Jeng and Wells (2000) initialized the examination of venture capital (VC) determinants across countries. Meanwhile, we enlarge their scope using aggregated VC funding in 118 countries, 78 being considered emerging markets, using panel data from 2000 to 2013. We show that M&A activity, legal...

The urgency of estimating the impact of climate risks on the financial system is increasingly recognized among scholars and practitioners. By adopting a network approach to financial dependencies, we look at how climate policy risk might propagate through the financial system. We develop a...

Investors in firms with concentrated supplier or customer bases should not assume that idiosyncratic shocks to an economically linked firm disappear in a well-diversified portfolio. Customer-supplier linkages between firms are a channel by which shocks to a single firm can influence the stock...

This study examines the European Commission's 2011 call for advice to the European Insurance and Occupational Pensions Authority (EIOPA) on the improvement of the Institutions for Occupational Retirement Provision (IORP) Directive (the "IORP Directive"). Specifically, it uses both the EIOPA...

We examine the determinants of international commercial real estate investment using a unique set of panel data series for 47 countries worldwide, covering the period from 2000 to 2009. We explore how different socio-economic, demographic and institutional characteristics affect commercial real...

Results from frontier analysis show that German investment management companies are far from being cost e fficient. The average investment management company may be able to reduce its costs by 48% to 75% when compared with the best-practice company in the sample. The level of e fficiency even...

Standard measures of economies of scale and scope show that size does matter for German investment management companies. The average investment management company faces an increase in costs of 0.71% for a 1% increase in assets under management. Small to mid-sized companies in our example exhibit...

Korean Abstract: 이 논문에서는 한국은행이 보유하고 있는 차주별 대출 및 연체DB를 이용하여 차주의 부실요인을 살펴보고 자영업대출을 포함한 가계대출이 유발하는 금융취약성을 점검하였다. 차주의 부실에 영향을 미치는...

This paper investigates the interconnectedness among cross-border shadow banking systems using a broad measure of shadow banking defined by the Financial Stability Board. We find these interconnections are tenuous during tranquil periods, but the systems are significantly linked in times of...

This study examines the role of pension plan funding status on Mamp;A activity of acquiring/target firms in a large sample of UK corporations. We exploit the funding status of the defined benefit pension plans in order to identify, the dependence of corporate activity in mergers and acquisition...