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We assess Euro Area financial integration correcting for the role of "onshore offshore financial centers" (OOFCs) within the Euro Area. The OOFCs of Luxembourg, Ireland, and the Netherlands serve dual roles as both hubs of investment fund intermediation and centers of securities issuance by...
Persistent link: https://www.econbiz.de/10015179795
From 1990 to 2011, the share of the world's initial public offering (IPO) activity outside the U.S. increased with financial globalization. In the 1990s, when financial globalization was lower, there were 0.37 U.S. IPOs for each non-U.S. IPO compared to only 0.12 in the 2000s. Consistent with...
Persistent link: https://www.econbiz.de/10009625914
The paper studies risk mitigation associated with capital regulation, in a context when banks may choose tail risk assets. We show that this undermines the traditional result that higher capital reduces excess risk-taking driven by limited liability. When capital raising is costly, poorly...
Persistent link: https://www.econbiz.de/10011383199
’ balance sheets deteriorated between the fourth quarters of 1993 and 1995, which points the possibility of corporate roots of …
Persistent link: https://www.econbiz.de/10011335213
We show that multinational firms transmit shocks across countries through their internal capital markets. We study a credit supply shock to parent firms in Germany. International affiliates outside Germany supported their parents through internal lending, became financially constrained...
Persistent link: https://www.econbiz.de/10014247983
The paper is a follow-up to an article published in Technique Financière et Developpement in 2000 (see the appendix to the hardcopy version), which portrayed the first results of a new strategy in the field of development finance implemented in South-East Europe. This strategy consists in...
Persistent link: https://www.econbiz.de/10009764766
In recent years, firms have implemented advance notice provisions (ANPs) in their bylaws. ANPs require shareholders to comply with certain procedures and disclosure requirements if they intend to nominate directors at a shareholders' meeting. With a focus on ANPs, this is the first study that...
Persistent link: https://www.econbiz.de/10011721541
and liquidity needs facing the U.S. corporate sector based on projections of net income, availability and cost of funding … from corporate debt write-downs appear to be a fraction of banks' capital buffers and, given the size of the leveraged … modest. Corporate stresses could, however, amplify the current economic downturn-as firms cut investment spending and reduce …
Persistent link: https://www.econbiz.de/10012392538
Asia and Latin America and the Caribbean (LAC), two regions with large growth potential, have become increasingly connected over the last 20 years. China has emerged not only as a top trading partner, but also as an important competitor of LAC exports. China's retreat from certain markets, due...
Persistent link: https://www.econbiz.de/10012392541
Persistent link: https://www.econbiz.de/10011980044