In recent years, demutualized stock exchanges have been increasingly engaging in M&A and alliance activities. To examine the effect of these growth strategies on exchange shareholders’ value creation, we focus on 14 public stock exchanges and investigate their short-run share price responses...

The relation between personal taxes and firm value has fundamental implications for understanding why firms pay dividends and how taxes influence capital structure choices. Assessing personal tax valuation effects also influences tax policy debates regarding the integration of corporate and...

The most cost-effective policies for achieving CO2 abatement (e.g., carbon taxes) fail to get off the ground politically because of unacceptable distributional consequences. This paper explores CO2 abatement policies designed to address distributional concerns. Using an intertemporal numerical...

Global factors are becoming increasingly important as a cause of international capital flows. It is nearly impossible for some countries to protect themselves from outside influences on their financial markets. This paper investigates the extent to which various global factors such as stock...

This paper investigates the impact of international swap lines on stock returns using data from banks in emerging markets. The analysis shows that swap lines by the Swiss National Bank (SNB) had a positive impact on bank stocks in Central and Eastern Europe. It then highlights the importance of...

Die vorliegende Diplomarbeit hat zum Ziel, den Kurssturz im Herbst 1987 und Ansätze zu seiner Erklärung darzustellen. Darüberhinaus werden Verlaufsunterschiede bei der Entwicklung der Aktienindizes analysiert. Die bisher in der Literatur kaum untersuchte Entwicklung der Umsätze an den...

The aim of the study is to explore the long run association among Pakistani equity market and some developed and emerging equity markets. Weekly data from the period of 2000 to 2010 was applied in this study. The result highlighted Pakistani equity market well correlated with the American equity...

This paper develops a market microstructure model with asymmetric information in order to quantify the influence which practical decision rules have on asset process. The users of practical decision rules have incomplete information at their disposal and trade in a market with both fully...

Using data from the Frankfurt Stock Exchange we analyze price formation and liquidity in a non-anonymous environment with similarities to the floor of the NYSE. Our main hypothesis is that the non-anonymity allows the specialist to assess the probability that a trader trades on the basis of...

In this paper we propose and estimate an econometric model for the distribution of trading activity across options written on the DAX index. The model is based on the observation that in this market options with strike prices ending on 000, 200, 400, 600 and 800 (the class of 200-strike options)...