The aim of this paper is to identify the driving forces of Sovereign wealth funds' investments. For this, we develop an original econometric framework that quantifies the role of spatial dependence in the location of investments, and uses the Inverse Hyperbolic Sine transformation of the...

Investment funds marketed as “sustainable” or “ESG” (Environmental, Social and Governance) have proliferated in recent years. In the wake of this trend, skepticism is looming among the public over the trustworthiness of these financial actors and the distinctiveness of their investment...

In this paper a new approach relying on news wire reports is used to capture all the transparency elements in the exchange rate intervention policy of the Bank of Japan during the period 1991-2004. As suggested by Enoch (1998), we distinguish three types of transparency: ex ante transparency,...

This paper generalizes central banks' FX interventions reaction functions to include oral interventions alongside actual ones. Using Japanese data for the 1991-2004 period, we estimate an ordered probit model that allows understanding when each type of intervention occurs. The procedure is...

The bulk of recent literature on foreign-exchange interventions has overlooked the potential interdependencies that may exist between these operations and the conduct of monetary policy. This is the case even under inflation targeting and especially in emerging-market economies, because central...

This paper examines the effect of firms’ lobbying activities on penalties received from public competition authorities. We show that lobbying expenditures are negatively associated with the amount of the cartel sanction, within cartel. Our estimates also report that cartel sanctions are more...