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Do Analysts Herd? An Analysis of Recommendations and Market Reactions
Jegadeesh, Narasimhan - 2010
when they make stock recommendations. Our empirical results support the herding hypothesis. Stock price reactions following …
Persistent link: https://www.econbiz.de/10013148421
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Herd Behavior in Financial Markets : A Review
Bikhchandani, Sushil - 2021
Policymakers often express concern that herding by financial market participants destabilizes markets and increases the … behavior in financial markets. It addresses the following questions: What precisely do we mean by herding? What could be the … causes of herd behavior? What success have existing studies had in identifying such behavior? And what effect does herding …
Persistent link: https://www.econbiz.de/10013212037
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Herding behaviour in cryptocurrency and emerging financial markets
Omane-Adjepong, Maurice; Alagidede, Imhotep Paul; … - In: Cogent economics & finance 9 (2021) 1, pp. 1-14
The letter examines herding in the most liquid cryptocurrency markets relative to traditional financial markets of 10 …
Persistent link: https://www.econbiz.de/10013184050
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Why do financial systems differ? History matters
Monnet, Cyril; Quintin, Erwan - 2005
We describe a dynamic model of financial intermediation in which fundamental characteristics of the economy imply a unique equilibrium path of bank and financial market lending. Yet we also show that economies whose fundamental characteristics have converged may continue to have very different...
Persistent link: https://www.econbiz.de/10011604488
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Liquidity (risk) concepts: definitions and interactions
Nikolaou, Kleopatra - 2009
We discuss the notion of liquidity and liquidity risk within the financial system. We distinguish between three different liquidity types, central bank liquidity, funding and market liquidity and their relevant risks. In order to understand the workings of financial system liquidity, as well as...
Persistent link: https://www.econbiz.de/10011605054
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Finanzkrise: Der Reformeifer geht am Kern des Märkteproblems vorbei
Fricke, Thomas - In: Wirtschaftsdienst 93 (2013) 5, pp. 342-347
crises. In fact, speculators driven by herding tend to produce over- or undershooting. The basic assumption then that ever … levels. And regulators should stop designing reforms which do not help counteract herding and overshooting - as is the case …
Persistent link: https://www.econbiz.de/10011307040
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Financial intermediaries, markets and growth
Fecht, Falko; Huang, Kevin; Martin, Antoine - 2005
We build a model in which financial intermediaries provide insurance to households against a liquidity shock. Households can also invest directly on a financial market if they pay a cost. In equilibrium, the ability of intermediaries to share risk is constrained by the market. This can be...
Persistent link: https://www.econbiz.de/10010295671
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Zur Makrostruktur von Finanzmärkten: Börsen als Finanzintermediäre im Wettbewerb
Oehler, Andreas - 2003
Die Analyse der so genannten Mikrostruktur von Finanzmärkten und ihr Einfluss auf das Marktergebnis haben in den letzten Jahren im Fokus der Finanzmarktforschung gestanden. Hinsichtlich der Entwicklung, Gestaltung und Regulierung von Finanzsystemen ist jedoch eine Erweiterung des Blickfeldes...
Persistent link: https://www.econbiz.de/10010332637
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Finance and poverty in Ethiopia: A household level analysis
Geda, Alemayehu; Shimeles, Abebe; Zerfu, Daniel - 2006
In this paper, using the rich household panel data of urban and rural Ethiopia that covers the period from 1994 to 2000, we attempted to establish the link between finance and poverty in Ethiopia. Our results show that access to finance is an important factor in consumption smoothing and hence...
Persistent link: https://www.econbiz.de/10010284746
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CoVaR
Adrian, Tobias; Brunnermeier, Markus K. - 2008
We propose a measure for systemic risk: CoVaR, the value at risk (VaR) of financial institutions conditional on other institutions being in distress. We define an institution's (marginal) contribution to systemic risk as the difference between CoVaR and the financial system's VaR. From our...
Persistent link: https://www.econbiz.de/10010287112