This paper investigates the effects of macroeconomic volatility on nonfinancial firms cash holding behavior. Using an augmented cash bufferstock model, we demonstrate that an increase in macroeconomic volatility will cause the crosssectional distribution of firms cashtoasset ratios to narrow. We...

Verflechtungen zwischen Banken und Politikern werden hier am Beispiel ukrainischer Geschäftsbanken analysiert. Es zeigt sich, dass die "Nähe zur Politik" tendenziell einen dämpfenden Effekt auf die Entwicklung der Zinsmargen und einen positiven Effekt auf die Veränderung der...

This paper analyzes the effects of parliamentary election cycles on the Turkish banking system. Using annual bank-level data representing all banks in Turkey during 1963-2005, we present evidence of meaningful differences in the structure of bank assets, liabilities and financial performance...

We explore individual lender behaviour on Renrendai.com, a leading Chinese peer-to-peer (P2P) crowdlending platform. Using a sample of roughly 5 million investor-loan-hour observations and applying a high-dimension fixed effect estimator, we establish evidence of herding behaviour: the investors...

This paper empirically examines whether additional future xed capital and R&D investmentexpenditures induce rms to accumulate cash reserves while considering therole of market imperfections. Implementing a dynamic framework on a panel of US, UKand German companies, we nd that rms make larger...

This paper analyzes the effects of parliamentary election cycles on the Turkish banking system. Usingannual bank-level data representing all banks in Turkey during 1963–2007, we present evidence of meaningfuldifferences in the structure of bank assets, liabilities and financial performance...