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Government as Rescue Financier : Not Just a Private Lender
Heimowitz, Marc - 2017
In recent years, U.S. government entities have become increasingly active as commercial participants in corporate restructurings by providing rescue loans when private market funding is unavailable. Like private lenders, the government can effectively control the operations of distressed...
Persistent link: https://www.econbiz.de/10012963450
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The resilience of private authority in times of crisis
Delimatsis, Panagiotis - 2021
From European integration to domestic politics to the development of the global economy, technocracy and private ordering have shaped economic behaviour. Such transformative private-driven forces of economic activity flourished through the promulgation of voluntary standards. In view of the...
Persistent link: https://www.econbiz.de/10012794045
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The Financial Crisis and Varieties of Pension Privatization Reversals in Eastern Europe
Naczyk, Marek - 2015
public provision. What explains this wave of reversals in pension privatization, but also variation in its outcomes …? Proponents of pension privatization had argued that it would boost domestic capital markets and economic growth. By revealing how … pension privatization helped increase sovereign debt and how large a part of pension funds' assets was invested in government …
Persistent link: https://www.econbiz.de/10013030410
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Crash Beliefs from Investor Surveys
Goetzmann, William N. - 2016
Historical data suggest that the base rate for a severe, single-day stock market crash is relatively low. Surveys of individual and institutional investors, conducted regularly over a 26 year period in the United States, show that they assess the probability to be much higher. We examine the...
Persistent link: https://www.econbiz.de/10012996509
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Beauties of the Emperor : An Investigation of a Chinese Government Bailout
Chi, Yeguang - 2020
We study the Chinese government's stock market bailout operation in 2015. We focus on the bailout's opaque nature and explore its unintended consequences in both asset prices and investor behavior. We find that: (1) the market overreacts to the bailout news under partial information, which leads...
Persistent link: https://www.econbiz.de/10012853906
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The nexus between analyst forecast dispersion and expected returns surrounding stock market crashes
Chong, Terence Tai-Leung; Wang, Xiaolei - In: Journal of risk and financial management : JRFM 2 (2009) 1, pp. 75-93
The performance of analysts’ forecasts has attracted increasing attention in recent years. However, as yet, no empirical study has investigated the nexus between the analyst forecast dispersion (AFD) and excess returns surrounding stock market crashes in any depth. This paper attempts to fill...
Persistent link: https://www.econbiz.de/10011556115
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Analyst Research and Investor Reactions : Evidence from the 2008 Financial Crisis
Arand, Daniel - 2012
In this paper we explore how the 2008 financial crisis impacted sell-side analysts' research as well as the market reactions to the publication of such research. Based on over 350,000 analyst reports from 2005 to 2010, we find that during the crisis analysts only disproportionately adapted their...
Persistent link: https://www.econbiz.de/10013102335
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Anticipating the 2007–2008 Financial Crisis : Who Knew What and When Did They Know it?
Brockman, Paul - 2013
We examine the ability of three groups of informed market participants to anticipate the 2007-2008 financial crisis. Institutional investors and financial analysts exhibit some awareness of the impending crisis in their preference for non-financial stocks over financial stocks. In contrast,...
Persistent link: https://www.econbiz.de/10013073335
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Analyst Coverage and Future Stock Price Crash Risk
He, Guanming - 2019
Whether financial analysts play an effective role as information intermediaries and monitors has triggered a wide spread of debate among academics and practitioners to date. We complement this debate by investigating the association between analyst coverage and firm-specific future stock price...
Persistent link: https://www.econbiz.de/10012892922
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Analysts’ Optimism and Stock Crash Risk
Cho, Hyunkwon - 2019
This paper investigates whether analysts' optimism affects the stock crash risk. Analysts' optimism can increase stock crash risk either by inducing overvaluation or by providing managers an opportunity to withhold bad news. Using analysts' forecast error as a proxy for analysts' optimism, we...
Persistent link: https://www.econbiz.de/10012858942