Severe simultaneous recessions are de?ned to occur when at least half of the countries under investigation (Australia, Canada, Germany, Japan, United Kingdom, and United States) are in recession simultaneously. I pose two new research questions that extend upon stylized facts for US recessions....

El efecto inmediato de la instauración de la Unión Monetaria Europea (UME), fue un aumento en los diferenciales de rentabilidad ajustados por el riesgo de cambio de la deuda pública frente a Alemania para aquellos países que se integraron en la moneda única. Contrariamente, para aquellos...

El presente artículo analiza la correlación entre Estados Unidos y Asia teniendo en cuenta el impacto de la crisis financiera actual. Dentro de los países asiáticos se escoge un mercado desarrollado, Japón, y distintos mercados emergentes, entre los cuales se encuentran los tigres...

In this study a panel data analysis was made for financial stability indicators in 7 European Union countries over 2006-2011 (Bulgaria, Czech Republic, Croatia, Poland, Slovenia, Hungary, Romania, Austria, France, Italy, Greece and England. The loam quality is explained by the coverage of...

This paper investigates the relationship between the Japanese firms’ exposure to the exchange rate risk and risk management, such as choice of invoicing currency, and financial and operational hedge. The firm’s exposure to the exchange rate risk is estimated by co-movements of the stock...

One of the main implications of the basic target zone model developed by Krugman (1991) is that there is a trade-off between exchange rate volatility and interest rate differential volatility. Using an M-GARCH model we find evidence that such a trade-off existed, prior to the introduction of the...

We investigate the role of trade credit links in generating cross-border return predictability between international firms. Using data from 43 countries from 1993 to 2009, we find that firms with high trade credit located in producer countries have stock returns that are strongly predictable...

This paper investigates the influence of structural changes on the asymmetry of volatility spillovers, asset allocation and portfolio diversification between the USD/euro exchange market and each of six major spot petroleum markets including WTI, Europe Brent, kerosene, gasoline and propane....

This paper investigates stock analysts’ earnings forecasts under complex corporate ownership in China. Based on a sample of 1298 firms for years 2004–2011, our evidence suggests that state shareholding is negatively related to the quality of consensus analysts’ earnings forecasts. In...

Efficiency in stock markets is essential for economic stability and growth. This study investigates the efficiency and herding behavior of the stock markets from the top economies of the world (known as G20 countries). We classify stock market indices using MSCI classification for the developed...