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resurgent shift in bank competition. We disentangle the impact of regional asymmetries among EZ member countries by estimating … the Mahalanobis distance metric. We find that lower bank competition has a significant positive impact on Intra-EZ FDI in … proxy reflecting the cost of interbank funds denominated in the same (common) currency, and bank competition, proxied by the …
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The Economics of Financial Markets presents a concise overview of capital markets, suitable for advanced undergraduates and for beginning graduate students in financial economics. Following a brief overview of financial markets - their microstructure and the randomness of stock market prices -...
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This paper examines the impact of product market competition and corporate governance on the cost of debt financing and … competition plays a crucial role in explaining the way a firm's anti-takeover protection affects the cost of debt and the use of …
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In this paper, we use a unique long-run dataset of regulatory constraints on capital account openness to explain stock market correlations. Since stock returns themselves are highly volatile, any examination of what drives correlations needs to focus on long runs of data. This is particularly...
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