbiz.de/10012903026
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Tax Policy Uncertainty and Stock Return Volatility
Brown, Jennifer L. - 2017
This study finds that stock return volatility is higher during periods of high tax policy uncertainty (TPU), even after controlling for other sources of general macroeconomic uncertainty. Further, we find that the relation between TPU and stock return volatility is more pronounced where firms...
Persistent link: https://www.econbiz.de/10012973819
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Chapter 8. Blockholders: A Survey of Theory and Evidence
Edmans, Alex; Holderness, Clifford G. - 2017
This paper reviews the theoretical and empirical literature on the role of blockholders (large shareholders) in corporate governance. We start with the underlying property rights of public corporations; we discuss how blockholders are critical in addressing free-rider problems and why, like...
Persistent link: https://www.econbiz.de/10014023374
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Recovering Election Winner Probabilities from Stock Prices
Hanke, Michael; Stöckl, Sebastian; Weissensteiner, Alex - 2020
After the 2020 U.S. presidential election, counting votes and calling states took more time than usual, particularly in battleground states. In the days following the election, winning probabilities changed frequently as new results were tabulated. Based on the sensitivity of stocks to changes...
Persistent link: https://www.econbiz.de/10014352021
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Political rights, taxation, and firm valuation: Evidence from Saxony around 1900
Lehmann, Sibylle H.; Hauber, Philipp; Opitz, Alexander - 2012
The extension of the franchise to social groups with less property and income is associated with greater income redistribution from the rich to the poor and extension in the provision of public goods, which leads to the growth of government expenditure. All of these expected changes are costly...
Persistent link: https://www.econbiz.de/10010310844
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Voting right rotation, behavior of committee members and financial market reactions : evidence from the U.S. Federal Open Market Committee
Ehrmann, Michael; Tietz, Robin; Visser, Bauke - 2021
Whether Federal Reserve Bank presidents have the right to vote on the U.S. monetary policy committee depends on a mechanical, yearly rotation scheme. Rotation is without exclusion: also nonvoting presidents attend and participate in the meetings of the committee. Does voting status change...
Persistent link: https://www.econbiz.de/10012545129
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The political sources of financial risk : lessons from a consensus democracy
Bechtel, Michael; Füss, Roland - 2007
Persistent link: https://www.econbiz.de/10003580348