We use a spatial Probit model to study the effect of contagion between banking systems of different countries on the probability of a systemic crisis in one county. Applied to the late 90’s banking crisis in Asia we show that the phenomena of contagion is better seized using a spatial than a...

Structured retail products (SRP) are one of the most visible faces of financial innovation and are becoming increasingly popular amongst retail investors. However, there is strong consensus that retail investors’ preference for structured products is difficult to explain using the standard...

Several supervisory authorities and governmental working groups issued corporate governance best practice codes for listed companies during the nineties. In this paper, we used a unique database that allowed us to analyse the relationship between the level of compliance of the code of best...

This paper investigates the dynamics of individuals' investments leading up to their decision to make the first investment abroad. We show that investors first invest in domestic securities and only some time later they invest abroad in foreign securities. We also show that investors who trade...

We investigate how the strength of the positive association between frequency of trading and information acquisition is dependent on investors’ self-confidence and on the sources of information used by investors. Our results confirm that the more frequently individual investors invest in...

In this paper we aim at studying efficiency, productivity and technological change in Portuguese banking during 1990-95, using information on the vast majority of banks operating in Portugal during that period. We use a translog variable cost function and a stochastic frontier model to estimate...