In this paper we investigate the success of recent privatization in Austria from a capital market perspective. The empirical analysis draws upon the concept of initial public offerings indexes to document the medium-run aftermarket performance of initial public offerings (IPOs). Due to certain...

This paper shows that increased volatility of Örm-level productivity can push the nominal interest rate to its lower bound with large amplification effects on macroeconomic aggregates. The framework combines a simple canonical Önancial accelerator model, time varying risk shocks, and a zero...

This paper shows that macroeconomic uncertainty affects the housing market in two significant ways. First, uncertainty shocks adversely a¤ect housing prices but not the quantities that are traded. Controlling for a broad set of variables in fixed-effects regressions, we find that uncertainty...

Purpose: The purpose of this paper is twofold: first, the authors construct a country-specific time-varying private rental regulation index for 18 developed economies starting from 1973 to 2014. Second, the authors analyze the effects of their index on the housing rental markets across 18...

Abstract Within the context of a financial accelerator model, we model time-varying uncertainty (i.e. risk shocks) through the use of a mixture normal model with time variation in the weights applied to the underlying distributions characterizing entrepreneur productivity. Specifically, we model...