The suspension of trading on the New York Stock Exchange for more than four months following the outbreak of World War I fostered a substitute market on New Street as a source of liquidity. The New Street market suffered from a lack of price transparency because its transactions were not...

Statistical analysis of Greek sovereign debt denominated in gold and traded on the London Stock Exchange from the outbreak of the First World War until the advent of the Great Depression is employed to explore the way that historical events including political and institutional changes shaped...

This paper studies the asset pricing implications of a general equi-librium model in which real investment is reversible at a cost. Firmsface higher costs in contracting than in expanding their capital stockand decide to invest when their productive capital is scarce relativeto the overall...

A large literature studies the predictability of stock returns by other lagged nancialvariables in a predictive regression setting. A common feature of widely used testingprocedures is a failing robustness, which may lead to misleading conclusions determinedby the particular features of a small...

A recent innovation in equity markets is the introduction of market maker ser-vices paid for by the listed companies themselves. We investigate why firms arewilling to pay a cost to improve the secondary market liquidity of their shares. Weshow that a contributing factor in this decision is the...

We empirically investigate the costs of trading equity at the Oslo Stock Exchange inthe period 1980{2008. We show the time series evolution of dierent measures of (implicit)trading costs: bid/ask spreads, the Roll (1984) measure and the Lesmond, Ogden, andTrzcinka (1999) estimate...

Die Insolvenz der Lehman Brothers Inc. Bank gilt als zentraler Eckpunkt der derzeitigen Finanzkrise.Besondere Auswirkungen hatte die Insolvenz auf das Derivategeschäft mit Kreditausfallrisiken.Das Versicherungsunternehmen AIG, das sich auf den Handel mit Credit-Default-Swaps (CDS)...

Aktien werden gekauft, weil sie Dividendenerträge und Kurstgewinne versprechen. Dazu kommen eventuell sonstige geldwerte Vorteile, wie z.B. Gratisaktien bei kapitalerhöhungen aus Gesellschaftsmitteln, Bezugsrechte auf junge Aktien bei kapitalerhöhungen gegen Einlagen, Bezugsrechte bei der...