We test for mean reversion in real exchange rates using a recently developed unit root test for non-normal processes based on quantile autoregression inference in semi-parametric and non-parametric settings. The quantile regression approach allows us to directly capture the impact of different...

Whether and how to tax financial intermediation services is unclear because individual preferences are not defined directly over financial services, but only over the goods that are consumed. Intermediation services facilitate consumption but do not directly provide utility. In this paper, we...

This doctoral thesis investigates the transition from a bank-based to a capital marketbased financial system that has taken place in Malaysia over the last two decades. In so doing, it more closely traces Malaysian financial policymaking processes, specifically efforts to develop domestic bond...

Cuddington and Liang (2000) [Purchasing power parity over two centuries? Journal of International Money and Finance, 19, 751-755] examine the long span of sterling-dollar real exchange rate data of Lothian and Taylor (1996) [Real exchange rate behavior: the recent float from the perspective of...

Repayment decisions—how much of the loan to repay and when to make the payments—directly influence consumer debt levels. The authors examine how minimum required payment policy and loan information disclosed to consumers influence repayment decisions. They find that though presenting minimum...

An earlier paper (Part one) argued that to appreciate the social significance of accounting today we must understand its ideas and techniques as products and producers of history. It explained the importance of Weber and Marx's theories of the transition to capitalism to historians of...

The government of a small open economy trying to manage its exchange rate faces a 'time consistency' problem. If markets expect implementation of the optimal linear intervention rule, the government will be tempted to 'defect': knowing this, markets will expect less activism; and; in the...

In this paper we analyse recovery rates on defaulted bonds using the Standard & Poor's/ PMD database for the years 1981-1999. Due to the specific nature of the data (observations lie within 0 and 1), we must rely on nonstandard econometric techniques. The recovery rate density is estimated...

This article presents joint econometric analysis of interest rate risk, issuer-specific risk (credit risk) and bond-specific risk (liquidity risk) in a reduced-form framework. We estimate issuer-specific and bond-specific risk from corporate bond data in the German market. We find that...

The aim of the thesis is to investigate strategic trading under asymmetric information in particular financial markets. To this end, this thesis is organized into three essays. The first essay discusses market manipulation. In particular, it first focuses on its central role when interpreting...