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Bank dividend restrictions and banks' institutional investors

Mücke, Christian - 2023

This paper studies the impact of banks’ dividend restrictions on the behavior of their institutional investors. Using … funds permanently decrease their ownership shares at treated banks during the 2020 dividend restrictions in the Eurozone and … fund ownership and banks’ dividend yield, highlighting again the importance of dividends for European banks’ fund investors …

Persistent link: https://www.econbiz.de/10014348587

Asset bubbles without dividends : an experiment

Oechssler, Joerg - 2007

Bubbles in asset markets have been documented in numerous experimental studies. However, all experiments in which bubbles occur pay dividends after each trading day. In this paper we study whether bubbles can occur in markets without dividends. We investigate the role of two features that are...

Persistent link: https://www.econbiz.de/10003592714

Fundamental disagreement about monetary policy and the term structure of interest rates

Cao, Shuo; Crump, Richard K.; Eusepi, Stefano; Mönch, … - 2021 - Revised August 2021

Using a unique data set of individual professional forecasts, we document disagreement about the future path of monetary policy, particularly at longer horizons. The stark differences in short rate forecasts imply strong disagreement about the risk-return trade-off of longer-term bonds....

Persistent link: https://www.econbiz.de/10012249767

Asset Pricing with “Buy Now, Pay Later”

Malamud, Semyon; Wang, Neng; Zhang, Yuan - 2022

“Buy Now, Pay Later” (BNPL) and other forms of consumer credit create a wedge between consumption and payments. We introduce this wedge into a standard consumption-based asset pricing model (CCAPM). In equilibrium, the pricing kernel equals the marginal utility of consumption divided by the...

Persistent link: https://www.econbiz.de/10014236310