This literature overview conducts a systematic study of how the climate related risks from global warming may affect financial markets. The climate related risk is divided into three subcategories, the environmental uncertainty, the economic climate risk and the climate policy risk, which all of...

This paper considers the implications of asymmetric information in capital markets for entrepreneurial entry and tax policy. In many countries, governments subsidize the creation of new firms. One possible justification for these subsidies is that capital markets for the financing of new firms...

Fears mount on the global market regarding a “bubble” on the stock market transition of major institutional investors to riskier assets, growth in issuers credit risks. The domestic market demonstrates stock market stagnation against the backgroundof ruble’s depreciation

We provide evidence on market structure and the cost of raising capital by examining market structure changes in US equity markets. Only the Nasdaq's Order Handling Rules (OHR), the one reform that reduced institutional trading costs, lowered the cost of raising capital. Using a...

This statement presents my views on buybacks and my general reactions to provisions in four pieces of legislation relating to stock buybacks. Part I describes the role of stock buybacks in the economy and offers some “investor-benign” explanations for firms' use of repurchases rather than...

In 2018, the Russian stock market held up its reputation as one of the most volatile markets in the world. In 2018, Russian companies' stocks turned out to be instruments with highest returns, outperforming 36 world's largest stock exchange markets, in contrast to 2017, when Russian stocks were...

We develop a credit-risk model to study how information acquisition affects the liquidity in a secondary bond market. In our model, the creditors of a firm can acquire costly information about the firm and exploit the information advantage by selling their bonds to uninformed buyers. When a...

In the two decades leading up to the 2008 financial crisis, numerous significant changes in federal law greatly reduced transactions costs in financial markets and made possible new types of trading in new types of financial instruments. The driving policy assumption behind these and similar...

Russian financial markets continued to see their turnover expand in 2017, led by the firmest growth in over-the-counter (OTC) segments. However, the bias towards speculative trading primarily in FX assets was, as before, characteristic of the turnover structure. Financial market's money and FX...

We find that leverage-initiating stocks experience an increase in return comovement with existing leveraged stocks and a decrease in return comovement with existing zero-leverage stocks in the year after the leverage initiation event. In contrast, stocks that fully deleverage comove more with...