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Fundamentals, misvaluation, and investment : the real story

Chirinko, Robert S.; Schaller, Huntley - 2006

Is real investment fully determined by fundamentals or is it sometimes affected by stock market misvaluation? We … introduce three new tests that: measure the reaction of investment to sales shocks for firms that may be overvalued; use Fama … misvaluation into standard investment equations to estimate the quantitative effect of misvaluation on investment. Overall, the …

Persistent link: https://www.econbiz.de/10009736657

The impact of the ECB banking supervision announcements on the EU stock market

Baglioni, Angelo; Monticini, Andrea; Peel, David - 2021

We study the impact of ECB's supervisory announcements on the Bank Stock index, from 2013 through 2017. Our evidence shows that the news, related to supervisory actions, do have highly significant effects on the market price of banks, contributing to the volatility of the Bank Stock Index for...

Persistent link: https://www.econbiz.de/10012696090

CDS and equity market reactions to stock issuances in the U.S. financial industry : evidence from the 2002-13 period

Cornett, Marcia Millon; Mehran, Hamid; Pan, Kevin; … - 2014

We study market reactions to seasoned equity issuances that were announced by financial companies between 2002 and 2013. To assess the risk and valuation implications of these seasoned equity issuances, we conduct an event analysis using daily credit default swap (CDS) and stock market pricing...

Persistent link: https://www.econbiz.de/10010423809

Financial cycles and co-movements between the real economy, finance and asset price dynamics in large-scale crises

Punzi, Maria Teresa - 2016

We empirically analyze asset price boom-bust cycles over a long-run period of 1896-2014 for the U.S., the Netherlands, Norway and Sweden. We focus on macro-financial linkages to understand if these are common phenomena during financial crises, or if the linkage was simply amplified during the...

Persistent link: https://www.econbiz.de/10011446571

Stock market's reactions to revelation of tax evasion : an empirical assessment

Brunhart, Andreas - 2012 - update

Additionally to the financial crisis causing a world recession, Liechtenstein’s financial sector has been challenged by the so-called "Zumwinkel-Affair" when a whistle-blower sold data of hundreds of tax evaders to international tax authorities. This paper investigates the impact of this...

Persistent link: https://www.econbiz.de/10010128449

Is bank debt special for the transmission of monetary policy? : evidence from the stock market

Ippolito, Filippo; Ozdagli, Ali; Pérez, Ander - 2013 - This version: September 2013

We combine existing balance sheet and stock market data with two new datasets to study whether, how much, and why bank lending to firms matters for the transmission of monetary policy. The first new dataset enables us to quantify the bank dependence of firms precisely, as the ratio of bank debt...

Persistent link: https://www.econbiz.de/10010232416

Capital-constrained loan creation, stock markets and monetary policy in a behavioral new Keynesian model

Kotb, Naira; Proaño Acosta, Christian - 2020

In this paper we incorporate a stock market and a banking sector in a behavioral macro-finance model with heterogenous and boundedly rational expectations. Households' savings are diversified among bank deposits and stock purchases, and banks' lending to firms is subject to capital-related...

Persistent link: https://www.econbiz.de/10012257355

The relevance of banks to the European stock market

Kick, Andreas; Rottmann, Horst - 2022

Banks have always played an ambivalent role in ﬁnancial markets. On the one hand, they provide essential services for the market; on the other hand, problems in the banking sector can send shock waves through the entire economy. Given this prominent role, it is not surprising that Pereira and...

Persistent link: https://www.econbiz.de/10013201699

The relevance of banks to the European stock market

Kick, Andreas; Rottmann, Horst - 2022

Banks have always played an ambivalent role in financial markets. On the one hand, they provide essential services for the market; on the other hand, problems in the banking sector can send shock waves through the entire economy. Given this prominent role, it is not surprising that Pereira and...

Persistent link: https://www.econbiz.de/10013206215

The certification role of the EU-wide stress testing exercises in the stock market : what can we learn from the stress tests (2014-2021)?

Durrani, Agha; Ongena, Steven; Marques, Aurea Ponte - 2022

What is the impact of stress tests on bank stock prices? To answer this question we study the impact of the publication of the EU-wide stress tests in 2014, 2016, 2018, and 2021 on the first (λ) and second (δ) moment of equity returns. First, we study the effect of the disclosure of stress...

Persistent link: https://www.econbiz.de/10013342212

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