This dissertation is composed of two distinct chapters. The first chapter is concerned with the secular trends in corporate cash holdings and the determinants of the changing cash policies for seven industrialized countries--Australia, Canada, France, Germany, Japan, the US, and UK. In the first...

[...]These political considerations may seem tangential to thesubject of price hedonics, but the events following fromGreenspan’s remark have linked the two issues. First, theSenate Finance Committee consulted a panel of experts, andthat panel reached a consensus supporting...

[...]The final force of change is the continual evolution of thedelivery channels through which financial services are offered.This has occurred in many ways and in several stages. First, theuse of postal services substituted for physical market presence;this was followed by increased use of...

[...]I will begin with deregulation. Compared with the regulatedEuropean financial systems of the postwar period, mostEuropean countries have been liberalizing their financialservices sectors. This trend began in the mid-1960s andaccelerated in the 1980s and 1990s. At the same time,...

[...]This article contributes factually to the debate over theopening of emerging markets to foreign participation byexploring the experiences of Argentina and Mexico—two markets that exhibit a significant degree and duration offoreign bank activity.We begin our analysis by presenting the...

A growing literature is using stock return synchronicity, or the R2 from a market model regression,as an inverse measure of the extent to which firm-specific information is reflected in stock prices. Inthis paper, we argue that the relationship between R2 and the informativeness of stock prices...

[...]Diet discussions produced two significant piecesof legislation: the Law Concerning Emergency Measuresfor the Reconstruction of the Functions of the FinancialSystem, and the Financial Function Early Restoration Law.An outline of these laws is shown in Figure 1. The LawConcerning Emergency...

[...]The task facing the Eurosystem is even morecomplex than that facing countries with stable monetaryregimes, where the measurement of the national andregional impact of policy has already proved to be extremelydifficult. The creation of the Eurosystem constitutes aregime shift in virtually...

This paper presents a brief overview of developmentscurrently taking place in the Australian banking sectorrelating to the measurement and management of creditrisk. Section I provides, as background, a sketch of thestructure of banking in Australia. Section II considers someof the forces...

Various changes are emerging in the international financial arena which could challenge the West’s dominance in for example the global monetary system. In this latest addition in our special series of thinkpieces on global themes, Vanessa Rossi of Chatham House explores these changes....