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Driver, Ciaran; Grosman, Anna; Scaramozzino, Pasquale - 2021

The economics of dividend policy has focused on the single tight narrative that dividends keep managers honest, mitigating concerns that they over-invest. This article provides a critique of that agency narrative, arguing that pressure from short-term focused investors, executives and board...

Persistent link: https://www.econbiz.de/10013241046

High-Frequency Trading and Market Quality : Evidence from Account-Level Futures Data

Coughlan, John; Orlov, Alexei G. - 2022

We use rich regulatory data on intraday transactions and end-of-day positions of traders in nine futures markets over the past ten years to examine how participation of high-frequency traders (HFTs) affects market quality. Absence of market fragmentation and off-exchange trading in the contracts...

Persistent link: https://www.econbiz.de/10013289934

Determinants of the Nordic hedge fund performance

Kolisovas, Danielius; Giriūnienė, Gintarė; … - In: Journal of business economics and management 23 (2022) 2, pp. 426-450

Hedge funds have become an important part of the financial sector. The development of the hedge funds in the Nordic countries has been rather robust. Therefore, it is important to identify the determinants of the hedge fund performance and isolate the managerial performance, i.e., the Jensen's...

Persistent link: https://www.econbiz.de/10013259009

Management Fee Base : Financing and Investment Decisions

Pattitoni, Pierpaolo - 2015

Purpose. We focus on different compensation structures for real estate mutual fund Management Companies and assess whether management fees paid on NAV or GAV generate distorted incentives relative to those generated by performance fees paid on the market value of the...

Persistent link: https://www.econbiz.de/10013037893

How Diversified are Equity Mutual Funds?

Bello, Zakri Y. - 2010

The paper investigates the degree to which the domestic equity mutual fund is diversified, and attempts to determine the extent to which any undiversified idiosyncratic risk, i.e. unsystematic or company specific risk is associated with the average fund returns. The sample consists of mutual...

Persistent link: https://www.econbiz.de/10013148961

The Determinants of International Commercial Real Estate Investment

Lieser, Karsten - 2013

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...

Persistent link: https://www.econbiz.de/10013079999

Empirical Evidence of Bias in Sovereign Ratings

Doluca, Hasan - 2014

This paper analyzes if and what kind of sovereign rating bias exists. We analyze three possible biases. Firstly, rating agencies may have the incentive to rate countries where they earn more money better compared to countries where they earn less (profit maximizing bias). Secondly, different...

Persistent link: https://www.econbiz.de/10013062671

Abnormal Returns in Equity Markets : Evidence from a Dynamic Indexing Strategy

Alexander, Carol - 2003

This paper investigates the abnormal return generated through a dynamic equity indexing strategy and the extent to … dispersion and show that it is a leading indicator for the abnormal return, where their relationship is based on a switching … process of two market regimes. The entire abnormal return is associated with only one of the regimes and this is the prevalent …

Persistent link: https://www.econbiz.de/10012740122

A greenium for the next generation EU green bonds : analysis of a potential green bond premium and its drivers

Hinsche, Isabelle Cathérine - 2021

As part of the Next Generation EU (NGEU) program, the European Commission has pledged to issue up to EUR 250 billion of the NGEU bonds as green bonds, in order to confirm their commitment to sustainable finance and to support the transition towards a greener Europe. Thereby, the EU is not only...

Persistent link: https://www.econbiz.de/10012665508

Determinants of financial inclusion in Sub-Saharan Africa countries : does institutional infrastructure matter?

Ajide, Kazeem Bello - In: CBN journal of applied statistics 8 (2017) 2, pp. 69-89

The paper examines the determinants of financial inclusion by specially accounting for the role of institutions in a panel of eighteen (18) sub-Saharan Africa (SSA) countries using a dynamic system of Generalized Method of Moments (SYS-GMM). The emanated findings consistently stress the...

Persistent link: https://www.econbiz.de/10011843531