Tracing the SEC ban on the short selling of financial stocks in September 2008, this paper investigates whether such selling activity before the 2008 short ban reflected financial companies’ risk exposures in the subprime crisis. The evidence suggests that short sellers sold short stocks that...

The aim of this paper is to examine the impact of US macroeconomic conditions—namely, exchange rate and short-term interest rate—on the stock markets of seven Asian countries (China, India, the Philippines, Malaysia, Singapore, Thailand, and South Korea). We use daily data for the period...

Beyond the severe economic impact, another consequence of the 2008 financial crisis is the worldwide indignation felt toward the finance industry for its direct involvement in creating this crisis. It is now a befitting question to ask: What, if any, is the noble purpose of finance? I apply the...

The paper analyses six international-scale responses to the financial and climate change ‘double crisis’ in order to: review how they define problems and solutions, analyse what underpins the policy choices revealed in these responses (the ‘green turn’), reflect on the implications of...

We analyse UK monetary policy using monthly data for 1992–2010. We have two main findings. First, the Taylor rule breaks down after 2007 as the estimated response to inflation falls markedly and becomes insignificant. Second, policy is best described as a weighted average of a “financial...

This article analyzes bank bankruptcy regimes across 142 countries. By employing factor analysis, we identify five main dimensions of bank bankruptcy frameworks: (1) difficulty of forbearance and ease of court appeal, (2) availability of supervisory tools, (3) court involvement, (4) supervisory...

Bürer and Wüstenhagen (2009) examined the preferences of 60 clean-tech venture capital and private equity investors regarding renewable energy and climate policies in 2007. This paper presents the results of a research project that examined whether these investor preferences changed due to the...

This paper investigates the determinants of trust in banking networks and, thus, identifies several forces determining the stabilizing effect of networks. Using a unique dataset of 249 German savings banks, the empirical results show that intense interaction with central coordinators supports...

The global economic and financial crisis is having and impact on the Italian healthcare system which is undergoing a devolution process from the central government to regions and where about one third of the regional governments (mainly in the central and southern part of the country) are facing...

This paper proposes the framing of disinvestment strategies as the “value for money” approach suitable for the current situation of acute budget restrictions. Building on the experiences from other countries, it first reviews the instruments already available for implementing this approach...