Three Empirical Essays In Financial Economics And International Finance
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Three Empirical Essays In Financial Economics And International Finance
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Author : Marek Kolar
language : en
Publisher:
Release Date : 2008
Three Empirical Essays In Financial Economics And International Finance written by Marek Kolar and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2008 with Banks and banking, Central categories.
Intervention Interest Rates And Charts
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Author : Mr.Mark P. Taylor
language : en
Publisher: International Monetary Fund
Release Date : 1991-11-01
Intervention Interest Rates And Charts written by Mr.Mark P. Taylor and has been published by International Monetary Fund this book supported file pdf, txt, epub, kindle and other format this book has been release on 1991-11-01 with Business & Economics categories.
This paper contains essays on sterilized intervention, on covered interest rate parity, and on chartist analysis in financial markets. Each essay contains a definition, brief survey of the empirical evidence and overall assessment of each topic.
International Finance And Financial Crises
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Author : Peter Isard
language : en
Publisher: Springer Science & Business Media
Release Date : 2012-12-06
International Finance And Financial Crises written by Peter Isard and has been published by Springer Science & Business Media this book supported file pdf, txt, epub, kindle and other format this book has been release on 2012-12-06 with Business & Economics categories.
International Finance and Financial Crises: Essays in Honor of Robert P. Flood, Jr. contains the proceedings of a conference held in honor of Robert P. Flood, Jr. Bob Flood has made important contributions to many areas of economic analysis, including regime switching, speculative attacks, bubbles, stock market volatility, macro models with nominal rigidities, dual exchange rates, target zones, and rules versus discretion in monetary policy. Contributors were invited to address any of the topics or others of their choosing. The results include five papers on topics in international finance; two of these papers, as well as the panel discussion, focus on speculative attacks and financial crises. The other three take new directions in exploring topics in which existing models leave much to be desired.
Three Essays On Empirical Finance
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Author : Tse-Chun Lin
language : en
Publisher: Rozenberg Publishers
Release Date : 2009
Three Essays On Empirical Finance written by Tse-Chun Lin and has been published by Rozenberg Publishers this book supported file pdf, txt, epub, kindle and other format this book has been release on 2009 with categories.
Essays In Financial Economics
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Author : Haofei Zhang
language : en
Publisher:
Release Date : 2019
Essays In Financial Economics written by Haofei Zhang and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2019 with categories.
This thesis consists of three essays on financial markets, product markets, information markets, and their interaction. Chapter 1 offers an introduction of the essays and summarizes the main findings. Chapter 2 studies how product markets shape managerial short-termism (myopia). It shows that under market competition, managerial short-termism may arise endogenously as a means for firms to commit to competing aggressively. Such managerial short-termism is facilitated by financial markets as firms tie their managers' pay to the short-term stock prices. The following two chapters focus on the interaction between financial markets and information markets; both chapters demonstrate that information markets are crucial in determining asset prices and market quality in financial markets. Chapter 3 develops an information-sales model in which investors acquire uncertain skills to interpret purchased data, thereby changing the behavior of data sellers. It leads to several novel results (e.g., price informativeness increases with skill-acquisition costs), which help clarify certain empirical regularities. Chapter 4 examines sales of financial market information in an economy with two information sellers. In equilibrium, the two sellers form either orthogonal or overlapping clientele, depending on the similarity of the information to be sold. When the two sellers' information is very distinct and the sellers have relatively large bargaining power in sharing trading profits, investors' information purchase behavior exhibits complementarity, leading to the possibility of multiple equilibria.
Empirical Essays On Financial Economics
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Author : Henrik Degrér
language : en
Publisher:
Release Date : 2004
Empirical Essays On Financial Economics written by Henrik Degrér and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2004 with Economics categories.
Three Essays On Empirical Asset Pricing In International Equity Markets
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Author : Birgit Charlotte Müller
language : de
Publisher: Springer Gabler
Release Date : 2021-08-20
Three Essays On Empirical Asset Pricing In International Equity Markets written by Birgit Charlotte Müller and has been published by Springer Gabler this book supported file pdf, txt, epub, kindle and other format this book has been release on 2021-08-20 with Business & Economics categories.
In this Open-Access-book three essays on empirical asset pricing in international equity markets are presented. Despite being of fundamental economic and scientific importance, international financial markets have remained considerably underresearched until today. In the first essay, the role of firm-specific characteristics is analyzed for the momentum effect to exist in international equity markets. The second essay investigates the validity, persistence, and robustness of the newly discovered capital share growth factor across international equity markets as proposed by Lettau et al. (2019) for the U.S. market. Lastly, the third and final essay studies stock market reactions of European vendor banks to distressed loan sale announcements.
Essays In Financial Economics And Econometrics
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Author : Canlin Li
language : en
Publisher:
Release Date : 2002
Essays In Financial Economics And Econometrics written by Canlin Li and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2002 with categories.
Three Essays In Financial Economics
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Author :
language : en
Publisher:
Release Date : 2014
Three Essays In Financial Economics written by and has been published by this book supported file pdf, txt, epub, kindle and other format this book has been release on 2014 with categories.
This dissertation contains three essays in financial economics. In Chapter 1, motivated by the phenomenon that momentum profits vary substantially across different market states, I develop a model to connect market states and momentum profits, and test the model's empirical implications. The model applies the mechanism of overconfidence and self-attribution bias into a setting of multiple risky assets with correlated payoffs. The model generates a set of implications regarding the relation between market states and returns on the winner, loser, and momentum portfolios. These implications are consistent with empirical patterns in the literature and those newly documented in this chapter. Overall, this chapter unifies momentum, negative momentum profits under certain market states, and long-run reversals. In Chapter 2, I examine the strategic role of cash in industries with significant R&D, and the variation of cash holdings and R&D intensity across such industries. In the model, firms compete to innovate but must also finance to bring innovations to the market. The first successful launcher of a new product enjoys an advantage. Outside financing takes time. Cash holdings, R&D intensity, and industry concentration are determined endogenously in equilibrium. Both cash holdings and R&D intensity increase with the winner's advantage and time delay in outside financing, and decrease with entry costs. Empirical patterns of industry cash holdings and R&D intensity support the model predictions. In Chapter 3, I document that the TED spread is a significant negative predictor of value premium. Over 1990 to 2011, a 1% increase in lagged TED spread predicts a 3.3% decrease of CAPM-adjusted value premium, with an R-squared value of 8.2%. I then argue that this finding is consistent with the mechanism that equity expected returns become lower under tighter credit conditions through shareholders' strategic default. I incorporate this mechanism into a simple model of a levered firm and derive more testable hypotheses. Consistent with these hypotheses, I further find that the negative relationship between value premium and lagged TED spread comes mainly from value stocks, stocks with lower credit ratings, stocks with lower cash flows, and stocks with higher shareholders' bargaining power and higher liquidation costs.
Essays In International Money And Finance
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Author : James R Lothian
language : en
Publisher: World Scientific
Release Date : 2017-06-29
Essays In International Money And Finance written by James R Lothian and has been published by World Scientific this book supported file pdf, txt, epub, kindle and other format this book has been release on 2017-06-29 with Business & Economics categories.
The aim of the book is to make the author's scholarly research in the areas of international finance and monetary economics easily accessible to other researchers and students. The articles included in the book span a wide range. The topics include the behavior of the three key relations in international finance, purchasing power parity, interest rate parity and real interest rate equality, the relation between money and other key economic variables, financial globalization and the transmission of economic disturbances internationally.