This paper examines a topic of much interest, the association of financial architecture and national equity premia for recent eight-year period from fifteen emerging-market countries. Modeling simultaneously our estimate of the ex ante equity premium as a dependent variable and our measure of...

Financial development is good for long term growth. So why doesn't every country pursue policies that render full financial development? In this paper, building on a profuse political economy literature, we build a theoretical model that shows that the intensity of opposition by incumbents...

We apply the new panel convergence methodology developed by Phillips and Sul (Econometrica, 2007) on thirteen financial development indices from the World Bank's Financial Development and Structure database, to test for financial system convergence across a large set of industrial and developing...

China clearly deserves more attention in relation to corporate and financial law research. Apparently, there are some deep-rooted problems and structural issues restraining the efficient function of the market and inhibiting future market expansion. This paper concerns the fundamental problems...

At a time of such great turbulence, looking to the future directions of capital markets and their regulation in developed economies is a particularly risky business. We are in the midst of a great sea change.Nevertheless, there are several current, and readily observable, phenomena which are...

This paper derives -- considering a Gaussian setting -- closed form solutions of the statistics that Adrian and Brunnermeier (2010) and Acharya et al. (2009) have suggested as measures of systemic risk to be attached to individual banks. The statistics equal the product of statistic specific...

This study examines the return (price) and volatility spillovers among the money, stock, foreign exchange and bond markets in Euro-area, utilizing the forecast-error variance decomposition framework of a generalized VAR model proposed by Diebold and Yilmaz (2012) [Better to give than to receive:...

Given the importance of financial intermediation and the rise of globalization, there is little prior research on how national preferences for financial intermediation (markets versus institutions) are determined by cultural, legal, and other national characteristics. Using panel analysis for...

In previous papers we have shown another interpretation of the irrationality of financial market agents. Another methodology has been proposed. But it also shown that others questions might be highlighted from both epistemological and social welfare point of view. This paper tries to go further...