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On the Time Varying Nature of Herding Behavior : Evidence from Major European Indices
Stavroyiannis, Stavros - 2013
The recent financial crisis clearly demonstrated that herding behavior incorporates an unhedgeable systemic risk …. We examine the existence of herding behavior of the major European stock market indices employing daily data during a … observation of significant herding patterns is very sensitive not only to the selected indices universe, but also to the time …
Persistent link: https://www.econbiz.de/10013080400
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Monetary policy, financial regulation and financial stability : a comparison between the Fed and the ECB
Schnabl, Gunther; Sonnenberg, Nils - 2020
The paper analyses in light of Austrian and Keynesian economic theory the impact of conventional and unconventional monetary policies as therapies for financial crises. It compares the financial market stabilization measures of the Federal Reserve System and the European System of Central Banks...
Persistent link: https://www.econbiz.de/10012197673
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Is Europe overbanked?
Pagano, Marco - European Systemic Risk Board / Advisory Scientific Committee - 2014
Banking has grown too much in Europe - in three senses. First, the European banking system has reached a size where its contribution to real economic growth is likely to be nil or negative. Second, the European financial structure is biased towards banks (rather than securities markets), which...
Persistent link: https://www.econbiz.de/10011971215
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Sovereign ESG Bond Issuance : A Guidance Note for Sovereign Debt Managers
Lindner, Peter; Chung, Kay - 2023
This paper aims to provide guidance to issuers of sovereign ESG bonds, with a focus on Emerging Market and Developing Economies (EMDEs). An overview of the ESG financing options available to sovereign issuers is followed by an analysis of the operational requirements and costs that the issuance...
Persistent link: https://www.econbiz.de/10014350469
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Monetary Policy, Financial Regulation and Financial Stability : A Comparison between the Fed and the ECB
Schnabl, Gunther - 2020
The paper analyses in light of Austrian and Keynesian economic theory the impact of conventional and unconventional monetary policies as therapies for financial crises. It compares the financial market stabilization measures of the Federal Reserve System and the European System of Central Banks...
Persistent link: https://www.econbiz.de/10012837553
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Capital Markets Union : An Action Plan of Unfinished Reforms
Gurdgiev, Constantin - 2019
The European Union's Capital Markets Union (CMU) is a broadly-based regulatory reforms framework that emerged from the Global Financial Crisis, the Great Recession and the Eurozone Sovereign Debt Crisis of 2008-2014. Launched in 2015, the CMU deployment date is set for 2019, although some...
Persistent link: https://www.econbiz.de/10012890161
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What Kind of Systemic Risks Do We Face in the European Banking Sector? The Approach of CoVaR Measure
Karkowska, Renata - 2015
We measure a systemic risk faced by European banking sectors using the CoVaR measure. We propose the conditional value-at-risk (CoVaR) for measuring a spillover risk which demonstrates the bilateral relation between the tail risks of two financial institutions. The aim of the study is to...
Persistent link: https://www.econbiz.de/10013027996
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The Impact of Investor Protection Law on Corporate Policy : Evidence from the Blue Sky Laws
Agrawal, Ashwini K. - 2018
Recent studies have debated the impact of investor protection law on corporate behavior and value. I exploit the … investor protection law on firm financing decisions and investment activity. The statutes induce firms to increase dividends …. Overall, the evidence is strongly supportive of theoretical models that predict investor protection law has a significant …
Persistent link: https://www.econbiz.de/10012940724
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Green finance in Europe : strategy, regulation and instruments
Brühl, Volker - 2021
The "European Green Deal" stipulates that the EU will become climate-neutral by 2050. This transformation requires enormous investments in all major sectors including energy, mobility, industrial manufacturing, real estate and farming. Although the EU Commission has announced that a total of EUR...
Persistent link: https://www.econbiz.de/10012626890
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The Provision of Liquidity in ETFs : Theory and Evidence from European Markets
Calamia, Anna - 2016
ETF markets generally provide high levels of liquidity but occasionally break down under turbulent conditions. We show that this seemingly ambivalent behavior can optimally arise in an inventory model of market making that explicitly accounts for the ETF specific dual trading structure. Our...
Persistent link: https://www.econbiz.de/10012983640