Purpose - The world is facing unprecedented opportunities to improve welfare and reduce poverty, so every day more and more public spending is becoming important in every country. The purpose of the research was prompted by the questions of whether there were development reforms and what is the...

We give a simple explicit formula for turnover reduction when a large number of alphas are traded on the same execution platform and trades are crossed internally. We model turnover reduction via alpha correlations. Then, for a large number of alphas, turnover reduction is related to the largest...

This paper aims to study the determinants of financial deepening (FD) in Mexico. FD is measured as the fraction of total credit assigned to private sector as a proportion of GDP. The explanatory variables include: enforcing contracts (rule of law) and institutions; bank regulation; bank...

Konsum- und Geschäftsmodelle können nur bedingt als alternativ gelten, so lange sie über das bestehende Geld- und Finanzsystem abgewickelt werden. Denn dieses steht schon in den beiden grundlegendsten (Deduktions-)Dimensionen – Raum und Zeit – für das Große und Schnelle und somit für...

Following the three-pillar structure of the Basel II/III framework, the article categorises and surveys 279 academic papers on operational risk in financial institutions, covering the period from 1998 to 2014. In doing so, different lines of both theoretical and empirical directions for research...

In accordance with the principles of best academic practice, a research community is identified through an internalised paradigm comprising notions and theories that form the foundations of a given academic field or discipline. This paper aims to provide a selective overview of differing...

We use mean-variance analysis with short selling constraints to diagnose the effects of the recent global financial crisis by evaluating the potential benefits of international diversification in the search for ‘safe havens’. We use stock index data for a sample of developed,...

Does financial development contribute to economic growth? The literature finds that an expansion in financial resources is useful for economic growth if the degree of financial development is under a certain threshold; otherwise, the expansion is detrimental to growth. Almost every published...

The article provides an overview of the most important current EU initiatives contributing to sustainable finance. After an introduction on how the concept of sustainability entered the domain of European policy, the definition of sustainable finance from the EU perspective is discussed, as well...

This paper develops methods and a framework of financial market theory. We model financial markets as a system of agents which perform market transactions with other agents under the action of numerous expectations. Agents’ expectations are formed of economic and financial variables, market...