In this paper we perform an empirical analysis of the trading process in a pure limit order book market, the Xetra system which operates at various European exchanges.We study how liquidity supply and demand as well as price volatility affect future trading activity and market resiliency, and...

This paper considers the effect on performance of very large controlling shareholders, who are mostly organized in voting blocks and business groups, in a sample of Belgian listed firms from 1991 to 2006. We use a non-parametric panel data analysis, which is a new technique that does not impose...

We investigate the existence of local (i.e. within-country) and global (i.e. between-country) knowledge spillovers within a single analytical framework. Our analysis is based on an exhaustive database on Irish manufacturing plants covering the period 1986-1994 and focuses on the impact of R&D...

As a tool to fight long run changes in climate the European Union explicitly introduced the emission trading scheme (EU ETS) on January 1, 2005, which aimed at reducing carbon emission by 8% by 2012, and was designed to operate in two phases. Using data related to the first phase, this article...

Most theoretical central bank models use short horizons and focus on a single tradeoff. However, in reality central banks play complex, long horizon games and face more than one tradeoff. We account for these issues in a simple infinite horizon game with a novel tradeoff: higher rates deter...

The size effect and distress risk have both presented puzzles in modern finance. In thispaper, we build on the methodology of Campbell et al (2008) and Shumway (2001) toconsider potential time variation in pricing behavior of size and distress. We adjustthis methodology in two ways. First, we...