We examine the existence of herding and anti-herding (positive herding) behavior in major European benchmarking stock market indices. Following the recent events that unfolded in the Eurozone sovereign debt crisis our analysis is further expanded on two subsamples namely north and south European...

Circular economy (CE) describes an economic concept that aims at saving resources by minimizing the use of material and energy over the entire life-cycle or products, including repair, reuse and recycling. CE innovations help to realize the goals of a sustainable development and target both the...

This paper analyses Delta CoVaR proposed by Adrian and Brunnermeier (2008) as a tool for identifying/ranking systemically important institutions and assessing interconnectedness. We develop a test of significance of Delta CoVaR that allows determining whether or not a financial institution can...

This study investigates the effects of social distancing measures on various types of social mobility, using country- and day-fixed effects on a panel of daily data comprising 29 European countries. Although social distancing measures proved to be significant for all types of mobility in the...

Monthly seasonality in the stock prices returns is among the best known calendar anomalies that affect the capital markets. The knowledge about such calendar patterns could be exploited in building successful investment strategies. However, it was revealed that not all the calendar anomalies...

Following the recent global financial crisis there is a growing interest in alternative finance – and microfinance in particular – as new instruments for providing financial services in a socially responsible way or as an alternative to traditional banking. Nonetheless, correspondingly there...

In this paper, we examine how professional forecasters' expectations and expectation uncertainty have reacted to the ECB's interest rate decisions and non-conventional monetary policy measures during the period 1999-2017. The analysis makes use of a conventional dif-in-dif type set up with...

In this paper, it is argued that differential awareness plays a crucial role in the operation of financial markets. The interaction between awareness and arbitrage is crucial in explaining both beneficial and harmful financial innovations. Financial crises may be explained as the result of...

In their different ways, the European Central Bank (ECB) and the US Fed combine expertise with representation: key members of these institutions along with their staff are appointed on the basis of their expertise and professional qualifications whereas each organisation is conceived, in part,...