We investigate the real effects of mandatory climate-related disclosure by financial institutions on the funding of carbon-intensive industries. Our impact metric is the amount invested into securities, bonds and stocks, issued by fossil fuel companies. A French law, which came into force in...

We investigate the real effects of mandatory climate-related disclosure by financialinstitutions on the funding of carbon-intensive industries. Our impact metric is the amountinvested into securities, bonds and stocks, issued by fossil fuel companies. A French law,which came into force in...

A new test for financial market contagion based on increases in extremal dependence (co-kurtosis and co-volatility) is developed to identify the propagation mechanism of shocks across international financial markets. This new approach is applied to test for contagion in equity markets and...

Alan Greenspan’s paper (March 2010) presents his retrospective view of the crisis. His theme has several parts. First, the housing price bubble, its subsequent collapse and the financial crisis were not predicted either by the market, the FED, the IMF or the regulators in the years leading to...

The impact of pension assets on financial development is both quantitatively and qualitatively. On quantitatively, pension funds increase capital supply to financial market. On qualitatively, pension funds as institutional investors could promote corporate governance, information disclosure and...

This study examines the relation between equity returns and fundamental variables by utilizing multifactor asset pricing models. Specifically, it incorporates several variables from prior empirical research to examine the impact of systematic risk on equity returns in the financial sector. The...

In financial markets, the risk of one bank can spill over into the risk of another. Risk contagion is more common when financial markets are fragile. This study explores the dynamics of non-linear dependence and risk spillovers between stock returns of banking and financial sectors in the...

Shari'a compliant stocks are the recent development under Islamic finance, whereby stocks are screened through Shari'a compliance filters. This study is conducted to understand and document the important monetary factors contributing in determining stock prices of Shari'a compliant companies in...

We study how financial market efficiency affects a measure of diversification of output across industrial sectors borrowed from the portfolio allocation literature. Using data on sector-level value added for a wide cross section of countries and for various levels of disaggregation, we construct...