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The CSPP at work : yield heterogeneity and the portfolio rebalancing channel
Zaghini, Andrea - 2019
We assess the impact of the corporate sector purchase programme (CSPP), the corporate arm of the ECB's quantitative easing, over its first year of activity (June 2016 - June 2017). Focusing on the primary bond market, we find evidence of a significant impact of the CSPP on yield spreads, both...
Persistent link: https://www.econbiz.de/10011997427
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Carbon boards and transition risk: explicit and implicit exposure implications for total stock returns and dividend payouts
Mazzarano, Matteo; Guastella, Gianni; Pareglio, Stefano; … - 2021
The Security and Exchange Commission (SEC) has considered climate change as a risk issue since 2010. Several emission disclosure initiatives exist aimed at informing investors about the financial risks associated with a zero or low carbon transition. Stricter regulations, particularly in a few...
Persistent link: https://www.econbiz.de/10012694482
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U.S. Hedge Fund Activism
Partnoy, Frank - 2015
Notwithstanding the focus on hedge fund activism, fundamental questions remain. How much does hedge fund activism … really matter? What has academic study contributed to the understanding of hedge fund activism? And what, if anything, does … research on hedge fund activism illuminate about the viability of regulation in the area? This chapter for the Research …
Persistent link: https://www.econbiz.de/10013025518
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Monetary Policy Shocks and Stock Returns : Identification Through Impossible Trinity
Ozdagli, Ali K. - 2013
This paper aims to identify the effect of monetary policy shocks on stock prices through the lens of Mundell and Fleming's “Impossible Trinity” theory. Our identification strategy seeks to solve the simultaneity and omitted variable problems inherent in studies that focus on the effect of...
Persistent link: https://www.econbiz.de/10013092409
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Short Selling Around Corporate Acquisitions
Doukas, John A. - 2010
Using daily short sale transactions data for firms traded in the Taiwan Stock Exchange (TWSE) from January 1991 to January 2007, we examine the pattern of short selling trading prior to 338 acquisition announcements. Consistent with the view that short sellers act as informed traders, we find...
Persistent link: https://www.econbiz.de/10013139762
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Institutional Environment, Firm Ownership and IPO First-Day Returns : Evidence from China
Chen, Yibiao - 2014
We examine two inconclusive issues in the IPO underpricing literature. It is unclear if private firms or government-owned firms (SOEs) underprice their IPOs more and how institutional environment affects IPO underpricing. Using a much larger China IPO sample of SOEs, we conclude that SOEs...
Persistent link: https://www.econbiz.de/10013052824
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Stock Market Returns, Corporate Governance and Capital Market Equilibrium
Parigi, Bruno Maria - 2014
This paper analyzes why corporate governance matters for stock returns if the stock market prices the underlying managerial agency problem correctly. Our theory assumes that strict corporate governance prevents managers from diverting cash flows, but reduces incentives for managerial effort. In...
Persistent link: https://www.econbiz.de/10013063851
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Social Security Reform : Sovereign Wealth Funds as a Model for Increasing Trust Fund Returns
Templin, Benjamin A. - 2014
This article addresses the question of whether foreign sovereign wealth funds (SWFs) should serve as a model for the United States in managing the Social Security Trust Fund. The last ten years has seen a significant shift in the way countries manage public pension and social insurance reserve...
Persistent link: https://www.econbiz.de/10013067520
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Oil price shocks against stock return of oil- and gas-related firms in the economic depression : a new evidence from a copula approach
Thu Thuy Nguyen; Nguyen Van Chien; Tran Trong Nguyen - In: Cogent economics & finance 8 (2020) 1, pp. 1-20
This research examines the influence of world crude oil price shocks on the financial performance of Vietnamese oil- and gas-related firms. Based on copula approach and the sample data of domestic giant oil- and gas firms from 2009 to 2019, in particular in the situation of oil price steadily...
Persistent link: https://www.econbiz.de/10013179488
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Carbon Policy Surprises and Stock Returns : Signals from Financial Markets
Hengge, Martina; Panizza, Ugo; Varghese, Richard - 2023
Understanding the impact of climate mitigation policies is key to designing effective carbon pricing tools. We use institutional features of the EU Emissions Trading System (ETS) and high-frequency data on more than 2,000 publicly listed European firms over 2011-21 to study the impact of carbon...
Persistent link: https://www.econbiz.de/10014257754