Given the fragmented structure of the U.S. government, business is able to capitalize on its structural power only when it is united. This paper illustrates this dynamic through an analysis of the processes leading to the enactment of the Financial Modernization Act (FMA) of 1999, which repealed...

Research Purpose: Terrorism is one of today's biggest challenges for the western world. A country can be put down to its knees, economies turned over by a bomb. Understanding the intricate links between financial markets and terrorism doesn't only allow us to anticipate the society's reaction...

Over the last two and a half decades, Luxembourg’s financial sector emerged as a leading international hub for asset management and investment funds and became a key contributor to growth. Diversification into new areas of financial asset management is continuing. However, changing financial...

On 23rd February 2017, SUERF and EY organized a conference on "Brexit and the Implications for Financial Services" at EY's offices, Churchill Place, Canary Wharf, London. While the outcome of the Brexit negotiations remains highly uncertain, the conference discussed the burning questions for...

Written for undergraduate and graduate students of finance, economics and business, the fourth edition of Financial Markets and Institutions provides a fresh analysis of the European financial system. Combining theory, data and policy, this successful textbook examines and explains financial...

The existing replication policies at top finance journals are far weaker than the policies at top economics journals. This paper explores both the costs and benefits of having a stronger replication policy in the context of my failed 2010 initiative to develop a unified policy across all top...

We investigate the impact that the publication of the Bank of England's Financial Stability Report (FSR) has on the stock returns and credit default swap spreads of UK financial institutions. Examining a sample of 73 UK-listed banks and other financial institutions, we find that publication of...

The main focus of this paper is to study empirically the impact of terrorism on the behavior of stock, bond and commodity markets. We consider terrorist events that took place in 25 countries over an 11 year time period and implement our analysis using different methods: an event-study approach,...

The authors of the article point out that the theory of economics has failed to yield a solid theoretical background in such critical situations as the transformational period of post-communist economies and the period of the current financial and economic crisis. While classical liberal or...

The aim of the present University notes is to provide a brief but comprehensive overview of the European Commission’s proposal for a Regulation of the European Parliament and of the Council “on Markets in Crypto-Assets (…)” (MiCAR), which was submitted on 24 September 2020. It is not...