The present paper investigates the number of bank relationships of small and medium-sized enterprises in Switzerland using survey data from 1996 and 2002. We differentiate between overall bank relationships and lending relationships and disaggregate the loan market with respect to firm sizes,...

Virtually all existing continuous-time, single-factor term structure models are based on a short rate process that has a linear drift function. However, there is no strong a priori argument in favor of linearity, and Stanton (1997) and Ait-Sahalia (1996) employ nonparametric estimation...

We test whether momentum-based strategies remain profitable after considering market frictions induced by trading. Intra-day data are used to estimate alternative measures of proportional (spread) and non- proportional (price impact) trading costs. A cross-sectional model of the relation between...

This paper investigates the testable restrictions on the time-series behavior of equity premia implied by a representative agent model whose state- and time-non separable preferences are subject to taste shocks. The model nests state- and time-separable preferences with and without taste shocks...

Public sector occupies a prominent position in the Indian economy. The present government policy is to divest its holding in PSUs, without privatizing profit making PSUs. It has also decided to provide full autonomy to the board of directors of those enterprises. This provides an interesting...

We seek to contribute to both the finance-growth literature and the community banking literature by testing the effects of the relative health of community banks on economic growth and investigating potential transmission mechanisms for these effects using data from 1993–2000 on 49 nations....

Investitorët institucionalë karakterizohen nga mënyra e formimit të fondeve financiare dhe mënyra e investimit të tyre. Ndryshe nga institucionet depozituese, investitorët institucionalë i krijojnë potencialet e tyre financiare nëpërmjet formave jodepozitare, në bazë të shitjës...

This paper investigates the performance of the contrarian investment strategy using the CAPM and APT. The results from multivariate tests of structural changes based on the CAPM show that the systematic risks of contrarian portfolios are not stable over time. In addition, the mean-variance...

This paper anlyzes the impact of tax competition between two countries of un- equal per-capita capital endownments on tax rates and efficiency when distorting wage, residence-based and source-based capital taxes (or any combination of two instruments) are available for governments. The national...

The design of the agricultural reform in Bulgaria in the early 90-es provides researchers with a natural experiment for testing the effect of the protracted absence of clearly defined property rights on economic outcomes. Special rules governing the restitution of orchards made one group of...