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The study assesses the how information sharing by means of mobile phones affects banking system efficiency in Africa with particular emphasis on income levels (Middle income versus Low income countries) and legal origins (English Common law versus French Civil law countries). The focus is on 53...
Persistent link: https://www.econbiz.de/10012817804
This paper examines the determinants of private equity activity across Europe. We analyze a total of 43 explanatory variables, categorized into six groups: Economy; Finance and capital markets; Quality of institutions; Life quality; Economic freedom and Globalization. We assess their impact on...
Persistent link: https://www.econbiz.de/10015069526
Persistent link: https://www.econbiz.de/10011516061
Persistent link: https://www.econbiz.de/10003581443
We develop a new approach for evaluating performance across hedge funds. Our approach allows for performance comparisons between models that are misspecified – a common feature given the numerous factors that drive hedge fund returns. The empirical results show that the standard models used in...
Persistent link: https://www.econbiz.de/10012419384
Two new methodologies are introduced to improve inference in the evaluation of mutual fund performance against benchmarks. First, the benchmark models are estimated using panel methods with both fund and time effects. Second, the non-normality of individual mutual fund returns is accounted for...
Persistent link: https://www.econbiz.de/10012996413
The aim of this paper is to investigate the long run relationship between the development of banks and stock markets and economic growth. We make use of a Johansen-based panel cointegration methodology allowing for cross-country dependence to test the number of cointegrating vectors among these...
Persistent link: https://www.econbiz.de/10010223077
past few years. Design/methodology/approach - The estimation approach used is a Two-Stage-Least Squares Instrumental … justifying the choice of the estimation approach with a Hausman-test for endogeneity. In the second-step, we verify that the …) estimation with robust Heteroscedasticity and Autocorrelation Consistent (HAC) standard errors; and (3) adoption of two …
Persistent link: https://www.econbiz.de/10011410073
-sectional effects. We present two estimation procedures that can do so and illustrate their application by examining international …-sectionally while other variables vary cross-sectionally but not across time. Using two different estimation procedures we find a … second estimation as U.S. Corporate bond spreads change value each year but have the same value across countries. Similarly …
Persistent link: https://www.econbiz.de/10013107186
The aim of this paper is to investigate the long run relationship between the development of banks and stock markets and economic growth. We make use of a Johansen-based panel cointegration methodology allowing for cross-country dependence to test the number of cointegrating vectors among these...
Persistent link: https://www.econbiz.de/10013071385