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Investors' portfolio choice and tax reforms : the 2008 German corporate tax reform reconsidered
Stimmelmayr, Michael - 2015 - This version: March 2015
The paper provides a comprehensive assessment of the latest German corporate income and capital tax reform, which entails a major shift of the capital tax burden from the firm to the household level. Using a dynamic two-country computable general equilibrium model with integrated capital...
Persistent link: https://www.econbiz.de/10010509614
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Why are Countries' Asset Portfolios Exposed to Nominal Exchange Rates?
Barrett, Philip - 2018
Most countries hold large gross asset positions, lending in domestic currency and borrowingin foreign. Thus, their balance sheets are exposed to nominal exchange rates. We argue thatwhen asset markets are incomplete, nominal exchange rate exposure allows countries topartially insure against...
Persistent link: https://www.econbiz.de/10012929919
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The Determinants of Home Bias Puzzle in Equity Portfolio Investment in Australia
Vo, Xuan Vinh - 2014
Over the past decades, there is an increased trend in the international financial integration as countries are removing and relaxing controls on cross-border investment. Capital can flow easily to the destination that offers higher returns as the results of decreasing obstacles to international...
Persistent link: https://www.econbiz.de/10013068986
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The Home Bias in Equities and Distribution Costs
Harms, Philipp; Hoffmann, Mathias; Ortseifer, Christina - 2010
We show that including distribution costs into a general equilibrium model of international portfolio choice contributes to explaining the "home bias" in international equity investment. Our model is able to replicate observed investment positions for a wide range of parameter values, even if...
Persistent link: https://www.econbiz.de/10011430091
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Australia's Equity Home Bias and Real Exchange Rate Volatility
Mishra, Anil V. - 2011
The main purpose of this paper is to consider the effect of real exchange rate volatility on equity investment by Australian investors. Equity investment is of major importance to savers and investors in Australia. Also real exchange rate volatility is an important influence on Australia's...
Persistent link: https://www.econbiz.de/10013121800
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The Hedging Channel of Exchange Rate Determination
Liao, Gordon; Zhang, Tony - 2022
We document the exchange rate hedging channel that connects country-level measures of net external financial imbalances with exchange rates. In times of market distress, countries with large positive external imbalances (e.g. Japan) experience domestic currency appreciation, and crucially,...
Persistent link: https://www.econbiz.de/10013405506
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Institutional investors and home bias in Europ's capital markets union
Darvas, Zsolt M.; Schoenmaker, Dirk - 2017
higher than previous studies perceived. We also analyse home bias in debt securities holdings, and euro-area bias. We …
Persistent link: https://www.econbiz.de/10011613999
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Domestic banks as lightning rods? : home bias and information during the Eurozone Crisis
Saka, Orkun - 2019 - This Draft: September, 2019
European banks have been criticized for holding excessive domestic government debt during the recent Eurozone crisis, which may have intensified the diabolic loop between sovereign and bank credit risks. By using a novel bank-level dataset covering the entire timeline of the Eurozone crisis, I...
Persistent link: https://www.econbiz.de/10012123037
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Foreign under-investment in US securities and the role of relational capital
Michael, Bryane - 2015
Over 70 academic papers attempt to explain why foreigners invest in US securities. All ignore the vital role of the US … particular foreign investors under-invest in US securities because of a lack of relational capital with US broker-dealers. We … securities. We also estimate "pent-up" demand for US securities in developing countries -- like China, Argentina, Turkey and …
Persistent link: https://www.econbiz.de/10010515955
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Domestic Banks as Lightning Rods? Home Bias and Information During the Eurozone Crisis
Saka, Orkun - 2019
European banks have been criticized for holding excessive domestic government debt during the recent Eurozone crisis, which may have intensified the diabolic loop between sovereign and bank credit risks. By using a novel bank-level dataset covering the entire timeline of the Eurozone crisis, I...
Persistent link: https://www.econbiz.de/10012859050